Two decades ago, the remit of private markets was largely restricted to financing early-stage venture capital at one end of the spectrum and shaking up bloated and out of touch listed corporates at the other. Credit was either provided by banks, or public securities.

That situation has now changed entirely. The private credit industry has skyrocketed and, per industry estimates, the number of US businesses backed by private markets is now more than double the number of public companies, as traditional IPO candidates choose to stay private for longer. READ MORE