Capital Allocators – Inside the Institutional Investment Industry WTT: Can Private Markets Normalize?
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Feb 12, 2026 A deep look at why private equity holding periods are lengthening and what that means for capital recycling. A supply and demand view explains an exit bottleneck with too few IPOs and strategic buyers. Discussion of the massive stock of unsold companies and how that could force structural shifts like more secondaries and fund redesigns.
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Private Equity Holding Periods Are Rising
- Private equity holding periods are lengthening even as public markets speed up.
- Ted Seides argues this contradicts short-term market trends and signals structural friction.
Unrealized Value And Rising Dry Powder
- The unrealized value in global private equity tripled over a decade to about $3.2 trillion.
- Demand and opportunity expanded as institutional allocations and dry powder surged.
A Vast Universe Of Private Targets
- There are about 19,000 US companies over $100M revenue that remain private and available as targets.
- This large supply combined with growing allocations supports continued purchase activity.