Volume 2 – 18 April 2023
Look Forward
Private 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.
S&P Global Market Intelligence
Adam Kansler
President, S&P Global Market Intelligence
Sponsors & Contributors
S&P Global Commodity Insights
Atul Arya, Ph.D.
Senior Vice President and Chief Energy Strategist
S&P Global Ratings
Alexandra Dimitrijevic
Global Head of Research & Development
S&P Global
Martina L. Cheung
President & CEO, S&P Global
S&P Global Market Intelligence
Adam Kansler
President, S&P Global Market Intelligence
S&P Global
Nathan Hunt
Head of Content and Digital Marketing
S&P Global Market Intelligence
Ruth Yang
Managing Director, Global Head of Ratings Thought Leadership
As Global Head of Private Markets & Thought Leadership, Ruth Yang is responsible for developing and expanding S&P Global Ratings’ coverage of private credit alongside the franchise’s market engagement in both public and private markets through thought leadership outreach.
Brendan Browne
Senior Director & Sector Lead
Brendan Browne, CFA is a managing director on S&P’s North American Financial Institutions Ratings Team.
S&P Global Ratings
Sebnem Caglayan
Senior Director & Analytical Manager
S&P Global Commodity Insights
Peter Gardett
Executive Director, Climate and Cleantech
Peter Gardett is an executive director for climate and cleantech at S&P Global Commodity Insights.
S&P Global Ratings
Evan Gunter
Lead Research Analyst, Credit Research & Insights
S&P Global Ratings
Ramki Muthukrishnan
Analytical Manager, US Leveraged Finance
S&P Global Ratings
Evangelos Savaides
Associate, Leveraged Finance
S&P Global Market Intelligence
Bryan Schutt
Head of Central Insights & Engagement
S&P Global Market Intelligence
Leon Sinclair
Global Head, Private Equity & Debt Services
Leon Sinclair Global Head of S&P Global Market Intelligence Private Equity & Debt Services, specializing in valuations, risk, technology and advisory.
Market Intelligence
Dylan Thomas
Private Equity Reporter
Dylan has nearly two decades of journalistic experience and currently covers the private equity market for S&P Global Market Intelligence.
S&P Global Market Intelligence
Claire Wilson
News Desk Manager, Private Equity & Real Estate
Claire Wilson leads the S&P Global Market Intelligence private equity and real estate news team. She edits copy and guides coverage on both industries. Prior to joining S&P Global Market Intelligence, Claire was an editor and a reporter at publications covering global private equity, the broader alternative assets industry, financial regulation and retail investment.