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  "notes": "The chart illustrates the cyclical nature of the US economy, highlighting the need for GPs to account for potential downturns during long holding periods.",
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      "text": "The second area where capital superabundance pinches is the longer holding periods that will be needed to prepare fully priced assets for exits that can command decent returns.",
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      "text": "Further complicating the superheated PE investment climate at a time of capital superabundance is the increased likelihood that the deals GPs undertake today will experience a turn in the business cycle during their hold period.",
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      "text": "Note: Current expansion period is still in progress. Sources: National Bureau of Economic Research; Bain analysis",
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