“The decline in public companies and the increase in participation in private markets are related,” says Tony Tutrone, global head of Neuberger Berman’s NB Alternatives business, which focuses on private-market investments. Spiraling inflation, rising interest rates and recession fears have hammered stocks this year, closing the window to most new public offerings. But even if market conditions turn more welcoming for IPOs in coming years, many private companies may hold off the decision for longer, industry executives say.

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