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  "documentTitle": "Private Markets Asset Allocation Guide May 2023  002",
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      "text": "1. Private debt includes strategies like direct lending, which originates loans to middle market companies. 2. Private real estate strategies invest in debt or equity tied to commercial and residential real estate. Unlike real estate investment trusts (REITs), private real estate ownership is not traded on a public exchange. 3. Private equity invests in companies that aren't listed on a public exchange. The number of public companies has declined drastically due to acquisitions, lower IPO activity, and greater access to private capital. With many companies delivering substantial growth prior to going public, we are seeing a larger opportunity set for venture capital, growth equity, and buyout funds to invest in private companies at each stage of development.",
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      "text": "Private markets are strategies that allow investors to access investments that aren't traded on public exchanges. There are three main private market asset classes:",
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      "text": "What are private markets?",
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