Michal Katz, Head of Investment & Corporate Banking, Mizuho Americas, participated in the panel “How to Solve the $3 Trillion Exit Problem” at FII Priority Miami on March 27, 2026. Moderated by James Fontanella‑Khan,U.S. Finance Editor at the Financial Times, the discussion featured fellow panelists and senior leaders including H.E. Mohammed A. El‑Kuwaiz, Chairman of the Capital Market Authority of Saudi Arabia; Stephen Dainton, President of Barclays Bank and Head of Investment Bank Management; Nelson Griggs, President of Nasdaq; and Henrik Raber, Global Head of Global Banking at Standard Chartered.
The panel explored how a prolonged IPO freeze, continued private capital formation and constrained liquidity have created a historic backlog of unexited private equity and venture capital assets. With an estimated $3.2 trillion in unrealized value sitting on balance sheets, panelists examined whether the reopening of the IPO market in 2026 will be sufficient to unlock exits, or whether secondary markets, M&A and new capital structures will play a more meaningful role in restoring liquidity.
Michal emphasized that IPOs alone will not clear the backlog of unexited value. Instead, a broader range of solutions including continuation vehicles, minority stake sales and outright M&A will be required to recycle capital efficiently. While not all assets are ready for public markets, a significant cohort of mature VC‑ and PE‑backed companies could help replenish public listings and support renewed momentum across global capital markets.
Watch below for the full panel discussion: