id sid tid token lemma pos privatebank-jpmorgan-com-8914 1 1 Food food NN privatebank-jpmorgan-com-8914 1 2 Fight Fight NNP privatebank-jpmorgan-com-8914 1 3 : : : privatebank-jpmorgan-com-8914 1 4 An an DT privatebank-jpmorgan-com-8914 1 5 update update NN privatebank-jpmorgan-com-8914 1 6 on on IN privatebank-jpmorgan-com-8914 1 7 private private JJ privatebank-jpmorgan-com-8914 1 8 equity equity NN privatebank-jpmorgan-com-8914 1 9 performance performance NN privatebank-jpmorgan-com-8914 1 10 vs vs IN privatebank-jpmorgan-com-8914 1 11 public public JJ privatebank-jpmorgan-com-8914 1 12 equity equity NN privatebank-jpmorgan-com-8914 1 13 markets market NNS privatebank-jpmorgan-com-8914 1 14 EYE EYE NNP privatebank-jpmorgan-com-8914 1 15 ON on IN privatebank-jpmorgan-com-8914 1 16 THE the DT privatebank-jpmorgan-com-8914 1 17 MARKET MARKET NNP privatebank-jpmorgan-com-8914 1 18 Food Food NNP privatebank-jpmorgan-com-8914 1 19 Fight Fight NNP privatebank-jpmorgan-com-8914 1 20 : : : privatebank-jpmorgan-com-8914 1 21 An an DT privatebank-jpmorgan-com-8914 1 22 update update NN privatebank-jpmorgan-com-8914 1 23 on on IN privatebank-jpmorgan-com-8914 1 24 private private JJ privatebank-jpmorgan-com-8914 1 25 equity equity NN privatebank-jpmorgan-com-8914 1 26 performance performance NN privatebank-jpmorgan-com-8914 1 27 vs vs IN privatebank-jpmorgan-com-8914 1 28 public public JJ privatebank-jpmorgan-com-8914 1 29 equity equity NN privatebank-jpmorgan-com-8914 1 30 markets market NNS privatebank-jpmorgan-com-8914 1 31 MICHAEL MICHAEL NNP privatebank-jpmorgan-com-8914 1 32 CEMBALEST CEMBALEST NNP privatebank-jpmorgan-com-8914 1 33 | | NNP privatebank-jpmorgan-com-8914 1 34 JP JP NNP privatebank-jpmorgan-com-8914 1 35 MORGAN MORGAN NNP privatebank-jpmorgan-com-8914 1 36 ASSET ASSET NNS privatebank-jpmorgan-com-8914 1 37 AND and CC privatebank-jpmorgan-com-8914 1 38 WEALTH WEALTH NNP privatebank-jpmorgan-com-8914 1 39 MANAGEMENT MANAGEMENT NNP privatebank-jpmorgan-com-8914 1 40 Food Food NNP privatebank-jpmorgan-com-8914 1 41 Fight Fight NNP privatebank-jpmorgan-com-8914 1 42 . . . privatebank-jpmorgan-com-8914 2 1 Every every DT privatebank-jpmorgan-com-8914 2 2 two two CD privatebank-jpmorgan-com-8914 2 3 years year NNS privatebank-jpmorgan-com-8914 2 4 , , , privatebank-jpmorgan-com-8914 2 5 we -PRON- PRP privatebank-jpmorgan-com-8914 2 6 take take VBP privatebank-jpmorgan-com-8914 2 7 a a DT privatebank-jpmorgan-com-8914 2 8 close close JJ privatebank-jpmorgan-com-8914 2 9 look look NN privatebank-jpmorgan-com-8914 2 10 at at IN privatebank-jpmorgan-com-8914 2 11 the the DT privatebank-jpmorgan-com-8914 2 12 performance performance NN privatebank-jpmorgan-com-8914 2 13 of of IN privatebank-jpmorgan-com-8914 2 14 the the DT privatebank-jpmorgan-com-8914 2 15 private private JJ privatebank-jpmorgan-com-8914 2 16 equity equity NN privatebank-jpmorgan-com-8914 2 17 industry industry NN privatebank-jpmorgan-com-8914 2 18 given give VBN privatebank-jpmorgan-com-8914 2 19 its -PRON- PRP$ privatebank-jpmorgan-com-8914 2 20 rising rise VBG privatebank-jpmorgan-com-8914 2 21 share share NN privatebank-jpmorgan-com-8914 2 22 of of IN privatebank-jpmorgan-com-8914 2 23 institutional institutional JJ privatebank-jpmorgan-com-8914 2 24 and and CC privatebank-jpmorgan-com-8914 2 25 individual individual JJ privatebank-jpmorgan-com-8914 2 26 portfolios portfolio NNS privatebank-jpmorgan-com-8914 2 27 . . . privatebank-jpmorgan-com-8914 3 1 Our -PRON- PRP$ privatebank-jpmorgan-com-8914 3 2 findings finding NNS privatebank-jpmorgan-com-8914 3 3 this this DT privatebank-jpmorgan-com-8914 3 4 year year NN privatebank-jpmorgan-com-8914 3 5 : : : privatebank-jpmorgan-com-8914 3 6 the the DT privatebank-jpmorgan-com-8914 3 7 private private JJ privatebank-jpmorgan-com-8914 3 8 equity equity NN privatebank-jpmorgan-com-8914 3 9 industry industry NN privatebank-jpmorgan-com-8914 3 10 is be VBZ privatebank-jpmorgan-com-8914 3 11 still still RB privatebank-jpmorgan-com-8914 3 12 outperforming outperform VBG privatebank-jpmorgan-com-8914 3 13 public public JJ privatebank-jpmorgan-com-8914 3 14 equity equity NN privatebank-jpmorgan-com-8914 3 15 , , , privatebank-jpmorgan-com-8914 3 16 but but CC privatebank-jpmorgan-com-8914 3 17 this this DT privatebank-jpmorgan-com-8914 3 18 outperformance outperformance NN privatebank-jpmorgan-com-8914 3 19 is be VBZ privatebank-jpmorgan-com-8914 3 20 narrrowing narrrowe VBG privatebank-jpmorgan-com-8914 3 21 as as IN privatebank-jpmorgan-com-8914 3 22 all all DT privatebank-jpmorgan-com-8914 3 23 markets market NNS privatebank-jpmorgan-com-8914 3 24 benefit benefit VBP privatebank-jpmorgan-com-8914 3 25 from from IN privatebank-jpmorgan-com-8914 3 26 non non JJ privatebank-jpmorgan-com-8914 3 27 - - JJ privatebank-jpmorgan-com-8914 3 28 stop stop VB privatebank-jpmorgan-com-8914 3 29 monetary monetary JJ privatebank-jpmorgan-com-8914 3 30 and and CC privatebank-jpmorgan-com-8914 3 31 fiscal fiscal JJ privatebank-jpmorgan-com-8914 3 32 stimulus stimulus NN privatebank-jpmorgan-com-8914 3 33 , , , privatebank-jpmorgan-com-8914 3 34 and and CC privatebank-jpmorgan-com-8914 3 35 as as IN privatebank-jpmorgan-com-8914 3 36 private private JJ privatebank-jpmorgan-com-8914 3 37 equity equity NN privatebank-jpmorgan-com-8914 3 38 acquisition acquisition NN privatebank-jpmorgan-com-8914 3 39 multiples multiple NNS privatebank-jpmorgan-com-8914 3 40 rise rise VBP privatebank-jpmorgan-com-8914 3 41 . . . privatebank-jpmorgan-com-8914 4 1 We -PRON- PRP privatebank-jpmorgan-com-8914 4 2 examine examine VBP privatebank-jpmorgan-com-8914 4 3 manager manager NN privatebank-jpmorgan-com-8914 4 4 dispersion dispersion NN privatebank-jpmorgan-com-8914 4 5 , , , privatebank-jpmorgan-com-8914 4 6 benchmarks benchmarks NNP privatebank-jpmorgan-com-8914 4 7 , , , privatebank-jpmorgan-com-8914 4 8 co co NN privatebank-jpmorgan-com-8914 4 9 - - NN privatebank-jpmorgan-com-8914 4 10 investing investing JJ privatebank-jpmorgan-com-8914 4 11 , , , privatebank-jpmorgan-com-8914 4 12 GP GP NNP privatebank-jpmorgan-com-8914 4 13 - - HYPH privatebank-jpmorgan-com-8914 4 14 led lead VBN privatebank-jpmorgan-com-8914 4 15 secondary secondary JJ privatebank-jpmorgan-com-8914 4 16 funds fund NNS privatebank-jpmorgan-com-8914 4 17 , , , privatebank-jpmorgan-com-8914 4 18 the the DT privatebank-jpmorgan-com-8914 4 19 torrid torrid JJ privatebank-jpmorgan-com-8914 4 20 pace pace NN privatebank-jpmorgan-com-8914 4 21 of of IN privatebank-jpmorgan-com-8914 4 22 industry industry NN privatebank-jpmorgan-com-8914 4 23 fundraising fundraising NN privatebank-jpmorgan-com-8914 4 24 and and CC privatebank-jpmorgan-com-8914 4 25 manager manager NN privatebank-jpmorgan-com-8914 4 26 fees fee NNS privatebank-jpmorgan-com-8914 4 27 in in IN privatebank-jpmorgan-com-8914 4 28 this this DT privatebank-jpmorgan-com-8914 4 29 year year NN privatebank-jpmorgan-com-8914 4 30 ’s ’s POS privatebank-jpmorgan-com-8914 4 31 piece piece NN privatebank-jpmorgan-com-8914 4 32 . . . privatebank-jpmorgan-com-8914 5 1 1 1 CD privatebank-jpmorgan-com-8914 5 2 MICHAEL MICHAEL NNP privatebank-jpmorgan-com-8914 5 3 CEMBALEST CEMBALEST NNP privatebank-jpmorgan-com-8914 5 4 Chairman Chairman NNP privatebank-jpmorgan-com-8914 5 5 of of IN privatebank-jpmorgan-com-8914 5 6 Market Market NNP privatebank-jpmorgan-com-8914 5 7 and and CC privatebank-jpmorgan-com-8914 5 8 Investment Investment NNP privatebank-jpmorgan-com-8914 5 9 Strategy Strategy NNP privatebank-jpmorgan-com-8914 5 10 J.P. J.P. NNP privatebank-jpmorgan-com-8914 5 11 Morgan Morgan NNP privatebank-jpmorgan-com-8914 5 12 Asset Asset NNP privatebank-jpmorgan-com-8914 5 13 Management Management NNP privatebank-jpmorgan-com-8914 5 14 Every every DT privatebank-jpmorgan-com-8914 5 15 two two CD privatebank-jpmorgan-com-8914 5 16 years year NNS privatebank-jpmorgan-com-8914 5 17 , , , privatebank-jpmorgan-com-8914 5 18 we -PRON- PRP privatebank-jpmorgan-com-8914 5 19 examine examine VBP privatebank-jpmorgan-com-8914 5 20 the the DT privatebank-jpmorgan-com-8914 5 21 performance performance NN privatebank-jpmorgan-com-8914 5 22 of of IN privatebank-jpmorgan-com-8914 5 23 the the DT privatebank-jpmorgan-com-8914 5 24 private private JJ privatebank-jpmorgan-com-8914 5 25 equity equity NN privatebank-jpmorgan-com-8914 5 26 industry industry NN privatebank-jpmorgan-com-8914 5 27 given give VBN privatebank-jpmorgan-com-8914 5 28 its -PRON- PRP$ privatebank-jpmorgan-com-8914 5 29 rising rise VBG privatebank-jpmorgan-com-8914 5 30 share share NN privatebank-jpmorgan-com-8914 5 31 of of IN privatebank-jpmorgan-com-8914 5 32 institutional institutional JJ privatebank-jpmorgan-com-8914 5 33 and and CC privatebank-jpmorgan-com-8914 5 34 individual individual JJ privatebank-jpmorgan-com-8914 5 35 portfolios portfolio NNS privatebank-jpmorgan-com-8914 5 36 . . . privatebank-jpmorgan-com-8914 6 1 Our -PRON- PRP$ privatebank-jpmorgan-com-8914 6 2 findings finding NNS privatebank-jpmorgan-com-8914 6 3 : : : privatebank-jpmorgan-com-8914 6 4 private private JJ privatebank-jpmorgan-com-8914 6 5 equity equity NN privatebank-jpmorgan-com-8914 6 6 is be VBZ privatebank-jpmorgan-com-8914 6 7 still still RB privatebank-jpmorgan-com-8914 6 8 outperforming outperform VBG privatebank-jpmorgan-com-8914 6 9 public public JJ privatebank-jpmorgan-com-8914 6 10 equity equity NN privatebank-jpmorgan-com-8914 6 11 , , , privatebank-jpmorgan-com-8914 6 12 but but CC privatebank-jpmorgan-com-8914 6 13 outperformance outperformance NNP privatebank-jpmorgan-com-8914 6 14 narrowed narrow VBD privatebank-jpmorgan-com-8914 6 15 as as IN privatebank-jpmorgan-com-8914 6 16 all all DT privatebank-jpmorgan-com-8914 6 17 markets market NNS privatebank-jpmorgan-com-8914 6 18 benefit benefit VBP privatebank-jpmorgan-com-8914 6 19 from from IN privatebank-jpmorgan-com-8914 6 20 non non JJ privatebank-jpmorgan-com-8914 6 21 - - JJ privatebank-jpmorgan-com-8914 6 22 stop stop JJ privatebank-jpmorgan-com-8914 6 23 stimulus stimulus NN privatebank-jpmorgan-com-8914 6 24 , , , privatebank-jpmorgan-com-8914 6 25 and and CC privatebank-jpmorgan-com-8914 6 26 as as IN privatebank-jpmorgan-com-8914 6 27 private private JJ privatebank-jpmorgan-com-8914 6 28 equity equity NN privatebank-jpmorgan-com-8914 6 29 acquisition acquisition NN privatebank-jpmorgan-com-8914 6 30 multiples multiple NNS privatebank-jpmorgan-com-8914 6 31 rise rise VBP privatebank-jpmorgan-com-8914 6 32 . . . privatebank-jpmorgan-com-8914 7 1 We -PRON- PRP privatebank-jpmorgan-com-8914 7 2 examine examine VBP privatebank-jpmorgan-com-8914 7 3 manager manager NN privatebank-jpmorgan-com-8914 7 4 dispersion dispersion NN privatebank-jpmorgan-com-8914 7 5 , , , privatebank-jpmorgan-com-8914 7 6 benchmarks benchmarks NNP privatebank-jpmorgan-com-8914 7 7 , , , privatebank-jpmorgan-com-8914 7 8 co co NN privatebank-jpmorgan-com-8914 7 9 - - NN privatebank-jpmorgan-com-8914 7 10 investing investing JJ privatebank-jpmorgan-com-8914 7 11 , , , privatebank-jpmorgan-com-8914 7 12 GP GP NNP privatebank-jpmorgan-com-8914 7 13 - - HYPH privatebank-jpmorgan-com-8914 7 14 led lead VBN privatebank-jpmorgan-com-8914 7 15 secondary secondary JJ privatebank-jpmorgan-com-8914 7 16 funds fund NNS privatebank-jpmorgan-com-8914 7 17 , , , privatebank-jpmorgan-com-8914 7 18 the the DT privatebank-jpmorgan-com-8914 7 19 torrid torrid JJ privatebank-jpmorgan-com-8914 7 20 pace pace NN privatebank-jpmorgan-com-8914 7 21 of of IN privatebank-jpmorgan-com-8914 7 22 industry industry NN privatebank-jpmorgan-com-8914 7 23 fundraising fundraising NN privatebank-jpmorgan-com-8914 7 24 and and CC privatebank-jpmorgan-com-8914 7 25 manager manager NN privatebank-jpmorgan-com-8914 7 26 fees fee NNS privatebank-jpmorgan-com-8914 7 27 in in IN privatebank-jpmorgan-com-8914 7 28 this this DT privatebank-jpmorgan-com-8914 7 29 year year NN privatebank-jpmorgan-com-8914 7 30 ’s ’s POS privatebank-jpmorgan-com-8914 7 31 piece piece NN privatebank-jpmorgan-com-8914 7 32 . . . privatebank-jpmorgan-com-8914 8 1 As as IN privatebank-jpmorgan-com-8914 8 2 for for IN privatebank-jpmorgan-com-8914 8 3 public public JJ privatebank-jpmorgan-com-8914 8 4 equity equity NN privatebank-jpmorgan-com-8914 8 5 markets market NNS privatebank-jpmorgan-com-8914 8 6 , , , privatebank-jpmorgan-com-8914 8 7 the the DT privatebank-jpmorgan-com-8914 8 8 slower slow JJR privatebank-jpmorgan-com-8914 8 9 rate rate NN privatebank-jpmorgan-com-8914 8 10 of of IN privatebank-jpmorgan-com-8914 8 11 gains gain NNS privatebank-jpmorgan-com-8914 8 12 since since IN privatebank-jpmorgan-com-8914 8 13 April April NNP privatebank-jpmorgan-com-8914 8 14 is be VBZ privatebank-jpmorgan-com-8914 8 15 consistent consistent JJ privatebank-jpmorgan-com-8914 8 16 with with IN privatebank-jpmorgan-com-8914 8 17 data datum NNS privatebank-jpmorgan-com-8914 8 18 we -PRON- PRP privatebank-jpmorgan-com-8914 8 19 ’re be VBP privatebank-jpmorgan-com-8914 8 20 seeing see VBG privatebank-jpmorgan-com-8914 8 21 . . . privatebank-jpmorgan-com-8914 9 1 There there EX privatebank-jpmorgan-com-8914 9 2 ’s ’ VBZ privatebank-jpmorgan-com-8914 9 3 a a DT privatebank-jpmorgan-com-8914 9 4 robust robust JJ privatebank-jpmorgan-com-8914 9 5 recovery recovery NN privatebank-jpmorgan-com-8914 9 6 in in IN privatebank-jpmorgan-com-8914 9 7 earnings earning NNS privatebank-jpmorgan-com-8914 9 8 , , , privatebank-jpmorgan-com-8914 9 9 household household NN privatebank-jpmorgan-com-8914 9 10 / / SYM privatebank-jpmorgan-com-8914 9 11 capital capital NN privatebank-jpmorgan-com-8914 9 12 spending spending NN privatebank-jpmorgan-com-8914 9 13 and and CC privatebank-jpmorgan-com-8914 9 14 other other JJ privatebank-jpmorgan-com-8914 9 15 activity activity NN privatebank-jpmorgan-com-8914 9 16 , , , privatebank-jpmorgan-com-8914 9 17 but but CC privatebank-jpmorgan-com-8914 9 18 there there EX privatebank-jpmorgan-com-8914 9 19 ’s ’ VBZ privatebank-jpmorgan-com-8914 9 20 also also RB privatebank-jpmorgan-com-8914 9 21 a a DT privatebank-jpmorgan-com-8914 9 22 disconnect disconnect NN privatebank-jpmorgan-com-8914 9 23 between between IN privatebank-jpmorgan-com-8914 9 24 accommodative accommodative JJ privatebank-jpmorgan-com-8914 9 25 Fed Fed NNP privatebank-jpmorgan-com-8914 9 26 policy policy NN privatebank-jpmorgan-com-8914 9 27 , , , privatebank-jpmorgan-com-8914 9 28 exhaustible exhaustible JJ privatebank-jpmorgan-com-8914 9 29 supplies supply NNS privatebank-jpmorgan-com-8914 9 30 of of IN privatebank-jpmorgan-com-8914 9 31 labor labor NN privatebank-jpmorgan-com-8914 9 32 and and CC privatebank-jpmorgan-com-8914 9 33 equity equity NN privatebank-jpmorgan-com-8914 9 34 valuations valuation NNS privatebank-jpmorgan-com-8914 9 35 . . . privatebank-jpmorgan-com-8914 10 1 The the DT privatebank-jpmorgan-com-8914 10 2 latest late JJS privatebank-jpmorgan-com-8914 10 3 comments comment NNS privatebank-jpmorgan-com-8914 10 4 from from IN privatebank-jpmorgan-com-8914 10 5 the the DT privatebank-jpmorgan-com-8914 10 6 Fed Fed NNP privatebank-jpmorgan-com-8914 10 7 on on IN privatebank-jpmorgan-com-8914 10 8 gradual gradual JJ privatebank-jpmorgan-com-8914 10 9 normalization normalization NN privatebank-jpmorgan-com-8914 10 10 of of IN privatebank-jpmorgan-com-8914 10 11 monetary monetary JJ privatebank-jpmorgan-com-8914 10 12 policy policy NN privatebank-jpmorgan-com-8914 10 13 are be VBP privatebank-jpmorgan-com-8914 10 14 consistent consistent JJ privatebank-jpmorgan-com-8914 10 15 with with IN privatebank-jpmorgan-com-8914 10 16 peak peak NN privatebank-jpmorgan-com-8914 10 17 valuations valuation NNS privatebank-jpmorgan-com-8914 10 18 and and CC privatebank-jpmorgan-com-8914 10 19 further further JJ privatebank-jpmorgan-com-8914 10 20 market market NN privatebank-jpmorgan-com-8914 10 21 gains gain NNS privatebank-jpmorgan-com-8914 10 22 being be VBG privatebank-jpmorgan-com-8914 10 23 driven drive VBN privatebank-jpmorgan-com-8914 10 24 by by IN privatebank-jpmorgan-com-8914 10 25 earnings earning NNS privatebank-jpmorgan-com-8914 10 26 only only RB privatebank-jpmorgan-com-8914 10 27 . . . privatebank-jpmorgan-com-8914 11 1 The the DT privatebank-jpmorgan-com-8914 11 2 next next JJ privatebank-jpmorgan-com-8914 11 3 hurdle hurdle NN privatebank-jpmorgan-com-8914 11 4 for for IN privatebank-jpmorgan-com-8914 11 5 US US NNP privatebank-jpmorgan-com-8914 11 6 equities equity NNS privatebank-jpmorgan-com-8914 11 7 : : : privatebank-jpmorgan-com-8914 11 8 rising rise VBG privatebank-jpmorgan-com-8914 11 9 domestic domestic JJ privatebank-jpmorgan-com-8914 11 10 and and CC privatebank-jpmorgan-com-8914 11 11 international international JJ privatebank-jpmorgan-com-8914 11 12 taxes taxis NNS privatebank-jpmorgan-com-8914 11 13 whose whose WP$ privatebank-jpmorgan-com-8914 11 14 blueprints blueprint NNS privatebank-jpmorgan-com-8914 11 15 are be VBP privatebank-jpmorgan-com-8914 11 16 still still RB privatebank-jpmorgan-com-8914 11 17 being be VBG privatebank-jpmorgan-com-8914 11 18 worked work VBN privatebank-jpmorgan-com-8914 11 19 out out RP privatebank-jpmorgan-com-8914 11 20 . . . privatebank-jpmorgan-com-8914 12 1 A a DT privatebank-jpmorgan-com-8914 12 2 brief brief JJ privatebank-jpmorgan-com-8914 12 3 comment comment NN privatebank-jpmorgan-com-8914 12 4 on on IN privatebank-jpmorgan-com-8914 12 5 COVID COVID NNP privatebank-jpmorgan-com-8914 12 6 , , , privatebank-jpmorgan-com-8914 12 7 which which WDT privatebank-jpmorgan-com-8914 12 8 you -PRON- PRP privatebank-jpmorgan-com-8914 12 9 can can MD privatebank-jpmorgan-com-8914 12 10 continue continue VB privatebank-jpmorgan-com-8914 12 11 to to TO privatebank-jpmorgan-com-8914 12 12 track track VB privatebank-jpmorgan-com-8914 12 13 on on IN privatebank-jpmorgan-com-8914 12 14 our -PRON- PRP$ privatebank-jpmorgan-com-8914 12 15 virus virus NN privatebank-jpmorgan-com-8914 12 16 web web NN privatebank-jpmorgan-com-8914 12 17 portal portal NNP privatebank-jpmorgan-com-8914 12 18 . . . privatebank-jpmorgan-com-8914 13 1 Infections infection NNS privatebank-jpmorgan-com-8914 13 2 and and CC privatebank-jpmorgan-com-8914 13 3 mortality mortality NN privatebank-jpmorgan-com-8914 13 4 are be VBP privatebank-jpmorgan-com-8914 13 5 plummeting plummet VBG privatebank-jpmorgan-com-8914 13 6 in in IN privatebank-jpmorgan-com-8914 13 7 the the DT privatebank-jpmorgan-com-8914 13 8 developed develop VBN privatebank-jpmorgan-com-8914 13 9 world world NN privatebank-jpmorgan-com-8914 13 10 , , , privatebank-jpmorgan-com-8914 13 11 as as IN privatebank-jpmorgan-com-8914 13 12 Latin Latin NNP privatebank-jpmorgan-com-8914 13 13 America America NNP privatebank-jpmorgan-com-8914 13 14 stands stand VBZ privatebank-jpmorgan-com-8914 13 15 out out RP privatebank-jpmorgan-com-8914 13 16 as