Vanguard examines how companies staying private longer are shifting early growth away from public markets. Global unicorns expanded from 228 worth $800 billion in 2016 to roughly 1,700 worth $8.6 trillion by March 2026, while Vanguard forecasts 8.5% median annual returns for global buyouts versus 5.3% for public equities.
2026 private equity midyear update: Private longer, public later
Vanguard
Matthew Schweitzer, Cameron Dennis
Research
9 Pages
Key Takeaways
Listings come later: Median technology IPO age rose from about six years in the 1980s to 15 in 2022, shifting more growth private.
Private value expands: Unicorns increased from 228 worth $800 billion in 2016 to roughly 1,700 worth $8.6 trillion by March 2026.
Return gap remains: Buyout funds outperformed the Russell 2000 by 4.67% annually over ten years; Vanguard’s median forecast exceeds public equities by 3.2 percentage points.
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