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  "documentTitle": "Lazard | Investor Presentation Deck | 46 slides",
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  "authorName": "Lazard",
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  "presentationDate": "2023-10-01 00:00:00",
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  "notes": "The slide uses a process diagram to show the evolution of private capital funding stages.",
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      "kind": "chart",
      "text": "Private Capital AUM Spectrum of Private Market Investment Strategies",
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      "kind": "diagram",
      "text": "Seed Funds, Accelerators, Angel Investors -> Venture Capital, Growth Equity -> Private Equity, Private Debt -> Fund of Funds, Secondaries, Continuation Funds",
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      "text": "Growth catalysts: Private capital ~8% total global AUM, Dry powder ~$3.2T, including $1.3T PE, Democratization of private markets for retail, Penetration of traditional banking markets, Infrastructure investing, Liquidity solutions (NAV lending, GP stakes, LP/GP-led secondaries)",
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      "text": "Innovation is increasingly being funded by the private markets which have developed significantly in scale and industry expertise ... Financial Sponsors source capital from a variety of investors with differing risk profiles to invest in portfolio companies across all stages of growth",
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      "text": "Data Source: Pitchbook data as of December 2022",
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      "kind": "title",
      "text": "Private Capital Advisory",
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