The Great Divergence

Market intelligence on the private vs public company landscape

Brandan Kotar · January 24, 2026

Market Intelligence

With private companies now vastly outnumbering public, we bridge the gap with institutional-grade technology and high-touch customization. One fund, a single K-1, transparency.

Private Companies

Institutionally-backed

~215,000

Public Companies

Globally investable

~8,800

More private companies than public—where the growth happens

Sources: PitchBook Global Private Market Fundraising Report; World Federation of Exchanges (2024)

The Evolution

The Lifecycle Shift

How the path to liquidity has fundamentally transformed—and why it matters for your clients.

1990s

The Old Paradigm

Time to IPO

4–6 years

Companies IPO early. Growth captured by public market investors.

Value captured by:Public Investors

The Shift

Capital Abundance

Record private capital ($2.6T dry powder) funds growth without public markets.

2026

The New Reality

Time to IPO

12+ years

Trillions in value created before the IPO. Only institutional investors participate.

Value captured by:Private Investors

Sources: Jay R. Ritter, University of Florida IPO Data (2025); Preqin Global Private Capital Report (2024)

The Opportunity

Bridge the $21 Trillion Gap

Access the institutional-grade private markets that were previously fragmented and opaque. Position your clients at the forefront of the wealth transfer opportunity.

$21.5T

Wealth Transfer Opportunity

215,000

Private Companies

12+ Years

Private Growth Window

Sources: Cerulli Associates; PitchBook; Jay Ritter IPO Data (2024)

This material is educational and for informational purposes only. It does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for any security or investment product, and it is not investment, legal, or tax advice.

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