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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.

Adam Kansler

S&P Global Market Intelligence

Adam Kansler

President, S&P Global Market Intelligence


Sponsors & Contributors

Atul Arya, Ph.D.

S&P Global Commodity Insights

Atul Arya, Ph.D.

Senior Vice President and Chief Energy Strategist


Alexandra Dimitrijevic

S&P Global Ratings

Alexandra Dimitrijevic

Global Head of Research & Development


Martina L. Cheung

S&P Global

Martina L. Cheung

President & CEO, S&P Global


Adam Kansler

S&P Global Market Intelligence

Adam Kansler

President, S&P Global Market Intelligence


Nathan Hunt

S&P Global

Nathan Hunt

Head of Content and Digital Marketing


Ruth Yang

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

Brendan Browne

Senior Director & Sector Lead

Brendan Browne, CFA is a managing director on S&P’s North American Financial Institutions Ratings Team.


Sebnem Caglayan

S&P Global Ratings

Sebnem Caglayan

Senior Director & Analytical Manager


Peter Gardett

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.


Evan Gunter

S&P Global Ratings

Evan Gunter

Lead Research Analyst, Credit Research & Insights


Ramki  Muthukrishnan

S&P Global Ratings

Ramki Muthukrishnan

Analytical Manager, US Leveraged Finance


Evangelos Savaides

S&P Global Ratings

Evangelos Savaides

Associate, Leveraged Finance


Bryan Schutt

S&P Global Market Intelligence

Bryan Schutt

Head of Central Insights & Engagement


Leon Sinclair

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.


Dylan Thomas

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.


Claire Wilson

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.