---
id: "claim-pe-market-growth"
type: "claim"
source_timestamps: ["¶2"]
tags: ["macroeconomics", "private-equity-growth"]
related: ["claim-pe-corporate-talent-shift", "entity-citizens-bank"]
confidence: "high"
testable: true
speakers: ["Citizens Bank"]
sources: ["tail2"]
sourceVaultSlug: "hbr-seg-tail2"
originDay: 2
articleStem: "hbr-tail-120-corporate-to-pe-ceo"
sourceUrl: "https://hbr.org/2026/07/making-the-leap-from-corporate-leader-to-pe-backed-ceo"
sourceTitle: "Making the Leap from Corporate Leader to PE-Backed CEO"
---
# U.S. PE-backed companies grew 400%+ as public companies declined ~35%

Data attributed to [[entity-citizens-bank|Citizens Bank]] illustrates the macro trend driving the PE talent shortage: over the past 25 years, the number of U.S. PE-backed companies has increased by **more than 400%**, while the number of publicly listed companies has declined by **approximately 35%**.

**Confidence: high** (numeric, testable). **Enrichment nuance:** independent listings research (Doidge, Karolyi & Stulz; later BFI/Chicago summaries) confirms a long-run decline in U.S. public listings of roughly one-half since the late 1990s, making a ~35% figure plausible over a slightly shorter horizon — but Citizens' exact proprietary series is not public. Industry reports (PitchBook, Bain) document rapid PE-backed growth without publicly confirming the precise 400% figure. Directionally and approximately supported; the exact percentages are proprietary. This is the supply-side driver behind [[claim-pe-corporate-talent-shift|PE's turn to corporate talent pools]].