Public/Private: HarbourVest’s Scott Voss on Where the Two Markets Now Trade

About this episode

Scott Voss discusses the evolving landscape of public and private markets and the impact of AI on capital markets.

The line between public and private markets has never been blurrier — and Scott Voss, Managing Director at HarbourVest Partners, has a view on both sides. In this episode of Inside the ICE House, Voss joins NYSE Vice Chair Michael Harris to map the forces reshaping capital markets in 2026: record buyouts, the rise of the secondary market as a mainstream liquidity path, and a handful of AI companies that could collectively raise as much equity as the entire global IPO market did last year. They cover what AI disruption really means for software valuations and private credit, why infrastructure and defense have become the new growth trade, and how the push for national self-sufficiency is redrawing the global investment playbook. Voss also previews HarbourVest's latest research on the redefinition of sovereignty — from geographic borders to data, compute, and the "pseudo sovereigns" who control them. The conversation closes with a warning: in a world of dispersion and consensus risk traps, the fundamentals have never mattered more. HarbourVest Partners, LLC (“HarbourVest”) is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for…

People in this episode

Host: Michael Harris

Guest: Scott Voss

Topics covered

• public markets
• private markets
• capital markets
• AI disruption
• infrastructure
• defense
• national self-sufficiency

Keywords

• public markets
• private markets
• AI companies
• software valuations
• private credit
• infrastructure
• defense
• global investment
• sovereignty
• liquidity

Mentioned in this episode

Organizations: HarbourVest Partners, NYSE, HarbourVest Partners, LLC, Investment Advisers Act of 1940

Places: 2026

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