as IN privatebank-jpmorgan-com-8914 13 17 the the DT privatebank-jpmorgan-com-8914 13 18 last last JJ privatebank-jpmorgan-com-8914 13 19 unrelenting unrelenting JJ privatebank-jpmorgan-com-8914 13 20 hotspot hotspot NN privatebank-jpmorgan-com-8914 13 21 . . . privatebank-jpmorgan-com-8914 14 1 But but CC privatebank-jpmorgan-com-8914 14 2 the the DT privatebank-jpmorgan-com-8914 14 3 US US NNP privatebank-jpmorgan-com-8914 14 4 , , , privatebank-jpmorgan-com-8914 14 5 whose whose WP$ privatebank-jpmorgan-com-8914 14 6 vaccination vaccination NN privatebank-jpmorgan-com-8914 14 7 rates rate NNS privatebank-jpmorgan-com-8914 14 8 are be VBP privatebank-jpmorgan-com-8914 14 9 now now RB privatebank-jpmorgan-com-8914 14 10 being be VBG privatebank-jpmorgan-com-8914 14 11 eclipsed eclipse VBN privatebank-jpmorgan-com-8914 14 12 by by IN privatebank-jpmorgan-com-8914 14 13 Europe Europe NNP privatebank-jpmorgan-com-8914 14 14 , , , privatebank-jpmorgan-com-8914 14 15 Canada Canada NNP privatebank-jpmorgan-com-8914 14 16 and and CC privatebank-jpmorgan-com-8914 14 17 China China NNP privatebank-jpmorgan-com-8914 14 18 , , , privatebank-jpmorgan-com-8914 14 19 has have VBZ privatebank-jpmorgan-com-8914 14 20 pockets pocket NNS privatebank-jpmorgan-com-8914 14 21 of of IN privatebank-jpmorgan-com-8914 14 22 unvaccinated unvaccinated JJ privatebank-jpmorgan-com-8914 14 23 people people NNS privatebank-jpmorgan-com-8914 14 24 still still RB privatebank-jpmorgan-com-8914 14 25 heavily heavily RB privatebank-jpmorgan-com-8914 14 26 affected affect VBN privatebank-jpmorgan-com-8914 14 27 by by IN privatebank-jpmorgan-com-8914 14 28 the the DT privatebank-jpmorgan-com-8914 14 29 disease disease NN privatebank-jpmorgan-com-8914 14 30 . . . privatebank-jpmorgan-com-8914 15 1 As as IN privatebank-jpmorgan-com-8914 15 2 shown show VBN privatebank-jpmorgan-com-8914 15 3 below below IN privatebank-jpmorgan-com-8914 15 4 , , , privatebank-jpmorgan-com-8914 15 5 US US NNP privatebank-jpmorgan-com-8914 15 6 COVID COVID NNP privatebank-jpmorgan-com-8914 15 7 hospitalizations hospitalization NNS privatebank-jpmorgan-com-8914 15 8 among among IN privatebank-jpmorgan-com-8914 15 9 the the DT privatebank-jpmorgan-com-8914 15 10 unvaccinated unvaccinated JJ privatebank-jpmorgan-com-8914 15 11 are be VBP privatebank-jpmorgan-com-8914 15 12 2x-3x 2x-3x CD privatebank-jpmorgan-com-8914 15 13 levels level NNS privatebank-jpmorgan-com-8914 15 14 for for IN privatebank-jpmorgan-com-8914 15 15 the the DT privatebank-jpmorgan-com-8914 15 16 entire entire JJ privatebank-jpmorgan-com-8914 15 17 population population NN privatebank-jpmorgan-com-8914 15 18 in in IN privatebank-jpmorgan-com-8914 15 19 certain certain JJ privatebank-jpmorgan-com-8914 15 20 states state NNS privatebank-jpmorgan-com-8914 15 21 . . . privatebank-jpmorgan-com-8914 16 1 The the DT privatebank-jpmorgan-com-8914 16 2 recent recent JJ privatebank-jpmorgan-com-8914 16 3 UK UK NNP privatebank-jpmorgan-com-8914 16 4 infection infection NN privatebank-jpmorgan-com-8914 16 5 spike spike JJ privatebank-jpmorgan-com-8914 16 6 despite despite IN privatebank-jpmorgan-com-8914 16 7 65 65 CD privatebank-jpmorgan-com-8914 16 8 % % NN privatebank-jpmorgan-com-8914 16 9 vaccination vaccination NN privatebank-jpmorgan-com-8914 16 10 is be VBZ privatebank-jpmorgan-com-8914 16 11 a a DT privatebank-jpmorgan-com-8914 16 12 warning warning NN privatebank-jpmorgan-com-8914 16 13 of of IN privatebank-jpmorgan-com-8914 16 14 what what WP privatebank-jpmorgan-com-8914 16 15 could could MD privatebank-jpmorgan-com-8914 16 16 occur occur VB privatebank-jpmorgan-com-8914 16 17 elsewhere elsewhere RB privatebank-jpmorgan-com-8914 16 18 . . . privatebank-jpmorgan-com-8914 17 1 95 95 CD privatebank-jpmorgan-com-8914 17 2 100 100 CD privatebank-jpmorgan-com-8914 17 3 105 105 CD privatebank-jpmorgan-com-8914 17 4 110 110 CD privatebank-jpmorgan-com-8914 17 5 115 115 CD privatebank-jpmorgan-com-8914 17 6 120 120 CD privatebank-jpmorgan-com-8914 17 7 Jan Jan NNP privatebank-jpmorgan-com-8914 17 8 ' ' POS privatebank-jpmorgan-com-8914 17 9 21 21 CD privatebank-jpmorgan-com-8914 17 10 Feb Feb NNP privatebank-jpmorgan-com-8914 17 11 ' ' POS privatebank-jpmorgan-com-8914 17 12 21 21 CD privatebank-jpmorgan-com-8914 17 13 Mar Mar NNP privatebank-jpmorgan-com-8914 17 14 ' ' POS privatebank-jpmorgan-com-8914 17 15 21 21 CD privatebank-jpmorgan-com-8914 17 16 Apr Apr NNP privatebank-jpmorgan-com-8914 17 17 ' ' CD privatebank-jpmorgan-com-8914 17 18 21 21 CD privatebank-jpmorgan-com-8914 17 19 May May NNP privatebank-jpmorgan-com-8914 17 20 ' ' POS privatebank-jpmorgan-com-8914 17 21 21 21 CD privatebank-jpmorgan-com-8914 17 22 Jun Jun NNP privatebank-jpmorgan-com-8914 17 23 ' ' POS privatebank-jpmorgan-com-8914 17 24 21 21 CD privatebank-jpmorgan-com-8914 17 25 S&P S&P NNP privatebank-jpmorgan-com-8914 17 26 500 500 CD privatebank-jpmorgan-com-8914 17 27 Value Value NNP privatebank-jpmorgan-com-8914 17 28 S&P S&P NNP privatebank-jpmorgan-com-8914 17 29 500 500 CD privatebank-jpmorgan-com-8914 17 30 S&P S&P NNP privatebank-jpmorgan-com-8914 17 31 500 500 CD privatebank-jpmorgan-com-8914 17 32 Growth growth NN privatebank-jpmorgan-com-8914 17 33 YTD ytd NN privatebank-jpmorgan-com-8914 17 34 S&P S&P NNP privatebank-jpmorgan-com-8914 17 35 500 500 CD privatebank-jpmorgan-com-8914 17 36 performance performance NN privatebank-jpmorgan-com-8914 17 37 Total total JJ privatebank-jpmorgan-com-8914 17 38 return return NN privatebank-jpmorgan-com-8914 17 39 index index NN privatebank-jpmorgan-com-8914 17 40 Source source NN privatebank-jpmorgan-com-8914 17 41 : : : privatebank-jpmorgan-com-8914 17 42 Bloomberg Bloomberg NNP privatebank-jpmorgan-com-8914 17 43 . . . privatebank-jpmorgan-com-8914 18 1 June June NNP privatebank-jpmorgan-com-8914 18 2 25 25 CD privatebank-jpmorgan-com-8914 18 3 , , , privatebank-jpmorgan-com-8914 18 4 2021 2021 CD privatebank-jpmorgan-com-8914 18 5 . . . privatebank-jpmorgan-com-8914 19 1 -15 -15 NNP privatebank-jpmorgan-com-8914 19 2 % % NN privatebank-jpmorgan-com-8914 19 3 -5 -5 NNP privatebank-jpmorgan-com-8914 19 4 % % NN privatebank-jpmorgan-com-8914 19 5 5 5 CD privatebank-jpmorgan-com-8914 19 6 % % NN privatebank-jpmorgan-com-8914 19 7 15 15 CD privatebank-jpmorgan-com-8914 19 8 % % NN privatebank-jpmorgan-com-8914 19 9 25 25 CD privatebank-jpmorgan-com-8914 19 10 % % NN privatebank-jpmorgan-com-8914 19 11 35 35 CD privatebank-jpmorgan-com-8914 19 12 % % NN privatebank-jpmorgan-com-8914 19 13 45 45 CD privatebank-jpmorgan-com-8914 19 14 % % NN privatebank-jpmorgan-com-8914 19 15 55 55 CD privatebank-jpmorgan-com-8914 19 16 % % NN privatebank-jpmorgan-com-8914 19 17 Resource Resource NNP privatebank-jpmorgan-com-8914 19 18 equip equip NN privatebank-jpmorgan-com-8914 19 19 . . . privatebank-jpmorgan-com-8914 20 1 Vehicles Vehicles NNPS privatebank-jpmorgan-com-8914 20 2 Industr Industr NNP privatebank-jpmorgan-com-8914 20 3 . . . privatebank-jpmorgan-com-8914 21 1 machinery machinery NN privatebank-jpmorgan-com-8914 21 2 Structures Structures NNP privatebank-jpmorgan-com-8914 21 3 Office Office NNP privatebank-jpmorgan-com-8914 21 4 equip equip NN privatebank-jpmorgan-com-8914 21 5 . . . privatebank-jpmorgan-com-8914 22 1 Tech Tech NNP privatebank-jpmorgan-com-8914 22 2 equip equip NN privatebank-jpmorgan-com-8914 22 3 . . . privatebank-jpmorgan-com-8914 23 1 Med med JJ privatebank-jpmorgan-com-8914 23 2 equip equip NN privatebank-jpmorgan-com-8914 23 3 . . . privatebank-jpmorgan-com-8914 24 1 Capex capex JJ privatebank-jpmorgan-com-8914 24 2 growth growth NN privatebank-jpmorgan-com-8914 24 3 Demand demand NN privatebank-jpmorgan-com-8914 24 4 - - HYPH privatebank-jpmorgan-com-8914 24 5 based base VBN privatebank-jpmorgan-com-8914 24 6 capex capex NN privatebank-jpmorgan-com-8914 24 7 growth growth NN privatebank-jpmorgan-com-8914 24 8 estimate estimate NN privatebank-jpmorgan-com-8914 24 9 US US NNP privatebank-jpmorgan-com-8914 24 10 leading lead VBG privatebank-jpmorgan-com-8914 24 11 indicators indicator NNS privatebank-jpmorgan-com-8914 24 12 point point VBP privatebank-jpmorgan-com-8914 24 13 to to IN privatebank-jpmorgan-com-8914 24 14 a a DT privatebank-jpmorgan-com-8914 24 15 lot lot NN privatebank-jpmorgan-com-8914 24 16 more more JJR privatebank-jpmorgan-com-8914 24 17 capital capital NN privatebank-jpmorgan-com-8914 24 18 spending spending NN privatebank-jpmorgan-com-8914 24 19 Source source NN privatebank-jpmorgan-com-8914 24 20 : : : privatebank-jpmorgan-com-8914 24 21 Bridgewater bridgewater NN privatebank-jpmorgan-com-8914 24 22 . . . privatebank-jpmorgan-com-8914 25 1 May May NNP privatebank-jpmorgan-com-8914 25 2 26 26 CD privatebank-jpmorgan-com-8914 25 3 , , , privatebank-jpmorgan-com-8914 25 4 2021 2021 CD privatebank-jpmorgan-com-8914 25 5 . . . privatebank-jpmorgan-com-8914 26 1 0 0 NFP privatebank-jpmorgan-com-8914 26 2 50 50 CD privatebank-jpmorgan-com-8914 26 3 100 100 CD privatebank-jpmorgan-com-8914 26 4 150 150 CD privatebank-jpmorgan-com-8914 26 5 200 200 CD privatebank-jpmorgan-com-8914 26 6 250 250 CD privatebank-jpmorgan-com-8914 26 7 300 300 CD privatebank-jpmorgan-com-8914 26 8 350 350 CD privatebank-jpmorgan-com-8914 26 9 DC DC NNP privatebank-jpmorgan-com-8914 26 10 RI RI NNP privatebank-jpmorgan-com-8914 26 11 WA WA NNP privatebank-jpmorgan-com-8914 26 12 ME ME NNP privatebank-jpmorgan-com-8914 26 13 MO MO NNP privatebank-jpmorgan-com-8914 26 14 CO CO NNP privatebank-jpmorgan-com-8914 26 15 FL FL NNP privatebank-jpmorgan-com-8914 26 16 MD MD NNP privatebank-jpmorgan-com-8914 26 17 PA PA NNP privatebank-jpmorgan-com-8914 26 18 NV NV NNP privatebank-jpmorgan-com-8914 26 19 As as RB privatebank-jpmorgan-com-8914 26 20 reported report VBN privatebank-jpmorgan-com-8914 26 21 As as IN privatebank-jpmorgan-com-8914 26 22 % % NN privatebank-jpmorgan-com-8914 26 23 of of IN privatebank-jpmorgan-com-8914 26 24 unvaccinated unvaccinated JJ privatebank-jpmorgan-com-8914 26 25 COVID covid JJ privatebank-jpmorgan-com-8914 26 26 hospitalizations hospitalization NNS privatebank-jpmorgan-com-8914 26 27 and and CC privatebank-jpmorgan-com-8914 26 28 the the DT privatebank-jpmorgan-com-8914 26 29 unvaccinated unvaccinated JJ privatebank-jpmorgan-com-8914 26 30 Hospitalizations Hospitalizations NNPS privatebank-jpmorgan-com-8914 26 31 per per IN privatebank-jpmorgan-com-8914 26 32 mm mm NNP privatebank-jpmorgan-com-8914 26 33 people people NNS privatebank-jpmorgan-com-8914 26 34 Source source NN privatebank-jpmorgan-com-8914 26 35 : : : privatebank-jpmorgan-com-8914 26 36 HHS HHS NNP privatebank-jpmorgan-com-8914 26 37 , , , privatebank-jpmorgan-com-8914 26 38 IMF IMF NNP privatebank-jpmorgan-com-8914 26 39 , , , privatebank-jpmorgan-com-8914 26 40 JPMAM JPMAM NNP privatebank-jpmorgan-com-8914 26 41 . . . privatebank-jpmorgan-com-8914 27 1 June June NNP privatebank-jpmorgan-com-8914 27 2 27 27 CD privatebank-jpmorgan-com-8914 27 3 , , , privatebank-jpmorgan-com-8914 27 4 2021 2021 CD privatebank-jpmorgan-com-8914 27 5 . . . privatebank-jpmorgan-com-8914 28 1 0.00 0.00 CD privatebank-jpmorgan-com-8914 28 2 0.01 0.01 CD privatebank-jpmorgan-com-8914 28 3 0.10 0.10 CD privatebank-jpmorgan-com-8914 28 4 1.00 1.00 CD privatebank-jpmorgan-com-8914 28 5 10.00 10.00 CD privatebank-jpmorgan-com-8914 28 6 100.00 100.00 CD privatebank-jpmorgan-com-8914 28 7 0.0 0.0 CD privatebank-jpmorgan-com-8914 28 8 0.1 0.1 CD privatebank-jpmorgan-com-8914 28 9 1.0 1.0 CD privatebank-jpmorgan-com-8914 28 10 10.0 10.0 CD privatebank-jpmorgan-com-8914 28 11 100.0 100.0 CD privatebank-jpmorgan-com-8914 28 12 1,000.0 1,000.0 CD privatebank-jpmorgan-com-8914 28 13 S S NNP privatebank-jpmorgan-com-8914 28 14 America America NNP privatebank-jpmorgan-com-8914 28 15 M M NNP privatebank-jpmorgan-com-8914 28 16 East East NNP privatebank-jpmorgan-com-8914 28 17 C C NNP privatebank-jpmorgan-com-8914 28 18 America America NNP privatebank-jpmorgan-com-8914 28 19 E E NNP privatebank-jpmorgan-com-8914 28 20 Europe Europe NNP privatebank-jpmorgan-com-8914 28 21 EM EM NNP privatebank-jpmorgan-com-8914 28 22 Asia Asia NNP privatebank-jpmorgan-com-8914 28 23 Africa Africa NNP privatebank-jpmorgan-com-8914 28 24 Latest Latest NNP privatebank-jpmorgan-com-8914 28 25 COVID COVID NNP privatebank-jpmorgan-com-8914 28 26 trends trend NNS privatebank-jpmorgan-com-8914 28 27 in in IN privatebank-jpmorgan-com-8914 28 28 Developing Developing NNP privatebank-jpmorgan-com-8914 28 29 Countries Countries NNPS privatebank-jpmorgan-com-8914 28 30 Source Source NNP privatebank-jpmorgan-com-8914 28 31 : : : privatebank-jpmorgan-com-8914 28 32 Johns Johns NNP privatebank-jpmorgan-com-8914 28 33 Hopkins Hopkins NNP privatebank-jpmorgan-com-8914 28 34 University University NNP privatebank-jpmorgan-com-8914 28 35 , , , privatebank-jpmorgan-com-8914 28 36 IMF IMF NNP privatebank-jpmorgan-com-8914 28 37 , , , privatebank-jpmorgan-com-8914 28 38 JPMAM JPMAM NNP privatebank-jpmorgan-com-8914 28 39 . . . privatebank-jpmorgan-com-8914 29 1 June June NNP privatebank-jpmorgan-com-8914 29 2 27 27 CD privatebank-jpmorgan-com-8914 29 3 , , , privatebank-jpmorgan-com-8914 29 4 2021 2021 CD privatebank-jpmorgan-com-8914 29 5 . . . privatebank-jpmorgan-com-8914 30 1 Mortality mortality NN privatebank-jpmorgan-com-8914 30 2 per per IN privatebank-jpmorgan-com-8914 30 3 million million CD privatebank-jpmorgan-com-8914 30 4 people people NNS privatebank-jpmorgan-com-8914 30 5 , , , privatebank-jpmorgan-com-8914 30 6 log log VBP privatebank-jpmorgan-com-8914 30 7 scale scale NN privatebank-jpmorgan-com-8914 30 8 Infections infection NNS privatebank-jpmorgan-com-8914 30 9 per per IN privatebank-jpmorgan-com-8914 30 10 million million CD privatebank-jpmorgan-com-8914 30 11 people people NNS privatebank-jpmorgan-com-8914 30 12 , , , privatebank-jpmorgan-com-8914 30 13 log log NN privatebank-jpmorgan-com-8914 30 14 scale scale NN privatebank-jpmorgan-com-8914 30 15 INVESTMENT investment NN privatebank-jpmorgan-com-8914 30 16 PRODUCTS product NNS privatebank-jpmorgan-com-8914 30 17 ARE are VBP privatebank-jpmorgan-com-8914 30 18 : : : privatebank-jpmorgan-com-8914 30 19 ● ● NFP privatebank-jpmorgan-com-8914 30 20 NOT not RB privatebank-jpmorgan-com-8914 30 21 FDIC FDIC NNP privatebank-jpmorgan-com-8914 30 22 INSURED INSURED NNP privatebank-jpmorgan-com-8914 30 23 ● ● NFP privatebank-jpmorgan-com-8914 30 24 NOT not RB privatebank-jpmorgan-com-8914 30 25 A a DT privatebank-jpmorgan-com-8914 30 26 DEPOSIT deposit NN privatebank-jpmorgan-com-8914 30 27 OR or CC privatebank-jpmorgan-com-8914 30 28 OTHER other JJ privatebank-jpmorgan-com-8914 30 29 OBLIGATION obligation NN privatebank-jpmorgan-com-8914 30 30 OF of IN privatebank-jpmorgan-com-8914 30 31 , , , privatebank-jpmorgan-com-8914 30 32 OR or CC privatebank-jpmorgan-com-8914 30 33 GUARANTEED GUARANTEED NNP privatebank-jpmorgan-com-8914 30 34 BY by RB privatebank-jpmorgan-com-8914 30 35 , , , privatebank-jpmorgan-com-8914 30 36 JPMORGAN JPMORGAN NNP privatebank-jpmorgan-com-8914 30 37 CHASE CHASE NNP privatebank-jpmorgan-com-8914 30 38 BANK BANK NNP privatebank-jpmorgan-com-8914 30 39 , , , privatebank-jpmorgan-com-8914 30 40 N.A. N.A. NNP privatebank-jpmorgan-com-8914 31 1 OR or CC privatebank-jpmorgan-com-8914 31 2 ANY any DT privatebank-jpmorgan-com-8914 31 3 OF of IN privatebank-jpmorgan-com-8914 31 4 ITS its PRP$ privatebank-jpmorgan-com-8914 31 5 AFFILIATES affiliate NNS privatebank-jpmorgan-com-8914 31 6 ● ● . privatebank-jpmorgan-com-8914 31 7 SUBJECT subject NN privatebank-jpmorgan-com-8914 31 8 TO to IN privatebank-jpmorgan-com-8914 31 9 INVESTMENT investment NN privatebank-jpmorgan-com-8914 31 10 RISKS risk NNS privatebank-jpmorgan-com-8914 31 11 , , , privatebank-jpmorgan-com-8914 31 12 INCLUDING include VBZ privatebank-jpmorgan-com-8914 31 13 POSSIBLE POSSIBLE NNP privatebank-jpmorgan-com-8914 31 14 L L NNP privatebank-jpmorgan-com-8914 31 15 OSS oss NN privatebank-jpmorgan-com-8914 31 16 OF of IN privatebank-jpmorgan-com-8914 31 17 THE the DT privatebank-jpmorgan-com-8914 31 18 PRINCIPAL PRINCIPAL NNP privatebank-jpmorgan-com-8914 31 19 AMOUNT amount NN privatebank-jpmorgan-com-8914 31 20 INVESTED invest VBD privatebank-jpmorgan-com-8914 31 21 https://privatebank.jpmorgan.com/gl/en/insights/investing/eotm/coronavirus-research https://privatebank.jpmorgan.com/gl/en/insights/investing/eotm/coronavirus-research NN privatebank-jpmorgan-com-8914 31 22 E e NN privatebank-jpmorgan-com-8914 31 23 Y y NN privatebank-jpmorgan-com-8914 31 24 E e NN privatebank-jpmorgan-com-8914 31 25 O o NN privatebank-jpmorgan-com-8914 31 26 N n NN privatebank-jpmorgan-com-8914 31 27 T t NN privatebank-jpmorgan-com-8914 31 28 H h NN privatebank-jpmorgan-com-8914 31 29 E e NN privatebank-jpmorgan-com-8914 31 30 M m NN privatebank-jpmorgan-com-8914 31 31 A a NN privatebank-jpmorgan-com-8914 31 32 R r NN privatebank-jpmorgan-com-8914 31 33 K k NN privatebank-jpmorgan-com-8914 31 34 E e NN privatebank-jpmorgan-com-8914 31 35 T t NN privatebank-jpmorgan-com-8914 31 36 • • NN privatebank-jpmorgan-com-8914 31 37 M m NN privatebank-jpmorgan-com-8914 31 38 I i NN privatebank-jpmorgan-com-8914 31 39 C c NN privatebank-jpmorgan-com-8914 31 40 H h NN privatebank-jpmorgan-com-8914 31 41 A a NN privatebank-jpmorgan-com-8914 31 42 E e NN privatebank-jpmorgan-com-8914 31 43 L l NN privatebank-jpmorgan-com-8914 31 44 C c NN privatebank-jpmorgan-com-8914 31 45 E e NN privatebank-jpmorgan-com-8914 31 46 M m NN privatebank-jpmorgan-com-8914 31 47 B B NNP privatebank-jpmorgan-com-8914 31 48 A A NNP privatebank-jpmorgan-com-8914 31 49 L l NN privatebank-jpmorgan-com-8914 31 50 E e NN privatebank-jpmorgan-com-8914 31 51 S s NN privatebank-jpmorgan-com-8914 31 52 T t NN privatebank-jpmorgan-com-8914 31 53 • • NN privatebank-jpmorgan-com-8914 31 54 J J NNP privatebank-jpmorgan-com-8914 31 55 . . . privatebank-jpmorgan-com-8914 32 1 P p NN privatebank-jpmorgan-com-8914 32 2 . . . privatebank-jpmorgan-com-8914 33 1 M M NNP privatebank-jpmorgan-com-8914 33 2 O o NN privatebank-jpmorgan-com-8914 33 3 R r NN privatebank-jpmorgan-com-8914 33 4 G g NN privatebank-jpmorgan-com-8914 33 5 A a NN privatebank-jpmorgan-com-8914 33 6 N n NN privatebank-jpmorgan-com-8914 33 7 A a NN privatebank-jpmorgan-com-8914 33 8 c c NN privatebank-jpmorgan-com-8914 33 9 c c NN privatebank-jpmorgan-com-8914 33 10 e e NNP privatebank-jpmorgan-com-8914 33 11 s s NNP privatebank-jpmorgan-com-8914 33 12 s s NNP privatebank-jpmorgan-com-8914 33 13 o o NNP privatebank-jpmorgan-com-8914 33 14 u u NNP privatebank-jpmorgan-com-8914 33 15 r r NNP privatebank-jpmorgan-com-8914 33 16 f f NNP privatebank-jpmorgan-com-8914 33 17 u u NNP privatebank-jpmorgan-com-8914 33 18 l l NNP privatebank-jpmorgan-com-8914 33 19 l l NNP privatebank-jpmorgan-com-8914 33 20 c c NNP privatebank-jpmorgan-com-8914 