The Market Shift
How the investment opportunity set has fundamentally changed
Brandan Kotar · February 2, 2026
Market Intelligence
Public markets represent a shrinking portion of the economy. Private markets now account for a growing share of company growth, requiring new forms of access and expertise.
~4,000
Public companies listed on U.S. exchanges
50,000+
Private investment funds in the United States
Sources: World Federation of Exchanges (2024); SEC Private Fund Statistics (2024)
Historical Trend
The number of publicly listed U.S. companies has declined materially over the past two decades, reducing the breadth of opportunity available through public markets alone.
Sources: World Federation of Exchanges; Evercore Wealth & Trust
Scale Comparison
Investors now face an order of magnitude more private investment vehicles than public companies.
Sources: Preqin; SEC Form D filings
Company Lifecycle
Seed to Series B
Expansion phase
Pre-IPO stage
IPO or direct listing
Companies are staying private longer, capturing a greater share of enterprise value before any potential public listing.
Sources: McKinsey Global Institute; HarbourVest; KKR
Public markets no longer represent the full economy.
Private markets offer access to growth — but require disciplined underwriting and professional oversight.
For fiduciaries, access must be paired with expertise.
Key Considerations
In private markets, outcomes are driven by selection, structure, and portfolio construction.
Understanding the Difference
This material is provided for educational and informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security or investment product. The information presented is general in nature and is not intended to be relied upon as a primary basis for investment decisions. Advisors should evaluate all investments independently and in the context of their clients' objectives, risk tolerance, liquidity needs, and suitability requirements. Charts, figures, and data visualizations are based on publicly available information, industry research, and reasonable estimates. Certain data points are illustrative or derived from aggregated sources and should not be interpreted as precise measurements or forecasts. Past trends do not guarantee future results. All investments involve risk, including the potential loss of principal. Private market investments may involve additional risks, including limited liquidity, valuation uncertainty, and longer investment horizons, and may not be suitable for all investors.
Kelly Park Investment LLC (CRD# 299882) is an SEC-registered investment adviser.
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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