Private Markets' $18 Trillion Shadow

PRIVATE MARKETS AUM

$18T

estimated total assets under management

U.S. PUBLIC LISTINGS LOST

~50%

decline in listed firms since 1996 peak

VALUATION CYCLE

Quarterly

how often private assets are marked to model, not market

RETAIL ACCESS VEHICLES

interval funds, BDCs, and DC plan allocations

Global Private Markets AUM 2000–2023 ($USD Trillions) — With Presidential Administrations

Source: McKinsey Global Private Markets Review 2024. Shaded bands indicate presidential administration party.

Key Questions