Volume 2 – 18 April 2023
Look Forward
Private Markets
Markets are entering a moment of fundamental transition. Private markets have moved off the sidelines and into the spotlight for multiple industries and sectors. While public markets remain essential to the global economy, many companies today have grown to dominant market positions without ever engaging with public financing.
Private markets are opaque by design. The record growth in global private equity dry powder — approaching $2 trillion by the end of 2022 — has created a need for more data, tools and insights. Whether we are talking about private debt or private equity, venture capital or energy infrastructure, the scale of private market financing has reached a point where knowledge of these markets is essential. In this second issue of Look Forward, our economists, analysts, researchers and data experts survey the current state of affairs in private markets and forecast new developments.
As with our past Look Forward reports, this private markets report is a product of our cross-divisional Research Council at S&P Global. The Council has identified four interconnected themes that are shaping private markets during this period of rising interest rates – a Market Overview, Private Lending Risk, Private Equity & Venture Capital, and Energy & Natural Resources.
We continue to build on this work and will provide essential intelligence on private markets in the months and years to come. This is underpinned by our capabilities including data and analysis across private companies and private credit, and our workflow solutions for valuations and portfolio monitoring. We will build on our partnership with Novata to examine the intersection of private markets and sustainability. And we will continue to bring trusted insights to the industry – through conferences such as Interact London and Interact New York, and through thought leadership like our Look Forward reports. In moments of upheaval and transition, the following articles are designed to build understanding about growing private debt and private equity markets.
S&P Global Market Intelligence
Adam Kansler
S&P Global Market Intelligence
Special Advisor, S&P Global Market Intelligence
Adam Kansler is former President of S&P Global Market Intelligence which delivers a wide range of financial information products and services, including some of the world’s leading desktop, data, analytics and software solutions. He is a member of the executive committee of S&P Global.
Prior to the merger between S&P Global and IHS Markit, Adam was President of the IHS Markit Financial Services division and member of the IHS Markit executive team. In this role he drove organic growth, acquisitions and strategic initiatives, expanding the division to over 6,000 colleagues globally and approximately $2 billion of revenue.
Adam had previously served as the company’s Chief Administrative Officer and General Counsel where he led the human resources, legal, corporate communications, risk, regulatory affairs and strategic alliances functions.
Before joining Markit in 2009, Adam spent 17 years with Proskauer LLP as a corporate partner, focused on M&A, banking and securities regulation, and complex joint-venture transactions. Adam holds a B.A. in economics from Hobart College and received his J.D. from Columbia University School of Law.
Adam has participated on advisory boards for government agencies and industry groups, including The World Economic Forum at Davos and the Commodity Futures Trading Commission. Adam is deeply committed to driving a diverse workplace and has been recognized for his initiatives in Diversity, Equity and Inclusion, having been named a 2021 Top 50 Advocate globally by Empower and Yahoo! Finance.
Sponsors & Contributors
S&P Global Commodity Insights
Atul Arya, Ph.D.
Senior Vice President and Chief Energy Strategist
His areas of expertise include business strategy, commercial analysis, oil markets, energy technologies, climate change and renewables. He has previously led Energy Insight, Research and Analysis and Energy Research teams at S&P Global (Now a part of S&P Global). Dr. Atul previously worked for BP for over 20 years in a number of operational, business, technical and strategic positions around the world. His career includes international leadership experience in a diverse array of energy fields spanning strategy development, business planning, field operations and technology commercialization. His experience includes leadership in solar energy development as well as oil and gas. Dr. Atul has previously served on boards of several companies and institutions and is member of the World Economic Forum's Global Future Council on Advanced Energy Technologies and is 25+ year member of the Society of Petroleum Engineers. He is a sought-after speaker and moderator at public conferences, company boards and industry events and a member of the CERAWeek leadership team.
He holds B.S., M.S. and Ph. D. degrees in engineering.
