The timeline for companies to list on public exchanges has lengthened dramatically. Firms are choosing to remain private during stages where, historically, they would have pursued an IPO.
Reasons include:
Abundant private capital
Reduced pressure for quarterly performance
Flexibility in governance and strategic decision-making
Ability to scale without market scrutiny
Firms are choosing to remain private during stages where, historically, they would have pursued an IPO.
Private markets now span:
Private equity
Venture capital
Private credit
Secondaries
Infrastructure
Real assets
The total industry value is estimated in the mid-teens trillions, versus only a few hundred billion in the 1990s.
Shift from niche to mainstream
Institutional investors (pensions, endowments, sovereign wealth funds) have been the core engine of the asset class. Over time, they increased allocations for:
