#public-markets

#public-markets

For most people, it's natural to assume that if something is exclusive to the wealthiest echelons of society, it must be better. Asset management firms looking to access trillions of "retail" investor dollars explicitly reference this exclusivity when marketing private equity offerings. But investors should be wary when fund marketers talk about "democratizing investing" or opening access to areas previously only available to the elite.

Two decades after its founding in Stockholm, the fintech finally rang the bell on the New York Stock Exchange this September under the ticker KLAR, pulling off the largest IPO of 2025 (as of today). Shares priced at $40 and quickly surged, pushing Klarna's valuation near $20 billion - a head-turning debut that restored some shine to one of fintech's most scrutinized names.