Capturing Venture Growth: A Conversation About Private Markets Opportunities

Nathan Ritsko, Managing Director, Product, Venture & Growth Equity, discusses the case for private‑market growth opportunities with Beth Nardi, Managing Director and Head of U.S. Private Wealth. 

Beth: Thanks for joining Nathan. 

There’s lots of buzz out there with high-profile names like SpaceX and others, in the headlines today talking about IPOs. What’s the takeaway from those headlines? 

Nathan: SpaceX is a great place to start because it is exactly the kind of company that gets people excited—and for a  good reason. Its IPO is expected to raise approximately $75 billion at a $2 trillion valuation. 

But the bigger takeaway isn’t just one company. It’s that by the time a business like SpaceX eventually reaches the public markets, much of the value creation may have already taken place. 

Beth: So, the excitement is justified—but it just may be a bit late for an investor. 

Nathan: That’s exactly right. Historically, many of the companies that are now public market leaders went public much earlier in their growth journey. 

For example, Microsoft had just under $200 million in revenue when it went public, which is roughly $600 million in today’s dollars. Compare that to SpaceX, OpenAI, Anthropic, and others which have scaled to billions in revenue as private companies before an IPO was even on the table. 

That means investors relying only on public markets may be missing a meaningful portion of the growth curve. 

Beth: That’s a big shift from the old model to what’s happening today, post IPO. 

Nathan: It really is a major shift. Over the last decade, a substantial share of value creation for venture-backed companies has happened before they list publicly. That’s especially relevant in areas like AI and next-generation technology, where private companies can scale very quickly. 

SpaceX highlights the bigger story: Many of tomorrow’s winners are still private today. 

Beth: If investors are looking for disruption, is venture the answer? 

Nathan: Venture can be a compelling way to access innovation earlier, while companies are still scaling and where you can often find businesses with the highest growth rates. 

But the key is to approach venture thoughtfully. It’s not about trying to identify the one company that becomes the next SpaceX. 

Investors should think about broad exposure across companies, stages, and sectors. That gives them a better chance to participate in standout winners while also managing the realities of the asset class, including volatility and illiquidity. 

Beth: So what’s the takeaway from these headlines of IPOs this summer? 

Nathan: The headline may be about one company right now, but the opportunity is much broader. The takeaway is that we believe much of today’s most compelling growth is happening in private markets, before companies ever go public. 

Beth: Great perspective, Nathan. Thank you so much for joining us, Nathan. We look forward to having you again. 

Nathan: Thanks for having me.