• When we view historical IRR by time horizon and strategy, we see that in the most recent quarter, private credit was the only negative returning strategy.
• YTD, the public markets have outperformed the private markets. However, private market strategies should be viewed over several years rather than just short-time horizons.
• The out-sized performance delivered by the private markets is realized when an investor commits for the long-term. We see this over longer time horizons where private equity has historically outperformed all other strategies.

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