https://minutesof.com/on/private-markets/ Everyone on the record about private markets: 33 verbatim quotes from 4 people, October 2010 to July 2026, in one chronology, each with a timestamp and a… en Sun, 30 Aug 2026 22:33:10 +0000 https://minutesof.com/q/2e60d3e8-3867-43eb-90dd-b9a26067ac49/ https://minutesof.com/q/2e60d3e8-3867-43eb-90dd-b9a26067ac49/ “Our agenda includes a proposal to better facilitate retail investor participation in private markets while preserving their protection with appropriate safeguards.” — Paul Atkins, SEC speeches and statements private markets https://minutesof.com/q/8eb78888-a46e-4363-a366-08afa7d019b0/ https://minutesof.com/q/8eb78888-a46e-4363-a366-08afa7d019b0/ “Exposure to the full dynamism of our markets – both public and private – should not be reserved for wealthy insiders.” — Paul Atkins, SEC speeches and statements private markets https://minutesof.com/q/0a06511c-242c-42de-b348-ed2d247f9a88/ https://minutesof.com/q/0a06511c-242c-42de-b348-ed2d247f9a88/ “private one last thing. Yeah. Sorry. Private cap tables are not structured very well to go down.” — Bill Gurley, Forbes Mon, 13 Jul 2026 11:00:14 +0000 private markets https://minutesof.com/q/9cfd8755-e421-47f3-958c-ab095f5f6e5c/ https://minutesof.com/q/9cfd8755-e421-47f3-958c-ab095f5f6e5c/ “But I'll go through the companies who are creating massive change. SpaceX, Anthropic, OpenAI, Stripe, Cursor, Cognition, Andoril. What do all of them have in common?” — Marc Rowan, CNBC Events Thu, 16 Apr 2026 13:25:25 +0000 private markets https://minutesof.com/q/ca847851-c259-482a-aca6-60a60d627cd5/ https://minutesof.com/q/ca847851-c259-482a-aca6-60a60d627cd5/ “I mean, we were the whole, the entirety of the companies that you see that are public today, everyone was 40,000,000,000 in 2008. We're now close to a trillion Blackstone more KKR, a little less.” — Marc Rowan, Bloomberg Television Tue, 03 Mar 2026 17:37:35 +0000 private markets https://minutesof.com/q/032db1f1-cd48-4596-aa51-6264ee38b555/ https://minutesof.com/q/032db1f1-cd48-4596-aa51-6264ee38b555/ “I predict that individuals will be at least as big as institutions in their alternative bucket.” — Marc Rowan, Marsh Fri, 06 Feb 2026 21:54:43 +0000 private markets https://minutesof.com/q/fed74b86-f74a-4fd4-a917-b7be6526e7a7/ https://minutesof.com/q/fed74b86-f74a-4fd4-a917-b7be6526e7a7/ “It will not surprise me that we end up with an S and P 500 index and an index of companies that are private.” — Marc Rowan, CNBC Television Wed, 03 Sep 2025 12:01:15 +0000 private markets https://minutesof.com/q/52cfd9c3-092c-41b0-b9e9-0183d2cf2b69/ https://minutesof.com/q/52cfd9c3-092c-41b0-b9e9-0183d2cf2b69/ “It will not surprise me to have large manufacturing consumer companies that are private in the future.” — Marc Rowan, CNBC Television Wed, 03 Sep 2025 12:01:15 +0000 private markets https://minutesof.com/q/375ea98b-c40a-4503-8bb3-1d63665264d8/ https://minutesof.com/q/375ea98b-c40a-4503-8bb3-1d63665264d8/ “And it is not just AI companies. The defense companies of the future, they're also still private in many instances.” — Marc Rowan, CNBC Television Wed, 03 Sep 2025 12:01:15 +0000 private markets https://minutesof.com/q/4a4202a0-f7c2-4fb5-ad0f-59d61642011b/ https://minutesof.com/q/4a4202a0-f7c2-4fb5-ad0f-59d61642011b/ “I think what we're seeing is the availability of capital in private markets is allowing companies to do a series of things, to invest for the long term, not to be driven by quarterly earnings, and to obtain massive amounts of debt and equity to finance their business plan without accessing public markets.” — Marc Rowan, CNBC Television Wed, 03 Sep 2025 12:01:15 +0000 private markets https://minutesof.com/q/644f09b1-f5d0-47cf-94a6-6d3526944ec7/ https://minutesof.com/q/644f09b1-f5d0-47cf-94a6-6d3526944ec7/ “I was just looking at these. I think these are bigger private IPOs than any public IPO done in the last five years in the tech market.” — Brad Gerstner, BG2 Pod Thu, 28 Aug 2025 23:39:23 +0000 private markets