Both global equities and private markets exclude real estate.
[...]
The World Portfolio is typically estimated based on investable financial assets such as
public equities and bonds. The actual investment universe could be much larger if
alternatives, derivatives or private assets such as residential real estate, farmland,
commodities, collectables or even intellectual property / human capital are included.
However, many of these are relatively small or illiquid, not readily tradable, or lack
transparent market values. Also, in some cases they are based on other assets, e.g.
hedge funds, alternative risk premia and derivatives, and thus there is a risk of
double-counting.