Author: Mark Melatos, Associate Professor of Economics, University of Sydney

If you are a member of a super fund, some of your long-term savings are probably invested in private markets. Public markets are familiar to most of us – the stock market and government and corporate bond markets. Private markets include unlisted assets such as companies owned by private equity firms, infrastructure investments and private credit markets. Corporate watchdog the Australian Securities and Investments Commission (ASIC), has today released a discussion paper that emphasises the growth in private capital, seemingly at the expense of public markets. While the number of listed companies and the value of initial public offerings has…