The frenzied boom in private markets is one of the biggest trends in the global money management industry. It will leave many investors bitterly disappointed and could ultimately cause wider, long-term economic problems.
The party in this opaque corner of the financial system — which includes unlisted and untraded assets like venture capital, real estate, private equity, infrastructure and direct lending — is hard to miss.
As Apollo’s Marc Rowan gushed at the firm’s investor day last week: “This is just an amazing time for our business.” To underscore the point, Blackstone is now reportedly seeking to raise as much as $30bn for its next flagship buyout fund.
您已阅读15%（665字），剩余85%（3895字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。