https://minutesof.com/q/03d9400e-4b6c-4621-8ae6-5af743b2d3fa/ https://minutesof.com/q/03d9400e-4b6c-4621-8ae6-5af743b2d3fa/ “Yeah. Seems like they've raised somewhere between 2 and 300,000,000 each. And so you roll all that up, it's 300,000,000,000.” — Bill Gurley, Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 private markets https://minutesof.com/q/e1996f61-7794-4698-9ecb-e5cc2c369d40/ https://minutesof.com/q/e1996f61-7794-4698-9ecb-e5cc2c369d40/ “So these are a thousand private companies that have raised money over a billion dollars. And Chad GBD told me it was $12.50. NBCA says 900. Let's just say it's near a thousand.” — Bill Gurley, Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 private markets https://minutesof.com/q/7c0a8737-7bf4-4c82-aa47-ba37240db72e/ https://minutesof.com/q/7c0a8737-7bf4-4c82-aa47-ba37240db72e/ “There's somewhere around a thousand. So these are a thousand private companies that have raised money over a billion dollars.” — Bill Gurley, Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 private markets https://minutesof.com/q/421d2739-ec5c-4d24-9b12-6f645516c4c0/ https://minutesof.com/q/421d2739-ec5c-4d24-9b12-6f645516c4c0/ “Forty years ago, private was three products, Private equity, venture capital, and hedge funds. All can be good investments, but all have risk. And public were 8,000 public companies, diversified portfolios of stocks and bonds.” — Marc Rowan, Barron's Thu, 22 May 2025 16:38:39 +0000 private markets https://minutesof.com/q/277bcf60-ecbe-492a-9755-99df1a9e77f3/ https://minutesof.com/q/277bcf60-ecbe-492a-9755-99df1a9e77f3/ “We have a perception that what's public is safe and what's private is risky. But what if we're wrong?” — Marc Rowan, Bloomberg Podcasts Mon, 05 May 2025 14:48:44 +0000 private markets https://minutesof.com/q/47f2f6a4-777d-4a8f-87f2-7f7f421cbaac/ https://minutesof.com/q/47f2f6a4-777d-4a8f-87f2-7f7f421cbaac/ “You know, it's just nomenclature to not call that public. The problem with it is, the only people who get access to that are accredited investors, and retail investors are completely cut out.” — Brad Gerstner, Upfront Ventures Thu, 13 Mar 2025 21:33:08 +0000 private markets https://minutesof.com/q/399cf522-fca6-4b43-85de-6ce4999e68f9/ https://minutesof.com/q/399cf522-fca6-4b43-85de-6ce4999e68f9/ “There's over a thousand private unicorns. Some people estimate that the average growth rate, which we should talk about because it ties into unit economics and pragmatism, is below 10%.” — Bill Gurley, McCombs School of Business Fri, 24 Jan 2025 00:57:51 +0000 private markets https://minutesof.com/q/9a1f0cc4-ed1c-4f16-b81d-d9460343414c/ https://minutesof.com/q/9a1f0cc4-ed1c-4f16-b81d-d9460343414c/ “If you're private at a 100,000,000 revenue with a 10% growth rate, it's not like you're better off. Like like, you're just fooling yourself.” — Bill Gurley, Bg2 Pod Mon, 06 Jan 2025 21:47:42 +0000 private markets https://minutesof.com/q/c492805e-3091-4cec-b72b-f6bab1d4f910/ https://minutesof.com/q/c492805e-3091-4cec-b72b-f6bab1d4f910/ “the outcome that we can offer with access to private markets and guaranteed income is not 5% better or 10% better, it's 60% better.” — Marc Rowan, Apollo Global Management Wed, 09 Oct 2024 14:53:15 +0000 private markets https://minutesof.com/q/0ff7ae99-25d5-47ce-a5ba-6e5d046f2772/ https://minutesof.com/q/0ff7ae99-25d5-47ce-a5ba-6e5d046f2772/ “We now have 4,000 public companies. People think most of the action is in public markets. 