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  "documentTitle": "Private Markets Asset Allocation Guide May 2023  002",
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      "text": "Source: UBS. For illustrative purposes only. Performance figures refer to the past and past performance is not a reliable indicator of future performance/results. Please always read in conjunction with the glossary and the risk information at the end of the document.",
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      "text": "Buyout strategies seek to earn returns through debt pay down, multiple expansion, and operational value creation\nCost reductions, organic growth initiatives, and sale of non-core assets can drive macro-resilient value creation\nWith value creation largely driven by manager skill, funds with proven results across multiple cycles are attractive in a mid-to-late cycle environment",
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      "text": "Source: EY, \"Creating value throughout the private equity investment life cycle in the digital era\", 2019",
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