"Private markets have continued to develop, mature, and grow."

Market Trends - The number of public companies has been generally trending down for the last several decades [1] - Being a public company is expensive and time-consuming [1] - Private markets have developed and matured to a point where there's adequate capital to allow companies to stay private [2] - Decades ago, being public was seen as a hallmark of success, but that is no longer true today [1]