This page from the Guide discusses private equity in more detail. The left side shows the sector exposure of private equity strategies vs. small cap stocks, as the nature of the underlying companies is similar. However, private equity allows access to nearly double the opportunities in technology, an outperforming sector over the last several years. On the right, the top chart shows the decline in publically listed companies, as more companies choose to stay private, or remain private for longer. Private equity, therefore, can access opportunities investors in the public markets cannot. Finally, the bottom chart shows average size and median age of IPOs, showing that IPOs during the Tech Bubble were smaller and from companies that were far less mature.