One of the most fundamental differences between public and private companies lies in disclosure. In public markets there is no place to hide, with companies operating under the steely glare of investors, regulators, auditors, ratings agencies, analysts and essentially a higher standard of reporting requirements. Conversely, in the world of PE, companies can operate to a large extent under the radar. Private companies have traditionally remained private and not reported non-financial performance. However, this is changing fast. They are taking investor money from funds which are now placing great emphasis on ESG matters.