The number of unicorn companies, or private companies valued over $1 billion, exploded from 39 in 2013 to over 1,200 in 2022. Fund managers have started to invest in these private firm equities to avoid missing out on their robust growth periods.

This report assesses the historical trends in mutual fund ownership of private-firm equities. We examine the winners and losers in the space as well as the most widely held companies.