{
  "docId": "019dd923-5e88-73ef-bd5a-d09a35b9055f",
  "docSlug": "9f82c2c20423efb8",
  "documentTitle": "mi guide to alternatives",
  "authorId": "JPMorgan",
  "authorName": "J.P. Morgan Asset Management",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.333,
  "pageNumber": 59,
  "pageCount": 81,
  "prevPage": 58,
  "nextPage": 60,
  "slideType": "data_table",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 40,
  "notes": "The left chart is a 100% stacked bar chart showing the distribution of new-issue spreads. The right chart is a combo chart with bars for deal count and a line for yield.",
  "elementsJson": [
    "bar_chart_stacked",
    "bar_chart_vertical",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5a-d09a35b9055f/59",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5a-d09a35b9055f",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-d09a35b9055f.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-d09a35b9055f#slide-59",
  "components": [
    {
      "bbox": {
        "h": 0.65,
        "w": 0.42,
        "x": 0.08,
        "y": 0.16
      },
      "kind": "chart",
      "text": "New-issue spreads of LBOs financed by private credit",
      "attrs": null,
      "subkind": "bar-stacked-100pct",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4e7a0e4-0568-4d98-be07-554c9786ce5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.42,
        "x": 0.53,
        "y": 0.16
      },
      "kind": "chart",
      "text": "U.S. private equity deal count and yields",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3606af07-1ede-4550-adf7-151f58d76396",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "New-issue spreads: 54%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-28aa-738e-a34e-59caa9d903fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.08,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "Source: PitchBook Data, Inc., J.P. Morgan Asset Management. (Left) *2025 data are as of 11/30/2025. (Right) Yield represents the annualized quarterly income return from the Cliffwater Direct Lending Index. Past performance is not a reliable indicator of current and future results. Guide to Alternatives. Data are based on availability as of January 31, 2026.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "de66df3a-0af5-48d7-8964-aa512d80a901",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.08,
        "y": 0.08
      },
      "kind": "title",
      "text": "Private equity financing and deal activity",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1702faab-a38f-49ee-9eea-860a0e68daa6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Chartjunk Elimination",
      "slug": "chartjunk-elimination",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "017f5060-8496-4cc8-911a-ad8d783be28e",
      "evidence": "The presentation of new-issue spreads and yields data in a clear and simple bar chart.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 81,
      "from": 21,
      "beatId": "da03194d-d802-4dda-a154-72bcfbe5c59e",
      "arcName": "The Sparkline",
      "arcSlug": "sparkline",
      "beatName": "New Bliss",
      "beatSlug": "sparkline-new-bliss",
      "evidence": "The deck concludes with a detailed analysis of different alternative investments and their role in a portfolio.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}