Oddo BHF AM says investors shift to private tech as startups stay private longer
QQQ•Oddo BHF Asset Management said tech value creation is shifting toward private markets as companies stay private longer, citing S&P 500 annual returns of 10.8% since 2015 and OpenAI’s nearly $200 billion raise while private.
1. Private tech shift
Oddo BHF Asset Management flagged a shift in tech value creation toward private markets as companies stay private longer. It said tech firms often remain private for about 12 years, compared with roughly five years in earlier decades, and cited OpenAI raising nearly $200 billion while remaining private.
2. Risks and returns
The analysis cited S&P 500 annual returns of 10.8% since 2015, dominated by mega-cap technology stocks. It also pointed to illiquidity risk, valuation volatility and wide dispersion in outcomes across companies and managers.