33 21 o o NN privatebank-jpmorgan-com-8914 33 22 r r NN privatebank-jpmorgan-com-8914 33 23 o o NN privatebank-jpmorgan-com-8914 33 24 n n CC privatebank-jpmorgan-com-8914 33 25 a a NN privatebank-jpmorgan-com-8914 33 26 v v NN privatebank-jpmorgan-com-8914 33 27 i i NN privatebank-jpmorgan-com-8914 33 28 r r NNP privatebank-jpmorgan-com-8914 33 29 u u NNP privatebank-jpmorgan-com-8914 33 30 s s NNP privatebank-jpmorgan-com-8914 33 31 a a NNP privatebank-jpmorgan-com-8914 33 32 n n NNP privatebank-jpmorgan-com-8914 33 33 a a DT privatebank-jpmorgan-com-8914 33 34 l l NN privatebank-jpmorgan-com-8914 33 35 y y NNP privatebank-jpmorgan-com-8914 33 36 s s NNP privatebank-jpmorgan-com-8914 33 37 i i NNP privatebank-jpmorgan-com-8914 33 38 s s NNP privatebank-jpmorgan-com-8914 33 39 w w NNP privatebank-jpmorgan-com-8914 33 40 e e NNP privatebank-jpmorgan-com-8914 33 41 b b NNP privatebank-jpmorgan-com-8914 33 42 p p NN privatebank-jpmorgan-com-8914 33 43 o o NN privatebank-jpmorgan-com-8914 33 44 r r NN privatebank-jpmorgan-com-8914 33 45 t t NN privatebank-jpmorgan-com-8914 33 46 a a DT privatebank-jpmorgan-com-8914 33 47 l l NN privatebank-jpmorgan-com-8914 33 48 h h NN privatebank-jpmorgan-com-8914 33 49 e e NN privatebank-jpmorgan-com-8914 33 50 r r NN privatebank-jpmorgan-com-8914 33 51 e e NNP privatebank-jpmorgan-com-8914 33 52 J J NNP privatebank-jpmorgan-com-8914 33 53 u u NNP privatebank-jpmorgan-com-8914 33 54 n n NNP privatebank-jpmorgan-com-8914 33 55 e e NNP privatebank-jpmorgan-com-8914 33 56 2 2 CD privatebank-jpmorgan-com-8914 33 57 8 8 CD privatebank-jpmorgan-com-8914 33 58 , , , privatebank-jpmorgan-com-8914 33 59 2 2 CD privatebank-jpmorgan-com-8914 33 60 0 0 CD privatebank-jpmorgan-com-8914 33 61 2 2 CD privatebank-jpmorgan-com-8914 33 62 1 1 CD privatebank-jpmorgan-com-8914 33 63 2 2 CD privatebank-jpmorgan-com-8914 33 64 Food Food NNP privatebank-jpmorgan-com-8914 33 65 Fight Fight NNP privatebank-jpmorgan-com-8914 33 66 : : : privatebank-jpmorgan-com-8914 33 67 2021 2021 CD privatebank-jpmorgan-com-8914 33 68 private private JJ privatebank-jpmorgan-com-8914 33 69 equity equity NN privatebank-jpmorgan-com-8914 33 70 update update NN privatebank-jpmorgan-com-8914 33 71 The the DT privatebank-jpmorgan-com-8914 33 72 question question NN privatebank-jpmorgan-com-8914 33 73 of of IN privatebank-jpmorgan-com-8914 33 74 whether whether IN privatebank-jpmorgan-com-8914 33 75 private private JJ privatebank-jpmorgan-com-8914 33 76 equity equity NN privatebank-jpmorgan-com-8914 33 77 outperforms outperform VBZ privatebank-jpmorgan-com-8914 33 78 public public JJ privatebank-jpmorgan-com-8914 33 79 equity equity NN privatebank-jpmorgan-com-8914 33 80 continues continue VBZ privatebank-jpmorgan-com-8914 33 81 to to TO privatebank-jpmorgan-com-8914 33 82 be be VB privatebank-jpmorgan-com-8914 33 83 a a DT privatebank-jpmorgan-com-8914 33 84 hotly hotly RB privatebank-jpmorgan-com-8914 33 85 debated debate VBN privatebank-jpmorgan-com-8914 33 86 issue issue NN privatebank-jpmorgan-com-8914 33 87 in in IN privatebank-jpmorgan-com-8914 33 88 investment investment NN privatebank-jpmorgan-com-8914 33 89 finance finance NN privatebank-jpmorgan-com-8914 33 90 . . . privatebank-jpmorgan-com-8914 34 1 In in IN privatebank-jpmorgan-com-8914 34 2 the the DT privatebank-jpmorgan-com-8914 34 3 latest late JJS privatebank-jpmorgan-com-8914 34 4 food food NN privatebank-jpmorgan-com-8914 34 5 fight fight NN privatebank-jpmorgan-com-8914 34 6 , , , privatebank-jpmorgan-com-8914 34 7 Steve Steve NNP privatebank-jpmorgan-com-8914 34 8 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 34 9 at at IN privatebank-jpmorgan-com-8914 34 10 the the DT privatebank-jpmorgan-com-8914 34 11 University University NNP privatebank-jpmorgan-com-8914 34 12 of of IN privatebank-jpmorgan-com-8914 34 13 Chicago Chicago NNP privatebank-jpmorgan-com-8914 34 14 takes take VBZ privatebank-jpmorgan-com-8914 34 15 on on IN privatebank-jpmorgan-com-8914 34 16 Ludovic Ludovic NNP privatebank-jpmorgan-com-8914 34 17 Phalippou Phalippou NNP privatebank-jpmorgan-com-8914 34 18 from from IN privatebank-jpmorgan-com-8914 34 19 the the DT privatebank-jpmorgan-com-8914 34 20 University University NNP privatebank-jpmorgan-com-8914 34 21 of of IN privatebank-jpmorgan-com-8914 34 22 Oxford Oxford NNP privatebank-jpmorgan-com-8914 34 23 . . . privatebank-jpmorgan-com-8914 35 1 Phalippou Phalippou NNP privatebank-jpmorgan-com-8914 35 2 is be VBZ privatebank-jpmorgan-com-8914 35 3 the the DT privatebank-jpmorgan-com-8914 35 4 author author NN privatebank-jpmorgan-com-8914 35 5 of of IN privatebank-jpmorgan-com-8914 35 6 “ " `` privatebank-jpmorgan-com-8914 35 7 Private Private NNP privatebank-jpmorgan-com-8914 35 8 Equity Equity NNP privatebank-jpmorgan-com-8914 35 9 Laid Laid NNP privatebank-jpmorgan-com-8914 35 10 Bare Bare NNP privatebank-jpmorgan-com-8914 35 11 ” " '' privatebank-jpmorgan-com-8914 35 12 , , , privatebank-jpmorgan-com-8914 35 13 has have VBZ privatebank-jpmorgan-com-8914 35 14 a a DT privatebank-jpmorgan-com-8914 35 15 podcast podcast NN privatebank-jpmorgan-com-8914 35 16 with with IN privatebank-jpmorgan-com-8914 35 17 the the DT privatebank-jpmorgan-com-8914 35 18 same same JJ privatebank-jpmorgan-com-8914 35 19 name name NN privatebank-jpmorgan-com-8914 35 20 , , , privatebank-jpmorgan-com-8914 35 21 and and CC privatebank-jpmorgan-com-8914 35 22 asserts assert VBZ privatebank-jpmorgan-com-8914 35 23 that that IN privatebank-jpmorgan-com-8914 35 24 private private JJ privatebank-jpmorgan-com-8914 35 25 equity equity NN privatebank-jpmorgan-com-8914 35 26 managers manager NNS privatebank-jpmorgan-com-8914 35 27 have have VBP privatebank-jpmorgan-com-8914 35 28 not not RB privatebank-jpmorgan-com-8914 35 29 outperformed outperform VBN privatebank-jpmorgan-com-8914 35 30 net net NN privatebank-jpmorgan-com-8914 35 31 of of IN privatebank-jpmorgan-com-8914 35 32 fees fee NNS privatebank-jpmorgan-com-8914 35 33 . . . privatebank-jpmorgan-com-8914 36 1 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 36 2 disagrees disagree VBZ privatebank-jpmorgan-com-8914 36 3 ; ; : privatebank-jpmorgan-com-8914 36 4 the the DT privatebank-jpmorgan-com-8914 36 5 schematic schematic NN privatebank-jpmorgan-com-8914 36 6 below below RB privatebank-jpmorgan-com-8914 36 7 outlines outline VBZ privatebank-jpmorgan-com-8914 36 8 the the DT privatebank-jpmorgan-com-8914 36 9 main main JJ privatebank-jpmorgan-com-8914 36 10 points point NNS privatebank-jpmorgan-com-8914 36 11 of of IN privatebank-jpmorgan-com-8914 36 12 dispute1 dispute1 NN privatebank-jpmorgan-com-8914 36 13 . . . privatebank-jpmorgan-com-8914 37 1 We -PRON- PRP privatebank-jpmorgan-com-8914 37 2 ’ll will MD privatebank-jpmorgan-com-8914 37 3 get get VB privatebank-jpmorgan-com-8914 37 4 into into IN privatebank-jpmorgan-com-8914 37 5 the the DT privatebank-jpmorgan-com-8914 37 6 details detail NNS privatebank-jpmorgan-com-8914 37 7 later later RB privatebank-jpmorgan-com-8914 37 8 but but CC privatebank-jpmorgan-com-8914 37 9 for for IN privatebank-jpmorgan-com-8914 37 10 now now RB privatebank-jpmorgan-com-8914 37 11 , , , privatebank-jpmorgan-com-8914 37 12 think think VB privatebank-jpmorgan-com-8914 37 13 of of IN privatebank-jpmorgan-com-8914 37 14 the the DT privatebank-jpmorgan-com-8914 37 15 public public JJ privatebank-jpmorgan-com-8914 37 16 market market NN privatebank-jpmorgan-com-8914 37 17 equivalent equivalent NN privatebank-jpmorgan-com-8914 37 18 ( ( -LRB- privatebank-jpmorgan-com-8914 37 19 PME PME NNP privatebank-jpmorgan-com-8914 37 20 ) ) -RRB- privatebank-jpmorgan-com-8914 37 21 measure measure NN privatebank-jpmorgan-com-8914 37 22 as as IN privatebank-jpmorgan-com-8914 37 23 a a DT privatebank-jpmorgan-com-8914 37 24 multiple multiple NN privatebank-jpmorgan-com-8914 37 25 of of IN privatebank-jpmorgan-com-8914 37 26 invested invest VBN privatebank-jpmorgan-com-8914 37 27 capital capital NN privatebank-jpmorgan-com-8914 37 28 of of IN privatebank-jpmorgan-com-8914 37 29 private private JJ privatebank-jpmorgan-com-8914 37 30 equity equity NN privatebank-jpmorgan-com-8914 37 31 relative relative JJ privatebank-jpmorgan-com-8914 37 32 to to IN privatebank-jpmorgan-com-8914 37 33 public public JJ privatebank-jpmorgan-com-8914 37 34 equity equity NN privatebank-jpmorgan-com-8914 37 35 , , , privatebank-jpmorgan-com-8914 37 36 and and CC privatebank-jpmorgan-com-8914 37 37 where where WRB privatebank-jpmorgan-com-8914 37 38 a a DT privatebank-jpmorgan-com-8914 37 39 PME pme NN privatebank-jpmorgan-com-8914 37 40 > > XX privatebank-jpmorgan-com-8914 37 41 1.00 1.00 CD privatebank-jpmorgan-com-8914 37 42 indicates indicate VBZ privatebank-jpmorgan-com-8914 37 43 that that IN privatebank-jpmorgan-com-8914 37 44 private private JJ privatebank-jpmorgan-com-8914 37 45 equity equity NN privatebank-jpmorgan-com-8914 37 46 outperformed outperform VBN privatebank-jpmorgan-com-8914 37 47 . . . privatebank-jpmorgan-com-8914 38 1 Phalippou Phalippou NNP privatebank-jpmorgan-com-8914 38 2 : : : privatebank-jpmorgan-com-8914 38 3 “ " `` privatebank-jpmorgan-com-8914 38 4 Private private JJ privatebank-jpmorgan-com-8914 38 5 equity equity NN privatebank-jpmorgan-com-8914 38 6 has have VBZ privatebank-jpmorgan-com-8914 38 7 underperformed underperform VBN privatebank-jpmorgan-com-8914 38 8 public public JJ privatebank-jpmorgan-com-8914 38 9 equity equity NN privatebank-jpmorgan-com-8914 38 10 ” " '' privatebank-jpmorgan-com-8914 38 11 Private private JJ privatebank-jpmorgan-com-8914 38 12 equity equity NN privatebank-jpmorgan-com-8914 38 13 PME pme NN privatebank-jpmorgan-com-8914 38 14 = = SYM privatebank-jpmorgan-com-8914 38 15 0.99 0.99 CD privatebank-jpmorgan-com-8914 38 16 from from IN privatebank-jpmorgan-com-8914 38 17 2006 2006 CD privatebank-jpmorgan-com-8914 38 18 to to IN privatebank-jpmorgan-com-8914 38 19 2015 2015 CD privatebank-jpmorgan-com-8914 38 20 using use VBG privatebank-jpmorgan-com-8914 38 21 the the DT privatebank-jpmorgan-com-8914 38 22 S&P S&P NNP privatebank-jpmorgan-com-8914 38 23 500 500 CD privatebank-jpmorgan-com-8914 38 24 as as IN privatebank-jpmorgan-com-8914 38 25 a a DT privatebank-jpmorgan-com-8914 38 26 benchmark benchmark JJ privatebank-jpmorgan-com-8914 38 27 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 38 28 : : : privatebank-jpmorgan-com-8914 38 29 “ " `` privatebank-jpmorgan-com-8914 38 30 Yes yes UH privatebank-jpmorgan-com-8914 38 31 , , , privatebank-jpmorgan-com-8914 38 32 but but CC privatebank-jpmorgan-com-8914 38 33 all all DT privatebank-jpmorgan-com-8914 38 34 other other JJ privatebank-jpmorgan-com-8914 38 35 time time NN privatebank-jpmorgan-com-8914 38 36 periods period NNS privatebank-jpmorgan-com-8914 38 37 show show VBP privatebank-jpmorgan-com-8914 38 38 PE PE NNP privatebank-jpmorgan-com-8914 38 39 outperformance outperformance VBP privatebank-jpmorgan-com-8914 38 40 ” " '' privatebank-jpmorgan-com-8914 38 41 All all DT privatebank-jpmorgan-com-8914 38 42 contiguous contiguous JJ privatebank-jpmorgan-com-8914 38 43 periods period NNS privatebank-jpmorgan-com-8914 38 44 from from IN privatebank-jpmorgan-com-8914 38 45 1996 1996 CD privatebank-jpmorgan-com-8914 38 46 to to IN privatebank-jpmorgan-com-8914 38 47 2015 2015 CD privatebank-jpmorgan-com-8914 38 48 show show VB privatebank-jpmorgan-com-8914 38 49 a a DT privatebank-jpmorgan-com-8914 38 50 private private JJ privatebank-jpmorgan-com-8914 38 51 equity equity NN privatebank-jpmorgan-com-8914 38 52 PME pme NN privatebank-jpmorgan-com-8914 38 53 > > XX privatebank-jpmorgan-com-8914 38 54 1 1 CD privatebank-jpmorgan-com-8914 38 55 except except IN privatebank-jpmorgan-com-8914 38 56 for for IN privatebank-jpmorgan-com-8914 38 57 2006 2006 CD privatebank-jpmorgan-com-8914 38 58 to to IN privatebank-jpmorgan-com-8914 38 59 2015 2015 CD privatebank-jpmorgan-com-8914 38 60 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 38 61 : : : privatebank-jpmorgan-com-8914 38 62 “ " `` privatebank-jpmorgan-com-8914 38 63 Phalippou Phalippou NNP privatebank-jpmorgan-com-8914 38 64 ’s ’s POS privatebank-jpmorgan-com-8914 38 65 definition definition NN privatebank-jpmorgan-com-8914 38 66 of of IN privatebank-jpmorgan-com-8914 38 67 private private JJ privatebank-jpmorgan-com-8914 38 68 equity equity NN privatebank-jpmorgan-com-8914 38 69 is be VBZ privatebank-jpmorgan-com-8914 38 70 too too RB privatebank-jpmorgan-com-8914 38 71 broad broad JJ privatebank-jpmorgan-com-8914 38 72 ” " '' privatebank-jpmorgan-com-8914 38 73 Phalippou Phalippou NNP privatebank-jpmorgan-com-8914 38 74 ’s ’s POS privatebank-jpmorgan-com-8914 38 75 private private JJ privatebank-jpmorgan-com-8914 38 76 equity equity NN privatebank-jpmorgan-com-8914 38 77 universe universe NN privatebank-jpmorgan-com-8914 38 78 includes include VBZ privatebank-jpmorgan-com-8914 38 79 real real JJ privatebank-jpmorgan-com-8914 38 80 assets asset NNS privatebank-jpmorgan-com-8914 38 81 , , , privatebank-jpmorgan-com-8914 38 82 real real JJ privatebank-jpmorgan-com-8914 38 83 estate estate NN privatebank-jpmorgan-com-8914 38 84 , , , privatebank-jpmorgan-com-8914 38 85 infrastructure infrastructure NN privatebank-jpmorgan-com-8914 38 86 and and CC privatebank-jpmorgan-com-8914 38 87 energy energy NN privatebank-jpmorgan-com-8914 38 88 . . . privatebank-jpmorgan-com-8914 39 1 When when WRB privatebank-jpmorgan-com-8914 39 2 private private JJ privatebank-jpmorgan-com-8914 39 3 equity equity NN privatebank-jpmorgan-com-8914 39 4 is be VBZ privatebank-jpmorgan-com-8914 39 5 defined define VBN privatebank-jpmorgan-com-8914 39 6 just just RB privatebank-jpmorgan-com-8914 39 7 as as IN privatebank-jpmorgan-com-8914 39 8 buyout buyout NN privatebank-jpmorgan-com-8914 39 9 , , , privatebank-jpmorgan-com-8914 39 10 growth growth NN privatebank-jpmorgan-com-8914 39 11 equity equity NN privatebank-jpmorgan-com-8914 39 12 and and CC privatebank-jpmorgan-com-8914 39 13 venture venture NN privatebank-jpmorgan-com-8914 39 14 capital capital NN privatebank-jpmorgan-com-8914 39 15 , , , privatebank-jpmorgan-com-8914 39 16 private private JJ privatebank-jpmorgan-com-8914 39 17 equity equity NN privatebank-jpmorgan-com-8914 39 18 PME PME NNP privatebank-jpmorgan-com-8914 39 19 = = SYM privatebank-jpmorgan-com-8914 39 20 1.05 1.05 CD privatebank-jpmorgan-com-8914 39 21 even even RB privatebank-jpmorgan-com-8914 39 22 when when WRB privatebank-jpmorgan-com-8914 39 23 using use VBG privatebank-jpmorgan-com-8914 39 24 Phalippou Phalippou NNP privatebank-jpmorgan-com-8914 39 25 ’s ’s POS privatebank-jpmorgan-com-8914 39 26 time time NN privatebank-jpmorgan-com-8914 39 27 period period NN privatebank-jpmorgan-com-8914 39 28 of of IN privatebank-jpmorgan-com-8914 39 29 2006 2006 CD privatebank-jpmorgan-com-8914 39 30 to to IN privatebank-jpmorgan-com-8914 39 31 2015 2015 CD privatebank-jpmorgan-com-8914 39 32 Phalippou Phalippou NNP privatebank-jpmorgan-com-8914 39 33 : : : privatebank-jpmorgan-com-8914 39 34 “ " `` privatebank-jpmorgan-com-8914 39 35 If if IN privatebank-jpmorgan-com-8914 39 36 you -PRON- PRP privatebank-jpmorgan-com-8914 39 37 remove remove VBP privatebank-jpmorgan-com-8914 39 38 underperforming underperform VBG privatebank-jpmorgan-com-8914 39 39 real real JJ privatebank-jpmorgan-com-8914 39 40 assets asset NNS privatebank-jpmorgan-com-8914 39 41 like like IN privatebank-jpmorgan-com-8914 39 42 oil oil NN privatebank-jpmorgan-com-8914 39 43 & & CC privatebank-jpmorgan-com-8914 39 44 gas gas NN privatebank-jpmorgan-com-8914 39 45 from from IN privatebank-jpmorgan-com-8914 39 46 the the DT privatebank-jpmorgan-com-8914 39 47 private private JJ privatebank-jpmorgan-com-8914 39 48 equity equity NN privatebank-jpmorgan-com-8914 39 49 universe universe NN privatebank-jpmorgan-com-8914 39 50 , , , privatebank-jpmorgan-com-8914 39 51 should should MD privatebank-jpmorgan-com-8914 39 52 n’t not RB privatebank-jpmorgan-com-8914 39 53 you -PRON- PRP privatebank-jpmorgan-com-8914 39 54 remove remove VB privatebank-jpmorgan-com-8914 39 55 them -PRON- PRP privatebank-jpmorgan-com-8914 39 56 from from IN privatebank-jpmorgan-com-8914 39 57 the the DT privatebank-jpmorgan-com-8914 39 58 S&P S&P NNP privatebank-jpmorgan-com-8914 39 59 benchmark benchmark NN privatebank-jpmorgan-com-8914 39 60 too too RB privatebank-jpmorgan-com-8914 39 61 ? ? . privatebank-jpmorgan-com-8914 39 62 ” " '' privatebank-jpmorgan-com-8914 39 63 Yes yes UH privatebank-jpmorgan-com-8914 39 64 , , , privatebank-jpmorgan-com-8914 39 65 in in IN privatebank-jpmorgan-com-8914 39 66 principle principle NN privatebank-jpmorgan-com-8914 39 67 ; ; : privatebank-jpmorgan-com-8914 39 68 the the DT privatebank-jpmorgan-com-8914 39 69 impact impact NN privatebank-jpmorgan-com-8914 39 70 on on IN privatebank-jpmorgan-com-8914 39 71 the the DT privatebank-jpmorgan-com-8914 39 72 benchmark benchmark NN privatebank-jpmorgan-com-8914 39 73 depends depend VBZ privatebank-jpmorgan-com-8914 39 74 on on IN privatebank-jpmorgan-com-8914 39 75 the the DT privatebank-jpmorgan-com-8914 39 76 time time NN privatebank-jpmorgan-com-8914 39 77 period period NN privatebank-jpmorgan-com-8914 39 78 analyzed analyze VBD privatebank-jpmorgan-com-8914 39 79 . . . privatebank-jpmorgan-com-8914 40 1 For for IN privatebank-jpmorgan-com-8914 40 2 2006 2006 CD privatebank-jpmorgan-com-8914 40 3 to to IN privatebank-jpmorgan-com-8914 40 4 2017 2017 CD privatebank-jpmorgan-com-8914 40 5 , , , privatebank-jpmorgan-com-8914 40 6 the the DT privatebank-jpmorgan-com-8914 40 7 energy energy NN privatebank-jpmorgan-com-8914 40 8 sector sector NN privatebank-jpmorgan-com-8914 40 9 underperformed underperform VBD privatebank-jpmorgan-com-8914 40 10 the the DT privatebank-jpmorgan-com-8914 40 11 S&P S&P NNP privatebank-jpmorgan-com-8914 40 12 500 500 CD privatebank-jpmorgan-com-8914 40 13 . . . privatebank-jpmorgan-com-8914 41 1 However however RB privatebank-jpmorgan-com-8914 41 2 , , , privatebank-jpmorgan-com-8914 41 3 given give VBN privatebank-jpmorgan-com-8914 41 4 the the DT privatebank-jpmorgan-com-8914 41 5 5%-15 5%-15 CD privatebank-jpmorgan-com-8914 41 6 % % NN privatebank-jpmorgan-com-8914 41 7 modest modest JJ privatebank-jpmorgan-com-8914 41 8 weight weight NN privatebank-jpmorgan-com-8914 41 9 of of IN privatebank-jpmorgan-com-8914 41 10 energy energy NN privatebank-jpmorgan-com-8914 41 11 in in IN privatebank-jpmorgan-com-8914 41 12 the the DT privatebank-jpmorgan-com-8914 41 13 index index NN privatebank-jpmorgan-com-8914 41 14 , , , privatebank-jpmorgan-com-8914 41 15 an an DT privatebank-jpmorgan-com-8914 41 16 S&P S&P NNP privatebank-jpmorgan-com-8914 41 17 500 500 CD privatebank-jpmorgan-com-8914 41 18 ex ex JJ privatebank-jpmorgan-com-8914 41 19 - - JJ privatebank-jpmorgan-com-8914 41 20 energy energy JJ privatebank-jpmorgan-com-8914 41 21 benchmark benchmark NN privatebank-jpmorgan-com-8914 41 22 would would MD privatebank-jpmorgan-com-8914 41 23 only only RB privatebank-jpmorgan-com-8914 41 24 be be VB privatebank-jpmorgan-com-8914 41 25 25 25 CD privatebank-jpmorgan-com-8914 41 26 - - SYM privatebank-jpmorgan-com-8914 41 27 30 30 CD privatebank-jpmorgan-com-8914 41 28 bps bps NN privatebank-jpmorgan-com-8914 41 29 higher high JJR privatebank-jpmorgan-com-8914 41 30 on on IN privatebank-jpmorgan-com-8914 41 31 an an DT privatebank-jpmorgan-com-8914 41 32 annualized annualize VBN privatebank-jpmorgan-com-8914 41 33 basis basis NN privatebank-jpmorgan-com-8914 41 34 . . . privatebank-jpmorgan-com-8914 42 1 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 42 2 : : : privatebank-jpmorgan-com-8914 42 3 “ " `` privatebank-jpmorgan-com-8914 42 4 Phalippou Phalippou NNP privatebank-jpmorgan-com-8914 42 5 ’s ’s POS privatebank-jpmorgan-com-8914 42 6 use use NN privatebank-jpmorgan-com-8914 42 7 of of IN privatebank-jpmorgan-com-8914 42 8 the the DT privatebank-jpmorgan-com-8914 42 9 S&P S&P NNP privatebank-jpmorgan-com-8914 42 10 600 600 CD privatebank-jpmorgan-com-8914 42 11 for for IN privatebank-jpmorgan-com-8914 42 12 an an DT privatebank-jpmorgan-com-8914 42 13 alternative alternative JJ privatebank-jpmorgan-com-8914 42 14 small small JJ privatebank-jpmorgan-com-8914 42 15 / / SYM privatebank-jpmorgan-com-8914 42 16 mid mid JJ privatebank-jpmorgan-com-8914 42 17 - - JJ privatebank-jpmorgan-com-8914 42 18 cap cap NN privatebank-jpmorgan-com-8914 42 19 benchmark benchmark NN privatebank-jpmorgan-com-8914 42 20 is be VBZ privatebank-jpmorgan-com-8914 42 21 odd odd JJ privatebank-jpmorgan-com-8914 42 22 ” " '' privatebank-jpmorgan-com-8914 42 23 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 42 24 and and CC privatebank-jpmorgan-com-8914 42 25 Phalippou Phalippou NNP privatebank-jpmorgan-com-8914 42 26 also also RB privatebank-jpmorgan-com-8914 42 27 compute compute VBP privatebank-jpmorgan-com-8914 42 28 PMEs pme NNS privatebank-jpmorgan-com-8914 42 29 using use VBG privatebank-jpmorgan-com-8914 42 30 small small JJ privatebank-jpmorgan-com-8914 42 31 / / SYM privatebank-jpmorgan-com-8914 42 32 mid mid JJ privatebank-jpmorgan-com-8914 42 33 cap cap NN privatebank-jpmorgan-com-8914 42 34 benchmarks benchmark NNS privatebank-jpmorgan-com-8914 42 35 . . . privatebank-jpmorgan-com-8914 43 1 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 43 2 uses use VBZ privatebank-jpmorgan-com-8914 43 3 the the DT privatebank-jpmorgan-com-8914 43 4 Russell Russell NNP privatebank-jpmorgan-com-8914 43 5 2000 2000 CD privatebank-jpmorgan-com-8914 43 6 while while IN privatebank-jpmorgan-com-8914 43 7 Phalippou Phalippou NNP privatebank-jpmorgan-com-8914 43 8 uses use VBZ privatebank-jpmorgan-com-8914 43 9 the the DT privatebank-jpmorgan-com-8914 43 10 S&P S&P NNP privatebank-jpmorgan-com-8914 43 11 600 600 CD privatebank-jpmorgan-com-8914 43 12 . . . privatebank-jpmorgan-com-8914 44 1 Around around RB privatebank-jpmorgan-com-8914 44 2 90 90 CD privatebank-jpmorgan-com-8914 44 3 % % NN privatebank-jpmorgan-com-8914 44 4 of of IN privatebank-jpmorgan-com-8914 44 5 small small JJ privatebank-jpmorgan-com-8914 44 6 cap cap NN privatebank-jpmorgan-com-8914 44 7 managers manager NNS privatebank-jpmorgan-com-8914 44 8 use use VBP privatebank-jpmorgan-com-8914 44 9 the the DT privatebank-jpmorgan-com-8914 44 10 Russell Russell NNP privatebank-jpmorgan-com-8914 44 11 2000 2000 CD privatebank-jpmorgan-com-8914 44 12 , , , privatebank-jpmorgan-com-8914 44 13 which which WDT privatebank-jpmorgan-com-8914 44 14 is be VBZ privatebank-jpmorgan-com-8914 44 15 the the DT privatebank-jpmorgan-com-8914 44 16 industry industry NN privatebank-jpmorgan-com-8914 44 17 standard standard NN privatebank-jpmorgan-com-8914 44 18 . . . privatebank-jpmorgan-com-8914 45 1 For for IN privatebank-jpmorgan-com-8914 45 2 buyout buyout NN privatebank-jpmorgan-com-8914 45 3 , , , privatebank-jpmorgan-com-8914 45 4 growth growth NN privatebank-jpmorgan-com-8914 45 5 equity equity NN privatebank-jpmorgan-com-8914 45 6 and and CC privatebank-jpmorgan-com-8914 45 7 venture venture NN privatebank-jpmorgan-com-8914 45 8 capital capital NN privatebank-jpmorgan-com-8914 45 9 from from IN privatebank-jpmorgan-com-8914 45 10 2006 2006 CD privatebank-jpmorgan-com-8914 45 11 to to IN privatebank-jpmorgan-com-8914 45 12 2015 2015 CD privatebank-jpmorgan-com-8914 45 13 : : : privatebank-jpmorgan-com-8914 45 14 Private private JJ privatebank-jpmorgan-com-8914 45 15 equity equity NN privatebank-jpmorgan-com-8914 45 16 PME pme NN privatebank-jpmorgan-com-8914 45 17 = = SYM privatebank-jpmorgan-com-8914 45 18 1.05 1.05 CD privatebank-jpmorgan-com-8914 45 19 using use VBG privatebank-jpmorgan-com-8914 45 20 S&P S&P NNP privatebank-jpmorgan-com-8914 45 21 500 500 CD privatebank-jpmorgan-com-8914 45 22 or or CC privatebank-jpmorgan-com-8914 45 23 S&P S&P NNP privatebank-jpmorgan-com-8914 45 24 600 600 CD privatebank-jpmorgan-com-8914 45 25 , , , privatebank-jpmorgan-com-8914 45 26 and and CC privatebank-jpmorgan-com-8914 45 27 1.11 1.11 CD privatebank-jpmorgan-com-8914 45 28 using use VBG privatebank-jpmorgan-com-8914 45 29 Russell Russell NNP privatebank-jpmorgan-com-8914 45 30 2000 2000 CD privatebank-jpmorgan-com-8914 45 31 Phalippou Phalippou NNP privatebank-jpmorgan-com-8914 45 32 : : : privatebank-jpmorgan-com-8914 45 33 “ " `` privatebank-jpmorgan-com-8914 45 34 Managers manager NNS privatebank-jpmorgan-com-8914 45 35 love love VBP privatebank-jpmorgan-com-8914 45 36 to to TO privatebank-jpmorgan-com-8914 45 37 measure measure VB privatebank-jpmorgan-com-8914 45 38 performance performance NN privatebank-jpmorgan-com-8914 45 39 vs vs IN privatebank-jpmorgan-com-8914 45 40 the the DT privatebank-jpmorgan-com-8914 45 41 Russell Russell NNP privatebank-jpmorgan-com-8914 45 42 2000 2000 CD privatebank-jpmorgan-com-8914 45 43 instead instead RB privatebank-jpmorgan-com-8914 45 44 of of IN privatebank-jpmorgan-com-8914 45 45 the the DT privatebank-jpmorgan-com-8914 45 46 S&P S&P NNP privatebank-jpmorgan-com-8914 45 47 600 600 CD privatebank-jpmorgan-com-8914 45 48 ” " '' privatebank-jpmorgan-com-8914 45 49 The the DT privatebank-jpmorgan-com-8914 45 50 Russell Russell NNP privatebank-jpmorgan-com-8914 45 51 2000 2000 CD privatebank-jpmorgan-com-8914 45 52 has have VBZ privatebank-jpmorgan-com-8914 45 53 substantially substantially RB privatebank-jpmorgan-com-8914 45 54 underperformed underperform VBN privatebank-jpmorgan-com-8914 45 55 the the DT privatebank-jpmorgan-com-8914 45 56 S&P S&P NNP privatebank-jpmorgan-com-8914 45 57 600 600 CD privatebank-jpmorgan-com-8914 45 58 since since IN privatebank-jpmorgan-com-8914 45 59 the the DT privatebank-jpmorgan-com-8914 45 60 year year NN privatebank-jpmorgan-com-8914 45 61 2000 2000 CD privatebank-jpmorgan-com-8914 45 62 due due IN privatebank-jpmorgan-com-8914 45 63 to to IN privatebank-jpmorgan-com-8914 45 64 the the DT privatebank-jpmorgan-com-8914 45 65 lack lack NN privatebank-jpmorgan-com-8914 45 66 of of IN privatebank-jpmorgan-com-8914 45 67 an an DT privatebank-jpmorgan-com-8914 45 68 IPO IPO NNP privatebank-jpmorgan-com-8914 45 69 seasoning seasoning NN privatebank-jpmorgan-com-8914 45 70 requirement requirement NN privatebank-jpmorgan-com-8914 45 71 , , , privatebank-jpmorgan-com-8914 45 72 no no DT privatebank-jpmorgan-com-8914 45 73 profitability profitability NN privatebank-jpmorgan-com-8914 45 74 tests test NNS privatebank-jpmorgan-com-8914 45 75 , , , privatebank-jpmorgan-com-8914 45 76 a a DT privatebank-jpmorgan-com-8914 45 77 smaller small JJR privatebank-jpmorgan-com-8914 45 78 float float NN privatebank-jpmorgan-com-8914 45 79 requirement requirement NN privatebank-jpmorgan-com-8914 45 80 and and CC privatebank-jpmorgan-com-8914 45 81 its -PRON- PRP$ privatebank-jpmorgan-com-8914 45 82 popularity popularity NN privatebank-jpmorgan-com-8914 45 83 with with IN privatebank-jpmorgan-com-8914 45 84 ETF ETF NNP privatebank-jpmorgan-com-8914 45 85 investors investor NNS privatebank-jpmorgan-com-8914 45 86 since since IN privatebank-jpmorgan-com-8914 45 87 there there EX privatebank-jpmorgan-com-8914 45 88 is be VBZ privatebank-jpmorgan-com-8914 45 89 more more JJR privatebank-jpmorgan-com-8914 45 90 buying buying NN privatebank-jpmorgan-com-8914 45 91 / / SYM privatebank-jpmorgan-com-8914 45 92 selling selling NN privatebank-jpmorgan-com-8914 45 93 pressure pressure NN privatebank-jpmorgan-com-8914 45 94 when when WRB privatebank-jpmorgan-com-8914 45 95 names name NNS privatebank-jpmorgan-com-8914 45 96 are be VBP privatebank-jpmorgan-com-8914 45 97 added add VBN privatebank-jpmorgan-com-8914 45 98 or or CC privatebank-jpmorgan-com-8914 45 99 removed remove VBN privatebank-jpmorgan-com-8914 45 100 from from IN privatebank-jpmorgan-com-8914 45 101 the the DT privatebank-jpmorgan-com-8914 45 102 index index NN privatebank-jpmorgan-com-8914 45 103 1 1 CD privatebank-jpmorgan-com-8914 45 104 Another another DT privatebank-jpmorgan-com-8914 45 105 dispute dispute NN privatebank-jpmorgan-com-8914 45 106 : : : privatebank-jpmorgan-com-8914 45 107 Phalippou Phalippou NNP privatebank-jpmorgan-com-8914 45 108 claimed claim VBD privatebank-jpmorgan-com-8914 45 109 in in IN privatebank-jpmorgan-com-8914 45 110 2020 2020 CD privatebank-jpmorgan-com-8914 45 111 that that DT privatebank-jpmorgan-com-8914 45 112 private private JJ privatebank-jpmorgan-com-8914 45 113 equity equity NN privatebank-jpmorgan-com-8914 45 114 managers manager NNS privatebank-jpmorgan-com-8914 45 115 would would MD privatebank-jpmorgan-com-8914 45 116 need need VB privatebank-jpmorgan-com-8914 45 117 to to TO privatebank-jpmorgan-com-8914 45 118 increase increase VB privatebank-jpmorgan-com-8914 45 119 earnings earning NNS privatebank-jpmorgan-com-8914 45 120 by by IN privatebank-jpmorgan-com-8914 45 121 50 50 CD privatebank-jpmorgan-com-8914 45 122 % % NN privatebank-jpmorgan-com-8914 45 123 over over IN privatebank-jpmorgan-com-8914 45 124 a a DT privatebank-jpmorgan-com-8914 45 125 typical typical JJ privatebank-jpmorgan-com-8914 45 126 4 4 CD privatebank-jpmorgan-com-8914 45 127 year year NN privatebank-jpmorgan-com-8914 45 128 holding hold VBG privatebank-jpmorgan-com-8914 45 129 period period NN privatebank-jpmorgan-com-8914 45 130 to to IN privatebank-jpmorgan-com-8914 45 131 outperform outperform JJ privatebank-jpmorgan-com-8914 45 132 public public JJ privatebank-jpmorgan-com-8914 45 133 equity equity NN privatebank-jpmorgan-com-8914 45 134 . . . privatebank-jpmorgan-com-8914 46 1 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 46 2 claims claim VBZ privatebank-jpmorgan-com-8914 46 3 that that IN privatebank-jpmorgan-com-8914 46 4 Phalippou Phalippou NNP privatebank-jpmorgan-com-8914 46 5 neglected neglect VBD privatebank-jpmorgan-com-8914 46 6 to to TO privatebank-jpmorgan-com-8914 46 7 assume assume VB privatebank-jpmorgan-com-8914 46 8 that that IN privatebank-jpmorgan-com-8914 46 9 private private JJ privatebank-jpmorgan-com-8914 46 10 companies company NNS privatebank-jpmorgan-com-8914 46 11 would would MD privatebank-jpmorgan-com-8914 46 12 use use VB privatebank-jpmorgan-com-8914 46 13 earnings earning NNS privatebank-jpmorgan-com-8914 46 14 to to TO privatebank-jpmorgan-com-8914 46 15 pay pay VB privatebank-jpmorgan-com-8914 46 16 down down RP privatebank-jpmorgan-com-8914 46 17 debt debt NN privatebank-jpmorgan-com-8914 46 18 ( ( -LRB- privatebank-jpmorgan-com-8914 46 19 akin akin JJ privatebank-jpmorgan-com-8914 46 20 to to IN privatebank-jpmorgan-com-8914 46 21 ignoring ignore VBG privatebank-jpmorgan-com-8914 46 22 dividends dividend NNS privatebank-jpmorgan-com-8914 46 23 as as IN privatebank-jpmorgan-com-8914 46 24 part part NN privatebank-jpmorgan-com-8914 46 25 of of IN privatebank-jpmorgan-com-8914 46 26 total total JJ privatebank-jpmorgan-com-8914 46 27 return return NN privatebank-jpmorgan-com-8914 46 28 on on IN privatebank-jpmorgan-com-8914 46 29 equities equity NNS privatebank-jpmorgan-com-8914 46 30 ) ) -RRB- privatebank-jpmorgan-com-8914 46 31 , , , privatebank-jpmorgan-com-8914 46 32 in in IN privatebank-jpmorgan-com-8914 46 33 which which WDT privatebank-jpmorgan-com-8914 46 34 case case NN privatebank-jpmorgan-com-8914 46 35 private private JJ privatebank-jpmorgan-com-8914 46 36 equity equity NN privatebank-jpmorgan-com-8914 46 37 earnings earning NNS privatebank-jpmorgan-com-8914 46 38 would would MD privatebank-jpmorgan-com-8914 46 39 need need VB privatebank-jpmorgan-com-8914 46 40 to to TO privatebank-jpmorgan-com-8914 46 41 grow grow VB privatebank-jpmorgan-com-8914 46 42 by by IN privatebank-jpmorgan-com-8914 46 43 10 10 CD privatebank-jpmorgan-com-8914 46 44 % % NN privatebank-jpmorgan-com-8914 46 45 rather rather RB privatebank-jpmorgan-com-8914 46 46 than than IN privatebank-jpmorgan-com-8914 46 47 50 50 CD privatebank-jpmorgan-com-8914 46 48 % % NN privatebank-jpmorgan-com-8914 46 49 . . . privatebank-jpmorgan-com-8914 47 1 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/j-p-morgan-chase-eye-market/dp/b07l4swcyl/ WP privatebank-jpmorgan-com-8914 47 2 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 47 3 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 47 4 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 47 5 E e NN privatebank-jpmorgan-com-8914 47 6 Y y NN privatebank-jpmorgan-com-8914 47 7 E e NN privatebank-jpmorgan-com-8914 47 8 O o NN privatebank-jpmorgan-com-8914 47 9 N n NN privatebank-jpmorgan-com-8914 47 10 T t NN privatebank-jpmorgan-com-8914 47 11 H h NN privatebank-jpmorgan-com-8914 47 12 E e NN privatebank-jpmorgan-com-8914 47 13 M m NN privatebank-jpmorgan-com-8914 47 14 A a NN privatebank-jpmorgan-com-8914 47 15 R r NN privatebank-jpmorgan-com-8914 47 16 K k NN privatebank-jpmorgan-com-8914 47 17 E e NN privatebank-jpmorgan-com-8914 47 18 T t NN privatebank-jpmorgan-com-8914 47 19 • • NN privatebank-jpmorgan-com-8914 47 20 M m NN privatebank-jpmorgan-com-8914 47 21 I i NN privatebank-jpmorgan-com-8914 47 22 C c NN privatebank-jpmorgan-com-8914 47 23 H h NN privatebank-jpmorgan-com-8914 47 24 A a NN privatebank-jpmorgan-com-8914 47 25 E e NN privatebank-jpmorgan-com-8914 47 26 L l NN privatebank-jpmorgan-com-8914 47 27 C c NN privatebank-jpmorgan-com-8914 47 28 E e NN privatebank-jpmorgan-com-8914 47 29 M m NN privatebank-jpmorgan-com-8914 47 30 B B NNP privatebank-jpmorgan-com-8914 47 31 A A NNP privatebank-jpmorgan-com-8914 47 32 L l NN privatebank-jpmorgan-com-8914 47 33 E e NN privatebank-jpmorgan-com-8914 47 34 S s NN privatebank-jpmorgan-com-8914 47 35 T t NN privatebank-jpmorgan-com-8914 47 36 • • NN privatebank-jpmorgan-com-8914 47 37 J J NNP privatebank-jpmorgan-com-8914 47 38 . . . privatebank-jpmorgan-com-8914 48 1 P p NN privatebank-jpmorgan-com-8914 48 2 . . . privatebank-jpmorgan-com-8914 49 1 M M NNP privatebank-jpmorgan-com-8914 49 2 O o NN privatebank-jpmorgan-com-8914 49 3 R r NN privatebank-jpmorgan-com-8914 49 4 G g NN privatebank-jpmorgan-com-8914 49 5 A a NN privatebank-jpmorgan-com-8914 49 6 N n NN privatebank-jpmorgan-com-8914 49 7 A a NN privatebank-jpmorgan-com-8914 49 8 c c NN privatebank-jpmorgan-com-8914 49 9 c c NN privatebank-jpmorgan-com-8914 49 10 e e NNP privatebank-jpmorgan-com-8914 49 11 s s NNP privatebank-jpmorgan-com-8914 49 12 s s NNP privatebank-jpmorgan-com-8914 49 13 o o NNP privatebank-jpmorgan-com-8914 49 14 u u NNP privatebank-jpmorgan-com-8914 49 15 r r NNP privatebank-jpmorgan-com-8914 49 16 f f NNP privatebank-jpmorgan-com-8914 49 17 u u NNP privatebank-jpmorgan-com-8914 49 18 l l NNP privatebank-jpmorgan-com-8914 49 19 l l NNP privatebank-jpmorgan-com-8914 49 20 c c NNP privatebank-jpmorgan-com-8914 49 21 o o NN privatebank-jpmorgan-com-8914 49 22 r r NN privatebank-jpmorgan-com-8914 49 23 o o NN privatebank-jpmorgan-com-8914 49 24 n n CC privatebank-jpmorgan-com-8914 49 25 a a NN privatebank-jpmorgan-com-8914 49 26 v v NN privatebank-jpmorgan-com-8914 49 27 i i NN privatebank-jpmorgan-com-8914 49 28 r r NNP privatebank-jpmorgan-com-8914 49 29 u u NNP privatebank-jpmorgan-com-8914 49 30 s s NNP privatebank-jpmorgan-com-8914 49 31 a a NNP privatebank-jpmorgan-com-8914 49 32 n n NNP privatebank-jpmorgan-com-8914 49 33 a a DT privatebank-jpmorgan-com-8914 49 34 l l NN privatebank-jpmorgan-com-8914 49 35 y y NNP privatebank-jpmorgan-com-8914 49 36 s s NNP privatebank-jpmorgan-com-8914 49 37 i i NNP privatebank-jpmorgan-com-8914 49 38 s s NNP privatebank-jpmorgan-com-8914 49 39 w w NNP privatebank-jpmorgan-com-8914 49 40 e e NNP privatebank-jpmorgan-com-8914 49 41 b b NNP privatebank-jpmorgan-com-8914 49 42 p p NN privatebank-jpmorgan-com-8914 49 43 o o NN privatebank-jpmorgan-com-8914 49 44 r r NN privatebank-jpmorgan-com-8914 49 45 t t NN privatebank-jpmorgan-com-8914 49 46 a a DT privatebank-jpmorgan-com-8914 49 47 l l NN privatebank-jpmorgan-com-8914 49 48 h h NN privatebank-jpmorgan-com-8914 49 49 e e NN privatebank-jpmorgan-com-8914 49 50 r r NN privatebank-jpmorgan-com-8914 49 51 e e NNP privatebank-jpmorgan-com-8914 49 52 J J NNP privatebank-jpmorgan-com-8914 49 53 u u NNP privatebank-jpmorgan-com-8914 49 54 n n NNP privatebank-jpmorgan-com-8914 49 55 e e NNP privatebank-jpmorgan-com-8914 49 56 2 2 CD privatebank-jpmorgan-com-8914 49 57 8 8 CD privatebank-jpmorgan-com-8914 49 58 , , , privatebank-jpmorgan-com-8914 49 59 2 2 CD privatebank-jpmorgan-com-8914 49 60 0 0 CD privatebank-jpmorgan-com-8914 49 61 2 2 CD privatebank-jpmorgan-com-8914 49 62 1 1 CD privatebank-jpmorgan-com-8914 49 63 3 3 CD privatebank-jpmorgan-com-8914 49 64 Such such JJ privatebank-jpmorgan-com-8914 49 65 differences difference NNS privatebank-jpmorgan-com-8914 49 66 of of IN privatebank-jpmorgan-com-8914 49 67 opinion opinion NN privatebank-jpmorgan-com-8914 49 68 have have VBP privatebank-jpmorgan-com-8914 49 69 existed exist VBN privatebank-jpmorgan-com-8914 49 70 for for IN privatebank-jpmorgan-com-8914 49 71 years year NNS privatebank-jpmorgan-com-8914 49 72 and and CC privatebank-jpmorgan-com-8914 49 73 date date NN privatebank-jpmorgan-com-8914 49 74 back back RB privatebank-jpmorgan-com-8914 49 75 to to IN privatebank-jpmorgan-com-8914 49 76 debates debate NNS privatebank-jpmorgan-com-8914 49 77 around around IN privatebank-jpmorgan-com-8914 49 78 which which WDT privatebank-jpmorgan-com-8914 49 79 data datum NNS privatebank-jpmorgan-com-8914 49 80 sources source NNS privatebank-jpmorgan-com-8914 49 81 to to TO privatebank-jpmorgan-com-8914 49 82 use use VB privatebank-jpmorgan-com-8914 49 83 for for IN privatebank-jpmorgan-com-8914 49 84 measuring measure VBG privatebank-jpmorgan-com-8914 49 85 private private JJ privatebank-jpmorgan-com-8914 49 86 equity equity NN privatebank-jpmorgan-com-8914 49 87 performance performance NN