Thursday, August 13, 2020

Public to Private Equity in the United States: A Long-Term Look

In a word, poetry can not exist without emotion, or, if you will, without a movement of the soul which regulates the words.
— Paul Claudel, born  in 1868

Developing countries, take note: how much money do your residents hold in Australia, the most transparent country on bank account information

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Four legs good two legs bad, private good public bad  


 Public to Private Equity in the United States: A Long-Term Look  - Morgan Stanley: “Over the past quarter century there has been a marked shift in U.S. equities from public markets to private markets controlled by buyout and venture capital firms. This change has had reverberations for asset managers, investors, executives, and policy makers. In this report we seek to answer the following questions:

  • What have been the major drivers behind the shift from public to private equities in the U.S.?
  • Why are there fewer public companies today than there were 25 years ago
  • What are the long-term trends in buyouts?
  • What are the long-term trends in venture capital?
  • Where do we go from here?

Markets have become more sophisticated over time as the result of the growth in institutional money management, financial innovation, and sharply lower technology costs. Large institutional investors, including pension funds and endowments, face the prospect of swelling future liabilities and diminished expected returns for most asset classes. As a result, they have reduced their portfolio allocation to public securities and have increased their allocation to private equity, where returns have historically been higher…”

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