Private markets: The next big thing

A listing on the New York Stock Exchange still carries a certain cache - no doubt one of the reasons why Blackstone and hedge fund manager Fortress both chose to list on the Big Board.

"There is still a prestige factor to listing on the NYSE," said Kennedy from Jones Day. In addition to visibility, companies may take comfort in listing on a well-established public exchange.

Private markets are relatively new, but they may offer companies another form of stability. Shares traded on private markets could benefit from less volatility in their price, according to David Brophy, a professor of finance at the University of Michigan.

Sentiment can spark sharp movements - in both directions - in publicly listed share prices. The more sophisticated investors trading private shares, however, may better understand the market - and may be less prone to running up prices or sending them down suddenly, he said.

"There could be a more stable change of price which has a net effect of tempering the volatility that possibly exists in the public market," said Brophy.