As tech groups shy away from IPOs, the wealth created goes only to those with the right access … Silicon Valley is in the midst of another investment boom, and it is unlike any that has gone before. The tech bubble at the end of the 1990s spilled out on to Wall Street as new companies with no record queued up to do initial public offerings. This time, with valuations once again soaring, the party is raging behind closed doors… The surge of private investment has also raised questions about how well equity markets function on such a large scale without the high levels of disclosure and other checks and balances seen in the public markets… — and whether the investment game is only for privileged insiders with the right connections or the strongest investment clout. Read more: “Silicon Valley: Inside the winners’ circle” By Richard Waters and Stephen Foley.