REPORT
US Privatization 2026 Outlook
As IPOs Decline, Private Holdings Rise Fueling Transparency Risk
With private companies gaining ground and public listings in decline, investors face a growing transparency gap — one that puts $43.4 trillion in retirement assets at risk as exposure to privately held firms grows.
A potential regulatory shift requiring large private companies to make disclosures comparable to those of publicly traded firms could have sweeping implications for corporate giants like Alphabet and major private equity players such as Blackstone.
Key report highlights:
- US public company listings have fallen by more than 50% since 1996
- There are now nearly 800 US unicorns, with three valued at more than $100 billion
- The top 20 pension funds now hold about $550 billion in private market assets
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