Private markets continue to evolve rapidly, growing in popularity and reshaping how individual investors are diversifying their portfolios. BIP Capital GP and COO Mark Flickinger joined an episode of the BIP Wealth podcast, Ahead in the Count, to discuss private market valuations, deal activity, and the growing role of evergreen funds and business development companies (BDCs). He and host Nolan Alexander consider opportunities and challenges in the private markets for Registered Investment Advisors (RIAs) and high-net-worth individuals (HNWIs) seeking to enhance long-term portfolio performance.
Valuations in the private markets surged during the “free capital” era, from 2020 to 2022. Since then, they have recalibrated to healthier levels. In 2025, valuations resemble levels seen around 2018-2020. Competition for quality deals has returned, and the performance bar is higher. That has pushed aggregate valuations higher, even as transaction counts are down. These trends signal that we're in a market that rewards disciplined capital deployment.
“For RIAs and high-net-worth investors, disciplined partnerships and thoughtful portfolio construction are more important than ever. Our team at BIP is raising and deploying capital, supporting follow-ons and new logos, and working closely with entrepreneurs across the Southeast who are building meaningful companies.” (Mark Flickinger, BIP Capital)
While institutional capital is trending into later-stage companies, the current environment favors investors who prioritize rational partnerships and thoughtful portfolio construction. RIAs and HNWIs are discovering new opportunities in the private markets, where 87% of U.S. companies with $100 million or more in revenue are generating their greatest value.
Specifically, Evergreen funds and BDCs are reshaping access to private investments for individual investors. With lower minimums, liquidity features, and streamlined participation, these vehicles have expanded the investor base to enter markets that were historically reserved for institutions and endowments.
“It’s endlessly fascinating to think about what these changes mean for the innovation landscape, and who gets to participate.” (Nolan Alexander, Podcast Host, BIP Wealth)
Private capital structures are aligning with macroeconomic conditions. Evergreen BDCs, interval funds, and other semi-liquid options are becoming valuable factors in the portfolios of investors seeking exposure to innovation while maintaining flexibility. The trend is offering new ways for RIAs and HNWIs to align client portfolios with long-term growth strategies.
Ahead in the Count is presented by BIP Wealth and hosted by Nolan Alexander. The series combines professional sports experience with financial acumen to offer insight into life, career, and investing. This episode expands the focus to private markets and what new fund structures mean for investors.
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Disclaimer: The views expressed in this podcast reflect the opinions of the speaker and are provided for informational purposes only. They should not be construed as investment advice or a recommendation to buy or sell any security.
