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  "notes": "The chart uses a 9-month lag for private equity data to illustrate the historical correlation and expected convergence.",
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      "text": "Source: Bloomberg, Preqin. As of December 31, 2024. This information reflects the views of the Portfolio Solutions Group as of the date hereof and not of any future date and are subject to change without notice in response to changing circumstances and market conditions.",
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      "text": "Private equity market performance has historically lagged public equities by several quarters to a full year. Public equity valuation multiples continue to rally, with private equity following closely. We expect this trend to continue.",
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