When financiers gathered at the Milken conference last month, a chart was passed around that should make policymakers, voters and investors rethink the nature of modern capitalism.
The chart showed that between 2000 and 2018 the number of private equity-backed companies in America rose from less than 2,000 to nearly 8,000. Publicly listed companies in this period, by contrast, fell from 7,000 to about 4,000.
To be fair, the aggregate value of those private equity-backed companies is still “only” $5tn — far less than the combined $30tn value of US public companies. But that $5tn number is striking, not least because it excludes a vast swath of other privately held groups.
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