What’s driving the push to integrate private market data with public market workflows? How are investors and asset managers addressing persistent data frictions to create a unified view across portfolios?
This episode of Market Dialogues features Leila Sadiq, Global Head of Enterprise Data Content at Bloomberg, in discussion with Todd Hirsch, Head of Private Capital at Point72, Mark Neely, Director of Alternative Investments at GenTrust, and Avi Turetsky, Partner and Head of the Quantitative Research Group at Ares, on how private markets are evolving toward greater transparency, valuation consistency, and data connectivity.
Source: Enterprise Data & Tech Summit, October 16, 2025, New York
The Market Dialogues podcast series provides access to curated, thought-provoking discussions from Bloomberg global events. It offers in-depth insights from experts on key trends and themes driving the markets today and beyond.
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Featured insights from this episode of Market Dialogues:
On technology changing valuation transparency
Todd Hirsch: Technology has enabled us to have much greater frequency of inputs for valuations. Whether they’re public or private… I think you can have a better sense of how often you want to mark your positions and how frequently you need to adjust those marks based on the inputs you have.
When new information comes in, it’s important that it gets incorporated. So if a building sells down the street and you now know there’s a new comparable, you can incorporate that in real time. The frequency of adjustments on the private side today is much better than it has ever been, and transparency for investors continues to improve as that frequency increases, and the supporting data and analytics become stronger.*
On the data gap between public and private companies
Avi Turetsky: We know that public markets show meaningfully higher vol[atility] than private market NAVs. We know the valuations are different: public market valuations represent marginal trades, while private market valuations are appraisal-based. We have a pretty good sense of the relationship between the two.
But whether privately owned companies are actually more stable than publicly traded companies, if you’re looking at revenue, EBITDA, or cash flows, as far as I know, no one knows the answer to that question…The prices are more stable… But whether the revenues are more stable to EBTIDA, no one knows because no one’s been able to get the data on large enough scale to my best knowledge.
On managing allocation across private and public assets
Mark Neely: I focus a lot of my time on the allocation model for clients, and it’s always challenging because we’re constantly comparing public and private markets and they don’t really compare. You look at private equity over a trailing two-year return, and it doesn’t track public equities over the last 10 years
Clients will say, “The public markets are really strong, I want to go into private,” and I’ll say, “Okay, but let’s look at what the EBITDA multiples are that private markets are purchasing at. What are things being marked at?” That transparency, or lack of it, makes it very challenging to take advantage of dislocations or to reallocate capital between private and public markets, or up and down the capital stack in direct lending, Broadly Syndicated Loans (BSLs), and term loans.”
*Quotations have been edited for brevity and clarity.
