But the JOBS Act has not spurred initial public offerings in any meaningful way. Moreover, the JOBS Act has done nothing to revive the market for small companies, those with a market capitalization of under $75 million. It appears that this deal activity has spread to the private markets, co-opting the process of taking companies public. The private markets are more efficient, and financing is readily available from venture capitalists and banks. One answer is to allow mutual funds to invest more in private companies.

Source: New York Times March 28, 2017 22:32 UTC