Comparing Public and Private Markets

Apollo Chief Economist

There is $130 trillion in global fixed income outstanding, see chart below.

The total market cap of global equity markets is $101 trillion.

The total value of all assets in the global banking sector is $98 trillion.

And total global private capital AUM is $13 trillion.

The first conclusion is that private capital makes up less than 5% of global financing markets.

Over the past decade, global fixed income markets have increased $42 trillion, the global equity market cap has increased $35 trillion, global assets on banking sector balance sheets have increased by $34 trillion, and the global amount of private capital AUM has increased $8 trillion, see charts below.

The second conclusion is that private capital has over the past decade grown much slower than global financing markets.

The bottom line is that the alternatives industry is small, and has over the past decade grown much slower than the rest of the financial system.

Our latest outlook for private markets is available here.

Source: SIFMA, BIS, Pitchbook, Apollo Chief Economist. Note: Data as of 2022 and 2023Q2 (BIS data).
Source: SIFMA, BIS, Pitchbook, Apollo Chief Economist
Source: SIFMA, Apollo Chief Economist
Source: SIFMA, Apollo Chief Economist
Source: BIS, Haver Analytics, Apollo Chief Economist
Source: Pitchbook, Apollo Chief Economist. Note: Data as of 31st December 2022.

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