"There’s now $10 trillion in assets under management across all private assets, according to Hamilton Lane. Simultaneously, the S&P 500 has outperformed private equity over the most recent ten-year period."
"The private markets, amid the AI boom, have looked at best concentrated... At worst, the private markets have looked wildly irrational."
"If SpaceX does, in fact, go public, it'll be the largest IPO ever. But as Tom Kerr pointed out: 'I don't know where all that money is coming from.'"
The U.S. private markets hold $10 trillion in assets under management but have underperformed public markets, with the S&P 500 outperforming private equity by 200 basis points over the last decade. The private markets appear concentrated, particularly in venture dealmaking, where excluding the largest deals significantly reduces total deal value. There is speculation about a potential public-private market collision, especially with the possibility of SpaceX going public, raising questions about the source of investment capital.
Read at Fortune
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