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Updated
Jul 5, 2017, 11:35 am EDT
| 4 min read

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Private browsing has been around in one form or another since 2005, but it took some time for every browser to get behind it. Now, no matter what browser you use, you can surf the internet without leaving behind a local trail of history, passwords, cookies, and other assorted bits of information.
Private browsing is useful for covering your tracks (or rather, preventing any tracks from being made in the first place), among other things . It isn’t infallible , however, and while it will prevent information from being stored on your computer, it won’t prevent your employer, Internet service provider, websites you visit, or the NSA for that matter, from collecting any information you transmit beyond your computer.
Every browser has their own name for private browsing, and while accessing it is accomplished in practically the same way, there can be subtle differences from product to product.
Google Chrome remains the most used browser on the market, and calls its private browsing mode “Incognito Mode”.
You can spawn an incognito window by clicking the special menu in the top-right corner of the browser window. On Windows, it will be three line and on macOS, it will be three dots. Then, choose “New Incognito Window”. (You can also access this option from the File menu on a Mac.)
Alternatively, press the keyboard shortcut Control+Shift+N on Windows or Command+Shift+N on a Mac.
Incognito mode is unmistakable: just look for the man-in-a-hat icon in the upper left-hand corner. On a Mac, this will be in the upper-right corner. (On some systems running the newest version of Chrome, the window will also be dark grey.)
Keep in mind that even while in Incognito mode, you will still be able to bookmark sites and download files. Your extensions, however, will not work unless you’ve marked them “Allowed in Incognito” on Chrome’s extensions settings page.
To exit incognito mode, simply close the window.
If you use Chrome on a mobile device such as an Android phone, iPhone, or iPad, you can tap the three dots in the upper-right corner of the browser window and select “New incognito tab” from the dropdown menu.
The browser will then tell you that you’ve gone incognito with all the requisite warnings as to what that means.
To close out of incognito, tap the box with the number in it (indicating how many tabs you have open) and go back to a non-private tab, or simply close the incognito tab(s).
Firefox simply calls their mode “Private Browsing”. Like Chrome, it can be accessed from the menu in the upper-right corner. Just click “New Private Window”. (You can also access this option from the File menu on a Mac.)
Alternatively, press the keyboard shortcut Control+Shift+N on Windows or Command+Shift+N on a Mac.
Your private window will have a purple band across the top of the window and an icon in the upper-right corner.
From this window, you can also turn tracking protection on or off. Tracking protection is intended to guard you from being tracked across multiple websites. The problem is, any website can simply ignore this request and track you anyway–so while tracking protection can’t hurt, it may not help either.
To exit private browsing, simply close the window.
While its popularity is on the wane, Internet Explorer is still used by quite a few people. To access its private browsing mode, called InPrivate Browsing, click the gear icon in the upper-right corner then Safety > InPrivate Browsing, or simply press Ctrl+Shift+P on your keyboard.
IE will indicate it’s in InPrivate mode from the blue box next to the location bar, which also bears the label “InPrivate”.
When InPrivate is enabled, not only will your browsing history be ignored, but toolbars and extensions will be disabled.
To exit InPrivate browsing, close the window.
Edge is Microsoft’s new browser that comes included with Windows 10. Like IE, it retains the InPrivate nomenclature to designate when a private browsing window is open. To open a new InPrivate window, use the menu from the upper-right corner or press Ctrl+Shift+P on your keyboard.
Once open, the entire browser window will be grey and each tab will say “InPrivate”.
Once you’re done with InPrivate mode, close the tab or window to exit and return to regular browsing mode.
Safari is the original purveyor of private browsing and as such, will also let you surf in a private window just like the others.
The Private Window option is accessible from the File menu or by pressing Shift+Command+N on your keyboard.
While private browsing is enabled, the location bar will be greyed out and a band along the top of the new tab window will indicate that you’re in private browsing mode.
Extensions in Safari will continue to operate while in private mode, unlike Chrome and Internet Explorer.
To exit this mode, as usual simply close the window.
Finally, if you’re using an iPhone or iPad and surfing with Safari, then you can use private mode on it as well. To do so, first tap the new tab icon in the lower-right corner of the new tab screen.
Now, tap “Private” in the lower-left corner.
Once activated, the browser screen will turn grey and will tell you that you’re in private browsing mode.
To exit, simply tap the “Done” button in the lower-right corner of the screen.
As you can see, every browser has more or less the same procedure for going into private browsing mode, and most operate in the same way (with a few occasional differences). Additionally, you can expect to hide similar types of information from prying eyes when using browsing mode.
And remember, private browsing is useful for more than just privacy . It also allows you to log into the same site from different accounts. Say for instance you’re logged into your Facebook account and your friend wants to check their real quickly, simply open a private window and let them at it.
You can also use private browsing to troubleshoot potentially problem extensions. Imagine something isn’t acting right, is it your computer or is it a problem extension? Since private mode typically disables all extensions and toolbars, you can use it to see if the problem is replicated, if it is isn’t, then you have a pretty good idea where to start.
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McKinsey’s Private Markets Annual Review

March 24, 2022
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We strive to provide individuals with disabilities equal access to our website. If you would like information about this content we will be happy to work with you. Please email us at: McKinsey_Website_Accessibility@mckinsey.com

We strive to provide individuals with disabilities equal access to our website. If you would like information about this content we will be happy to work with you. Please email us at: McKinsey_Website_Accessibility@mckinsey.com

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The industry continued to scale, but amid growth in private markets, some challenges remain. Here’s the state of the industry and a look ahead to its future.

