In this video, speaker Bob Fraser (referred to as SPEAKER A) examines how the composition of average client portfolios on his platform changed between Q4 2024 and Q4 2025. He reports that public‑market exposure rose from 27% to 35% of portfolio value, while private‑market exposure fell from 69% to 61%. More strikingly, when he tracks every dollar deployed each quarter, the share of new capital going to private‑equity fell from 60% in Q4‑24 to 0% in Q4‑25, with 60% of new dollars now flowing into public equities. Fraser explains the analytical method used – quarterly dollar‑flow tracking, split by public vs private and then by equity vs debt – and notes that the platform primarily serves private‑market investors. He interprets the shift as a response to a rally in public markets and ongoing headwinds in private markets, indicating a migration of investor capital toward public equities despite the platform’s private‑market focus.
Chapters
If we look at publics and privates in our portfolio, Q4 of '24, 27% of our average client's portfolio was in the public markets. 69% was in privates. You fast forward to the end of '25, Q4 of '25, publics grew to 35% of a portfolio. That sounds like only an 8% increase, but that's huge when you look at trillions, you know, billions of dollars. And privates went down 61%. Now this is all, you know, out of 100%. So obviously people will say, well, of course, Liton, I mean, there was a rally on publics, their valuations went up. So the portfolios as a whole went out of whack and out of proportion. So that's the reason for this. And so we went a level deeper into not just a snapshot of a portfolio, but rather to look dollars deployed. Every quarter we looked at every dollar deployed, what percentage went into privates, went into publics. And we also break it down one level underneath privates and publics is equities or debt, because that's also important, right? In the publics you have equity and debt, and then the privates you also have equity and debt positions. The vast majority, again, of our portfolios that people invest is in equities, not debt. And so I'm just going to tap into the equity for a second. So in Q4 of '24, 60% of every dollar invested deployed went into the private equity market. Private equity is everything in the private markets that's an equity position. So anyway, yeah, so private equity, 60% of every dollar invested went into the private markets under equity positions. Q4 of '25, 60% of every dollar invested went into public equities. And remember, we're a platform that serves people that are predominantly in the private markets. Now that for us, mind-blowing. And it also matches the trends that are happening that, you know, people have been seeing what's happening in the public markets and they maybe They want to take part of it as well. And private markets over the past couple years have had struggles. And so that's sort of what we've seen across portfolios.
