{"id":859842,"date":"2025-09-13T03:48:58","date_gmt":"2025-09-12T19:48:58","guid":{"rendered":"https:\/\/ztylezman.com\/?p=859842"},"modified":"2025-09-13T03:48:58","modified_gmt":"2025-09-12T19:48:58","slug":"emerging-private-market-trends","status":"publish","type":"post","link":"https:\/\/ztylezman.com\/ja\/markets-ja\/emerging-private-market-trends\/","title":{"rendered":"\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u5e02\u5834\u30a2\u30af\u30bb\u30b9\u306e\u62e1\u5927\u3068\u65b0\u3057\u3044\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u767b\u5834"},"content":{"rendered":"<p>\u6700\u8fd1\u306e\u6295\u8cc7\u52d5\u5411\u306b\u304a\u3044\u3066\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u5e02\u5834\u3078\u306e\u30a2\u30af\u30bb\u30b9\u3092\u6c42\u3081\u308b\u52d5\u304d\u304c\u9ad8\u307e\u3063\u3066\u3044\u308b\u4e2d\u3001Morningstar\u306f\u3053\u306e\u30c8\u30ec\u30f3\u30c9\u3092\u53cd\u6620\u3059\u308b\u305f\u3081\u306e\u65b0\u3057\u3044\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u767a\u8868\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>Morningstar PitchBook US Modern Market 100 Index\uff08\u30e2\u30c0\u30f3\u30de\u30fc\u30b1\u30c3\u30c8100\uff09\u306f\u3001\u7c73\u56fd\u5e02\u5834\u306b\u304a\u3051\u308b\u516c\u52df\u304a\u3088\u3073\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u3092\u540c\u6642\u306b\u8ffd\u8de1\u3059\u308b\u521d\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3067\u3042\u308a\u3001\u540c\u793e\u304c\u6c34\u66dc\u65e5\u306b\u767a\u8868\u3057\u305f\u901a\u308a\u3001\u7c73\u56fd\u306e\u6700\u5927\u624b\u4f01\u696d100\u793e\u3092\u5bfe\u8c61\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u300190\u793e\u306e\u4e0a\u5834\u4f01\u696d\u306810\u793e\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u652f\u63f4\u4f01\u696d\u306b\u5206\u985e\u3055\u308c\u3066\u304a\u308a\u3001\u3053\u308c\u3089\u306e\u4f01\u696d\u306f\u73fe\u4ee3\u306e\u8cc7\u7523\u30e6\u30cb\u30d0\u30fc\u30b9\u3092\u4ee3\u8868\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Morningstar\u3067\u306f\u3001\u3053\u306e90\/10\u306e\u6bd4\u7387\u304c\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u5e02\u5834\u3067\u306e\u6a5f\u4f1a\u304c\u62e1\u5927\u3057\u3066\u3044\u308b\u73fe\u72b6\u3092\u53cd\u6620\u3057\u3066\u3044\u308b\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u7279\u306b\u3001OpenAI\u3084Stripe\u306e\u3088\u3046\u306a\u4f01\u696d\u306f\u3001\u3088\u308a\u9577\u304f\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u306a\u72b6\u614b\u3092\u7dad\u6301\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3068\u30a2\u30ca\u30ea\u30b9\u30c8\u306f\u8ff0\u3079\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>Morningstar\u306e\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u90e8\u9580\u8cac\u4efb\u8005\u3067\u3042\u308bSanjay