In this week's episode of WSJ’s Take On the Week, host Telis Demos and guest host Spencer Jakab, the Wall Street Journal’s investing columnist and writer of the Markets A.M. newsletter, are joined by Kaitlin Hendrix, asset allocation research director at global investment firm Dimensional Fund Advisors, to decode investors' surging interest in private markets. They break down how investors may already have exposure in their investment portfolios to private companies like Anthropic, Stripe and Flipkart, through holdings in companies like Alphabet's Google, Amazon and Nvidia. Hendrix explains why your public index fund might already provide the diversification you’re looking for, without the high fees. Plus, Jakab explains the way that big tech’s private company investments are boosting earnings to near-unprecedented levels. Chapters: 00:00 - Why investors want access to private markets 02:20 - The case for private market exposure 03:00 - How public companies invest in private markets 04:20 - Corporate venture capital and subsidiaries 05:30 - The cost of private market access 08:50 - Diversification: International vs. Private 13:50 - Private investments and public earnings 16:30 - Valuing paper gains 20:20 - Surveying private market returns 25:30 - Manager dispersion and persistence 27:30 - Measuring returns: IRR vs. TVPI 30:30 - Volatility laundering This is WSJ’s Take On the Week where co-hosts Telis Demos, writer for WSJ’s Heard on the Street, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. 🎧 Prefer just the audio version? Subscribe and listen on Apple Podcasts, Spotify, Amazon Music, or wherever you get your podcasts: https://on.wsj.com/3LBGo5Q?mod=WSJ_TOTWPOD #WSJ #SP500 #PrivateEquity