UBS chief executive Sergio Ermotti is warning that central banking policies are creating new, dangerous market "bubbles". Sounds bad, right? Maybe, for certain asset classes that are propped up by low bond yields and low interest rates. For other investment vehicles, and particularly private equity and venture capital funds, "fear of the bubble" is almost certain to produce short- to medium-term growth and opportunity. We predict a gradual but steady flow into private management funds as a hedge against exactly the kind of "bubble"-based devaluations that UBS sees as a major risk on the horizon.