Private markets

Into the mainstream

Private markets have grown exponentially

The past decade has been a golden one for private financial markets. As they become bigger they are being dramatically reshaped, says Matthew Valencia

Strategic priorities

Alternative fund managers are increasingly mainstream

But many “artisanal” PE firms are touting themselves as specialists

The investors

Investors rely more and more on higher returns from private markets

The institutional investors whose capital fuels private markets are growing more sophisticated. But picking winners gets no easier

Private credit

More borrowers turn to private markets for credit

Asset managers rush in where banks fear to tread, transforming a formerly niche market

Regulation and reputation

Regulators have private markets in their sights

Criticism of private equity is overdone. That won’t stop regulators giving it a harder time

The third age

Private markets are less rewarding than they used to be

The future may well be bright. It will certainly be less high-octane

Sources and acknowledgments