In the private capital markets, assets under management hit $9.8T in 2021, up from just $2.4T in 2010. This growth results from companies staying private longer, driving higher returns for investors as more of the growth phase occurs while the company remains private. As we advance, new data sources increase transparency, new fund structures and asset classes are creating early liquidity, and technology is driving accessibility. In many ways, the private markets are starting to resemble the public markets, creating opportunities for a broader set of investors to support innovation and entrepreneurship.