(Editor's Note: Private Markets Monthly is a research offering from S&P Global Ratings, providing insightful interviews with subject matter experts on what matters most across private markets. Subscribe to receive a new edition every month: https://www.linkedin.com/newsletters/private-markets-monthly-7119712776024928256/)
The next era of private markets is likely to be defined by their continued convergence (over competition) with public markets. As a result, future growth may take on a wider path across asset classes, sectors, and structures—creating more opportunities alongside risks for a myriad of market participants who need transparency balanced across their public and private market exposure.
In this edition of Private Markets Monthly, Head of Private Markets and Thought Leadership Ruth Yang interviews S&P Global's CEO and divisional presidents on how we provide market participants with the transparency across asset classes, benchmarks to measure risks and opportunities, and best-in-class data and insights they need to understand and power the future of capital.
Martina Cheung, Chief Executive Officer of S&P Global:
Private markets are pioneering the evolution of capital markets—prompting fundamental shifts in business models, propelling investors' search for alpha, and providing both seats at the table for new players and opportunities for new sectors and asset classes. This financial innovation and changing environment are only likely to continue at significant speed and scale. Impartial, immediate information is imperative in a world of disruption and innovation.
While markets change, the character and commitment of S&P Global's people remain constant. Our unique datasets, solutions, and subject matter expertise support the expansion, liquidity, and efficiency of public and private markets alike for the broad range of market participants who increasingly need a comprehensive toolkit to manage their portfolios, individual assets, and risks.
Yann Le Pallec, President of S&P Global Ratings:
Private funding enhances traditional lenders' ability to manage balance sheets and fuel the growth of tomorrow's economy with important investments in digital infrastructure, the energy transition, and beyond. As private credit continues to introduce increasingly complex, illiquid, and sophisticated structures to debt capital markets, market participants will need increased systemic transparency on risk.
S&P Global Ratings provides frameworks and benchmarks to holistically assess risk across sectors, asset classes, and credit markets by covering private and public markets, developing and adapting criteria to assess emerging risks that enable us to rate innovative structures, and providing data-driven clarity on the performance of existing and emerging structures. Whether it's private or public, unrated or rated—credit is credit.
Saugata Saha, President of S&P Global Market Intelligence and Chief Enterprise Data Officer of S&P Global:
Private markets are undergoing unprecedented growth as more companies choose to stay private and high-net-worth investment activity rises. Success in this evolving landscape demands true scale—the ability to efficiently manage larger portfolios, accelerate fundraising, and optimize capital deployment.
As private and public markets continue to intertwine, S&P Global Market Intelligence bridges this gap through artificial intelligence (AI)-powered solutions and comprehensive data analytics that deliver scale. At the same time, institutional investors continue to demand greater transparency on return drivers, valuations, and benchmarks to provide more context on risk and performance. We enable clients with the critical ingredients needed to make strategic decisions, and capture value at scale.
Dan Draper, Chief Executive Officer of S&P Dow Jones Indices:
The continued expansion of assets under management in private markets underscores the need for trusted market benchmarking tools in this evolving landscape to help investors identify emerging opportunities, manage risks, and drive portfolio performance.
S&P Dow Jones Indices, in collaboration with Cambridge Associates, will continue to support market participants by providing an enhanced perspective through sophisticated and comprehensive benchmarks, data, and tools for investors seeking to navigate these ever-changing markets.
Mark Eramo and Dave Ernsberger, Co-Presidents, S&P Global Commodity Insights:
Private capital has become a key financial engine across cleantech and traditional energy businesses. As the energy transition enters a new and more complex phase, Commodity Insights will continue to innovate and adapt to provide the essential intelligence and trusted data that investors need to see through uncertainty and invest with conviction across the energy landscape.
Our research and expertise on the trends driving energy capital, AI, and analytics tools and unrivaled insights across commodity markets will keep investors at the forefront of what comes next. In addition, our world-leading events such as CERAWeek 2025 provide unparalleled opportunities for industry and financial leaders to exchange ideas and advance important dialogues on the issues that are shaping the energy future.
Edouard Tavernier, President of S&P Global Mobility:
As the mobility industry undergoes rapid change, capital sources—both public and private—are adapting. The outlook for the global auto industry reflects a mix of both opportunities and threats. In addition to the mixed demand dynamics amid continuing affordability challenges, original equipment manufacturers (OEMs) and suppliers are closely watching policy changes under the new U.S. administration—including tariffs, emissions requirements, and electric vehicle incentives—and are adjusting their strategy in real-time. In addition, AI has become a major focus area, as an enabler of advanced driver assistance systems and, in the longer-term, of autonomous rideshare models.
Our clients are leveraging S&P Global Mobility data and are informed by our long-term perspectives, using our expertise to gain exposure to key mobility technologies and investment themes, and ultimately deploy capital to take advantage of the changes that are unfolding.
Writer: Molly Mintz
This report does not constitute a rating action.
| Global Head of Private Markets and Thought Leadership: | Ruth Yang, New York (1) 212-438-2722; ruth.yang2@spglobal.com |
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