Growth Investing in Private Markets: How Times Have Changed

Morgan Stanley’s David Miller and Tim Clarke examine how longer private-company lifecycles and rapid AI-driven growth are reshaping opportunities in late-stage investing.

• Companies are staying private longer, shifting a larger share of growth and value creation into the pre-IPO phase.
• Capital is increasingly concentrated in mature private companies, particularly AI leaders with exceptionally rapid revenue growth.
• High valuations, hidden churn and limited access reinforce the importance of diversification, active management and experienced underwriting.

Explore the full report to understand how private-market growth investing is evolving.