This listing comes at a time when unicorns – private start-ups valued at USD 1 billion or more – are delivering robust returns to investors. As of last year, total assets under management (AUM) in private markets hit an all-time high of US$6.5 trillion, according to McKinsey. Over the past 10 years, private equity returned 13.2% per year compared to 6.6% in public equities and 4.2% in fixed income securities, according to research by Cambridge Associates and selected benchmarks. Much of this is at least partially attributable to the rise of privately held unicorns. Compared to earlier-stage companies, unicorns have business models that are already validated and have greater potential to eventually IPO.