Private companies outlook: growth beyond buyout and venture

• Private markets are changing – structural shifts and macroeconomic backdrop mean that past drivers of returns may be less helpful over the next decade • Buyout and venture have become more crowded, weighing on performance outlook, while growth has expanded into the gap created by retreating public markets • With prices reset post 2022, growth offers more return potential than buyout with more company maturity, and therefore less risk, than venture Most private equity outlooks focus on expected returns, distributions, continuation funds, private credit and, more recently, the ‘SaaSpocalypse’....