A recent research report published by Goldman Sachs reviews private market value creation compared to public market creation. Echoing the trends noted in other publications, the report notes the increasingly important role of venture capital as an asset class. The growth in venture funding has contributed to companies remaining private longer. The report notes that among the top twenty unicorn companies 11 funding rounds on average were undertaken. In recent years, the number of mega-rounds (over $100 million raised) has grown steadily. Historically, from 1995 to 2017, value creation in the public markets has been greater than in the private markets. In 2017 to 2018, the public markets underperformed the private markets. IPO value (change in aggregate market capitalization) declined 8% on average versus the S&P 500. Private Market gains for companies going public over the last five years was 33% higher than for companies going public on average for the last 25 years. Based on the amount of private capital available for investment, this trend shows no signs of abating.