Arya\u6c0f\u306f\u3001\u300c\u4f01\u696d\u306f\u591a\u304f\u306e\u8cc7\u91d1\u3092\u8abf\u9054\u3067\u304d\u308b\u305f\u3081\u3001\u4e0a\u5834\u3059\u308b\u5fc5\u8981\u6027\u3092\u611f\u3058\u3066\u3044\u306a\u3044\u300d\u3068\u8a9e\u308a\u3001\u3053\u306e\u3053\u3068\u304c\u975e\u5e38\u306b\u30c0\u30a4\u30ca\u30df\u30c3\u30af\u306a\u4f01\u696d\u3092\u898b\u9003\u3059\u539f\u56e0\u306b\u306a\u3063\u3066\u3044\u308b\u3068\u8b66\u544a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u7c73\u56fd\u306e\u516c\u52df\u682a\u5f0f\u5e02\u5834\u306f\u7d0460\u5146\u30c9\u30eb\u306e\u4fa1\u5024\u3092\u6301\u3064\u4e00\u65b9\u3067\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u5e02\u5834\u306e\u4fa1\u5024\u306f\u7d048\u5146\u30c9\u30eb\u3068\u5727\u5012\u7684\u306b\u5927\u304d\u306a\u5dee\u304c\u3042\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u4f01\u696d\u306f\u3001\u7d4c\u6e08\u304c\u5411\u304b\u3046\u65b9\u5411\u3092\u793a\u3059\u91cd\u8981\u306a\u6307\u6a19\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306f\u5e02\u5834\u306e\u30bb\u30f3\u30c1\u30e1\u30f3\u30c8\u3084\u7d4c\u6e08\u306e\u65b9\u5411\u6027\u3092\u793a\u3059\u6307\u6a19\u3068\u3057\u3066\u306e\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u304c\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u5e02\u5834\u306e\u5927\u90e8\u5206\u3092\u7121\u8996\u3057\u3066\u306f\u5b8c\u5168\u306a\u5206\u6790\u306b\u306f\u306a\u3089\u306a\u3044\u3068\u6307\u6458\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3055\u3089\u306a\u308b\u30c8\u30ec\u30f3\u30c9\u306e\u9032\u5c55\u3082\u671f\u5f85\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u5148\u6708\u3001\u30c9\u30ca\u30eb\u30c9\u30fb\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u304c401(k)\u306b\u4ee3\u66ff\u8cc7\u7523\u3092\u8ffd\u52a0\u3059\u308b\u305f\u3081\u306e\u5927\u7d71\u9818\u4ee4\u306b\u7f72\u540d\u3057\u305f\u3053\u3068\u3067\u3001\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u8cc7\u7523\u306e\u7ba1\u7406\u8005\u305f\u3061\u306b\u3068\u3063\u3066\u5927\u304d\u306a\u52dd\u5229\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n<p>\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u8cc7\u7523\u3078\u306e\u30a2\u30af\u30bb\u30b9\u306f\u6570\u5e74\u306b\u308f\u305f\u308a\u5897\u52a0\u3057\u3066\u304a\u308a\u3001Morningstar\u306b\u3088\u308b\u3068\u30012021\u5e74\u4ee5\u964d\u3001\u653f\u5e9c\u7cfb\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u8cb7\u53ce\u4f01\u696d\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304c\u7d045,000\u4ef6\u306e\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u5e02\u5834\u53d6\u5f15\u306b\u95a2\u4e0e\u3057\u3001\u305d\u306e\u7dcf\u984d\u306f\u7d044500\u5104\u30c9\u30eb\u306b\u9054\u3057\u3066\u3044\u307e\u3059\u3002Morningstar\u306f\u3001\u30e2\u30c0\u30f3\u30de\u30fc\u30b1\u30c3\u30c8100\u304c\u4e21\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u6bd4\u8f03\u3059\u308b\u305f\u3081\u306e\u67a0\u7d44\u307f\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u3092\u671b\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001\u8ab2\u984c\u3082\u5b58\u5728\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u4f5c\u696d\u306f\u7d044\u5e74\u524d\u306b\u59cb\u307e\u308a\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u8cc7\u7523\u306e\u4fa1\u683c\u8a2d\u5b9a\u306b\u304a\u3051\u308b\u56f0\u96e3\u3055\u304b\u3089\u3001\u516c\u52df\u3068\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u305f\u3081\u306e\u30eb\u30fc\u30eb\u30d9\u30fc\u30b9\u306e\u30d7\u30ed\u30bb\u30b9\u3092\u