If a stock falls in private markets and no one is around to hear it, does it make a sound?

Unlike public markets, or even crypto markets, where trades can execute algorithmically in milliseconds, private equity markets remain largely opaque. Clarity is generally discoverable in the headlines with gigantic funding-round announcements at sky-high valuations, but such a flow of news has dissipated in 2022. The dearth of announcements this year has been supplanted by news of layoffs along with even painful down rounds and financings with complex term structures to veil public optics.

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