Almost all private markets managers agree that the most compelling investments are no longer available on publicly-listed markets.

Responding to a survey by Wealth Club, 97 per cent of private markets fund managers said they think the increase in companies remaining privately-held, and a rise in lending outside of traditional banking, has meant public markets no longer offer the most compelling investments.

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Almost half (46 per cent) said they expect the switch away from publicly-listed markets will increase dramatically, while a further 39 per cent predict a slight increase.

Currently, around 88 per cent of the 159,000 firms globally with revenues of more than $100m (around £73.7m) are privately-held. The Wealth Club study found nearly nine out of 10 (87 per cent) private market fund managers expect that percentage to increase.

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“In our latest survey, private market managers were nearly unanimous: many of the most compelling investment opportunities today are found in private, not public, markets,” said Alex Davies, chief executive of Wealth Club.

“Historically, these opportunities have been out of reach for individual investors, hindered by prohibitively high minimum investments and clunky structures… but that’s changing.”

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