09/17/2026
What if the public markets represent only a fraction of the opportunity?
According to the latest J.P. Morgan Guide to the Markets, there are roughly 18,000 U.S. companies generating more than $100 million in annual revenue that are privately held, compared with roughly 3,000 public companies.
That means approximately 86% of sizable U.S. businesses operate outside the public markets.
These are established companies that still need capital to expand, refinance debt, acquire competitors, and invest in growth.
For investors, this highlights the scale of the private market and the role that private credit, direct lending, and specialized financing can play in accessing opportunities beyond traditional public markets.
The private markets aren't just an alternative. They're the majority.
Source: J.P. Morgan Guide to the Markets