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Ana Puric, Vice-President, Private Markets, CIBC Global Asset Management: Investing in private equity is no longer about getting niche exposure, as some of the largest and most innovative companies in the world are private.
Investors who remain under-allocated to private markets, risk systemic exposure gaps as value creation continues to migrate outside of public markets.
We have seen a major shift over the last two decades. The most significant driver of this trend is companies’ access to capital privately.
Companies no longer need to rely on public markets for funding, making staying private for longer more appealing.
Companies are able to escape the quarterly reporting cycle and truly invest for the long-term success of their business.
One of the clearest indicators of the inflection point is the changing life cycle of companies.
The median age of US IPOs has increased from six years in 1980 to 14 years today.
And the number of U.S. listed companies has declined by nearly 50% since the mid-1990s.
As a result, a substantial portion of value creation that historically accrued to public market investors now occurs privately.
Public market investors are inherently taking more risk by buying a public market index like the S&amp;P, which is now a concentrated bet on seven to eight companies. We think this only increases the importance of private equity in a client&#8217;s portfolio, as it acts as a diversifier.
The return drivers of private equity are more closely tied to operational performance and long-term outcomes versus passive money flows, which can dominate stock market performance.
A lot of today’s innovation happens in private markets, which further supports an allocation to private equity and venture capital to capitalize on AI and other innovation trends in the formative stages of growth.
AI companies represent approximately 40% of the top 50 most valuable private companies. Many private equity and venture capital firms provide investors with direct exposure to leading AI firms.
Major public technology firms like Nvidia and Microsoft have invested in nearly 50% of AI unicorns launched since 2022.
Private equity offers potential for high long-term returns and diversification, but it comes with long lockups, limited liquidity, and high entry thresholds, making suitability and allocation discipline critical.
So, the ideal investors should have a long time-horizon, lower liquidity needs, and higher risk tolerance.
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Source for all data and claims: Unicorns, Decacorns and Hectocorns: The Private Companies Primer, BofA Securities, October 21, 2025.
The views expressed in this video are those of CIBC Global Asset Management or CIBC, as of May 11, 2026, unless otherwise indicated, and are subject to change at any time. CIBC Global Asset Management or CIBC does not undertake any obligation or responsibility to update such opinions.
This material is provided for general informational purposes only and does not constitute financial, investment, tax, legal, or accounting advice. It should not be relied upon in that regard or be considered predictive of any future market performance, nor does it constitute an offer or solicitation to buy or sell any securities referred to.
Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this material should consult with their advisor.
The material and/or its contents may not be reproduced without the express written consent of CIBC Global Asset Management or CIBC.
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CIBC GLOBAL ASSET MANAGEMENT ®/™The CIBC logo and “CIBC Global Asset Management” are registered trademarks of CIBC, used under license. CIBC Global Asset Management is a brand name under which CIBC Asset Management Inc. operates.

From public to private: How privatization is reshaping capital markets

From public to private: How privatization is reshaping capital markets

From public to private: How privatization is reshaping capital markets

Ana Puric

Vice-President, Private Markets

CIBC Global Asset Management