Private Markets:
The Rapidly Growing Businesses of Financing Private Businesses & Providing Private Company Exposure to Investors
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Date Published: October 2, 2025
Summary PowerPoint Deck: 481 Slides
Reference PowerPoint Deck: 2,552 Slides
The purpose of this research is to provide readers with a comprehensive understanding of private markets, including venture capital, private equity, private credit, funds-of-funds, & secondaries. Traditional private equity (leverage buyouts) emerged as a middle market business until the headline-grabbing RJR Nabisco transaction in 1988. The venture capital market grew substantially in the late 1990s. Start up companies with product concepts but often limited revenues raised significant funds. These monies came from venture capital funds. But in the early 2000s, the venture capital market fell apart with the dot com implosion. In the late 2000s & 2010s, the credit crisis challenged the buyout market and growth equity emerged as a segment within private equity. Meanwhile, as the credit markets evolved, private credit rapidly emerged. Today, in the 2020s, all five markets (venture capital, private equity, private credit, funds-of-funds, & secondaries) are strong, each with substantial dry powder. This research serves to summarize the highlights of Tiburon's underlying research on venture capital, private equity, private credit, funds-of-funds, & secondaries. This research is incorporated into Tiburon's broader coverage of alternative investments.
This research starts with a context setting chapter addressing the importance of the private markets, and their investment returns, net flows, & revenues versus those in the public markets.
This research addresses the key historical phases of private markets, including:
Date Published: October 2, 2025
Summary PowerPoint Deck: 481 Slides
Reference PowerPoint Deck: 2,552 Slides
The purpose of this research is to provide readers with a comprehensive understanding of private markets, including venture capital, private equity, private credit, funds-of-funds, & secondaries. Traditional private equity (leverage buyouts) emerged as a middle market business until the headline-grabbing RJR Nabisco transaction in 1988. The venture capital market grew substantially in the late 1990s. Start up companies with product concepts but often limited revenues raised significant funds. These monies came from venture capital funds. But in the early 2000s, the venture capital market fell apart with the dot com implosion. In the late 2000s & 2010s, the credit crisis challenged the buyout market and growth equity emerged as a segment within private equity. Meanwhile, as the credit markets evolved, private credit rapidly emerged. Today, in the 2020s, all five markets (venture capital, private equity, private credit, funds-of-funds, & secondaries) are strong, each with substantial dry powder. This research serves to summarize the highlights of Tiburon's underlying research on venture capital, private equity, private credit, funds-of-funds, & secondaries. This research is incorporated into Tiburon's broader coverage of alternative investments.
This research starts with a context setting chapter addressing the importance of the private markets, and their investment returns, net flows, & revenues versus those in the public markets.
This research addresses the key historical phases of private markets, including:
- Early Days Phase
- Buyouts Prominence Phase
- Venture Capital Prominence Phase
- Venture Capital Collapse Phase
- Growth Equity Prominence Phase
- Private Credit Emergence Phase
- Venture Capital
- Angel Financing & Seed Capital
- Early Stage Venture Capital
- Late Stage Venture Capital
- Private Equity
- Growth Equity
- Buyouts
- Private Credit
- General Debt
- Venture Debt
- Infrastructure Debt
- Real Estate Debt
- Bridge Financing
- Mezzanine Finance
- Credit Special Situations
- Distressed
- Direct Lending
- Fund-of-Funds
- Secondaries
This research addresses private markets product structure segments, including:
- Private Funds (Limited Partnerships)
- Liquid Alternatives (1940 Act Registered Funds)
This research also addresses private markets fund raising markets, including:
- Global Institutional Markets
- Non-United States Wealth Management Firms
- United States Wealth Management Firms
- Substantial Growth for Private Markets
- Increasing Concentration of Assets Raised by Large Privates Market Firms
- Longer-Term Continuing Dominance of Venture Capital in Number of Investments and Continuing Dominance of Private Equity in Assets Raised But Private Credit Continuing to Take Market Share
- Emerging Demand for Real Estate & Real Assets as a Private Markets Investment Strategy Segment
- Rapid Evolution of Product Structures and Increasing Share for 1940 Act Registered Funds, Including Interval Funds and Exchange Traded Funds (ETFs)
- Emergence of Wealth Management Firms as New Fund Raising Market
- Continued Emergence of Private Markets Data Services Platforms
- Increasing Dominance of Healthcare, Financial Services, & Technology Investing Markets
Tiburon Member Access:
Tiburon members can download the summary or reference PowerPoint presentation, view the most recent Tiburon Webinar featuring Tiburon's Managing Partner (or another Tiburon team member), and/or listen to the most recent Tiburon podcast featuring Tiburon member CEO guests by clicking on the buttons below:
Non-Tiburon Members:
Non-Tiburon members can either become Tiburon members or subscribe to this specific Tiburon Research by clicking on one of the buttons below:
Media Members:
Members of the media who would like access to this Tiburon Written Research, Tiburon Webinar, and/or Tiburon Podcast should send an email to Sarah Sage using the button below:
Tiburon members can download the summary or reference PowerPoint presentation, view the most recent Tiburon Webinar featuring Tiburon's Managing Partner (or another Tiburon team member), and/or listen to the most recent Tiburon podcast featuring Tiburon member CEO guests by clicking on the buttons below:
Non-Tiburon Members:
Non-Tiburon members can either become Tiburon members or subscribe to this specific Tiburon Research by clicking on one of the buttons below:
Media Members:
Members of the media who would like access to this Tiburon Written Research, Tiburon Webinar, and/or Tiburon Podcast should send an email to Sarah Sage using the button below:
