For decades, private capital ran on a few core systems and a lot of spreadsheets.
Capital calls arrived as PDFs. Portfolio data lived in email. Reconciliation happened by hand.
That held at $2 trillion.
Private markets are now on track to pass $30 trillion by 2030, with advisors, retirement savers and first-time investors arriving behind the institutions.
An industry is forming to rebuild the operating layer underneath: incumbents rewriting their platforms, founders building from scratch, public markets firms crossing over.
It’s growing faster than anyone can keep up with. Most people see the part they buy from or compete in, and little of the rest.
We talk to both sides every week, so we drew the map.
The Private Markets Technology Directory shows who’s building what across five categories: private credit, LP technology, AI, private wealth and legal tech.
Private Credit Technology: Private credit has grown more than tenfold in about 15 years, and the operations behind it have had to mature with it. 255 companies build for those operations, across the life of a loan and the fund that holds it.
LP Technology: Private markets now make up about a sixth of the average institutional portfolio. 215 companies supply the pieces of the operating system allocators are assembling in real time.
AI in Private Markets: AI is changing the workflows private markets run on. 401 companies are integrating it into every stage of the investment lifecycle.
Private Wealth Technology: Coming soon. The companies laying the rails between private markets and the wealth channel.
Legal Tech in Private Markets: Coming soon. The tools built for legal and compliance teams, as private markets ask more of them.
Who did we miss? The category is expanding fast and we’re still filling in the map. If you’re building for private markets and not yet listed, submit your company and we’ll review it.
