2017 was a historic year in terms of private markets cash flow activity

• $700B+ in contributions and $780B+ in distributions

Cash flow activity in the first half of 2018 has slowed down, but not by much

• 2018 is still on pace to be the second highest year of cash flow activity behind 2017
• The market is still very active

However, we see an interesting reversal in the liquidity trend in recent years

• 2012-2017 were all cash flow positive years
• 1H 2018 saw contributions outweigh distributions
• How will 2H 2018 play out?