Corey Goldman
Jan 2, 2026
Investors are bracing for a strong IPO market in 2026. Jay Bala shares why, in his view, activity in private markets suggest they're right.
The IPO market hasn’t looked the same since 2021 — down nearly 90% from its peak. But that doesn’t mean growth disappeared.
In the inaugural episode of Tap Here, host Corey Goldman sits down with Jay Bala, Founder & CIO of AIP Asset Management, to explain what really happened to IPOs — and how private markets, private credit, and pre-IPO companies quietly stepped in to fill the gap.
This conversation breaks down:
• Why the IPO market stalled after 2021
• How private equity, venture capital, and private credit reshaped capital formation
• What a “pre-IPO” company actually is — and when companies go public
• Why over 1,200 private unicorns now represent a ~$3 trillion market
• Why access to private markets remains limited for everyday investors
• How advisors and investors should think about risk, liquidity, and diversification
This episode isn’t about hype or hot takes — it’s about how modern capital markets actually work, and where growth is happening before companies ever ring the bell.
🎧 Watch / listen to the full episode:
▶️ YouTube: https://youtu.be/7Ksqhl2rnxs?si=nQDPmaBYAih6IrZs
🎧 Spotify: https://open.spotify.com/show/3cOEGVI...
🍎 Apple Podcasts: https://podcasts.apple.com/ca/podcast...
Educational content only. Not financial advice. #icymi #taphere #ipomarket #privatemarkets #privatecredit #preipo #alternativeinvestments #capitalmarkets #investingeducation #financepodcast #wealthmanagement