Private Markets
Private markets,
in perspective.
How the private-market universe is structured, why it has expanded so materially, and how eligible investors approach allocations with discipline.
What are private markets?
Private markets are investments in companies, credit or real assets that are not traded on a public exchange. They include private equity, venture and growth capital, private credit, real estate, infrastructure and pre-IPO allocations into late-stage private companies.
Why they've grown
Companies are staying private longer, financing more of their growth from private capital pools, and choosing to list only once they have compounded meaningfully. That has moved a growing share of enterprise-value creation into the private-markets column.
How they behave
Private markets typically show lower reported volatility than public equities, driven partly by less frequent marks. Return dispersion between managers is materially wider, and illiquidity is real: capital is often committed for multi-year periods.
How sophisticated investors use them
For most eligible investors, private markets are one component of a broader portfolio — sized to reflect income needs, liquidity requirements and risk tolerance. Diversification across sectors, vintages and structures matters more than any single allocation.
+312%
Private capital · 10Y
+164%
Public benchmark
Illustrative only. Not investment advice.