Markets are entering a moment of fundamental transition. Private markets have moved off the sidelines and into the spotlight for multiple industries and sectors. While public markets remain essential to the global economy, many companies today have grown to dominant market positions without ever engaging with public financing.
Private markets are opaque by design. The record growth in global private equity dry powder — approaching $2 trillion by the end of 2022 — has created a need for more data, tools and insights. 
Whether we are talking about private debt or private equity, venture capital or energy infrastructure, the scale of private market financing has reached a point where knowledge of these markets is essential. In this second issue of Look Forward, our economists, analysts, researchers and data experts survey the current state of affairs in private markets and forecast new developments.
As with our past Look Forward reports, this private markets report is a product of our cross-divisional Research Council at S&P Global. The Council has identified four interconnected themes that are shaping private markets during this period of rising interest rates – a Market Overview, Private Lending Risk, Private Equity & Venture Capital, and Energy & Natural Resources.
We continue to build on this work and will provide essential intelligence on private markets in the months and years to come. This is underpinned by our capabilities including data and analysis across private companies and private credit, and our workflow solutions for valuations and portfolio monitoring. We will build on our partnership with Novata to examine the intersection of private markets and sustainability. And we will continue to bring trusted insights to the industry – through conferences such as Interact London and Interact New York, and through thought leadership like our Look Forward reports. In moments of upheaval and transition, the following articles are designed to build understanding about growing private debt and private equity markets.
Markets are entering a moment of fundamental transition. Private markets have moved off the sidelines and into the spotlight for multiple industries and sectors. While public markets remain essential to the global economy, many companies today have grown to dominant market positions without ever engaging with public financing.
Private markets are opaque by design. The record growth in global private equity dry powder — approaching $2 trillion by the end of 2022 — has created a need for more data, tools and insights. Whether we are talking about private debt or private equity, venture capital or energy infrastructure, the scale of private market financing has reached a point where knowledge of these markets is essential. In this second issue of Look Forward, our economists, analysts, researchers and data experts survey the current state of affairs in private markets and forecast new developments.
As with our past Look Forward reports, this private markets report is a product of our cross-divisional Research Council at S&P Global. The Council has identified four interconnected themes that are shaping private markets during this period of rising interest rates – a Market Overview, Private Lending Risk, Private Equity & Venture Capital, and Energy & Natural Resources.
We continue to build on this work and will provide essential intelligence on private markets in the months and years to come. This is underpinned by our capabilities including data and analysis across private companies and private credit, and our workflow solutions for valuations and portfolio monitoring. We will build on our partnership with Novata to examine the intersection of private markets and sustainability. And we will continue to bring trusted insights to the industry – through conferences such as Interact London and Interact New York, and through thought leadership like our Look Forward reports. In moments of upheaval and transition, the following articles are designed to build understanding about growing private debt and private equity markets.
As credit headwinds intensify, private markets will need to show their resiliency under pressure.
Changing market dynamics are influencing investment strategies and shifting funding patterns.
Inflation, higher interest rates and slowing growth represent the first real test of the resiliency and mettle of today’s private lending market.
Private markets are taking a leading role in investment in infrastructure related to the energy transition.
