Hamilton Lane: AI's biggest returns remain in private markets

Hamilton Lane executive co-chairman Erik Hirsch says most AI-boom wealth has so far accrued in private markets, as tech firms stay private longer and tap deep private capital pools. The firm holds OpenAI and Anthropic exposure via venture and growth relationships, and investors can access private AI names through funds, secondaries and co-investments. Hirsch notes that going public is no longer the default path for most tech companies, even as some AI leaders move toward IPOs.

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