Who really influences how investors‘ money is managed? How is private equity becoming accessible to a broader range of investors? And what prevents women from advancing into senior leadership positions? These were among the key questions discussed at the ninth annual Colors of Finance investment conference in Ostrava by three representatives of Rockaway Capital: Investment Partner Andrea Lauren, Head of Investor Relations at Rockaway Alpha Diana Hričišáková, and Rockaway Capital CFO & COO Jaromír Švihovský.
Colors of Finance is one of the largest conferences for financial professionals in the Czech Republic. Its ninth edition took place on 7 October 2026 at the Gong multifunctional auditorium in the Lower Vítkovice industrial complex in Ostrava. Organisers expected record attendance of more than 1,700 participants, primarily financial advisers, mortgage specialists, investors, bankers and business executives.
More than 60 speakers appeared across four stages throughout the day. The programme covered investment strategies in a turbulent economic environment, wealth management, qualified investor funds, artificial intelligence and fintech. The traditional Women Power discussion, focusing on the role of women in business, was also part of the programme.
Democratising Private Equity: Greater Accessibility Does Not Change Its Long-Term Nature
Private equity has long been the domain of large institutional investors, which typically committed tens of millions of euros or dollars to individual funds. However, the development of new investment products and fund structures is gradually opening up this asset class to a broader range of investors. Some products now offer indirect exposure to private equity with initial investments of just a few thousand Czech crowns.
Diana Hričišáková, Head of Investor Relations at Rockaway Alpha, highlighted a fundamental point during the panel Private Equity in the Age of Democratisation: although access to investment products is changing, the underlying nature of private equity remains the same. These are long-term, relatively illiquid investments that require an appropriate investment horizon.
How, then, can the time needed to grow portfolio companies be reconciled with the expectations of investors who may want to withdraw their capital sooner? According to Hričišáková, the fundamental relationship between liquidity, returns and risk cannot be circumvented. „The so-called golden triangle of liquidity, return and risk always applies. You cannot have all three at once. There is always a trade-off between these three factors,“ she explained.
Greater liquidity requirements can restrict the scope for long-term investing and reduce the potential return premium that motivates investors to include private equity in their portfolios. As alternative investments become more accessible, Hričišáková believes the importance of high-quality investment advice is also increasing. The key is no longer simply to provide clients with access to a particular asset class, but above all to explain its characteristics, risks and appropriate allocation within their portfolios. Investors should not expect immediate access to capital invested in assets that are inherently illiquid.
Hričišáková also sees significant untapped potential in pension funds. Their long investment horizons could be well suited to the nature of private equity, yet exposure to this asset class remains limited within the Czech pension system. She considers the reluctance of Czech households to invest and grow their savings over the long term an even more fundamental problem. „So, essentially, all that capital is just sitting in bank accounts, and that simply isn’t right,“ she said during the panel discussion.
According to Hričišáková, Central Europe remains an underutilised region from an investment perspective. A substantial proportion of capital flows towards Western markets and the United States, even though Central Europe also offers attractive investment opportunities that international investors may not always fully recognise.
Who Controls Investors‘ Capital? Jaromír Švihovský Highlights the Value of Active Management
The panel Who Controls Capital Today? explored what constitutes a sound investment decision and who ultimately bears responsibility for it. Jaromír Švihovský, CFO & COO of Rockaway Capital, pointed out that investment returns alone are not a sufficient measure of the quality of investment decisions. Returns are the outcome of an investment and must also be assessed in the context of the risks taken and other relevant circumstances.
Although the final decision should rest with the investor, in practice their choices are significantly influenced by financial advisers, distribution companies and the products they offer. Investors typically choose from a limited selection of investment solutions presented to them by intermediaries. The process also involves numerous other parties, ranging from portfolio managers and funds to investment management companies and custodians. „There are really a lot of links in that chain. And, of course, not all of them add value,“ Švihovský observed.
According to Švihovský, the essential distinction lies in identifying who genuinely creates added value for investors. He sees this primarily in active investment management, which requires expertise, the ability to identify opportunities and sufficient freedom to make investment decisions. „Because the only way you can justify your fee is through active management,“ he explained.
In his view, merely rearranging a predefined selection of exchange-traded funds (ETFs) should not automatically be considered genuine active management. He described such activity as something that can be largely automated. By contrast, in private equity, active value creation involves identifying suitable privately held companies, structuring transactions, working closely with management teams and implementing specific measures to increase revenues, profit margins and operating earnings (EBITDA). „That is where the value is created,“ Švihovský summarised.
He also believes that high-quality financial advisers who work with clients over the long term and help them make informed investment decisions deserve appropriate compensation. For other participants in the distribution and administrative chain, however, Švihovský stressed the importance of carefully assessing whether their costs correspond to the value they actually provide.
The discussion also addressed the growing importance of artificial intelligence in the financial sector. According to Švihovský, AI is a useful tool, particularly for investment analysis, due diligence and reporting. It also enables retail investors to work more efficiently with large volumes of publicly available information. Nevertheless, he believes that ultimate responsibility for investment decisions must remain with humans. „AI does not make the investment decision. That will always be a human responsibility.“
Women in Business Leadership: The Czech Republic Is 20 Years Behind, Says Andrea Lauren
The Women Power panel explored where and how women gain genuine influence and why their representation in senior management remains low. The discussion focused, among other topics, on women’s career progression in the financial sector. While women tend to be more strongly represented in junior analytical roles and among investment specialists, their share declines as they move into senior management positions.
Simply performing well and relying on others to recognise those achievements is not enough. Professional networks, mentoring and support from more experienced colleagues who can recommend talented women for senior positions also play an important role in career advancement.
Andrea Lauren, Investment Partner at Rockaway Capital, offered a comparison between the Czech business environment and international markets. She studied in Denmark and also gained professional experience in London. In her view, differences in women’s career opportunities do not begin in the workplace, but much earlier, with how responsibility for family life and household duties is shared. „In countries where men take a greater share of household responsibilities, women have more opportunities to succeed professionally. In this respect, the Czech Republic is still about 20 years behind,“ Andrea Lauren said.
She was also critical of the length of parental leave in the Czech Republic. Although extended parental leave may be perceived as a social benefit, she argued that a prolonged career break often becomes an obstacle to further professional advancement. Women then find it difficult to catch up on the experience and opportunities they missed during several years away from the labour market.