alt Hacker News> Which in some cases means the general public via IPO.
You're talking more about VC tech firms.
These distressed PE targets loaded with debt are often sold to another private buyer, or if they are taken public (sometimes not for the first time) they are much too small or have too bad of financials to be in the indexes that regular people are buying.
I'm currently monitoring Wonder who are apparently spitballing a harem of (sometimes twice-)failed food businesses together under some kind of faux-tech banner for an IPO funded by Accel, Alpine, Bain, CAZ, Dragoneer, Forerunner, Fubon, GV, Harmony, Jefferies, Kuvare, NEA, RBV, Watar. Buying other businesses they claim 'growth' through site count. Billions down, but no sign of cashflow positive operations.