Dan Lefkovitz, investment strategist at Morningstar Indexes, addressed the convergence of public and private markets, and the expansion of the alternative investments landscape at the SRP Americas 2025 conference.

The past 25 years have seen “a profound shift” in capital formation as the number of publicly listed companies hovers at around 5,000 while private capital-backed firms surge in popularity hitting 60,000. it’s fair to be sceptical about public private convergence -  Dan Lefkovitz, Morningstar “Companies are staying private for longer. A lot of their growth and capital formation is happening off public exchanges,” said Lefkovitz ( pictured ), citing Klarna,