Why AI's Biggest Paydays Are Happening Behind Closed Doors

Hamilton Lane Executive Co-Chairman Erik Hirsch explains that a substantial share of the wealth generated by the AI boom has so far accumulated in the private markets, driven by companies staying private longer and drawing on increasingly deep pools of capital. Hirsch points to the firm's exposure to OpenAI and Anthropic through its venture and growth relationships as an example of how private-market investors can participate in the AI story before a public listing. In the conversation, Hirsch lays out the routes investors can use to access private AI companies, including funds, secondaries and co-investments. He also addresses the shifting role of the IPO, noting that even as some of AI's biggest names move toward going public, a public offering is no longer the automatic endpoint it once was for high-growth companies. The discussion offers a framework for understanding where AI value is being created and captured, and why private markets have become central to that process. It is aimed at viewers tracking how capital is flowing into artificial intelligence and how investors can position themselves accordingly.