958b\u767a\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002Arya\u6c0f\u306f\u3001Caplight\u3084Zanbato\u3068\u3044\u3063\u305f\u4e8c\u6b21\u53d6\u5f15\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3092\u6d3b\u7528\u3057\u3066\u3001\u53d6\u5f15\u4fa1\u683c\u30c7\u30fc\u30bf\u3092\u96c6\u8a08\u3057\u3066\u3044\u308b\u3068\u8aac\u660e\u3057\u307e\u3057\u305f\u3002\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306f\u3001\u6d41\u52d5\u6027\u57fa\u6e96\u3001\u56db\u534a\u671f\u3054\u3068\u306e\u30ea\u30d0\u30e9\u30f3\u30b9\u3001\u65e5\u3005\u306e\u8a08\u7b97\u3092\u9069\u7528\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u52a0\u3048\u3066\u3001\u30e2\u30c0\u30f3\u30de\u30fc\u30b1\u30c3\u30c8\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306f\u3001\u30ea\u30b9\u30af\u3092\u4f34\u3046\u4f01\u696d\u3092\u8ffd\u8de1\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u95a2\u9023\u4f01\u696d\u3068\u306e\u95a2\u9023\u304c\u5f37\u3044\u5927\u624b\u4f01\u696d\u306b\u504f\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u305f\u3068\u3048\u3070\u3001\u30e2\u30c0\u30f3\u30de\u30fc\u30b1\u30c3\u30c8\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u4e0a\u4f4d10\u793e\u306e\u516c\u52df\u4f01\u696d\u306b\u306f\u3001Microsoft\u3001Nvidia\u3001Apple\u3001Amazon\u3001Meta Platforms\u304c\u542b\u307e\u308c\u308b\u4e00\u65b9\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u4f01\u696d\u306b\u306fSpaceX\u3001OpenAI\u3001xAI\u3001Stripe\u304c\u540d\u3092\u9023\u306d\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u3053\u3068\u304b\u3089\u3001\u6210\u9577\u4f01\u696d\u3078\u306e\u504f\u91cd\u304c\u898b\u3089\u308c\u3001\u9ad8\u30ea\u30b9\u30af\u3092\u4f34\u3046\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u305f\u3081\u3001\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u30bb\u30af\u30bf\u30fc\u304c\u4f4e\u8ff7\u3057\u305f\u969b\u306b\u306f\u3001\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e\u4fa1\u683c\u304c\u4e0b\u843d\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308b\u3068\u8a8d\u8b58\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u4e00\u65b9\u3067\u3001\u3053\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306f\u3001\u3088\u308a\u9ad8\u3044\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u8ffd\u6c42\u3059\u308b\u53ef\u80fd\u6027\u3092\u79d8\u3081\u3066\u3044\u307e\u3059\u3002Morningstar\u306e\u767d\u66f8\u306b\u3088\u308c\u3070\u3001\u30e2\u30c0\u30f3\u30de\u30fc\u30b1\u30c3\u30c8\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306e1\u5e74\u9593\u306e\u30ea\u30bf\u30fc\u30f3\u306f28.2\uff05\u3067\u3001\u540c\u3058\u671f\u9593\u306bS&#038;P 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Gamble\u3088\u308a\u3082\u5927\u304d\u3044\u4f01\u696d\u3067\u3042\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u306f\u3042\u307e\u308a\u53cd\u6620\u3055\u308c\u3066\u3044\u306a\u3044\u3068\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u6642\u4ee3\u3068\u5171\u306b\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3082\u9032\u5316\u3057\u3066\u304a\u308a\u30011880\u5e74\u4ee3\u672b\u306eDow Jones Industrial 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