privatebank-jpmorgan-com-8914 49 88 in in IN privatebank-jpmorgan-com-8914 49 89 the the DT privatebank-jpmorgan-com-8914 49 90 first first JJ privatebank-jpmorgan-com-8914 49 91 place place NN privatebank-jpmorgan-com-8914 49 92 . . . privatebank-jpmorgan-com-8914 50 1 Most Most JJS privatebank-jpmorgan-com-8914 50 2 analyses analysis NNS privatebank-jpmorgan-com-8914 50 3 of of IN privatebank-jpmorgan-com-8914 50 4 private private JJ privatebank-jpmorgan-com-8914 50 5 equity equity NN privatebank-jpmorgan-com-8914 50 6 now now RB privatebank-jpmorgan-com-8914 50 7 use use VBP privatebank-jpmorgan-com-8914 50 8 data datum NNS privatebank-jpmorgan-com-8914 50 9 sourced source VBN privatebank-jpmorgan-com-8914 50 10 from from IN privatebank-jpmorgan-com-8914 50 11 limited limited JJ privatebank-jpmorgan-com-8914 50 12 partners partner NNS privatebank-jpmorgan-com-8914 50 13 rather rather RB privatebank-jpmorgan-com-8914 50 14 than than IN privatebank-jpmorgan-com-8914 50 15 relying rely VBG privatebank-jpmorgan-com-8914 50 16 on on IN privatebank-jpmorgan-com-8914 50 17 other other JJ privatebank-jpmorgan-com-8914 50 18 databases database NNS privatebank-jpmorgan-com-8914 50 19 that that WDT privatebank-jpmorgan-com-8914 50 20 can can MD privatebank-jpmorgan-com-8914 50 21 have have VB privatebank-jpmorgan-com-8914 50 22 significant significant JJ privatebank-jpmorgan-com-8914 50 23 problems problem NNS privatebank-jpmorgan-com-8914 50 24 due due IN privatebank-jpmorgan-com-8914 50 25 to to IN privatebank-jpmorgan-com-8914 50 26 voluntary voluntary JJ privatebank-jpmorgan-com-8914 50 27 reporting reporting NN privatebank-jpmorgan-com-8914 50 28 by by IN privatebank-jpmorgan-com-8914 50 29 managers manager NNS privatebank-jpmorgan-com-8914 50 30 and and CC privatebank-jpmorgan-com-8914 50 31 stale stale JJ privatebank-jpmorgan-com-8914 50 32 data datum NNS privatebank-jpmorgan-com-8914 50 33 ( ( -LRB- privatebank-jpmorgan-com-8914 50 34 see see VB privatebank-jpmorgan-com-8914 50 35 page page NN privatebank-jpmorgan-com-8914 50 36 21 21 CD privatebank-jpmorgan-com-8914 50 37 ) ) -RRB- privatebank-jpmorgan-com-8914 50 38 . . . privatebank-jpmorgan-com-8914 51 1 For for IN privatebank-jpmorgan-com-8914 51 2 our -PRON- PRP$ privatebank-jpmorgan-com-8914 51 3 biennial biennial JJ privatebank-jpmorgan-com-8914 51 4 private private JJ privatebank-jpmorgan-com-8914 51 5 equity equity NN privatebank-jpmorgan-com-8914 51 6 reviews review NNS privatebank-jpmorgan-com-8914 51 7 , , , privatebank-jpmorgan-com-8914 51 8 I -PRON- PRP privatebank-jpmorgan-com-8914 51 9 find find VBP privatebank-jpmorgan-com-8914 51 10 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 51 11 ’s ’s POS privatebank-jpmorgan-com-8914 51 12 analyses analysis NNS privatebank-jpmorgan-com-8914 51 13 and and CC privatebank-jpmorgan-com-8914 51 14 similar similar JJ privatebank-jpmorgan-com-8914 51 15 ones one NNS privatebank-jpmorgan-com-8914 51 16 from from IN privatebank-jpmorgan-com-8914 51 17 finance finance NN privatebank-jpmorgan-com-8914 51 18 professors professor NNS privatebank-jpmorgan-com-8914 51 19 at at IN privatebank-jpmorgan-com-8914 51 20 Vanderbilt Vanderbilt NNP privatebank-jpmorgan-com-8914 51 21 , , , privatebank-jpmorgan-com-8914 51 22 University University NNP privatebank-jpmorgan-com-8914 51 23 of of IN privatebank-jpmorgan-com-8914 51 24 Virginia Virginia NNP privatebank-jpmorgan-com-8914 51 25 and and CC privatebank-jpmorgan-com-8914 51 26 Duke Duke NNP privatebank-jpmorgan-com-8914 51 27 to to TO privatebank-jpmorgan-com-8914 51 28 be be VB privatebank-jpmorgan-com-8914 51 29 sensible sensible JJ privatebank-jpmorgan-com-8914 51 30 and and CC privatebank-jpmorgan-com-8914 51 31 devoid devoid JJ privatebank-jpmorgan-com-8914 51 32 of of IN privatebank-jpmorgan-com-8914 51 33 an an DT privatebank-jpmorgan-com-8914 51 34 agenda agenda NN privatebank-jpmorgan-com-8914 51 35 to to IN privatebank-jpmorgan-com-8914 51 36 either either DT privatebank-jpmorgan-com-8914 51 37 praise praise NN privatebank-jpmorgan-com-8914 51 38 or or CC privatebank-jpmorgan-com-8914 51 39 excoriate excoriate VB privatebank-jpmorgan-com-8914 51 40 the the DT privatebank-jpmorgan-com-8914 51 41 private private JJ privatebank-jpmorgan-com-8914 51 42 equity equity NN privatebank-jpmorgan-com-8914 51 43 industry industry NN privatebank-jpmorgan-com-8914 51 44 . . . privatebank-jpmorgan-com-8914 52 1 Their -PRON- PRP$ privatebank-jpmorgan-com-8914 52 2 analyses analysis NNS privatebank-jpmorgan-com-8914 52 3 once once RB privatebank-jpmorgan-com-8914 52 4 again again RB privatebank-jpmorgan-com-8914 52 5 form form VBP privatebank-jpmorgan-com-8914 52 6 the the DT privatebank-jpmorgan-com-8914 52 7 basis basis NN privatebank-jpmorgan-com-8914 52 8 of of IN privatebank-jpmorgan-com-8914 52 9 this this DT privatebank-jpmorgan-com-8914 52 10 year year NN privatebank-jpmorgan-com-8914 52 11 ’s ’s , privatebank-jpmorgan-com-8914 52 12 Eye Eye NNP privatebank-jpmorgan-com-8914 52 13 on on IN privatebank-jpmorgan-com-8914 52 14 the the DT privatebank-jpmorgan-com-8914 52 15 Market market NN privatebank-jpmorgan-com-8914 52 16 private private JJ privatebank-jpmorgan-com-8914 52 17 equity equity NN privatebank-jpmorgan-com-8914 52 18 review review NN privatebank-jpmorgan-com-8914 52 19 , , , privatebank-jpmorgan-com-8914 52 20 which which WDT privatebank-jpmorgan-com-8914 52 21 gets get VBZ privatebank-jpmorgan-com-8914 52 22 into into IN privatebank-jpmorgan-com-8914 52 23 detail detail NN privatebank-jpmorgan-com-8914 52 24 on on IN privatebank-jpmorgan-com-8914 52 25 performance performance NN privatebank-jpmorgan-com-8914 52 26 of of IN privatebank-jpmorgan-com-8914 52 27 buyout buyout NN privatebank-jpmorgan-com-8914 52 28 and and CC privatebank-jpmorgan-com-8914 52 29 venture venture VB privatebank-jpmorgan-com-8914 52 30 capital capital NN privatebank-jpmorgan-com-8914 52 31 on on IN privatebank-jpmorgan-com-8914 52 32 an an DT privatebank-jpmorgan-com-8914 52 33 industry industry NN privatebank-jpmorgan-com-8914 52 34 - - HYPH privatebank-jpmorgan-com-8914 52 35 wide wide JJ privatebank-jpmorgan-com-8914 52 36 basis basis NN privatebank-jpmorgan-com-8914 52 37 . . . privatebank-jpmorgan-com-8914 53 1 A a DT privatebank-jpmorgan-com-8914 53 2 few few JJ privatebank-jpmorgan-com-8914 53 3 things thing NNS privatebank-jpmorgan-com-8914 53 4 to to TO privatebank-jpmorgan-com-8914 53 5 keep keep VB privatebank-jpmorgan-com-8914 53 6 in in IN privatebank-jpmorgan-com-8914 53 7 mind mind NN privatebank-jpmorgan-com-8914 53 8 . . . privatebank-jpmorgan-com-8914 54 1 First first RB privatebank-jpmorgan-com-8914 54 2 , , , privatebank-jpmorgan-com-8914 54 3 the the DT privatebank-jpmorgan-com-8914 54 4 private private JJ privatebank-jpmorgan-com-8914 54 5 equity equity NN privatebank-jpmorgan-com-8914 54 6 performance performance NN privatebank-jpmorgan-com-8914 54 7 measures measure NNS privatebank-jpmorgan-com-8914 54 8 in in IN privatebank-jpmorgan-com-8914 54 9 this this DT privatebank-jpmorgan-com-8914 54 10 piece piece NN privatebank-jpmorgan-com-8914 54 11 cover cover VB privatebank-jpmorgan-com-8914 54 12 vintage vintage JJ privatebank-jpmorgan-com-8914 54 13 years year NNS privatebank-jpmorgan-com-8914 54 14 through through IN privatebank-jpmorgan-com-8914 54 15 and and CC privatebank-jpmorgan-com-8914 54 16 including include VBG privatebank-jpmorgan-com-8914 54 17 2017 2017 CD privatebank-jpmorgan-com-8914 54 18 . . . privatebank-jpmorgan-com-8914 55 1 For for IN privatebank-jpmorgan-com-8914 55 2 vintage vintage JJ privatebank-jpmorgan-com-8914 55 3 years year NNS privatebank-jpmorgan-com-8914 55 4 since since IN privatebank-jpmorgan-com-8914 55 5 then then RB privatebank-jpmorgan-com-8914 55 6 , , , privatebank-jpmorgan-com-8914 55 7 not not RB privatebank-jpmorgan-com-8914 55 8 enough enough JJ privatebank-jpmorgan-com-8914 55 9 time time NN privatebank-jpmorgan-com-8914 55 10 has have VBZ privatebank-jpmorgan-com-8914 55 11 passed pass VBN privatebank-jpmorgan-com-8914 55 12 to to TO privatebank-jpmorgan-com-8914 55 13 analyze analyze VB privatebank-jpmorgan-com-8914 55 14 distributions distribution NNS privatebank-jpmorgan-com-8914 55 15 and and CC privatebank-jpmorgan-com-8914 55 16 valuations valuation NNS privatebank-jpmorgan-com-8914 55 17 relative relative JJ privatebank-jpmorgan-com-8914 55 18 to to IN privatebank-jpmorgan-com-8914 55 19 invested invest VBN privatebank-jpmorgan-com-8914 55 20 capital capital NN privatebank-jpmorgan-com-8914 55 21 . . . privatebank-jpmorgan-com-8914 56 1 Second second RB privatebank-jpmorgan-com-8914 56 2 , , , privatebank-jpmorgan-com-8914 56 3 buyout buyout NN privatebank-jpmorgan-com-8914 56 4 and and CC privatebank-jpmorgan-com-8914 56 5 venture venture NN privatebank-jpmorgan-com-8914 56 6 performance performance NN privatebank-jpmorgan-com-8914 56 7 is be VBZ privatebank-jpmorgan-com-8914 56 8 net net NN privatebank-jpmorgan-com-8914 56 9 of of IN privatebank-jpmorgan-com-8914 56 10 management management NN privatebank-jpmorgan-com-8914 56 11 , , , privatebank-jpmorgan-com-8914 56 12 incentive incentive NN privatebank-jpmorgan-com-8914 56 13 and and CC privatebank-jpmorgan-com-8914 56 14 other other JJ privatebank-jpmorgan-com-8914 56 15 fees fee NNS privatebank-jpmorgan-com-8914 56 16 . . . privatebank-jpmorgan-com-8914 57 1 Third third JJ privatebank-jpmorgan-com-8914 57 2 , , , privatebank-jpmorgan-com-8914 57 3 average average JJ privatebank-jpmorgan-com-8914 57 4 industry industry NN privatebank-jpmorgan-com-8914 57 5 returns return NNS privatebank-jpmorgan-com-8914 57 6 weight weight VBP privatebank-jpmorgan-com-8914 57 7 each each DT privatebank-jpmorgan-com-8914 57 8 fund fund NN privatebank-jpmorgan-com-8914 57 9 by by IN privatebank-jpmorgan-com-8914 57 10 the the DT privatebank-jpmorgan-com-8914 57 11 size size NN privatebank-jpmorgan-com-8914 57 12 of of IN privatebank-jpmorgan-com-8914 57 13 its -PRON- PRP$ privatebank-jpmorgan-com-8914 57 14 commitments commitment NNS privatebank-jpmorgan-com-8914 57 15 and and CC privatebank-jpmorgan-com-8914 57 16 distributions distribution NNS privatebank-jpmorgan-com-8914 57 17 ( ( -LRB- privatebank-jpmorgan-com-8914 57 18 i.e. i.e. FW privatebank-jpmorgan-com-8914 57 19 , , , privatebank-jpmorgan-com-8914 57 20 size size NN privatebank-jpmorgan-com-8914 57 21 - - HYPH privatebank-jpmorgan-com-8914 57 22 weighted weighted JJ privatebank-jpmorgan-com-8914 57 23 rather rather RB privatebank-jpmorgan-com-8914 57 24 than than IN privatebank-jpmorgan-com-8914 57 25 equal equal JJ privatebank-jpmorgan-com-8914 57 26 - - HYPH privatebank-jpmorgan-com-8914 57 27 weighted weighted JJ privatebank-jpmorgan-com-8914 57 28 ) ) -RRB- privatebank-jpmorgan-com-8914 57 29 . . . privatebank-jpmorgan-com-8914 58 1 Table table NN privatebank-jpmorgan-com-8914 58 2 of of IN privatebank-jpmorgan-com-8914 58 3 Contents Contents NNP privatebank-jpmorgan-com-8914 58 4 Absolute Absolute NNP privatebank-jpmorgan-com-8914 58 5 buyout buyout IN privatebank-jpmorgan-com-8914 58 6 performance performance NN privatebank-jpmorgan-com-8914 58 7 ............................................................................................................................. ............................................................................................................................. . privatebank-jpmorgan-com-8914 58 8 ............................................................................................................................... ............................................................................................................................... . privatebank-jpmorgan-com-8914 58 9 ..................................................................... ..................................................................... NFP privatebank-jpmorgan-com-8914 58 10 ................................................................................................................................. ................................................................................................................................. . privatebank-jpmorgan-com-8914 58 11 ............................................................................................................................ ............................................................................................................................ NFP privatebank-jpmorgan-com-8914 58 12 ............................................................................................................................ ............................................................................................................................ . privatebank-jpmorgan-com-8914 58 13 ............................................................................................ ............................................................................................ NFP privatebank-jpmorgan-com-8914 58 14 ................................................................... ................................................................... NFP privatebank-jpmorgan-com-8914 58 15 .................................................................................................................................. .................................................................................................................................. NFP privatebank-jpmorgan-com-8914 58 16 4 4 CD privatebank-jpmorgan-com-8914 58 17 Relative relative JJ privatebank-jpmorgan-com-8914 58 18 buyout buyout IN privatebank-jpmorgan-com-8914 58 19 performance performance NN privatebank-jpmorgan-com-8914 58 20 5 5 CD privatebank-jpmorgan-com-8914 58 21 Buyout Buyout NNP privatebank-jpmorgan-com-8914 58 22 funds fund NNS privatebank-jpmorgan-com-8914 58 23 : : : privatebank-jpmorgan-com-8914 58 24 what what WP privatebank-jpmorgan-com-8914 58 25 is be VBZ privatebank-jpmorgan-com-8914 58 26 the the DT privatebank-jpmorgan-com-8914 58 27 “ " `` privatebank-jpmorgan-com-8914 58 28 right right JJ privatebank-jpmorgan-com-8914 58 29 ” " '' privatebank-jpmorgan-com-8914 58 30 buyout buyout IN privatebank-jpmorgan-com-8914 58 31 performance performance NN privatebank-jpmorgan-com-8914 58 32 benchmark benchmark NN privatebank-jpmorgan-com-8914 58 33 ? ? . privatebank-jpmorgan-com-8914 59 1 6 6 CD privatebank-jpmorgan-com-8914 59 2 Buyout Buyout NNP privatebank-jpmorgan-com-8914 59 3 manager manager NN privatebank-jpmorgan-com-8914 59 4 dispersion dispersion NN privatebank-jpmorgan-com-8914 59 5 7 7 CD privatebank-jpmorgan-com-8914 59 6 Drivers Drivers NNPS privatebank-jpmorgan-com-8914 59 7 of of IN privatebank-jpmorgan-com-8914 59 8 buyout buyout NN privatebank-jpmorgan-com-8914 59 9 performance performance NN privatebank-jpmorgan-com-8914 59 10 8 8 CD privatebank-jpmorgan-com-8914 59 11 Secondary secondary JJ privatebank-jpmorgan-com-8914 59 12 private private JJ privatebank-jpmorgan-com-8914 59 13 equity equity NN privatebank-jpmorgan-com-8914 59 14 funds fund NNS privatebank-jpmorgan-com-8914 59 15 9 9 CD privatebank-jpmorgan-com-8914 59 16 Absolute absolute JJ privatebank-jpmorgan-com-8914 59 17 and and CC privatebank-jpmorgan-com-8914 59 18 relative relative JJ privatebank-jpmorgan-com-8914 59 19 venture venture NN privatebank-jpmorgan-com-8914 59 20 capital capital NN privatebank-jpmorgan-com-8914 59 21 performance performance NN privatebank-jpmorgan-com-8914 59 22 10 10 CD privatebank-jpmorgan-com-8914 59 23 Venture Venture NNP privatebank-jpmorgan-com-8914 59 24 capital capital NN privatebank-jpmorgan-com-8914 59 25 : : : privatebank-jpmorgan-com-8914 59 26 performance performance NN privatebank-jpmorgan-com-8914 59 27 benchmarks benchmark NNS privatebank-jpmorgan-com-8914 59 28 and and CC privatebank-jpmorgan-com-8914 59 29 manager manager NN privatebank-jpmorgan-com-8914 59 30 dispersion dispersion NN privatebank-jpmorgan-com-8914 59 31 11 11 CD privatebank-jpmorgan-com-8914 59 32 How how WRB privatebank-jpmorgan-com-8914 59 33 are be VBP privatebank-jpmorgan-com-8914 59 34 gains gain NNS privatebank-jpmorgan-com-8914 59 35 on on IN privatebank-jpmorgan-com-8914 59 36 venture venture NN privatebank-jpmorgan-com-8914 59 37 - - HYPH privatebank-jpmorgan-com-8914 59 38 backed back VBN privatebank-jpmorgan-com-8914 59 39 companies company NNS privatebank-jpmorgan-com-8914 59 40 split split VBN privatebank-jpmorgan-com-8914 59 41 between between IN privatebank-jpmorgan-com-8914 59 42 VC VC NNP privatebank-jpmorgan-com-8914 59 43 investors investor NNS privatebank-jpmorgan-com-8914 59 44 and and CC privatebank-jpmorgan-com-8914 59 45 post post JJ privatebank-jpmorgan-com-8914 59 46 - - JJ privatebank-jpmorgan-com-8914 59 47 IPO ipo JJ privatebank-jpmorgan-com-8914 59 48 investors investor NNS privatebank-jpmorgan-com-8914 59 49 ? ? . privatebank-jpmorgan-com-8914 60 1 ...................... ...................... NFP privatebank-jpmorgan-com-8914 60 2 12 12 CD privatebank-jpmorgan-com-8914 60 3 Buyout buyout NN privatebank-jpmorgan-com-8914 60 4 vs vs IN privatebank-jpmorgan-com-8914 60 5 venture venture NN privatebank-jpmorgan-com-8914 60 6 capital capital NN privatebank-jpmorgan-com-8914 60 7 13 13 CD privatebank-jpmorgan-com-8914 60 8 What what WP privatebank-jpmorgan-com-8914 60 9 about about IN privatebank-jpmorgan-com-8914 60 10 private private JJ privatebank-jpmorgan-com-8914 60 11 equity equity NN privatebank-jpmorgan-com-8914 60 12 co co NNS privatebank-jpmorgan-com-8914 60 13 - - NNS privatebank-jpmorgan-com-8914 60 14 investments investment NNS privatebank-jpmorgan-com-8914 60 15 ? ? . privatebank-jpmorgan-com-8914 61 1 ....................................................................................................... ....................................................................................................... NFP privatebank-jpmorgan-com-8914 61 2 14 14 CD privatebank-jpmorgan-com-8914 61 3 Fundraising fundraising NN privatebank-jpmorgan-com-8914 61 4 and and CC privatebank-jpmorgan-com-8914 61 5 the the DT privatebank-jpmorgan-com-8914 61 6 pace pace NN privatebank-jpmorgan-com-8914 61 7 of of IN privatebank-jpmorgan-com-8914 61 8 investment investment NN privatebank-jpmorgan-com-8914 61 9 ............................................................................................................. ............................................................................................................. . privatebank-jpmorgan-com-8914 61 10 15 15 CD privatebank-jpmorgan-com-8914 61 11 Private private JJ privatebank-jpmorgan-com-8914 61 12 equity equity NN privatebank-jpmorgan-com-8914 61 13 fundraising fundraising NN privatebank-jpmorgan-com-8914 61 14 vs vs IN privatebank-jpmorgan-com-8914 61 15 market market NN privatebank-jpmorgan-com-8914 61 16 capitalization capitalization NN privatebank-jpmorgan-com-8914 61 17 ............................................................................................. ............................................................................................. . privatebank-jpmorgan-com-8914 61 18 16 16 CD privatebank-jpmorgan-com-8914 61 19 On on IN privatebank-jpmorgan-com-8914 61 20 private private JJ privatebank-jpmorgan-com-8914 61 21 equity equity NN privatebank-jpmorgan-com-8914 61 22 fees fee NNS privatebank-jpmorgan-com-8914 61 23 ....................................................................................................................................... ....................................................................................................................................... . privatebank-jpmorgan-com-8914 61 24 ......................................................................................................... ......................................................................................................... . privatebank-jpmorgan-com-8914 61 25 ......................................................................................................................... ......................................................................................................................... NFP privatebank-jpmorgan-com-8914 61 26 ............................ ............................ NFP privatebank-jpmorgan-com-8914 61 27 ........................................................................... ........................................................................... NFP privatebank-jpmorgan-com-8914 61 28 ......................................................... ......................................................... NFP privatebank-jpmorgan-com-8914 61 29 17 17 CD privatebank-jpmorgan-com-8914 61 30 Recent recent JJ privatebank-jpmorgan-com-8914 61 31 academic academic JJ privatebank-jpmorgan-com-8914 61 32 papers paper NNS privatebank-jpmorgan-com-8914 61 33 on on IN privatebank-jpmorgan-com-8914 61 34 private private JJ privatebank-jpmorgan-com-8914 61 35 equity equity NN privatebank-jpmorgan-com-8914 61 36 18 18 CD privatebank-jpmorgan-com-8914 61 37 Appendix Appendix NNP privatebank-jpmorgan-com-8914 61 38 I -PRON- PRP privatebank-jpmorgan-com-8914 61 39 : : : privatebank-jpmorgan-com-8914 61 40 Other other JJ privatebank-jpmorgan-com-8914 61 41 industry industry NN privatebank-jpmorgan-com-8914 61 42 data datum NNS privatebank-jpmorgan-com-8914 61 43 19 19 CD privatebank-jpmorgan-com-8914 61 44 Appendix Appendix NNP privatebank-jpmorgan-com-8914 61 45 II II NNP privatebank-jpmorgan-com-8914 61 46 : : : privatebank-jpmorgan-com-8914 61 47 Return return NN privatebank-jpmorgan-com-8914 61 48 dispersion dispersion NN privatebank-jpmorgan-com-8914 61 49 on on IN privatebank-jpmorgan-com-8914 61 50 buyout buyout NN privatebank-jpmorgan-com-8914 61 51 and and CC privatebank-jpmorgan-com-8914 61 52 venture venture NN privatebank-jpmorgan-com-8914 61 53 transactions transaction NNS privatebank-jpmorgan-com-8914 61 54 within within IN privatebank-jpmorgan-com-8914 61 55 commingled commingled JJ privatebank-jpmorgan-com-8914 61 56 funds fund NNS privatebank-jpmorgan-com-8914 61 57 20 20 CD privatebank-jpmorgan-com-8914 61 58 Appendix Appendix NNP privatebank-jpmorgan-com-8914 61 59 III iii CD privatebank-jpmorgan-com-8914 61 60 : : : privatebank-jpmorgan-com-8914 61 61 Sources source NNS privatebank-jpmorgan-com-8914 61 62 for for IN privatebank-jpmorgan-com-8914 61 63 private private JJ privatebank-jpmorgan-com-8914 61 64 equity equity NN privatebank-jpmorgan-com-8914 61 65 manager manager NN privatebank-jpmorgan-com-8914 61 66 performance performance NN privatebank-jpmorgan-com-8914 61 67 21 21 CD privatebank-jpmorgan-com-8914 61 68 Appendix Appendix NNP privatebank-jpmorgan-com-8914 61 69 IV IV NNP privatebank-jpmorgan-com-8914 61 70 : : : privatebank-jpmorgan-com-8914 61 71 On on IN privatebank-jpmorgan-com-8914 61 72 IRR IRR NNP privatebank-jpmorgan-com-8914 61 73 , , , privatebank-jpmorgan-com-8914 61 74 Direct direct JJ privatebank-jpmorgan-com-8914 61 75 Alpha Alpha NNP privatebank-jpmorgan-com-8914 61 76 , , , privatebank-jpmorgan-com-8914 61 77 cash cash NN privatebank-jpmorgan-com-8914 61 78 flow flow NN privatebank-jpmorgan-com-8914 61 79 timing timing NN privatebank-jpmorgan-com-8914 61 80 and and CC privatebank-jpmorgan-com-8914 61 81 subscription subscription NN privatebank-jpmorgan-com-8914 61 82 lines line NNS privatebank-jpmorgan-com-8914 61 83 22 22 CD privatebank-jpmorgan-com-8914 61 84 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ NNS privatebank-jpmorgan-com-8914 61 85 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 61 86 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 61 87 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 61 88 E e NN privatebank-jpmorgan-com-8914 61 89 Y y NN privatebank-jpmorgan-com-8914 61 90 E e NN privatebank-jpmorgan-com-8914 61 91 O o NN privatebank-jpmorgan-com-8914 61 92 N n NN privatebank-jpmorgan-com-8914 61 93 T t NN privatebank-jpmorgan-com-8914 61 94 H h NN privatebank-jpmorgan-com-8914 61 95 E e NN privatebank-jpmorgan-com-8914 61 96 M m NN privatebank-jpmorgan-com-8914 61 97 A a NN privatebank-jpmorgan-com-8914 61 98 R r NN privatebank-jpmorgan-com-8914 61 99 K k NN privatebank-jpmorgan-com-8914 61 100 E e NN privatebank-jpmorgan-com-8914 61 101 T t NN privatebank-jpmorgan-com-8914 61 102 • • NN privatebank-jpmorgan-com-8914 61 103 M m NN privatebank-jpmorgan-com-8914 61 104 I i NN privatebank-jpmorgan-com-8914 61 105 C c NN privatebank-jpmorgan-com-8914 61 106 H h NN privatebank-jpmorgan-com-8914 61 107 A a NN privatebank-jpmorgan-com-8914 61 108 E e NN privatebank-jpmorgan-com-8914 61 109 L l NN privatebank-jpmorgan-com-8914 61 110 C c NN privatebank-jpmorgan-com-8914 61 111 E e NN privatebank-jpmorgan-com-8914 61 112 M m NN privatebank-jpmorgan-com-8914 61 113 B B NNP privatebank-jpmorgan-com-8914 61 114 A A NNP privatebank-jpmorgan-com-8914 61 115 L l NN privatebank-jpmorgan-com-8914 61 116 E e NN privatebank-jpmorgan-com-8914 61 117 S s NN privatebank-jpmorgan-com-8914 61 118 T t NN privatebank-jpmorgan-com-8914 61 119 • • NN privatebank-jpmorgan-com-8914 61 120 J J NNP privatebank-jpmorgan-com-8914 61 121 . . . privatebank-jpmorgan-com-8914 62 1 P p NN privatebank-jpmorgan-com-8914 62 2 . . . privatebank-jpmorgan-com-8914 63 1 M M NNP privatebank-jpmorgan-com-8914 63 2 O o NN privatebank-jpmorgan-com-8914 63 3 R r NN privatebank-jpmorgan-com-8914 63 4 G g NN privatebank-jpmorgan-com-8914 63 5 A a NN privatebank-jpmorgan-com-8914 63 6 N n NN privatebank-jpmorgan-com-8914 63 7 A a NN privatebank-jpmorgan-com-8914 63 8 c c NN privatebank-jpmorgan-com-8914 63 9 c c NN privatebank-jpmorgan-com-8914 63 10 e e NNP privatebank-jpmorgan-com-8914 63 11 s s NNP privatebank-jpmorgan-com-8914 63 12 s s NNP privatebank-jpmorgan-com-8914 63 13 o o NNP privatebank-jpmorgan-com-8914 63 14 u u NNP privatebank-jpmorgan-com-8914 63 15 r r NNP privatebank-jpmorgan-com-8914 63 16 f f NNP privatebank-jpmorgan-com-8914 63 17 u u NNP privatebank-jpmorgan-com-8914 63 18 l l NNP privatebank-jpmorgan-com-8914 63 19 l l NNP privatebank-jpmorgan-com-8914 63 20 c c NNP privatebank-jpmorgan-com-8914 63 21 o o NN privatebank-jpmorgan-com-8914 63 22 r r NN privatebank-jpmorgan-com-8914 63 23 o o NN privatebank-jpmorgan-com-8914 63 24 n n CC privatebank-jpmorgan-com-8914 63 25 a a NN privatebank-jpmorgan-com-8914 63 26 v v NN privatebank-jpmorgan-com-8914 63 27 i i NN privatebank-jpmorgan-com-8914 63 28 r r NNP privatebank-jpmorgan-com-8914 63 29 u u NNP privatebank-jpmorgan-com-8914 63 30 s s NNP privatebank-jpmorgan-com-8914 63 31 a a NNP privatebank-jpmorgan-com-8914 63 32 n n NNP privatebank-jpmorgan-com-8914 63 33 a a DT privatebank-jpmorgan-com-8914 63 34 l l NN privatebank-jpmorgan-com-8914 63 35 y y NNP privatebank-jpmorgan-com-8914 63 36 s s NNP privatebank-jpmorgan-com-8914 63 37 i i NNP privatebank-jpmorgan-com-8914 63 38 s s NNP privatebank-jpmorgan-com-8914 63 39 w w NNP privatebank-jpmorgan-com-8914 63 40 e e NNP privatebank-jpmorgan-com-8914 63 41 b b NNP privatebank-jpmorgan-com-8914 63 42 p p NN privatebank-jpmorgan-com-8914 63 43 o o NN privatebank-jpmorgan-com-8914 63 44 r r NN privatebank-jpmorgan-com-8914 63 45 t t NN privatebank-jpmorgan-com-8914 63 46 a a DT privatebank-jpmorgan-com-8914 63 47 l l NN privatebank-jpmorgan-com-8914 63 48 h h NN privatebank-jpmorgan-com-8914 63 49 e e NN privatebank-jpmorgan-com-8914 63 50 r r NN privatebank-jpmorgan-com-8914 63 51 e e NNP privatebank-jpmorgan-com-8914 63 52 J J NNP privatebank-jpmorgan-com-8914 63 53 u u NNP privatebank-jpmorgan-com-8914 63 54 n n NNP privatebank-jpmorgan-com-8914 63 55 e e NNP privatebank-jpmorgan-com-8914 63 56 2 2 CD privatebank-jpmorgan-com-8914 63 57 8 8 CD privatebank-jpmorgan-com-8914 63 58 , , , privatebank-jpmorgan-com-8914 63 59 2 2 CD privatebank-jpmorgan-com-8914 63 60 0 0 CD privatebank-jpmorgan-com-8914 63 61 2 2 CD privatebank-jpmorgan-com-8914 63 62 1 1 CD privatebank-jpmorgan-com-8914 63 63 4 4 CD privatebank-jpmorgan-com-8914 63 64 Absolute Absolute NNP privatebank-jpmorgan-com-8914 63 65 buyout buyout IN privatebank-jpmorgan-com-8914 63 66 performance performance NN privatebank-jpmorgan-com-8914 63 67 Let let VB privatebank-jpmorgan-com-8914 63 68 ’s -PRON- PRP privatebank-jpmorgan-com-8914 63 69 start start VB privatebank-jpmorgan-com-8914 63 70 with with IN privatebank-jpmorgan-com-8914 63 71 buyout buyout NN privatebank-jpmorgan-com-8914 63 72 funds fund NNS privatebank-jpmorgan-com-8914 63 73 . . . privatebank-jpmorgan-com-8914 64 1 The the DT privatebank-jpmorgan-com-8914 64 2 charts chart NNS privatebank-jpmorgan-com-8914 64 3 below below IN privatebank-jpmorgan-com-8914 64 4 show show VBP privatebank-jpmorgan-com-8914 64 5 average average JJ privatebank-jpmorgan-com-8914 64 6 and and CC privatebank-jpmorgan-com-8914 64 7 median median JJ privatebank-jpmorgan-com-8914 64 8 multiples multiple NNS privatebank-jpmorgan-com-8914 64 9 of of IN privatebank-jpmorgan-com-8914 64 10 invested invest VBN privatebank-jpmorgan-com-8914 64 11 capital capital NN privatebank-jpmorgan-com-8914 64 12 ( ( -LRB- privatebank-jpmorgan-com-8914 64 13 MOIC MOIC NNP privatebank-jpmorgan-com-8914 64 14 ) ) -RRB- privatebank-jpmorgan-com-8914 64 15 and and CC privatebank-jpmorgan-com-8914 64 16 internal internal JJ privatebank-jpmorgan-com-8914 64 17 rate rate NN privatebank-jpmorgan-com-8914 64 18 of of IN privatebank-jpmorgan-com-8914 64 19 return return NN privatebank-jpmorgan-com-8914 64 20 ( ( -LRB- privatebank-jpmorgan-com-8914 64 21 IRR IRR NNP privatebank-jpmorgan-com-8914 64 22 ) ) -RRB- privatebank-jpmorgan-com-8914 64 23 since since IN privatebank-jpmorgan-com-8914 64 24 the the DT privatebank-jpmorgan-com-8914 64 25 early early JJ privatebank-jpmorgan-com-8914 64 26 1990 1990 CD privatebank-jpmorgan-com-8914 64 27 ’s ’s NN privatebank-jpmorgan-com-8914 64 28 . . . privatebank-jpmorgan-com-8914 65 1 MOIC MOIC NNP privatebank-jpmorgan-com-8914 65 2 is be VBZ privatebank-jpmorgan-com-8914 65 3 a a DT privatebank-jpmorgan-com-8914 65 4 simple simple JJ privatebank-jpmorgan-com-8914 65 5 measure measure NN privatebank-jpmorgan-com-8914 65 6 of of IN privatebank-jpmorgan-com-8914 65 7 cash cash NN privatebank-jpmorgan-com-8914 65 8 - - HYPH privatebank-jpmorgan-com-8914 65 9 in in NN privatebank-jpmorgan-com-8914 65 10 vs vs IN privatebank-jpmorgan-com-8914 65 11 cash cash NN privatebank-jpmorgan-com-8914 65 12 - - HYPH privatebank-jpmorgan-com-8914 65 13 out out NN privatebank-jpmorgan-com-8914 65 14 , , , privatebank-jpmorgan-com-8914 65 15 while while IN privatebank-jpmorgan-com-8914 65 16 IRR IRR NNP privatebank-jpmorgan-com-8914 65 17 is be VBZ privatebank-jpmorgan-com-8914 65 18 a a DT privatebank-jpmorgan-com-8914 65 19 time time NN privatebank-jpmorgan-com-8914 65 20 - - HYPH privatebank-jpmorgan-com-8914 65 21 weighted weighted JJ privatebank-jpmorgan-com-8914 65 22 measure measure NN privatebank-jpmorgan-com-8914 65 23 of of IN privatebank-jpmorgan-com-8914 65 24 return return NN privatebank-jpmorgan-com-8914 65 25 . . . privatebank-jpmorgan-com-8914 66 1 Note note VB privatebank-jpmorgan-com-8914 66 2 how how WRB privatebank-jpmorgan-com-8914 66 3 there there EX privatebank-jpmorgan-com-8914 66 4 ’s ’ VBZ privatebank-jpmorgan-com-8914 66 5 only only RB privatebank-jpmorgan-com-8914 66 6 a a DT privatebank-jpmorgan-com-8914 66 7 small small JJ privatebank-jpmorgan-com-8914 66 8 gap gap NN privatebank-jpmorgan-com-8914 66 9 between between IN privatebank-jpmorgan-com-8914 66 10 average average JJ privatebank-jpmorgan-com-8914 66 11 and and CC privatebank-jpmorgan-com-8914 66 12 median median JJ privatebank-jpmorgan-com-8914 66 13 buyout buyout NN privatebank-jpmorgan-com-8914 66 14 manager manager NN privatebank-jpmorgan-com-8914 66 15 results result NNS privatebank-jpmorgan-com-8914 66 16 . . . privatebank-jpmorgan-com-8914 67 1 Before before IN privatebank-jpmorgan-com-8914 67 2 2009 2009 CD privatebank-jpmorgan-com-8914 67 3 , , , privatebank-jpmorgan-com-8914 67 4 average average JJ privatebank-jpmorgan-com-8914 67 5 MOICs moic NNS privatebank-jpmorgan-com-8914 67 6 and and CC privatebank-jpmorgan-com-8914 67 7 IRRs irr NNS privatebank-jpmorgan-com-8914 67 8 generally generally RB privatebank-jpmorgan-com-8914 67 9 moved move VBD privatebank-jpmorgan-com-8914 67 10 in in IN privatebank-jpmorgan-com-8914 67 11 tandem tandem NN privatebank-jpmorgan-com-8914 67 12 with with IN privatebank-jpmorgan-com-8914 67 13 each each DT privatebank-jpmorgan-com-8914 67 14 other other JJ privatebank-jpmorgan-com-8914 67 15 . . . privatebank-jpmorgan-com-8914 68 1 Since since IN privatebank-jpmorgan-com-8914 68 2 2009 2009 CD privatebank-jpmorgan-com-8914 68 3 , , , privatebank-jpmorgan-com-8914 68 4 MOICs moic NNS privatebank-jpmorgan-com-8914 68 5 have have VBP privatebank-jpmorgan-com-8914 68 6 been be VBN privatebank-jpmorgan-com-8914 68 7 declining decline VBG privatebank-jpmorgan-com-8914 68 8 while while IN privatebank-jpmorgan-com-8914 68 9 IRRs irr NNS privatebank-jpmorgan-com-8914 68 10 have have VBP privatebank-jpmorgan-com-8914 68 11 been be VBN privatebank-jpmorgan-com-8914 68 12 rising rise VBG privatebank-jpmorgan-com-8914 68 13 . . . privatebank-jpmorgan-com-8914 69 1 In in IN privatebank-jpmorgan-com-8914 69 2 theory theory NN privatebank-jpmorgan-com-8914 69 3 , , , privatebank-jpmorgan-com-8914 69 4 this this DT privatebank-jpmorgan-com-8914 69 5 could could MD privatebank-jpmorgan-com-8914 69 6 happen happen VB privatebank-jpmorgan-com-8914 69 7 if if IN privatebank-jpmorgan-com-8914 69 8 managers manager NNS privatebank-jpmorgan-com-8914 69 9 generate generate VBP privatebank-jpmorgan-com-8914 69 10 smaller small JJR privatebank-jpmorgan-com-8914 69 11 gains gain NNS privatebank-jpmorgan-com-8914 69 12 vs vs IN privatebank-jpmorgan-com-8914 69 13 invested invest VBN privatebank-jpmorgan-com-8914 69 14 capital capital NN privatebank-jpmorgan-com-8914 69 15 but but CC privatebank-jpmorgan-com-8914 69 16 deliver deliver VB privatebank-jpmorgan-com-8914 69 17 distributions distribution NNS privatebank-jpmorgan-com-8914 69 18 to to IN privatebank-jpmorgan-com-8914 69 19 investors investor NNS privatebank-jpmorgan-com-8914 69 20 more more RBR privatebank-jpmorgan-com-8914 69 21 quickly quickly RB privatebank-jpmorgan-com-8914 69 22 . . . privatebank-jpmorgan-com-8914 70 1 In in IN privatebank-jpmorgan-com-8914 70 2 reality reality NN privatebank-jpmorgan-com-8914 70 3 , , , privatebank-jpmorgan-com-8914 70 4 the the DT privatebank-jpmorgan-com-8914 70 5 reason reason NN privatebank-jpmorgan-com-8914 70 6 for for IN privatebank-jpmorgan-com-8914 70 7 rising rise VBG privatebank-jpmorgan-com-8914 70 8 IRRs irr NNS privatebank-jpmorgan-com-8914 70 9 despite despite IN privatebank-jpmorgan-com-8914 70 10 falling fall VBG privatebank-jpmorgan-com-8914 70 11 MOIC MOIC NNP privatebank-jpmorgan-com-8914 70 12 is be VBZ privatebank-jpmorgan-com-8914 70 13 increased increase VBN privatebank-jpmorgan-com-8914 70 14 use use NN privatebank-jpmorgan-com-8914 70 15 of of IN privatebank-jpmorgan-com-8914 70 16 subscription subscription NN privatebank-jpmorgan-com-8914 70 17 lines line NNS privatebank-jpmorgan-com-8914 70 18 : : : privatebank-jpmorgan-com-8914 70 19 managers manager NNS privatebank-jpmorgan-com-8914 70 20 finance finance VBP privatebank-jpmorgan-com-8914 70 21 investments investment NNS privatebank-jpmorgan-com-8914 70 22 with with IN privatebank-jpmorgan-com-8914 70 23 bank bank NN privatebank-jpmorgan-com-8914 70 24 loans loan NNS privatebank-jpmorgan-com-8914 70 25 and and CC privatebank-jpmorgan-com-8914 70 26 delay delay NN privatebank-jpmorgan-com-8914 70 27 capital capital NN privatebank-jpmorgan-com-8914 70 28 calls call NNS privatebank-jpmorgan-com-8914 70 29 to to IN privatebank-jpmorgan-com-8914 70 30 LPs lp NNS privatebank-jpmorgan-com-8914 70 31 until until IN privatebank-jpmorgan-com-8914 70 32 later later RB privatebank-jpmorgan-com-8914 70 33 in in IN privatebank-jpmorgan-com-8914 70 34 the the DT privatebank-jpmorgan-com-8914 70 35 investment investment NN privatebank-jpmorgan-com-8914 70 36 period period NN privatebank-jpmorgan-com-8914 70 37 . . . privatebank-jpmorgan-com-8914 71 1 This this DT privatebank-jpmorgan-com-8914 71 2 practice practice NN privatebank-jpmorgan-com-8914 71 3 increases increase VBZ privatebank-jpmorgan-com-8914 71 4 the the DT privatebank-jpmorgan-com-8914 71 5 IRR IRR NNP privatebank-jpmorgan-com-8914 71 6 of of IN privatebank-jpmorgan-com-8914 71 7 a a DT privatebank-jpmorgan-com-8914 71 8 fund fund NN privatebank-jpmorgan-com-8914 71 9 at at IN privatebank-jpmorgan-com-8914 71 10 the the DT privatebank-jpmorgan-com-8914 71 11 expense expense NN privatebank-jpmorgan-com-8914 71 12 of of IN privatebank-jpmorgan-com-8914 71 13 a a DT privatebank-jpmorgan-com-8914 71 14 small small JJ privatebank-jpmorgan-com-8914 71 15 rise rise NN privatebank-jpmorgan-com-8914 71 16 in in IN privatebank-jpmorgan-com-8914 71 17 MOIC MOIC NNP privatebank-jpmorgan-com-8914 71 18 , , , privatebank-jpmorgan-com-8914 71 19 since since IN privatebank-jpmorgan-com-8914 71 20 LPs lp NNS privatebank-jpmorgan-com-8914 71 21 end end VBP privatebank-jpmorgan-com-8914 71 22 up up RP privatebank-jpmorgan-com-8914 71 23 paying pay VBG privatebank-jpmorgan-com-8914 71 24 subscription subscription NN privatebank-jpmorgan-com-8914 71 25 line line NN privatebank-jpmorgan-com-8914 71 26 interest interest NN privatebank-jpmorgan-com-8914 71 27 . . . privatebank-jpmorgan-com-8914 72 1 1.0 1.0 CD privatebank-jpmorgan-com-8914 72 2 1.5 1.5 CD privatebank-jpmorgan-com-8914 72 3 2.0 2.0 CD privatebank-jpmorgan-com-8914 