First, private investors often have what would amounts to insider information if the company was public. Investors who are close to the company can take advanta

First, private investors often have what would amounts to insider information if the company was public. Investors who are close to the company can take advantage of information asymmetries. Second, if you're a private fund then you have more freedom to value your own investments annually. Compare that to public markets where investors may start asking for redemptions after a bad week and a 10% decline. Private capital is more patient. Third, private markets are the new public markets. No one wants to go public and deal with the regulations and short term market jitters. If you can access capital in the private markets you'll do it as long as you can. I expect liquidity in private markets will greatly improve, if so we could see significantly more capital enter the space.