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Report

Strengthening Private Markets: Fueling Economic Growth and Global Competitiveness

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Angelina Fung, Rachel Reilly, and Calvin Cooper
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Finance
Economic Mobility
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Private markets built America’s innovation engine, supporting over 13 million jobs and driving outsized growth in venture-backed firms. Today, that engine faces a crossroads amid an AI arms race, reindustrialization efforts, and intense global competition as other financial centers build new infrastructure to attract capital and listings. 

At the same time, structural gaps—from limited liquidity in private markets to barriers for emerging fund managers—are constraining the flow of capital to critical industries and slowing the pace of innovation.

This brief recommends targeted capital policies to modernize US capital formation and market infrastructure, with the goal of boosting global competitiveness, increasing investment in critical industries, and creating opportunities across all communities. 

A headshot of a woman named Angelina Fung. She is smiling at the camera and standing against a gray background. She has long black hair, brown eyes, and is Asian in appearance with white skin and wearing a beige blazer.

Angelina Fung

Director, Milken Institute Finance
Angelina Fung is a director within the Finance pillar at the Milken Institute, where she leads the Institute’s Inclusive Capitalism portfolio.
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Rachel Reilly

Senior Director, Milken Institute Finance
Rachel Reilly leads the Milken Institute’s Pathways to Capital portfolio of programs, which includes 10,000 Communities, the Inclusive Capitalism Program, and the Initiative for Inclusive Entrepreneurship.
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Calvin Cooper

Research Advisor, Milken Institute

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