72 4 2.5 2.5 CD privatebank-jpmorgan-com-8914 72 5 3.0 3.0 CD privatebank-jpmorgan-com-8914 72 6 1991 1991 CD privatebank-jpmorgan-com-8914 72 7 1996 1996 CD privatebank-jpmorgan-com-8914 72 8 2001 2001 CD privatebank-jpmorgan-com-8914 72 9 2006 2006 CD privatebank-jpmorgan-com-8914 72 10 2011 2011 CD privatebank-jpmorgan-com-8914 72 11 2016 2016 CD privatebank-jpmorgan-com-8914 72 12 Average Average NNP privatebank-jpmorgan-com-8914 72 13 Median Median NNP privatebank-jpmorgan-com-8914 72 14 US US NNP privatebank-jpmorgan-com-8914 72 15 buyout buyout NN privatebank-jpmorgan-com-8914 72 16 MOICs moic NNS privatebank-jpmorgan-com-8914 72 17 by by IN privatebank-jpmorgan-com-8914 72 18 vintage vintage JJ privatebank-jpmorgan-com-8914 72 19 year year NN privatebank-jpmorgan-com-8914 72 20 Source source NN privatebank-jpmorgan-com-8914 72 21 : : : privatebank-jpmorgan-com-8914 72 22 Steve Steve NNP privatebank-jpmorgan-com-8914 72 23 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 72 24 ( ( -LRB- privatebank-jpmorgan-com-8914 72 25 Chicago Chicago NNP privatebank-jpmorgan-com-8914 72 26 Booth Booth NNP privatebank-jpmorgan-com-8914 72 27 ) ) -RRB- privatebank-jpmorgan-com-8914 72 28 and and CC privatebank-jpmorgan-com-8914 72 29 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 72 30 . . . privatebank-jpmorgan-com-8914 73 1 2020 2020 CD privatebank-jpmorgan-com-8914 73 2 . . . privatebank-jpmorgan-com-8914 74 1 0 0 CD privatebank-jpmorgan-com-8914 74 2 % % NN privatebank-jpmorgan-com-8914 74 3 5 5 CD privatebank-jpmorgan-com-8914 74 4 % % NN privatebank-jpmorgan-com-8914 74 5 10 10 CD privatebank-jpmorgan-com-8914 74 6 % % NN privatebank-jpmorgan-com-8914 74 7 15 15 CD privatebank-jpmorgan-com-8914 74 8 % % NN privatebank-jpmorgan-com-8914 74 9 20 20 CD privatebank-jpmorgan-com-8914 74 10 % % NN privatebank-jpmorgan-com-8914 74 11 25 25 CD privatebank-jpmorgan-com-8914 74 12 % % NN privatebank-jpmorgan-com-8914 74 13 30 30 CD privatebank-jpmorgan-com-8914 74 14 % % NN privatebank-jpmorgan-com-8914 74 15 35 35 CD privatebank-jpmorgan-com-8914 74 16 % % NN privatebank-jpmorgan-com-8914 74 17 1991 1991 CD privatebank-jpmorgan-com-8914 74 18 1996 1996 CD privatebank-jpmorgan-com-8914 74 19 2001 2001 CD privatebank-jpmorgan-com-8914 74 20 2006 2006 CD privatebank-jpmorgan-com-8914 74 21 2011 2011 CD privatebank-jpmorgan-com-8914 74 22 2016 2016 CD privatebank-jpmorgan-com-8914 74 23 Median Median NNP privatebank-jpmorgan-com-8914 74 24 Average Average NNP privatebank-jpmorgan-com-8914 74 25 US US NNP privatebank-jpmorgan-com-8914 74 26 buyout buyout NN privatebank-jpmorgan-com-8914 74 27 IRRs irr NNS privatebank-jpmorgan-com-8914 74 28 by by IN privatebank-jpmorgan-com-8914 74 29 vintage vintage JJ privatebank-jpmorgan-com-8914 74 30 year year NN privatebank-jpmorgan-com-8914 74 31 Source source NN privatebank-jpmorgan-com-8914 74 32 : : : privatebank-jpmorgan-com-8914 74 33 Steve Steve NNP privatebank-jpmorgan-com-8914 74 34 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 74 35 ( ( -LRB- privatebank-jpmorgan-com-8914 74 36 Chicago Chicago NNP privatebank-jpmorgan-com-8914 74 37 Booth Booth NNP privatebank-jpmorgan-com-8914 74 38 ) ) -RRB- privatebank-jpmorgan-com-8914 74 39 and and CC privatebank-jpmorgan-com-8914 74 40 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 74 41 . . . privatebank-jpmorgan-com-8914 75 1 2020 2020 CD privatebank-jpmorgan-com-8914 75 2 . . . privatebank-jpmorgan-com-8914 76 1 On on IN privatebank-jpmorgan-com-8914 76 2 subscription subscription NN privatebank-jpmorgan-com-8914 76 3 lines line NNS privatebank-jpmorgan-com-8914 76 4 • • VBP privatebank-jpmorgan-com-8914 76 5 IRR IRR NNP privatebank-jpmorgan-com-8914 76 6 impact impact NN privatebank-jpmorgan-com-8914 76 7 . . . privatebank-jpmorgan-com-8914 77 1 Estimates estimate NNS privatebank-jpmorgan-com-8914 77 2 of of IN privatebank-jpmorgan-com-8914 77 3 the the DT privatebank-jpmorgan-com-8914 77 4 IRR IRR NNP privatebank-jpmorgan-com-8914 77 5 impact impact NN privatebank-jpmorgan-com-8914 77 6 of of IN privatebank-jpmorgan-com-8914 77 7 subscription subscription NN privatebank-jpmorgan-com-8914 77 8 lines line NNS privatebank-jpmorgan-com-8914 77 9 vary vary VBP privatebank-jpmorgan-com-8914 77 10 . . . privatebank-jpmorgan-com-8914 78 1 Cambridge Cambridge NNP privatebank-jpmorgan-com-8914 78 2 Associates Associates NNP privatebank-jpmorgan-com-8914 78 3 estimates estimate VBZ privatebank-jpmorgan-com-8914 78 4 that that IN privatebank-jpmorgan-com-8914 78 5 subscription subscription NN privatebank-jpmorgan-com-8914 78 6 lines line NNS privatebank-jpmorgan-com-8914 78 7 could could MD privatebank-jpmorgan-com-8914 78 8 boost boost VB privatebank-jpmorgan-com-8914 78 9 IRRs irr NNS privatebank-jpmorgan-com-8914 78 10 by by IN privatebank-jpmorgan-com-8914 78 11 3 3 CD privatebank-jpmorgan-com-8914 78 12 % % NN privatebank-jpmorgan-com-8914 78 13 per per IN privatebank-jpmorgan-com-8914 78 14 year year NN privatebank-jpmorgan-com-8914 78 15 , , , privatebank-jpmorgan-com-8914 78 16 while while IN privatebank-jpmorgan-com-8914 78 17 a a DT privatebank-jpmorgan-com-8914 78 18 Notre Notre NNP privatebank-jpmorgan-com-8914 78 19 Dame Dame NNP privatebank-jpmorgan-com-8914 78 20 study study NN privatebank-jpmorgan-com-8914 78 21 found find VBD privatebank-jpmorgan-com-8914 78 22 that that IN privatebank-jpmorgan-com-8914 78 23 such such JJ privatebank-jpmorgan-com-8914 78 24 lines line NNS privatebank-jpmorgan-com-8914 78 25 would would MD privatebank-jpmorgan-com-8914 78 26 be be VB privatebank-jpmorgan-com-8914 78 27 less less RBR privatebank-jpmorgan-com-8914 78 28 likely likely JJ privatebank-jpmorgan-com-8914 78 29 to to TO privatebank-jpmorgan-com-8914 78 30 materially materially RB privatebank-jpmorgan-com-8914 78 31 impact impact VB privatebank-jpmorgan-com-8914 78 32 IRR IRR NNP privatebank-jpmorgan-com-8914 78 33 . . . privatebank-jpmorgan-com-8914 79 1 In in IN privatebank-jpmorgan-com-8914 79 2 terms term NNS privatebank-jpmorgan-com-8914 79 3 of of IN privatebank-jpmorgan-com-8914 79 4 actual actual JJ privatebank-jpmorgan-com-8914 79 5 data datum NNS privatebank-jpmorgan-com-8914 79 6 , , , privatebank-jpmorgan-com-8914 79 7 Carnegie Carnegie NNP privatebank-jpmorgan-com-8914 79 8 Mellon Mellon NNP privatebank-jpmorgan-com-8914 79 9 found find VBD privatebank-jpmorgan-com-8914 79 10 a a DT privatebank-jpmorgan-com-8914 79 11 2.6 2.6 CD privatebank-jpmorgan-com-8914 79 12 % % NN privatebank-jpmorgan-com-8914 79 13 increase increase NN privatebank-jpmorgan-com-8914 79 14 in in IN privatebank-jpmorgan-com-8914 79 15 IRR IRR NNP privatebank-jpmorgan-com-8914 79 16 while while IN privatebank-jpmorgan-com-8914 79 17 the the DT privatebank-jpmorgan-com-8914 79 18 Institutional Institutional NNP privatebank-jpmorgan-com-8914 79 19 Limited Limited NNP privatebank-jpmorgan-com-8914 79 20 Partners Partners NNPS privatebank-jpmorgan-com-8914 79 21 Association Association NNP privatebank-jpmorgan-com-8914 79 22 points point VBZ privatebank-jpmorgan-com-8914 79 23 to to IN privatebank-jpmorgan-com-8914 79 24 a a DT privatebank-jpmorgan-com-8914 79 25 median median JJ privatebank-jpmorgan-com-8914 79 26 IRR IRR NNP privatebank-jpmorgan-com-8914 79 27 impact impact NN privatebank-jpmorgan-com-8914 79 28 of of IN privatebank-jpmorgan-com-8914 79 29 no no DT privatebank-jpmorgan-com-8914 79 30 more more JJR privatebank-jpmorgan-com-8914 79 31 than than IN privatebank-jpmorgan-com-8914 79 32 0.45%2 0.45%2 NNS privatebank-jpmorgan-com-8914 79 33 • • NNP privatebank-jpmorgan-com-8914 79 34 Impact impact NN privatebank-jpmorgan-com-8914 79 35 drivers driver NNS privatebank-jpmorgan-com-8914 79 36 . . . privatebank-jpmorgan-com-8914 80 1 The the DT privatebank-jpmorgan-com-8914 80 2 IRR IRR NNP privatebank-jpmorgan-com-8914 80 3 impact impact NN privatebank-jpmorgan-com-8914 80 4 depends depend VBZ privatebank-jpmorgan-com-8914 80 5 on on IN privatebank-jpmorgan-com-8914 80 6 how how WRB privatebank-jpmorgan-com-8914 80 7 long long JJ privatebank-jpmorgan-com-8914 80 8 the the DT privatebank-jpmorgan-com-8914 80 9 lines line NNS privatebank-jpmorgan-com-8914 80 10 are be VBP privatebank-jpmorgan-com-8914 80 11 used use VBN privatebank-jpmorgan-com-8914 80 12 for for IN privatebank-jpmorgan-com-8914 80 13 and and CC privatebank-jpmorgan-com-8914 80 14 what what WDT privatebank-jpmorgan-com-8914 80 15 percentage percentage NN privatebank-jpmorgan-com-8914 80 16 of of IN privatebank-jpmorgan-com-8914 80 17 invested invest VBN privatebank-jpmorgan-com-8914 80 18 capital capital NN privatebank-jpmorgan-com-8914 80 19 they -PRON- PRP privatebank-jpmorgan-com-8914 80 20 are be VBP privatebank-jpmorgan-com-8914 80 21 applied apply VBN privatebank-jpmorgan-com-8914 80 22 to to IN privatebank-jpmorgan-com-8914 80 23 . . . privatebank-jpmorgan-com-8914 81 1 As as IN privatebank-jpmorgan-com-8914 81 2 an an DT privatebank-jpmorgan-com-8914 81 3 extreme extreme JJ privatebank-jpmorgan-com-8914 81 4 example example NN privatebank-jpmorgan-com-8914 81 5 , , , privatebank-jpmorgan-com-8914 81 6 assume assume VBP privatebank-jpmorgan-com-8914 81 7 that that IN privatebank-jpmorgan-com-8914 81 8 a a DT privatebank-jpmorgan-com-8914 81 9 manager manager NN privatebank-jpmorgan-com-8914 81 10 used use VBD privatebank-jpmorgan-com-8914 81 11 subscription subscription NN privatebank-jpmorgan-com-8914 81 12 lines line NNS privatebank-jpmorgan-com-8914 81 13 for for IN privatebank-jpmorgan-com-8914 81 14 100 100 CD privatebank-jpmorgan-com-8914 81 15 % % NN privatebank-jpmorgan-com-8914 81 16 of of IN privatebank-jpmorgan-com-8914 81 17 invested invest VBN privatebank-jpmorgan-com-8914 81 18 capital capital NN privatebank-jpmorgan-com-8914 81 19 and and CC privatebank-jpmorgan-com-8914 81 20 held hold VBD privatebank-jpmorgan-com-8914 81 21 such such JJ privatebank-jpmorgan-com-8914 81 22 lines line NNS privatebank-jpmorgan-com-8914 81 23 outstanding outstanding JJ privatebank-jpmorgan-com-8914 81 24 until until IN privatebank-jpmorgan-com-8914 81 25 the the DT privatebank-jpmorgan-com-8914 81 26 end end NN privatebank-jpmorgan-com-8914 81 27 of of IN privatebank-jpmorgan-com-8914 81 28 the the DT privatebank-jpmorgan-com-8914 81 29 investment investment NN privatebank-jpmorgan-com-8914 81 30 period period NN privatebank-jpmorgan-com-8914 81 31 . . . privatebank-jpmorgan-com-8914 82 1 In in IN privatebank-jpmorgan-com-8914 82 2 this this DT privatebank-jpmorgan-com-8914 82 3 case case NN privatebank-jpmorgan-com-8914 82 4 , , , privatebank-jpmorgan-com-8914 82 5 the the DT privatebank-jpmorgan-com-8914 82 6 IRR IRR NNP privatebank-jpmorgan-com-8914 82 7 would would MD privatebank-jpmorgan-com-8914 82 8 rise rise VB privatebank-jpmorgan-com-8914 82 9 by by IN privatebank-jpmorgan-com-8914 82 10 7 7 CD privatebank-jpmorgan-com-8914 82 11 % % NN privatebank-jpmorgan-com-8914 82 12 from from IN privatebank-jpmorgan-com-8914 82 13 15 15 CD privatebank-jpmorgan-com-8914 82 14 % % NN privatebank-jpmorgan-com-8914 82 15 to to IN privatebank-jpmorgan-com-8914 82 16 22 22 CD privatebank-jpmorgan-com-8914 82 17 % % NN privatebank-jpmorgan-com-8914 82 18 ( ( -LRB- privatebank-jpmorgan-com-8914 82 19 see see VB privatebank-jpmorgan-com-8914 82 20 Appendix Appendix NNP privatebank-jpmorgan-com-8914 82 21 III III NNP privatebank-jpmorgan-com-8914 82 22 Base Base NNP privatebank-jpmorgan-com-8914 82 23 Case Case NNP privatebank-jpmorgan-com-8914 82 24 ) ) -RRB- privatebank-jpmorgan-com-8914 82 25 • • VBP privatebank-jpmorgan-com-8914 82 26 Arms arm NNS privatebank-jpmorgan-com-8914 82 27 race race NN privatebank-jpmorgan-com-8914 82 28 . . . privatebank-jpmorgan-com-8914 83 1 87 87 CD privatebank-jpmorgan-com-8914 83 2 % % NN privatebank-jpmorgan-com-8914 83 3 of of IN privatebank-jpmorgan-com-8914 83 4 private private JJ privatebank-jpmorgan-com-8914 83 5 equity equity NN privatebank-jpmorgan-com-8914 83 6 poll poll NN privatebank-jpmorgan-com-8914 83 7 respondents respondent NNS privatebank-jpmorgan-com-8914 83 8 indicate indicate VBP privatebank-jpmorgan-com-8914 83 9 that that IN privatebank-jpmorgan-com-8914 83 10 they -PRON- PRP privatebank-jpmorgan-com-8914 83 11 are be VBP privatebank-jpmorgan-com-8914 83 12 using use VBG privatebank-jpmorgan-com-8914 83 13 or or CC privatebank-jpmorgan-com-8914 83 14 plan plan VBP privatebank-jpmorgan-com-8914 83 15 to to TO privatebank-jpmorgan-com-8914 83 16 use use VB privatebank-jpmorgan-com-8914 83 17 subscription subscription NN privatebank-jpmorgan-com-8914 83 18 lines line NNS privatebank-jpmorgan-com-8914 83 19 . . . privatebank-jpmorgan-com-8914 84 1 According accord VBG privatebank-jpmorgan-com-8914 84 2 to to IN privatebank-jpmorgan-com-8914 84 3 Mercer Mercer NNP privatebank-jpmorgan-com-8914 84 4 , , , privatebank-jpmorgan-com-8914 84 5 the the DT privatebank-jpmorgan-com-8914 84 6 use use NN privatebank-jpmorgan-com-8914 84 7 of of IN privatebank-jpmorgan-com-8914 84 8 subscription subscription NN privatebank-jpmorgan-com-8914 84 9 lines line NNS privatebank-jpmorgan-com-8914 84 10 of of IN privatebank-jpmorgan-com-8914 84 11 credit credit NN privatebank-jpmorgan-com-8914 84 12 ( ( -LRB- privatebank-jpmorgan-com-8914 84 13 SLCs SLCs NNP privatebank-jpmorgan-com-8914 84 14 ) ) -RRB- privatebank-jpmorgan-com-8914 84 15 has have VBZ privatebank-jpmorgan-com-8914 84 16 grown grow VBN privatebank-jpmorgan-com-8914 84 17 6x 6x CD privatebank-jpmorgan-com-8914 84 18 since since IN privatebank-jpmorgan-com-8914 84 19 2010 2010 CD privatebank-jpmorgan-com-8914 84 20 with with IN privatebank-jpmorgan-com-8914 84 21 more more JJR privatebank-jpmorgan-com-8914 84 22 than than IN privatebank-jpmorgan-com-8914 84 23 90 90 CD privatebank-jpmorgan-com-8914 84 24 % % NN privatebank-jpmorgan-com-8914 84 25 of of IN privatebank-jpmorgan-com-8914 84 26 funds fund NNS privatebank-jpmorgan-com-8914 84 27 now now RB privatebank-jpmorgan-com-8914 84 28 using use VBG privatebank-jpmorgan-com-8914 84 29 them3 them3 NN privatebank-jpmorgan-com-8914 84 30 2 2 CD privatebank-jpmorgan-com-8914 84 31 “ " `` privatebank-jpmorgan-com-8914 84 32 Should Should MD privatebank-jpmorgan-com-8914 84 33 you -PRON- PRP privatebank-jpmorgan-com-8914 84 34 avoid avoid VB privatebank-jpmorgan-com-8914 84 35 commitment commitment NN privatebank-jpmorgan-com-8914 84 36 ( ( -LRB- privatebank-jpmorgan-com-8914 84 37 facilities facility NNS privatebank-jpmorgan-com-8914 84 38 ) ) -RRB- privatebank-jpmorgan-com-8914 84 39 ? ? . privatebank-jpmorgan-com-8914 84 40 ” " '' privatebank-jpmorgan-com-8914 84 41 , , , privatebank-jpmorgan-com-8914 84 42 Cambridge Cambridge NNP privatebank-jpmorgan-com-8914 84 43 Associates Associates NNP privatebank-jpmorgan-com-8914 84 44 , , , privatebank-jpmorgan-com-8914 84 45 June June NNP privatebank-jpmorgan-com-8914 84 46 2018 2018 CD privatebank-jpmorgan-com-8914 84 47 ; ; : privatebank-jpmorgan-com-8914 84 48 “ " `` privatebank-jpmorgan-com-8914 84 49 Private private JJ privatebank-jpmorgan-com-8914 84 50 equity equity NN privatebank-jpmorgan-com-8914 84 51 returns return NNS privatebank-jpmorgan-com-8914 84 52 , , , privatebank-jpmorgan-com-8914 84 53 cash cash NN privatebank-jpmorgan-com-8914 84 54 flow flow NN privatebank-jpmorgan-com-8914 84 55 timing timing NN privatebank-jpmorgan-com-8914 84 56 , , , privatebank-jpmorgan-com-8914 84 57 and and CC privatebank-jpmorgan-com-8914 84 58 investor investor NN privatebank-jpmorgan-com-8914 84 59 choices choice NNS privatebank-jpmorgan-com-8914 84 60 ” " '' privatebank-jpmorgan-com-8914 84 61 , , , privatebank-jpmorgan-com-8914 84 62 Larocque Larocque NNP privatebank-jpmorgan-com-8914 84 63 ( ( -LRB- privatebank-jpmorgan-com-8914 84 64 Notre Notre NNP privatebank-jpmorgan-com-8914 84 65 Dame Dame NNP privatebank-jpmorgan-com-8914 84 66 ) ) -RRB- privatebank-jpmorgan-com-8914 84 67 et et NNP privatebank-jpmorgan-com-8914 84 68 al al NNP privatebank-jpmorgan-com-8914 84 69 , , , privatebank-jpmorgan-com-8914 84 70 August August NNP privatebank-jpmorgan-com-8914 84 71 2019 2019 CD privatebank-jpmorgan-com-8914 84 72 ; ; : privatebank-jpmorgan-com-8914 84 73 “ " `` privatebank-jpmorgan-com-8914 84 74 Private Private NNP privatebank-jpmorgan-com-8914 84 75 Equity Equity NNP privatebank-jpmorgan-com-8914 84 76 Fund Fund NNP privatebank-jpmorgan-com-8914 84 77 Debt Debt NNP privatebank-jpmorgan-com-8914 84 78 : : : privatebank-jpmorgan-com-8914 84 79 Capital capital NN privatebank-jpmorgan-com-8914 84 80 Flows flow NNS privatebank-jpmorgan-com-8914 84 81 , , , privatebank-jpmorgan-com-8914 84 82 Performance Performance NNP privatebank-jpmorgan-com-8914 84 83 , , , privatebank-jpmorgan-com-8914 84 84 and and CC privatebank-jpmorgan-com-8914 84 85 Agency Agency NNP privatebank-jpmorgan-com-8914 84 86 Costs Costs NNPS privatebank-jpmorgan-com-8914 84 87 ” " '' privatebank-jpmorgan-com-8914 84 88 , , , privatebank-jpmorgan-com-8914 84 89 Albertus Albertus NNP privatebank-jpmorgan-com-8914 84 90 and and CC privatebank-jpmorgan-com-8914 84 91 Denes Denes NNP privatebank-jpmorgan-com-8914 84 92 ( ( -LRB- privatebank-jpmorgan-com-8914 84 93 Carnegie Carnegie NNP privatebank-jpmorgan-com-8914 84 94 Mellon Mellon NNP privatebank-jpmorgan-com-8914 84 95 ) ) -RRB- privatebank-jpmorgan-com-8914 84 96 , , , privatebank-jpmorgan-com-8914 84 97 May May NNP privatebank-jpmorgan-com-8914 84 98 2020 2020 CD privatebank-jpmorgan-com-8914 84 99 ; ; : privatebank-jpmorgan-com-8914 84 100 “ " `` privatebank-jpmorgan-com-8914 84 101 Enhancing enhance VBG privatebank-jpmorgan-com-8914 84 102 Transparency Transparency NNP privatebank-jpmorgan-com-8914 84 103 Around around IN privatebank-jpmorgan-com-8914 84 104 Subscription Subscription NNP privatebank-jpmorgan-com-8914 84 105 Lines Lines NNPS privatebank-jpmorgan-com-8914 84 106 of of IN privatebank-jpmorgan-com-8914 84 107 Credit Credit NNP privatebank-jpmorgan-com-8914 84 108 ” " '' privatebank-jpmorgan-com-8914 84 109 , , , privatebank-jpmorgan-com-8914 84 110 Institutional Institutional NNP privatebank-jpmorgan-com-8914 84 111 Limited Limited NNP privatebank-jpmorgan-com-8914 84 112 Partners Partners NNPS privatebank-jpmorgan-com-8914 84 113 Association Association NNP privatebank-jpmorgan-com-8914 84 114 , , , privatebank-jpmorgan-com-8914 84 115 June June NNP privatebank-jpmorgan-com-8914 84 116 2020 2020 CD privatebank-jpmorgan-com-8914 84 117 . . . privatebank-jpmorgan-com-8914 85 1 3 3 LS privatebank-jpmorgan-com-8914 85 2 “ " `` privatebank-jpmorgan-com-8914 85 3 Fund Fund NNP privatebank-jpmorgan-com-8914 85 4 Finance finance NN privatebank-jpmorgan-com-8914 85 5 : : : privatebank-jpmorgan-com-8914 85 6 Utilizing utilize VBG privatebank-jpmorgan-com-8914 85 7 Credit Credit NNP privatebank-jpmorgan-com-8914 85 8 Lines Lines NNP privatebank-jpmorgan-com-8914 