Mark Twain famously said, after reading his own obituary, that “reports of my death are greatly exaggerated”. So it is with predictions of the demise of public equity markets, encapsulated in Apollo Global Management CEO Marc Rowan’s line that “the whole world’s going private”.

Listed markets may seem to be declining because of both structural factors and own goals by regulators, but they’re far from dead. On the contrary – the greater the rise in private asset classes, the greater the long-term importance of public markets.