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      "text": "Their best defense in this battle will be to mount a great offense—simply generate high returns.",
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      "text": "The global superabundance of capital—and the influence of shadow capital on PE investing to which it has given rise—are realities that PE firms will need to accommodate for the foreseeable future.",
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      "text": "LPs that are currently undertaking direct investment programs recognize the need to proceed with caution. The evolution of the direct program under development by the Toronto-based Canada Pension Plan Investment Board (CPPIB) illustrates the deliberate approach these careful investors are taking.",
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      "text": "The caution practiced by LPs investing directly on their own is also evident in the types and sizes of deals they have made to date. The LPs have concentrated their investments in four areas.",
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      "text": "Learning to live in the shadow: Lessons for GPs",
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