80% of companies over 100,000,000 of revenue and 80% of employment is in private companies.” — Marc Rowan, Yahoo Finance Mon, 06 May 2024 16:23:24 +0000 private markets https://minutesof.com/q/f0838d80-6cc8-4b07-85a4-e11807183173/ https://minutesof.com/q/f0838d80-6cc8-4b07-85a4-e11807183173/ “And if you look at the private market alternatives for them for capital, we didn't have sovereign wealth funds that were writing multi billion dollar checks at that point in time.” — Brad Gerstner, BG2 Pod Thu, 18 Apr 2024 17:23:12 +0000 private markets https://minutesof.com/q/69be1527-0a25-4fb3-88a6-8682ba49f0a5/ https://minutesof.com/q/69be1527-0a25-4fb3-88a6-8682ba49f0a5/ “Liquidity liquidity is a risk to everyone but in differing degrees. So if you are a retirement plan or a retirement system, you know your liquidity requirements for the next ten years.” — Marc Rowan, Bloomberg Television Tue, 05 Dec 2023 15:03:34 +0000 private markets https://minutesof.com/q/c66de8b8-e3f9-40fd-a73a-2f9f533d5c9e/ https://minutesof.com/q/c66de8b8-e3f9-40fd-a73a-2f9f533d5c9e/ “There was some you know, there's a report out this week that lots of people comment on Twitter where public markets were down 50% and private marks were down, I don't know, five to 10%.” — Brad Gerstner, All-In Podcast Fri, 11 Aug 2023 06:23:00 +0000 private markets https://minutesof.com/q/9b9b57ae-8a78-4042-b399-df74d123e28e/ https://minutesof.com/q/9b9b57ae-8a78-4042-b399-df74d123e28e/ “2022 was a good opportunity for us to realize that public can be both safe and risky, and private can be both safe and risky. The only difference is a degree of liquidity.” — Marc Rowan, Barron's Thu, 11 May 2023 15:16:29 +0000 private markets https://minutesof.com/q/1d4daa1f-225e-4b95-8e27-c5e50630de20/ https://minutesof.com/q/1d4daa1f-225e-4b95-8e27-c5e50630de20/ “We now know public can be risky as well. We now have found out that private can be both safe and risky. What we're talking about is differing degrees of liquidity.” — Marc Rowan, Bloomberg Television Mon, 01 May 2023 16:21:23 +0000 private markets https://minutesof.com/q/5ac2fd6a-97ab-4187-a854-9726e46237e4/ https://minutesof.com/q/5ac2fd6a-97ab-4187-a854-9726e46237e4/ “If you want if you're Fidelity, if you're TRO, if you're one of these companies that wants to participate in all of that value creation, you can't not be in the private markets.” — Brad Gerstner, Invest Like the Best Tue, 23 Jun 2020 09:30:00 +0000 private markets https://minutesof.com/q/7560c377-c112-4f22-983f-c9ccc8fc3d73/ https://minutesof.com/q/7560c377-c112-4f22-983f-c9ccc8fc3d73/ “And so oddly, it's easier as a public company than a late stage private company to go through these types of periods.” — Bill Gurley, Invest Like the Best Fri, 13 Mar 2020 09:30:00 +0000 private markets https://minutesof.com/q/09a728b9-c504-4c7f-b274-57c792a13177/ https://minutesof.com/q/09a728b9-c504-4c7f-b274-57c792a13177/ “I've I've been quoted publicly, like, they've, you know, played a strategy where you hand hundreds of millions of dollars to a company and say, here, go win in the market with this.” — Bill Gurley, Bloomberg Tech Wed, 02 Oct 2019 18:47:29 +0000 private markets https://minutesof.com/q/816a792e-58cd-478b-9851-1f34ea3f4309/ https://minutesof.com/q/816a792e-58cd-478b-9851-1f34ea3f4309/ “But I don't think it's healthy for companies to stay private forever. I think it's super advantageous to companies to pass through and become public.” — Bill Gurley, Bloomberg Tech Wed, 02 Oct 2019 18:47:29 +0000 private markets https://minutesof.com/q/618aafb5-890f-4d28-83f1-d1c2c9249819/ https://minutesof.com/q/618aafb5-890f-4d28-83f1-d1c2c9249819/ “These these might be these might be the least informed investment actions in in our history. And so I don't know that you can pay too much attention to the price because they're very uninformed.” — Bill Gurley, Bloomberg Originals Fri, 23 Mar 2012 16:15:50 +0000 private markets https://minutesof.com/q/b8da8232-6ed3-4096-995a-a207b098d14c/ https://minutesof.com/q/b8da8232-6ed3-4096-995a-a207b098d14c/ “I mean, you you could have more financial information on a thinly traded pink sheet Canadian public company than you have.” — Bill Gurley, Bloomberg Originals Fri, 23 Mar 2012 16:15:50 +0000 private markets https://minutesof.com/q/338318fb-fedf-4a34-bc8a-01fd0e392000/ https://minutesof.com/q/338318fb-fedf-4a34-bc8a-01fd0e392000/ “Well, at some point, I think they're gonna be spending more dollars avoiding public than being public. It's just going be more of a hassle.” — Bill Gurley, TechCrunch Fri, 01 Oct 2010 23:16:15 +0000 private markets