Private market firms vary in how well they identify and manage conflicts of interest, according to an FCA review. Private markets refer to investments in assets, companies, or debt not listed or traded on public exchanges. They’ve grown significantly in recent years, and the UK is a leading international centre. Private markets play an increasingly important role in providing capital to businesses and opportunities for returns to investors. Private markets can give rise to conflicts that differ from those in public markets, and effective disclosure is important to enable investors to assess whether their interests are being protected.The FCA found examples of good practice by firms across private equity, private credit and real estate asset classes. These included strong governance arrangements, effective oversight and independent challenge. It also identified some areas where firms could strengthen governance, oversight and conflicts management arrangements to support fair investor…