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  "documentTitle": "Private Markets Asset Allocation Guide May 2023  002",
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  "notes": "The chart demonstrates consistent outperformance of private equity over public market equivalents across various vintage years.",
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      "text": "Vintage year IRR comparison between global PE and mPME: public equities",
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      "text": "Note: Given most funds take a few years for performance to settle, performance of recent vintage years may be less meaningful. mPME is a virtual replication of private investment cash flows invested under public market conditions. Private investment contributions are invested \"on paper\" in a chosen public market index and distributions are taken out in the same proportion as in the private investment. 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": "Source: Refinitiv, Cambridge Associates, UBS, as of 30 Sept 2022. For illustrative purposes only.",
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