We’ve been invested in Anthropic, OpenAI, and SpaceX before it went public.

20 years ago, investors could participate in much more of a company's growth after it went public.

Today, an increasing amount of value creation happens before the IPO.

The chart compares the valuations of Anthropic, OpenAI, and SpaceX to all 3,365 U.S. technology IPOs between 1980 and 2025.

It's incredible.

Now it doesn't mean you should abandon public markets.

But it does mean that allocating a portion of your portfolio to private equity can make a lot of sense if you:

• Invest through experienced managers with access to high-quality opportunities.

• Diversify across hundreds of underlying companies rather than making concentrated bets.

• Avoid watered-down retail products that simply don't justify their fees.

• Think about tax location by holding private equity in accounts like Roth IRAs when appropriate and pairing taxable investments with tax-loss harvesting strategies.

One of the things I enjoy most about what we do at QFS is giving clients access to high quality private equity managers while helping them integrate those investments into a tax-efficient, diversified portfolio.