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‘Older, Bigger’ IPO’s and the Russell 2000 Performance

This research report explains how a structural shift in public markets has changed where small-cap growth occurs. Over the past 25 years, companies have stayed private far longer—moving from an average IPO age of roughly 4 years in 1999 to approximately 14 years today—which has diverted many high-quality growth companies away from the Russell 2000 and directly into large-cap indices or kept them private entirely. As a result, the Russell 2000 now contains a materially higher

Research

Gray Chynoweth

Dec 26, 20251 min read

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Last Updated: January 12, 2026

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