Private Market Transformation
Since 08/21/24 which is when “Asset Managers Must Invest in Private Markets Now, Bain Says” was published, SaveChangeWorld.com has been monitoring the news flow for the evolving private markets. To put Bain’s projections into perspective, the aggregate value of S&P 500 at 12/31/2025 was $58.4 Trillion. See also “Why Pubcos @ Market Caps <$10 Billion Extinct by 2030?”
Secondary Market for Private (non-public) Companies Rapidly Evolving
To include Adolescent Unicorns @ < $1.0 billion valuation
Recommended
News & Reports
Blackstone, Vanguard, Wellington to Launch Private Markets Fund
Blackstone Inc., Vanguard Group and Wellington Management Co are launching a fund that will invest in public equities, bonds and private markets, as part of their effort to expand private-market offerings to retail clients. The firms have laid out plans for an...
Citigroup Partners With Swiss Bourse in Private Markets Push
Citigroup Inc. is partnering with Switzerland’s stock exchange SIX Group AG as part of a push by the Wall Street lender to make it easier for investors to settle and store their private markets holdings. The New York-based bank will use a platform operated by SDX, a...
Private Markets Hog the Spotlight as Asset Managers Gather in DC
The half-lit ballroom at the JW Marriott in Washington buzzed with the restrained energy typical of a traditional asset-management conference — dark suits, legacy names and philosophies on portfolio allocation. Sipping their coffees Thursday at the buffet breakfast...
Apollo Raises $5.4 Billion Fund for Secondhand PE Deals
Apollo Global Management Inc. raised about $5.4 billion for a vehicle that enables investors to cash out of private funds early, spurred by a sluggish dealmaking climate. The fundraising for Apollo’s S3 Equity and Hybrid Solutions fund surpassed its target, according...
Carlyle, State Street Mull Partnership to Tap Retail Wealth
State State Corp.’s asset-management arm held preliminary talks with Carlyle Group Inc. about a potential tie-up to create a product that would combine public and private markets for individual investors. The discussions took place in recent weeks after State Street...
Public Market Volatility Exposes A Quiet Power Shift Toward Private Capital In 2025
The convergence of U.S. tariff policies, algorithmic trading, and geopolitical recalibrations is generating unprecedented volatility in public markets, compelling institutional investors to rethink traditional allocation strategies. The CBOE Volatility Index (VIX) has...
Tomasz Tunguz: Secondaries as the new IPO is no passing fad—it’s a VC evolution
Tomasz Tunguz is the founder and general manager of Theory Ventures. He served as managing partner at Redpoint Ventures for 14 years. As venture capital has matured, growing 5x over the last 12 years to $350 billion, the scale of private holdings has never been...
Capital Group and KKR Launch Their First Two Public-Private Investment Solutions and Announce Plans to Expand Their Exclusive Strategic Partnership
Subsequent strategies will include two public-private equity-oriented solutions, expected to launch in the U.S. in 2026 Work is underway to extend access for individuals interested in private markets through vehicles such as model portfolios and target date funds LOS...
Why the Venture Capital Secondary Market Is So Hot Right Now
Venture capital investing should be relatively simple: You hand money to a new company to help it grow in exchange for a stake in the business. After a few years, once it’s established and able to turn a profit, you sell your interest in an initial public offering or...
Behind the Vanguard, Blackstone, Wellington Plan to Launch Private Investments
The announcement follows the introduction of a public and private ETF from State Street and Apollo last month. There’s a new private-markets tag team in town. Vanguard and Wellington Management are teaming up with Blackstone to launch private and public assets inside...
BlackRock targets mass-market access to private assets, says Larry Fink
BlackRock CEO Larry Fink has unveiled the firm’s most ambitious push yet into private markets, pledging to open access to high-growth private assets for millions of everyday investors. In his 2025 annual letter to shareholders, Fink highlighted private markets as the...
Secondary Market in Venture Capital: A Significant Opportunity Going Forward
After a decade in which Venture Capital has established itself as an investment asset by volume of assets managed, returns achieved and legendary companies financed, Venture Capital faces its next phase towards maturity, namely the development of a secondary market...
Apollo Offers Private Investors Fee Bonus to Lock Up Capital
Apollo Global Management Inc. is trying to woo wealthy investors to one of its newest private market funds and keep them there with a rare offer — a bonus if they stick around for three years. At first glance, the S3 Private Markets fund rolled out by Apollo last year...
Larry Fink Touts Importance of Private Assets in Annual Letter
One way to fix the “retirement gap” is to increase access to alternative investments in 401(k) plans, according to BlackRock's Fink, writing in his annual letter. Larry Fink, chairman and CEO of $11.5 trillion asset manager BlackRock Inc., wants to expand investor...
Larry Fink Vows to Unlock Private Investments for the Masses
BlackRock Inc. Chief Executive Officer Larry Fink pledged to open up private markets to millions of everyday investors, not just the wealthy few, contending individuals should share more of the gains from economic growth. “Today, many countries have twin, inverted...
Evolution to Private - Videos
2009
Facebook Paves Way for Private Shares Secondary Market
Facebook Seeded Secondary Market for Private Shares
2010
Dodd Frank Act Evaporates Liquidity for Publicly Traded:
- Nano-caps
- Micro-caps
- Small-caps
Liquidity for Publicly Traded Micro-caps
Evaporated After New 2010 Regulation
2012
JOBS ACT, Social Investing Communities (SIC) Lay Foundation for
Private Markets to be Larger than Public Markets
JOBS ACT, “SOCIAL INVESTING” to Enable
PRIVATE to Dwarf PUBLIC Capital Markets
2024
Bain Estimating $65 Trillion of Private assets
in Wealth Manager Portfolios by 2032
2025
Excessively Valued Tech Stocks Create
URGENT NEED for Private Markets
Overvalued Tech Stocks Driving Demand for Private Tech Shares
2025
World’s Largest Alternative Investment Firms
Embrace Private Markets
- Blackstone
- Blackrock
- KKR
- Apollo
January 2025, Water Shed Month for Coming PVT MKT UBIQUITY

