Into the mainstream
Private markets
The past decade has been a golden one for private financial markets. As they become bigger they are being dramatically reshaped, says Matthew Valencia
Into the mainstream
Private markets have grown exponentially
The past decade has been a golden one for private financial markets. As they become bigger they are being dramatically reshaped, says Matthew Valencia
Strategic priorities
Alternative fund managers are increasingly mainstream
But many “artisanal” PE firms are touting themselves as specialists
The investors
Investors rely more and more on higher returns from private markets
The institutional investors whose capital fuels private markets are growing more sophisticated. But picking winners gets no easier
Private credit
More borrowers turn to private markets for credit
Asset managers rush in where banks fear to tread, transforming a formerly niche market
Regulation and reputation
Regulators have private markets in their sights
Criticism of private equity is overdone. That won’t stop regulators giving it a harder time
The third age
Private markets are less rewarding than they used to be
The future may well be bright. It will certainly be less high-octane
Previous report
Business and the state
The new interventionism
After a long liberalising era, the state has bounced back. That is not a good thing, argues Jan Piotrowski
- Business and the state: Governments’ widespread new fondness for interventionism
- The new industrial policy: Many countries are seeing a revival of industrial policy
- Competition policy: The growing demand for more vigorous antitrust action
- Government regulation: Enthusiasm for regulation, often in areas like the climate, shows no sign of flagging
- Corporate taxes: The long trend of falling corporate taxes is being reversed
- The future: However justified, more government intervention risks being counterproductive
- Sources and acknowledgments