How do we determine if the window for U.S. private equity and venture capital-backed public offerings is closing? This is a complex question, so to investigate, we assembled an entire report’s worth of data and analysis. To start, it’s worth noting that completing an initial public offering (IPO) is still by and large an expensive and time-consuming process, even though the JOBS Act in 2012 has ameliorated things somewhat, especially for VC firms. Consequently, the incentives for PE and VC sponsors to take their portfolio companies public have to outweigh other exit options, particularly corporate acquisitions. The bullish public markets...