The Private Market Reaches a Tipping Point
June 22, 2017
In this note, we describe the evolution of private technology companies in the U.S. and Europe and document the growth in both the number of pre-IPO companies and their valuations. Given this growth and the increasing propensity of large institutional investors to take direct stakes in these companies, we make the argument that latestage, private companies, in aggregate, can increasingly be viewed as a distinct asset class.
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