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  "notes": "The chart illustrates the 'cushioning' effect of private assets during market stress periods (e.g., 2008, 2020).",
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      "text": "Source: Refinitiv, Cambridge Associates, Morningstar, UBS, as of 30 Sept 2022. Global equities (MSCI ACWI), US bonds (Bloomberg US Agg), private equity (Cambridge Global Private Equity), private debt (Cliffwater Direct Lending Index), private real estate (Cambridge Private Real Estate). 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": "...and private investments can cushion capital drawdowns",
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