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  "documentTitle": "2023 global pe report   roadshow deck",
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  "notes": "The chart illustrates the dominance of private companies in the $100M+ revenue segment, supporting the argument for private equity exposure.",
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      "text": "Fewer than 15% of companies with revenue over $100 million are publicly held, giving public investors narrow exposure to the broader economy.",
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      "text": "Number of US companies with $100M or more in annual revenue",
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      "text": "Public vs Private company share: 15%",
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      "kind": "paragraph",
      "text": "environment has made it difficult to hedge against downside risk through the traditional allocation formula of 60% stocks and 40% bonds. Mixing in private assets would give advisers and their clients additional options for building portfolios.",
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      "text": "The financial industry divides the universe of individual investors into tiers based on wealth: ultra-high-net-worth individuals, very-high-net-worth, and high-net-worth. Below these tiers is the mass affluent segment.",
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      "text": "The alternatives markets haven't been closed off entirely to individual investors over the years. But entry has largely been limited to the highest end of the wealth scale due to a number of structural barriers—regulation, lack of access, economics, and liquidity constraints.",
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      "kind": "source-note",
      "text": "Notes: S&P Capital IQ data as of December 2022; most recent data from Statistics of US Businesses (2017) used to triangulate S&P Capital IQ estimates for privately held company counts by revenue band. Sources: S&P Capital IQ; Statistics of US Businesses; Bain analysis",
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      "text": "Figure 3: Fewer than 15% of companies with revenue over $100 million are publicly held, giving public investors narrow exposure to the broader economy",
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      "text": "Global Private Equity Report 2023",
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