The private markets can provide a lot of investing options since there are many more private companies than public ones. Also, private
companies are often staying private for longer than before, so by the time a company finally does go public, much of the equity appreciation has sometimes already occurred. To capture
those returns, you need exposure to private companies. There are also many opportunities in private credit, which is lending to private companies. Many large institutions have become
much more conservative in financing small- and medium-sized companies that make up the middle market. Individual investors are taking up the slack, providing capital to these companies
through special lending funds. We’ve noticed increased interest from clients in this strategy because it may provide a steady source of income and attractive total
return.