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The deterioration across Office and Multifamily Real Estate is both idiosyncratic and linked to the challenges being felt by all long-duration assets. Private Equity and Venture Capital are not immune. 

We look at how each are feeding off each other. Cash flows for equity owners are getting squeezed. We do not expect the same flow of cash to the residual as in the prior cycle. A recession would make us turn positive on Private Equity.