WeWork’s aborted listing may herald the end of a “glory period” for amply-funded private companies with lofty valuations as investors dissect their prospects more rigorously, according to the head of Capital Group, one of the world’s biggest asset managers.

There has been a spate of initial public offerings from high-profile, disruptive technology companies this year, but many have seen their private valuations come tumbling after listing on the stock market.

WeWork last week delayed its own IPO amid concerns over its big losses, corporate governance and eccentric chief executive and founder, Adam Neumann. The real estate company had been valued at $47bn in its last private investment round from backer SoftBank, but its investment bank advisers were forced to ratchet down their price estimates before finally deciding to shelve the listing last week.