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Private markets rally to new heights. After a year of pandemic-driven turbulence that suppressed fundraising and deal activity, private markets rebounded across the board. Fundraising was up by nearly 20 percent year over year to reach a record of almost $1.2 trillion (Exhibit 1); dealmakers were busier than ever, deploying $3.5 trillion across asset classes; and assets under management (AUM) grew to an all-time high of $9.8 trillion as of July, up from $7.4 trillion the year before.
A new set of risks emerged at the beginning of 2022 with the potential to undermine growth and performance. The Russian government’s invasion of Ukraine, higher inflation and interest rates, and supply chain and labor challenges are already increasing volatility three months into the new year.
Private equity continued to drive global growth in private markets. Fundraising rebounded across regions, and global totals fell just short of the prepandemic peak established in 2019. AUM reached an all-time high of $6.3 trillion, driven primarily by asset appreciation within portfolios. With a pooled IRR of 27 percent in 2021, private equity (PE) was once again the highest-performing private markets asset class (Exhibit 2).
‘Risk on’ in real estate. Within real estate, investors rotated to higher risk-return strategies relative to their prepandemic preferences, which perhaps reflects investors anticipating buying opportunities in a stressed or distressed environment. Fundraising in opportunistic and value-add strategies grew sharply (Exhibit 3), while open-end core and core-plus funds experienced net outflows. Investor concerns about rising inflation may prove to be a tailwind for the asset class, given its inflation-hedging properties.
Private debt is an asset class for all seasons. Fundraising growth continued in private debt (Exhibit 4), the only private asset class to grow fundraising every year since 2011, including through the pandemic. This cyclical resilience is partially driven by the diversity of private debt sub-strategies: when one zigs, another usually zags. Over the longer term, growth has been driven by a dramatic expansion in direct lending strategies, which have accounted for 73 percent of fundraising growth in the last decade.
Infrastructure—more than roads and bridges. In 2021, infrastructure and natural resources set all-time highs for fundraising, AUM, and deal volume; indeed, global AUM broke the $1 trillion mark for the first time. Over the past decade, infrastructure’s mandate has evolved. Capital is increasingly flowing into subsectors that support the energy transition and digitization, such as alternative energy, clean-tech solutions focused on improving environmental sustainability, and “infratech.” Investors are also looking beyond physical assets at operating companies and technologies to generate value.
The sustainability transition presents opportunities and risks—both substantial. GPs and LPs continued to formalize environmental, social, and governance (ESG) commitments in 2021: over half of total fundraising—the highest percentage ever—flowed to firms with formal policies. Investors have become particularly focused on environmental sustainability, a potential win–win for private markets investors who support positive impact while driving returns. Firms can create value by transforming unsustainable business models into green ones and investing in companies scaling decarbonization technologies. Considering climate risk in underwriting is now an imperative; firms that do not run the risk of mispricing their investments.
Private markets firms are making progress on diversity, but work remains. US PE firms have increased the percentage of ethnically diverse talent and women holding junior-level roles, and have made strides in female promotion and retention. However, ethnic diversity is not yet broad-based, and diversity in general is lacking in the most senior roles, suggesting that firms continue to miss opportunities.
Key lessons emerge as firms accelerate investment in digital and analytics. Leading firms continue to make major investments in digital and analytics capabilities across both front and back office to capture economies of scale as they grow.
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The year 2020 was turbulent for private markets, as it was for much of the world. We typically assess meaningful change in the industry over years or decades, but the COVID-19 pandemic and other events spurred reassessment on a quarterly or even monthly basis. Following a second-quarter “COVID correction” comparable to that seen in public markets, private markets have since experienced their own version of a K-shaped recovery: a vigorous rebound in private equity contrasting with malaise in real estate; a tailwind for private credit but a headwind for natural resources and infrastructure. The year also saw a deeper focus for private markets firms on their people, the set of factors they consider when investing, and the ways they work.
Private equity (PE) continues to perform well, outpacing other private markets asset classes and most measures of comparable public market performance. The strength and speed of the rebound suggest resilience and continued momentum as investors increasingly look to private markets for higher potential returns in a sustained low-yield environment (Exhibit 1). The most in-depth research continues to affirm that, by nearly any measure, private equity outperforms public market equivalents (with net global returns of over 14 percent). We highlight several trends in particular:
Real estate was hit hard by the pandemic, though the degree of recovery within the asset class remains unclear as the public-health crisis continues. Fundraising and deal making fell sharply, as owners avoided selling at newly depressed (and uncertain) prices. Rapid changes in how the world lives, works, plays, and shops affected all real estate asset classes. Office and retail saw the most pronounced changes—some of which seem likely to endure—which are causing investors and owners to rethink valuation and value-creation strategies alike.
Private debt was a relative bright spot in 2020, with fundraising declining just 7 percent from 2019 (and North America fundraising increasing 16 percent). The resilience of the asset class owes to a perfect storm of long-term growth drivers (for example, low-yielding traditional fixed income) that were complemented in 2020 by renewed investor interest in distressed and special situations strategies. The asset class is likely to continue growing into 2021, entering the year with a record fundraising pipeline.
Natural resources and infrastructure had a challenging year, with lackluster investment performance and further declines in fundraising. Energy transition remains the main story, as depressed demand for conventional energy increasingly contrasts with growing interest in renewables.
Change is more than just numbers. In some respects, the PE industry in early 2021 strongly resembles the picture a year earlier: robust fundraising, rising deal volume, elevated multiples. But for the institutions that populate the industry, transformation has come faster than ever, accelerating old trends and spawning new ones. We consider three notable vectors of change for GPs and LPs over the past year:
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