Private markets are undergoing a fundamental shift – one that is reshaping how capital flows globally and how investors think about opportunity, access and risk.

As I shared during a recent panel discussion at Money20/20 Asia 2026, “Where the Money Flows in APAC’s New Private Market Reality,” the boundary between public and private markets is becoming increasingly blurred.

The distinction between public markets and private markets is not only blurred, it’s almost eroded, said Jenn Giacobbe, Global Head of Private Markets LSEG.

Companies are staying private for longer while continuing to scale at pace, and more value is being created before a public listing. As a result, investors can no longer take a segmented approach. Increasingly, they need to navigate both markets as part of a single, connected investment landscape.

A market defined by limited transparency
A consistent theme across the panel was the challenge of transparency in private markets.

While public markets benefit from established disclosure frameworks and regular reporting cycles, private markets remain more fragmented and often rely on relationship-driven information flows. Several of my fellow panelists highlighted how this limits access to timely, decision-ready insight.

In my experience, the issue is not a lack of data – it is the lack of accessible, structured and scalable data. Much of the information required to assess private market opportunities exists, but it is often difficult to capture, standardise and analyse in a consistent way.

Why the data layer matters
This is where the data layer becomes critical.

At LSEG, our focus is on addressing this structural gap – ensuring that data is not only available, but also consistent, comparable and usable across the investment lifecycle.

One of the biggest barriers to scale is inconsistency. Company reporting varies widely, valuation methodologies are not aligned, and even core entity data, such as company names or ownership structures, can be difficult to reconcile across sources.

Creating a standardised data foundation is what enables the market to evolve. Once you have the information and it’s standardised, it becomes scalable, said Jenn Giacobbe, Global Head of Private Markets LSEG.

Without that foundation, investors are limited in their ability to build reliable models, compare opportunities or generate meaningful insights at scale.

From episodic to continuous insight
Investor expectations continue to evolve.

Private markets have traditionally operated on an episodic model, where insight is tied to specific events such as fundraising rounds or transactions. However, as companies evolve more quickly and remain private for longer, this approach is no longer sufficient.

The focus is increasingly shifting towards understanding the full lifecycle of an asset – how it develops over time, not just at discrete milestones. 

This requires a more continuous, “always-on” approach to research, where investors can track performance signals, monitor developments and build a forward-looking view based on reliable data.

Trust as the foundation for scale
In private markets, trust has historically been built through relationships – between investors, intermediaries and counterparties. As access broadens and participation increases, that model alone is no longer sufficient.

From my perspective, trust needs to be embedded in the data itself. Reliable, high-quality information – and the ability to derive meaningful signals from it – is what ultimately enables investors to act with confidence.

There is agreement that greater transparency and standardisation will be essential in building that trust at scale, particularly as markets become more digital and globally interconnected.

Towards a connected investment ecosystem
One of the most important mindset shifts for investors is recognising that public and private markets no longer operate in isolation.

Capital moves fluidly between the two, and investment strategies increasingly span both environments. This has implications not only for portfolio construction, but also for how data is accessed and applied.

Insights need to move seamlessly across workflows – from research and analysis to execution and portfolio management. Breaking down these siloes is critical if investors are to operate effectively in an increasingly integrated market environment.

At LSEG, we enable that connectivity by bringing together data, analytics and technology to support the full investment lifecycle.

Closing the transparency gap
While progress is being made, private markets are still at an earlier stage of development when it comes to data infrastructure.

The information layer remains relatively thin, with limited standardisation and continued reliance on relationship-based data flows. 

Closing this gap will require collaboration across the industry – from data providers and financial institutions to regulators and investors themselves. It will also require a shift in how information is shared, governed and used.

However, the direction is clear. As private markets continue to grow in importance, so too will the demand for transparency, accessibility and high-quality data.

The opportunity is already there. The focus now is on ensuring that the data foundations evolve quickly enough to support it.

Read the original article here.