On this blog, we have commented quite a number of times regarding a number of trends affecting our capital markets—many of which have been a factor since the early 2000s and which have become more pronounced since the adoption of the Sarbanes-Oxley Act and related reforms. For example, we have noted the decline in the number of U.S. public companies, and the rising significance of the private markets. A report earlier this fall in the New York Times DealBook (Oct. 25, 2025) notes that private assets have more than doubled over 12 years, to $22 trillion in 2024 from $9.7 trillion in 2012. The article notes that companies are staying private longer, waiting an average of 16 years to go public, 33 percent longer than a decade ago. Since the change in administration, enhanced retail access to the private markets, or to the perceived attractive returns associated with private market assets, has been a focus of policymaker attention. Of course, this is but one of several important conversations that likely will continue to influence markets in this coming year—below, we expand on this, and share some additional perspectives (all from just one lawyer’s, not banker’s, vantage point) on other trends.
