Matt Levine, Columnist

Morgan Stanley Does Deals We Once Called IPOs

Here's how one public-markets investment banker expanded into markets that are, technically, private.

January 3, 2019 at 11:00 AM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

Private markets are the new public markets.
Photographer: Spencer Platt/Getty Images North America

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This post originally appeared in Money Stuff.

A pretty simple model of startup financing is: