Erik Hirsch, co‑CEO of Hamilton Lane (HLNE), pushes back on alarmist views of private markets, arguing fundamentals remain strong despite volatility and private credit concerns. He explains why private capital is critical for capturing growth in infrastructure, energy, and the next wave of AI innovation, where much of the value is created before companies reach public markets. Hirsch says private markets are becoming essential for true diversification as the pool of public securities continues to shrink.