Although there seems to be no shortage of capital for public companies and today's tech unicorns, founder- and family-owned businesses across the world often struggle to find the appropriate types of capital to ensure they stay competitive. At the same time, private equity investment is becoming more sophisticated and continues to fill the funding gap left by banks, e.g., with unitranches and co-investing. As private markets—equity and credit— evolve, certain trends demand close attention and a few issues should remain at top of mind for investors. A comprehensive exploration will identify particular challenges that face private companies of different maturity and help investors chart a course across the fragmented universe of the private capital markets.