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The bottleneck in private markets is deal flow, and almost everything else follows from that constraint.
Institutional allocators maintain direct sourcing relationships with late-stage private companies built over decades of investment activity.
Wealthy individuals and family offices, even those with the capital to write large checks, have historically been unable to replicate that pipeline without either joining a fund vehicle or working a secondary market where prices reflect the scarcity of access as much as the underlying company's fundamentals.
Goldman Sachs is now building infrastructure to work around that barrier, launching an alternative investments platform that gives clients and family offices direct stakes in private companies.
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