Eppler Capital Explains Why the Majority of Investment Opportunity Exists Outside Public Markets and Offers Complimentary Portfolio Reviews to Help Investors
CHADDS FORD, PA, UNITED STATES, January 10, 2026 /EINPresswire.com/ — In an era dominated by stock market headlines, index performance updates, and daily volatility commentary, investors are often led to believe that the public markets represent the full scope of economic opportunity. According to Craig Eppler, Founder of Eppler Capital, that belief is not just incomplete, it may be one of the biggest blind spots in modern portfolio construction.
After reviewing the most recent J.P. Morgan Guide to the Markets, Eppler identified a data point that, while not new, remains consistently misunderstood and underappreciated by investors: the overwhelming majority of sizeable U.S. companies are private, not public.
The chart that caught his attention illustrated the distribution of U.S. companies with more than $100 million in annual revenue. On one side were public companies, those traded on major stock exchanges and featured prominently in market indices. On the other were private companies, businesses of equal or greater scale that operate entirely outside the public markets.
The contrast was striking.
There are roughly 3,000 public companies in the United States generating more than $100 million in annual revenue. In comparison, there are nearly 18,000 private companies above that same revenue threshold. That means approximately 86 percent of U.S. companies at this level operate outside the public markets entirely.
The Middle Market: Largely Invisible to Public Investors
A closer look at the data reveals an even more telling story. As company size increases, many investors assume the likelihood of public ownership increases alongside it. In reality, the opposite is often true, particularly in the middle-market and lower large-cap segments.
According to the data highlighted in the Guide to the Markets:
• 93 percent of companies generating between $100 million and $499 million in annual revenue are private
• 85 percent of companies generating between $500 million and $1 billion annually are private
• Even among companies generating more than $1 billion in annual revenue, the majority remain privately held
These companies often prefer private ownership because it allows them to focus on long-term decision-making rather than quarterly earnings pressure. They can invest in infrastructure, talent, acquisitions, and expansion without the constant scrutiny of public shareholders or the volatility of daily trading.
For investors, however, this reality creates a significant disconnect.
What This Means for Investors
Many individual investors, and even some advisors, operate under the assumption that diversification across stocks and bonds equates to diversification across the economy. Eppler argues that this is a dangerous oversimplification.
Public equities and public fixed income are important tools, but they are not the full toolbox.
Private companies still require capital. They refinance debt. They fund acquisitions. They expand facilities. They invest in new equipment, technology, and personnel. They pursue growth initiatives and navigate economic cycles just like their public counterparts.
The difference is how they access capital.
Rather than issuing publicly traded equity or bonds, private companies typically rely on alternative financing sources, including:
• Private credit
• Direct lending arrangements
• Structured debt
• Specialized private financing groups
This private financing ecosystem, according to Eppler, is where many compelling opportunities exist today, particularly for investors seeking income, stability, and diversification beyond public market volatility.
Volatility, Correlation, and the Limits of Public Markets
Another key factor driving interest in private market strategies is the growing correlation and volatility within public markets. Over the past several years, investors have experienced rapid shifts driven by interest rate policy, inflation concerns, geopolitical events, and algorithmic trading.
Private market investments, while not without risk, often operate under different dynamics. Cash flows are typically contractually defined. Valuations are not marked to market daily. Returns are driven more by underlying business performance and less by investor sentiment or macro headlines.
Eppler Capital’s Perspective on Private Market Opportunities
At Eppler Capital, the firm’s focus on private market and alternative income strategies is a direct reflection of these structural realities. Rather than chasing trends or attempting to time public markets, the firm emphasizes disciplined underwriting, conservative structures, and alignment between investor capital and real economic activity.
This philosophy extends to Eppler Capital’s promissory note fund and other alternative investment offerings, which are designed to provide income and diversification by supporting established businesses operating outside the public spotlight.
A Career Built on Portfolio Perspective
Before founding Eppler Capital Funds, Eppler spent nearly a decade helping clients manage and evaluate their investment portfolios in his role as Senior Portfolio Manager at a registered investment advisory firm.
During that time, he reviewed client portfolios every single day, analyzing risk exposure, diversification, income generation, and performance across a wide range of asset classes, including stocks, bonds, real estate, and alternative investments.
Working with families, executives, and business owners, Eppler saw firsthand how easily portfolios could become overconcentrated in a narrow set of exposures, often without the investor fully realizing it.
Stepping Back to See the Bigger Picture
Although Eppler’s current focus is on alternative investments and private market strategies, he continues to enjoy helping investors step back and see the bigger picture.
To that end, Eppler is offering a complimentary portfolio review to his professional network throughout the month.
The goal of the review is not to sell products or push a particular strategy, but to provide clarity and perspective.
What the Complimentary Portfolio Review Includes
The complimentary portfolio review offered by Eppler includes:
• A comprehensive review of current holdings across public and private investments
• An assessment of income sources, diversification, and risk exposure
• Identification of areas where the portfolio may be overexposed or underutilized
• Practical ideas to improve efficiency, resilience, or stability
The review is designed to be educational and collaborative, not transactional.
Why a Second Opinion Matters
In Eppler’s experience, even well-constructed portfolios can benefit from a fresh set of eyes. Market conditions change. Life circumstances evolve. Assumptions that once made sense may no longer hold.
For investors navigating an increasingly complex financial landscape, that perspective can be invaluable.
Rethinking What Opportunity Really Looks Like
At its core, Eppler’s message is a simple one: opportunity does not begin and end with the public markets.
The data from the Guide to the Markets reinforces a reality that long-term investors would be wise to consider: the majority of real economic activity, and many of today’s most compelling opportunities, exist in private companies that never appear on a stock exchange.
About Eppler Capital
Eppler Capital is an investment firm focused on private-market and alternative investment strategies designed to provide income, diversification, and long-term stability. The firm works with investors seeking thoughtful, disciplined approaches beyond traditional public markets, emphasizing alignment with real economic activity and responsible capital stewardship.
Craig Eppler
Eppler Capital Funds
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Consistent Returns: Craig Eppler’s Vision with Eppler Capital Funds
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