I would agree. I believe it's private equity.
Private equity firms generally do not report as institutional buyers in the same way that traditional institutional investors, like mutual funds or pension funds, do. The term "institutional buyer" or "institutional investor" typically refers to entities like banks, insurance companies, pension funds, or hedge funds that invest large pools of money on behalf of others and are subject to specific regulatory reporting requirements, such as filing Form 13F with the SEC if they manage over $100 million in certain securities.Private equity firms, however, primarily focus on acquiring controlling stakes in private companies or taking public companies private, often through leveraged buyouts, rather than trading in public securities markets like institutional investors. Their activities are less about managing portfolios of publicly traded securities and more about direct investments in private companies or assets. As such, they are not typically required to file the same public disclosures (e.g., Form 13F) unless they manage significant public securities portfolios that meet the SEC’s thresholds.