Résumé
To close the first edition of the hashtag#SIAI2025 conference organized by December 11, 2025, Dominique Gaillard (Chairman of ARMEN) chose to set aside his notes to react "on the spot" to the day's discussions, drawing on his 35 years in the private equity business.
A candid conclusion that is definitely worth reviewing.
Here are three points to remember.
📉 The end of analytical certainties
Dominique makes a harsh observation:
the quality of investment memos has declined. Having become mere “copy-and-paste” versions of standardized strategic due diligence, they often lack the clear-cut positions and essential gut feeling that existed 15 years ago.
⚠️ AI and black swans:
AI will be a powerful tool for listing strengths and weaknesses, but will it be able to predict the unpredictable? Based on Ardian's post-2008 experience, Dominique points out that while risks are often well identified, quantifying them in the face of major exogenous events (Covid, wars) remains the real Achilles' heel of analysis, both human and artificial.
🚀 From internal tool to ecosystem:
He also revisited the origins of , which was born out of an internal need at Armen in response to the inadequacy of ERPs on the market. Thanks to AI, the project has evolved from a simple management tool to a true augmented ecosystem, serving data sovereignty.
💡 Final word: AI will not replace specialists, but it forces us to regain critical acuity.