While publicly traded companies often dominate the headlines, private companies are a much larger part of the global economy.
Worldwide, there are more than 95,000 private companies with annual revenues over US$100 million, compared to only 10,000 public companies over that threshold, according to a 2023 report from investment management firm Hamilton Lane. Private market assets grew to US$9.7 trillion in 2022, thanks to an increasing number of private equity funds and assets, up from about US$600 billion in 2000. And while private equity markets declined the past two years, McKinsey’s Global Private Markets Report for 2025 shows that a rebound is underway, with 30% of respondents saying they plan to increase their allocations.
Historically, private companies are more, well, private. They don’t have the same regulatory requirements to disclose…