Private markets refer to the trading of assets that are not listed on public exchanges. Private market transactions involve private equity, private debt, real estate, infrastructure, and natural resources. Participants include institutional investors like pensions, sovereign wealth funds, endowments, and family offices who provide the capital, and fund managers who source deals and manage the assets. Private markets aim to generate higher returns compared to public markets by taking on more illiquidity and leverage. They are also less regulated. The private markets ecosystem spans venture capital, growth equity, buyouts, distressed debt, mezzanine financing, real estate, infrastructure, and energy investments globally.