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As a result, the upside concentrates quietly, in the hands of sovereign wealth funds or large VCs. That concentration doesn’t just shift who benefits, it changes the economics of investing itself. As more return is captured in private markets, scale and access become structural advantages, reinforcing the dominance of the largest pools of capital while reducing opportunity in public markets. Individual investors, pension funds, and mutual funds, still largely anchored to public markets, are left competing over a shrinking share of growth, altering return expectations across the entire system.