Glen Kacher, chief investment officer of Light Street Capital, said that in today’s equity markets, “We think the [initial public offering] happens in the private market and that the public IPO is just another bite of the apple,” at the CNBC Institutional Investor Delivering Alpha Conference Thursday. Kacher said that the typical tech company is remaining private for an extra four years relative to previous averages, and that four years of extra time is “being funded sometimes by public investors,” like pension and mutual funds. “You’ve got this new liquidity there and they’re filling their coffers with capital.” He added that this has led to a situation where public capital is no longer needed, and it is not worth it for executives to take the money in return for share dilution. Kacher’s comments echoed those made by Securities and Exchange Commission Chairman Jay Clayton earlier Thursday morning, when he worried that “If growth opportunities have shifted to a substantial extent to our private markets, and investors don’t have access to them, that’s not good.” Clayton added that private markets often offer investors “better opportunities” to earn returns.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.