S&P Global Ratings
Alexandra Dimitrijevic
Global Head of Research and Development
S&P Global
Martina L. Cheung
S&P Global
President & CEO, S&P Global
Martina L. Cheung is President, CEO, and a member of the Board of Directors of S&P Global.
Previously, Ms. Cheung was President of S&P Global Ratings and served as the Executive Lead of S&P Global Sustainable1. Earlier, she was President of S&P Global Market Intelligence.
Ms. Cheung joined the Company in 2010 as Vice President of Operations for S&P Global Ratings and went on to serve as S&P Global’s Chief Strategy Officer. She also was Head of Risk Services for S&P Global Market Intelligence.
Prior to joining S&P Global, Ms. Cheung worked for Accenture’s Financial Services Strategy group and later as a Partner at Mitchell Madison Consulting.
Barron’s recognized Ms. Cheung as one of the 100 Most Influential Women in U.S. Finance in 2025. Ms. Cheung was named one of the Most Powerful Women in Finance by American Banker and included on the list of Influential Women in Institutional Investing by Pensions & Investments in 2024. Also in 2024, INvolve named her to its 100 Empower Executives list for the second consecutive year. Ms. Cheung received the Merit Award from The Women's Bond Club in 2022.
Ms. Cheung is a member of the Council on Foreign Relations and the Economic Club of New York.
Ms. Cheung serves on the Board of Trustees for Catholic Charities New York and was a member of the Board of CRISIL, a global analytics company and India’s leading credit ratings agency.
She holds a bachelor’s degree in commerce and a master’s degree in business studies from National University of Ireland, Galway.
S&P Global Market Intelligence
Adam Kansler
S&P Global Market Intelligence
Special Advisor, S&P Global Market Intelligence
Adam Kansler is former President of S&P Global Market Intelligence which delivers a wide range of financial information products and services, including some of the world’s leading desktop, data, analytics and software solutions. He is a member of the executive committee of S&P Global.
Prior to the merger between S&P Global and IHS Markit, Adam was President of the IHS Markit Financial Services division and member of the IHS Markit executive team. In this role he drove organic growth, acquisitions and strategic initiatives, expanding the division to over 6,000 colleagues globally and approximately $2 billion of revenue.
Adam had previously served as the company’s Chief Administrative Officer and General Counsel where he led the human resources, legal, corporate communications, risk, regulatory affairs and strategic alliances functions.
Before joining Markit in 2009, Adam spent 17 years with Proskauer LLP as a corporate partner, focused on M&A, banking and securities regulation, and complex joint-venture transactions. Adam holds a B.A. in economics from Hobart College and received his J.D. from Columbia University School of Law.
Adam has participated on advisory boards for government agencies and industry groups, including The World Economic Forum at Davos and the Commodity Futures Trading Commission. Adam is deeply committed to driving a diverse workplace and has been recognized for his initiatives in Diversity, Equity and Inclusion, having been named a 2021 Top 50 Advocate globally by Empower and Yahoo! Finance.
S&P Global
Nathan Hunt
S&P Global
Head of Content and Digital Marketing
S&P Global Ratings
Ruth Yang
S&P Global Ratings
Managing Director, Global Head of Ratings Thought Leadership
As Global Head of Private Markets & Thought Leadership, Ruth Yang is responsible for developing and expanding S&P Global Ratings’ coverage of private credit alongside the franchise’s market engagement in both public and private markets through thought leadership outreach.
As Global Head of Private Markets & Thought Leadership, Ruth Yang is responsible for developing and expanding S&P Global Ratings’ coverage of private credit alongside the franchise’s market engagement in both public and private markets through thought leadership outreach. She serves as the Chair of the cross-divisional S&P Global Private Debt Research Lab.
Previously, she led the company’s Credit Research & Insights research team, overseeing the creation and publication of macro-credit and thematic research, risk assessments, rating transition analyses, and credit market forecasts while governing the Credit Conditions Committee (CCC) process. Ruth has more than 25 years of experience in the leveraged finance markets—including with Fitch Solutions as Managing Director for Leveraged Finance Intelligence, where she was responsible for developing their leveraged finance offerings; and with Leveraged Commentary & Data, where she managed leveraged finance content and operations globally for more than 15 years.
Ruth received an A.B. with honors from Harvard University.
Brendan Browne
S&P Global Ratings
Senior Director & Sector Lead
Brendan Browne, CFA is a managing director on S&P’s North American Financial Institutions Ratings Team.
As a sector lead on the team, he covers some of the largest U.S. financial institutions, including global systemically important banks and nonbank financial institutions. He also conducts research on and writes about developments in the bank and nonbank financial institutions industries.
He joined S&P in 2010 and has covered a range of large and regional banks, broker-dealers, and finance companies. Brendan previously worked for four years as an analyst at Endurance Capital, a private equity fund that invested in community banks.
He holds an M.A. in Applied Economics from Miami University and a B.A. from the University of Notre Dame.
S&P Global Ratings
Sebnem Caglayan
S&P Global Ratings
Senior Director & Analytical Manager
S&P Global Commodity Insights
Peter Gardett
Executive Director, Climate and Cleantech
Peter Gardett is an executive director for climate and cleantech at S&P Global Commodity Insights.
Peter is an executive director for S&P Global Commodity Insights and is part of a dedicated research team that provides integrated climate and cleantech advisory research to the financial sector. Peter has more than 20 years of experience in energy and commodities markets as a journalist, analyst, entrepreneur, and executive. His work at S&P Global Commodity Insights focuses on the energy transition and cleantech, including solar, wind, hydrogen, batteries, and storage.
Peter holds a degree from the University of St Andrews in Scotland and lives in New York City.
S&P Global Ratings
Evan Gunter
Director
S&P Global Ratings
Ramki Muthukrishnan
Analytical Manager, US Leveraged Finance
S&P Global Ratings
Evangelos Savaides
Associate, Leveraged Finance
S&P Global Market Intelligence
Bryan Schutt
S&P Global Market Intelligence
Head of Central Insights & Engagement
Bryan leads the Market Intelligence commodities news team after spending a decade covering the shale revolution and its implications on energy markets, the environment and geopolitics. While earning his Master’s Degree in Energy Policy and Climate from Johns Hopkins, Bryan focused his research on the role of natural gas in a carbon constrained world.
S&P Global Market Intelligence
Leon Sinclair
Global Head, Private Equity & Debt Services
Leon Sinclair Global Head of S&P Global Market Intelligence Private Equity & Debt Services, specializing in valuations, risk, technology and advisory.
Leon is responsible for all parts of our practice from new product development, strategy, delivery and client engagement. He has been cited by several journals and media publications on topics ranging from regulation, accounting standards and AIFMD to, liquidity measurement and valuation best practice. Before moving into alternative asset classes, he held various product management roles in S&P Global's core fixed income services and has sat on various industry working groups focused on improvement of financial infrastructure, governance, investor protection and transparency. Prior to joining the company in 2010, Leon spent four years in various roles at ICE, latterly leading methodologies for European financial institutions and hybrid instruments.
He holds a Bachelor of Science from Loughborough University in the UK and is a certified investment manager.
S&P Global Market Intelligence
Dylan Thomas
Private Equity Reporter
Dylan has nearly two decades of journalistic experience and currently covers the private equity market for S&P Global Market Intelligence.
Dylan has nearly two decades of journalistic experience and currently covers the private equity market for S&P Global Market Intelligence. He previously reported for the Minneapolis/St. Paul Business Journal and was an Editor for the Southwest Journal.
S&P Global Market Intelligence
Claire Wilson
News Desk Manager, Private Equity & Real Estate
Claire Wilson leads the S&P Global Market Intelligence private equity and real estate news team. She edits copy and guides coverage on both industries. Prior to joining S&P Global Market Intelligence, Claire was an editor and a reporter at publications covering global private equity, the broader alternative assets industry, financial regulation and retail investment.