85 9 / / SYM privatebank-jpmorgan-com-8914 85 10 Subscription Subscription NNP privatebank-jpmorgan-com-8914 85 11 Lines Lines NNPS privatebank-jpmorgan-com-8914 85 12 of of IN privatebank-jpmorgan-com-8914 85 13 Credit Credit NNP privatebank-jpmorgan-com-8914 85 14 at at IN privatebank-jpmorgan-com-8914 85 15 the the DT privatebank-jpmorgan-com-8914 85 16 Fund Fund NNP privatebank-jpmorgan-com-8914 85 17 Level Level NNP privatebank-jpmorgan-com-8914 85 18 ” " '' privatebank-jpmorgan-com-8914 85 19 , , , privatebank-jpmorgan-com-8914 85 20 Haynes Haynes NNP privatebank-jpmorgan-com-8914 85 21 and and CC privatebank-jpmorgan-com-8914 85 22 Boone Boone NNP privatebank-jpmorgan-com-8914 85 23 LLP LLP NNP privatebank-jpmorgan-com-8914 85 24 , , , privatebank-jpmorgan-com-8914 85 25 February February NNP privatebank-jpmorgan-com-8914 85 26 2018 2018 CD privatebank-jpmorgan-com-8914 85 27 ; ; : privatebank-jpmorgan-com-8914 85 28 “ " `` privatebank-jpmorgan-com-8914 85 29 Dry Dry NNP privatebank-jpmorgan-com-8914 85 30 powder powder NN privatebank-jpmorgan-com-8914 85 31 meets meet VBZ privatebank-jpmorgan-com-8914 85 32 low low JJ privatebank-jpmorgan-com-8914 85 33 interest interest NN privatebank-jpmorgan-com-8914 85 34 rates rate NNS privatebank-jpmorgan-com-8914 85 35 ” " '' privatebank-jpmorgan-com-8914 85 36 , , , privatebank-jpmorgan-com-8914 85 37 Mercer Mercer NNP privatebank-jpmorgan-com-8914 85 38 , , , privatebank-jpmorgan-com-8914 85 39 March March NNP privatebank-jpmorgan-com-8914 85 40 2021 2021 CD privatebank-jpmorgan-com-8914 85 41 . . . privatebank-jpmorgan-com-8914 85 42 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/j-p-morgan-chase-eye-market/dp/b07l4swcyl/ WP privatebank-jpmorgan-com-8914 85 43 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 85 44 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 85 45 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 85 46 E e NN privatebank-jpmorgan-com-8914 85 47 Y y NN privatebank-jpmorgan-com-8914 85 48 E e NN privatebank-jpmorgan-com-8914 85 49 O o NN privatebank-jpmorgan-com-8914 85 50 N n NN privatebank-jpmorgan-com-8914 85 51 T t NN privatebank-jpmorgan-com-8914 85 52 H h NN privatebank-jpmorgan-com-8914 85 53 E e NN privatebank-jpmorgan-com-8914 85 54 M m NN privatebank-jpmorgan-com-8914 85 55 A a NN privatebank-jpmorgan-com-8914 85 56 R r NN privatebank-jpmorgan-com-8914 85 57 K k NN privatebank-jpmorgan-com-8914 85 58 E e NN privatebank-jpmorgan-com-8914 85 59 T t NN privatebank-jpmorgan-com-8914 85 60 • • NN privatebank-jpmorgan-com-8914 85 61 M m NN privatebank-jpmorgan-com-8914 85 62 I i NN privatebank-jpmorgan-com-8914 85 63 C c NN privatebank-jpmorgan-com-8914 85 64 H h NN privatebank-jpmorgan-com-8914 85 65 A a NN privatebank-jpmorgan-com-8914 85 66 E e NN privatebank-jpmorgan-com-8914 85 67 L l NN privatebank-jpmorgan-com-8914 85 68 C c NN privatebank-jpmorgan-com-8914 85 69 E e NN privatebank-jpmorgan-com-8914 85 70 M m NN privatebank-jpmorgan-com-8914 85 71 B B NNP privatebank-jpmorgan-com-8914 85 72 A A NNP privatebank-jpmorgan-com-8914 85 73 L l NN privatebank-jpmorgan-com-8914 85 74 E e NN privatebank-jpmorgan-com-8914 85 75 S s NN privatebank-jpmorgan-com-8914 85 76 T t NN privatebank-jpmorgan-com-8914 85 77 • • NN privatebank-jpmorgan-com-8914 85 78 J J NNP privatebank-jpmorgan-com-8914 85 79 . . . privatebank-jpmorgan-com-8914 86 1 P p NN privatebank-jpmorgan-com-8914 86 2 . . . privatebank-jpmorgan-com-8914 87 1 M M NNP privatebank-jpmorgan-com-8914 87 2 O o NN privatebank-jpmorgan-com-8914 87 3 R r NN privatebank-jpmorgan-com-8914 87 4 G g NN privatebank-jpmorgan-com-8914 87 5 A a NN privatebank-jpmorgan-com-8914 87 6 N n NN privatebank-jpmorgan-com-8914 87 7 A a NN privatebank-jpmorgan-com-8914 87 8 c c NN privatebank-jpmorgan-com-8914 87 9 c c NN privatebank-jpmorgan-com-8914 87 10 e e NNP privatebank-jpmorgan-com-8914 87 11 s s NNP privatebank-jpmorgan-com-8914 87 12 s s NNP privatebank-jpmorgan-com-8914 87 13 o o NNP privatebank-jpmorgan-com-8914 87 14 u u NNP privatebank-jpmorgan-com-8914 87 15 r r NNP privatebank-jpmorgan-com-8914 87 16 f f NNP privatebank-jpmorgan-com-8914 87 17 u u NNP privatebank-jpmorgan-com-8914 87 18 l l NNP privatebank-jpmorgan-com-8914 87 19 l l NNP privatebank-jpmorgan-com-8914 87 20 c c NNP privatebank-jpmorgan-com-8914 87 21 o o NN privatebank-jpmorgan-com-8914 87 22 r r NN privatebank-jpmorgan-com-8914 87 23 o o NN privatebank-jpmorgan-com-8914 87 24 n n CC privatebank-jpmorgan-com-8914 87 25 a a NN privatebank-jpmorgan-com-8914 87 26 v v NN privatebank-jpmorgan-com-8914 87 27 i i NN privatebank-jpmorgan-com-8914 87 28 r r NNP privatebank-jpmorgan-com-8914 87 29 u u NNP privatebank-jpmorgan-com-8914 87 30 s s NNP privatebank-jpmorgan-com-8914 87 31 a a NNP privatebank-jpmorgan-com-8914 87 32 n n NNP privatebank-jpmorgan-com-8914 87 33 a a DT privatebank-jpmorgan-com-8914 87 34 l l NN privatebank-jpmorgan-com-8914 87 35 y y NNP privatebank-jpmorgan-com-8914 87 36 s s NNP privatebank-jpmorgan-com-8914 87 37 i i NNP privatebank-jpmorgan-com-8914 87 38 s s NNP privatebank-jpmorgan-com-8914 87 39 w w NNP privatebank-jpmorgan-com-8914 87 40 e e NNP privatebank-jpmorgan-com-8914 87 41 b b NNP privatebank-jpmorgan-com-8914 87 42 p p NN privatebank-jpmorgan-com-8914 87 43 o o NN privatebank-jpmorgan-com-8914 87 44 r r NN privatebank-jpmorgan-com-8914 87 45 t t NN privatebank-jpmorgan-com-8914 87 46 a a DT privatebank-jpmorgan-com-8914 87 47 l l NN privatebank-jpmorgan-com-8914 87 48 h h NN privatebank-jpmorgan-com-8914 87 49 e e NN privatebank-jpmorgan-com-8914 87 50 r r NN privatebank-jpmorgan-com-8914 87 51 e e NNP privatebank-jpmorgan-com-8914 87 52 J J NNP privatebank-jpmorgan-com-8914 87 53 u u NNP privatebank-jpmorgan-com-8914 87 54 n n NNP privatebank-jpmorgan-com-8914 87 55 e e NNP privatebank-jpmorgan-com-8914 87 56 2 2 CD privatebank-jpmorgan-com-8914 87 57 8 8 CD privatebank-jpmorgan-com-8914 87 58 , , , privatebank-jpmorgan-com-8914 87 59 2 2 CD privatebank-jpmorgan-com-8914 87 60 0 0 CD privatebank-jpmorgan-com-8914 87 61 2 2 CD privatebank-jpmorgan-com-8914 87 62 1 1 CD privatebank-jpmorgan-com-8914 87 63 5 5 CD privatebank-jpmorgan-com-8914 87 64 Relative relative JJ privatebank-jpmorgan-com-8914 87 65 buyout buyout IN privatebank-jpmorgan-com-8914 87 66 performance performance NN privatebank-jpmorgan-com-8914 87 67 MOIC MOIC NNP privatebank-jpmorgan-com-8914 87 68 is be VBZ privatebank-jpmorgan-com-8914 87 69 not not RB privatebank-jpmorgan-com-8914 87 70 time time NN privatebank-jpmorgan-com-8914 87 71 weighted weight VBD privatebank-jpmorgan-com-8914 87 72 and and CC privatebank-jpmorgan-com-8914 87 73 neither neither CC privatebank-jpmorgan-com-8914 87 74 MOIC MOIC NNP privatebank-jpmorgan-com-8914 87 75 nor nor CC privatebank-jpmorgan-com-8914 87 76 IRR IRR NNP privatebank-jpmorgan-com-8914 87 77 measures measure VBZ privatebank-jpmorgan-com-8914 87 78 performance performance NN privatebank-jpmorgan-com-8914 87 79 vs vs IN privatebank-jpmorgan-com-8914 87 80 public public JJ privatebank-jpmorgan-com-8914 87 81 equity equity NN privatebank-jpmorgan-com-8914 87 82 . . . privatebank-jpmorgan-com-8914 88 1 Many many JJ privatebank-jpmorgan-com-8914 88 2 analysts analyst NNS privatebank-jpmorgan-com-8914 88 3 have have VBP privatebank-jpmorgan-com-8914 88 4 converged converge VBN privatebank-jpmorgan-com-8914 88 5 on on IN privatebank-jpmorgan-com-8914 88 6 two two CD privatebank-jpmorgan-com-8914 88 7 concepts concept NNS privatebank-jpmorgan-com-8914 88 8 that that WDT privatebank-jpmorgan-com-8914 88 9 address address VBP privatebank-jpmorgan-com-8914 88 10 these these DT privatebank-jpmorgan-com-8914 88 11 shortfalls shortfall NNS privatebank-jpmorgan-com-8914 88 12 : : : privatebank-jpmorgan-com-8914 88 13 the the DT privatebank-jpmorgan-com-8914 88 14 Public Public NNP privatebank-jpmorgan-com-8914 88 15 Market Market NNP privatebank-jpmorgan-com-8914 88 16 Equivalent equivalent JJ privatebank-jpmorgan-com-8914 88 17 ratio ratio NN privatebank-jpmorgan-com-8914 88 18 and and CC privatebank-jpmorgan-com-8914 88 19 Direct direct JJ privatebank-jpmorgan-com-8914 88 20 Alpha alpha NN privatebank-jpmorgan-com-8914 88 21 . . . privatebank-jpmorgan-com-8914 89 1 PME PME NNP privatebank-jpmorgan-com-8914 89 2 compares compare VBZ privatebank-jpmorgan-com-8914 89 3 private private JJ privatebank-jpmorgan-com-8914 89 4 equity equity NN privatebank-jpmorgan-com-8914 89 5 commitments commitment NNS privatebank-jpmorgan-com-8914 89 6 and and CC privatebank-jpmorgan-com-8914 89 7 distributions distribution NNS privatebank-jpmorgan-com-8914 89 8 to to IN privatebank-jpmorgan-com-8914 89 9 investments investment NNS privatebank-jpmorgan-com-8914 89 10 in in IN privatebank-jpmorgan-com-8914 89 11 public public JJ privatebank-jpmorgan-com-8914 89 12 equity equity NN privatebank-jpmorgan-com-8914 89 13 markets market NNS privatebank-jpmorgan-com-8914 89 14 in in IN privatebank-jpmorgan-com-8914 89 15 the the DT privatebank-jpmorgan-com-8914 89 16 exact exact JJ privatebank-jpmorgan-com-8914 89 17 same same JJ privatebank-jpmorgan-com-8914 89 18 time time NN privatebank-jpmorgan-com-8914 89 19 periods period NNS privatebank-jpmorgan-com-8914 89 20 . . . privatebank-jpmorgan-com-8914 90 1 The the DT privatebank-jpmorgan-com-8914 90 2 result result NN privatebank-jpmorgan-com-8914 90 3 is be VBZ privatebank-jpmorgan-com-8914 90 4 essentially essentially RB privatebank-jpmorgan-com-8914 90 5 an an DT privatebank-jpmorgan-com-8914 90 6 MOIC MOIC NNP privatebank-jpmorgan-com-8914 90 7 ratio ratio NN privatebank-jpmorgan-com-8914 90 8 of of IN privatebank-jpmorgan-com-8914 90 9 private private JJ privatebank-jpmorgan-com-8914 90 10 equity equity NN privatebank-jpmorgan-com-8914 90 11 performance performance NN privatebank-jpmorgan-com-8914 90 12 vs vs IN privatebank-jpmorgan-com-8914 90 13 the the DT privatebank-jpmorgan-com-8914 90 14 public public JJ privatebank-jpmorgan-com-8914 90 15 equity equity NN privatebank-jpmorgan-com-8914 90 16 benchmark benchmark NN privatebank-jpmorgan-com-8914 90 17 used4 used4 NN privatebank-jpmorgan-com-8914 90 18 . . . privatebank-jpmorgan-com-8914 91 1 Direct direct JJ privatebank-jpmorgan-com-8914 91 2 Alpha alpha NN privatebank-jpmorgan-com-8914 91 3 converts convert VBZ privatebank-jpmorgan-com-8914 91 4 the the DT privatebank-jpmorgan-com-8914 91 5 PME PME NNP privatebank-jpmorgan-com-8914 91 6 into into IN privatebank-jpmorgan-com-8914 91 7 annualized annualize VBN privatebank-jpmorgan-com-8914 91 8 outperformance outperformance NN privatebank-jpmorgan-com-8914 91 9 in in IN privatebank-jpmorgan-com-8914 91 10 percentage percentage NN privatebank-jpmorgan-com-8914 91 11 terms term NNS privatebank-jpmorgan-com-8914 91 12 . . . privatebank-jpmorgan-com-8914 92 1 Note note VB privatebank-jpmorgan-com-8914 92 2 how how WRB privatebank-jpmorgan-com-8914 92 3 average average JJ privatebank-jpmorgan-com-8914 92 4 and and CC privatebank-jpmorgan-com-8914 92 5 median median JJ privatebank-jpmorgan-com-8914 92 6 results result NNS privatebank-jpmorgan-com-8914 92 7 for for IN privatebank-jpmorgan-com-8914 92 8 buyout buyout NN privatebank-jpmorgan-com-8914 92 9 are be VBP privatebank-jpmorgan-com-8914 92 10 similar similar JJ privatebank-jpmorgan-com-8914 92 11 , , , privatebank-jpmorgan-com-8914 92 12 as as IN privatebank-jpmorgan-com-8914 92 13 they -PRON- PRP privatebank-jpmorgan-com-8914 92 14 were be VBD privatebank-jpmorgan-com-8914 92 15 for for IN privatebank-jpmorgan-com-8914 92 16 MOIC MOIC NNP privatebank-jpmorgan-com-8914 92 17 and and CC privatebank-jpmorgan-com-8914 92 18 IRR IRR NNP privatebank-jpmorgan-com-8914 92 19 . . . privatebank-jpmorgan-com-8914 93 1 Since since IN privatebank-jpmorgan-com-8914 93 2 subscription subscription NN privatebank-jpmorgan-com-8914 93 3 loans loan NNS privatebank-jpmorgan-com-8914 93 4 impact impact VBP privatebank-jpmorgan-com-8914 93 5 the the DT privatebank-jpmorgan-com-8914 93 6 timing timing NN privatebank-jpmorgan-com-8914 93 7 of of IN privatebank-jpmorgan-com-8914 93 8 upfront upfront JJ privatebank-jpmorgan-com-8914 93 9 cash cash NN privatebank-jpmorgan-com-8914 93 10 flows flow NNS privatebank-jpmorgan-com-8914 93 11 , , , privatebank-jpmorgan-com-8914 93 12 they -PRON- PRP privatebank-jpmorgan-com-8914 93 13 can can MD privatebank-jpmorgan-com-8914 93 14 materially materially RB privatebank-jpmorgan-com-8914 93 15 boost boost VB privatebank-jpmorgan-com-8914 93 16 Direct direct JJ privatebank-jpmorgan-com-8914 93 17 Alpha alpha NN privatebank-jpmorgan-com-8914 93 18 as as RB privatebank-jpmorgan-com-8914 93 19 well well RB privatebank-jpmorgan-com-8914 93 20 as as IN privatebank-jpmorgan-com-8914 93 21 IRR IRR NNP privatebank-jpmorgan-com-8914 93 22 . . . privatebank-jpmorgan-com-8914 94 1 Why why WRB privatebank-jpmorgan-com-8914 94 2 have have VBP privatebank-jpmorgan-com-8914 94 3 relative relative JJ privatebank-jpmorgan-com-8914 94 4 buyout buyout IN privatebank-jpmorgan-com-8914 94 5 returns return NNS privatebank-jpmorgan-com-8914 94 6 declined decline VBD privatebank-jpmorgan-com-8914 94 7 ? ? . privatebank-jpmorgan-com-8914 95 1 After after IN privatebank-jpmorgan-com-8914 95 2 the the DT privatebank-jpmorgan-com-8914 95 3 financial financial JJ privatebank-jpmorgan-com-8914 95 4 crisis crisis NN privatebank-jpmorgan-com-8914 95 5 in in IN privatebank-jpmorgan-com-8914 95 6 2008 2008 CD privatebank-jpmorgan-com-8914 95 7 - - SYM privatebank-jpmorgan-com-8914 95 8 2009 2009 CD privatebank-jpmorgan-com-8914 95 9 , , , privatebank-jpmorgan-com-8914 95 10 the the DT privatebank-jpmorgan-com-8914 95 11 Fed Fed NNP privatebank-jpmorgan-com-8914 95 12 and and CC privatebank-jpmorgan-com-8914 95 13 other other JJ privatebank-jpmorgan-com-8914 95 14 central central JJ privatebank-jpmorgan-com-8914 95 15 banks bank NNS privatebank-jpmorgan-com-8914 95 16 adopted adopt VBD privatebank-jpmorgan-com-8914 95 17 “ " `` privatebank-jpmorgan-com-8914 95 18 maximum maximum JJ privatebank-jpmorgan-com-8914 95 19 accommodation accommodation NN privatebank-jpmorgan-com-8914 95 20 ” " '' privatebank-jpmorgan-com-8914 95 21 policies policy NNS privatebank-jpmorgan-com-8914 95 22 . . . privatebank-jpmorgan-com-8914 96 1 These these DT privatebank-jpmorgan-com-8914 96 2 policies policy NNS privatebank-jpmorgan-com-8914 96 3 led lead VBD privatebank-jpmorgan-com-8914 96 4 to to IN privatebank-jpmorgan-com-8914 96 5 a a DT privatebank-jpmorgan-com-8914 96 6 sharp sharp JJ privatebank-jpmorgan-com-8914 96 7 rise rise NN privatebank-jpmorgan-com-8914 96 8 in in IN privatebank-jpmorgan-com-8914 96 9 public public JJ privatebank-jpmorgan-com-8914 96 10 equity equity NN privatebank-jpmorgan-com-8914 96 11 valuations valuation NNS privatebank-jpmorgan-com-8914 96 12 . . . privatebank-jpmorgan-com-8914 97 1 In in IN privatebank-jpmorgan-com-8914 97 2 addition addition NN privatebank-jpmorgan-com-8914 97 3 , , , privatebank-jpmorgan-com-8914 97 4 buyout buyout IN privatebank-jpmorgan-com-8914 97 5 acquisition acquisition NN privatebank-jpmorgan-com-8914 97 6 multiples multiple NNS privatebank-jpmorgan-com-8914 97 7 have have VBP privatebank-jpmorgan-com-8914 97 8 increased increase VBN privatebank-jpmorgan-com-8914 97 9 as as IN privatebank-jpmorgan-com-8914 97 10 the the DT privatebank-jpmorgan-com-8914 97 11 food food NN privatebank-jpmorgan-com-8914 97 12 fight fight VBP privatebank-jpmorgan-com-8914 97 13 over over IN privatebank-jpmorgan-com-8914 97 14 private private JJ privatebank-jpmorgan-com-8914 97 15 companies company NNS privatebank-jpmorgan-com-8914 97 16 continues continue VBZ privatebank-jpmorgan-com-8914 97 17 , , , privatebank-jpmorgan-com-8914 97 18 propelled propel VBN privatebank-jpmorgan-com-8914 97 19 further further RB privatebank-jpmorgan-com-8914 97 20 by by IN privatebank-jpmorgan-com-8914 97 21 the the DT privatebank-jpmorgan-com-8914 97 22 SPAC SPAC NNP privatebank-jpmorgan-com-8914 97 23 boom boom NN privatebank-jpmorgan-com-8914 97 24 ( ( -LRB- privatebank-jpmorgan-com-8914 97 25 which which WDT privatebank-jpmorgan-com-8914 97 26 we -PRON- PRP privatebank-jpmorgan-com-8914 97 27 wrote write VBD privatebank-jpmorgan-com-8914 97 28 about about IN privatebank-jpmorgan-com-8914 97 29 in in IN privatebank-jpmorgan-com-8914 97 30 detail detail NN privatebank-jpmorgan-com-8914 97 31 earlier early RBR privatebank-jpmorgan-com-8914 97 32 this this DT privatebank-jpmorgan-com-8914 97 33 year year NN privatebank-jpmorgan-com-8914 97 34 ) ) -RRB- privatebank-jpmorgan-com-8914 97 35 . . . privatebank-jpmorgan-com-8914 98 1 So so RB privatebank-jpmorgan-com-8914 98 2 , , , privatebank-jpmorgan-com-8914 98 3 higher high JJR privatebank-jpmorgan-com-8914 98 4 buyout buyout NN privatebank-jpmorgan-com-8914 98 5 purchase purchase NN privatebank-jpmorgan-com-8914 98 6 prices price NNS privatebank-jpmorgan-com-8914 98 7 and and CC privatebank-jpmorgan-com-8914 98 8 better well RBR privatebank-jpmorgan-com-8914 98 9 - - HYPH privatebank-jpmorgan-com-8914 98 10 performing perform VBG privatebank-jpmorgan-com-8914 98 11 public public JJ privatebank-jpmorgan-com-8914 98 12 equities equity NNS privatebank-jpmorgan-com-8914 98 13 have have VBP privatebank-jpmorgan-com-8914 98 14 reduced reduce VBN privatebank-jpmorgan-com-8914 98 15 buyout buyout IN privatebank-jpmorgan-com-8914 98 16 outperformance outperformance NN privatebank-jpmorgan-com-8914 98 17 . . . privatebank-jpmorgan-com-8914 99 1 Are be VBP privatebank-jpmorgan-com-8914 99 2 the the DT privatebank-jpmorgan-com-8914 99 3 recent recent JJ privatebank-jpmorgan-com-8914 99 4 annualized annualize VBN privatebank-jpmorgan-com-8914 99 5 1%-5 1%-5 NNP privatebank-jpmorgan-com-8914 99 6 % % NN privatebank-jpmorgan-com-8914 99 7 excess excess JJ privatebank-jpmorgan-com-8914 99 8 returns return NNS privatebank-jpmorgan-com-8914 99 9 over over IN privatebank-jpmorgan-com-8914 99 10 public public JJ privatebank-jpmorgan-com-8914 99 11 equity equity NN privatebank-jpmorgan-com-8914 99 12 markets market NNS privatebank-jpmorgan-com-8914 99 13 since since IN privatebank-jpmorgan-com-8914 99 14 2009 2009 CD privatebank-jpmorgan-com-8914 99 15 enough enough RB privatebank-jpmorgan-com-8914 99 16 given give VBN privatebank-jpmorgan-com-8914 99 17 the the DT privatebank-jpmorgan-com-8914 99 18 illiquidity illiquidity NN privatebank-jpmorgan-com-8914 99 19 of of IN privatebank-jpmorgan-com-8914 99 20 private private JJ privatebank-jpmorgan-com-8914 99 21 equity equity NN privatebank-jpmorgan-com-8914 99 22 ? ? . privatebank-jpmorgan-com-8914 100 1 Rather rather RB privatebank-jpmorgan-com-8914 100 2 than than IN privatebank-jpmorgan-com-8914 100 3 apply apply VB privatebank-jpmorgan-com-8914 100 4 an an DT privatebank-jpmorgan-com-8914 100 5 abstract abstract JJ privatebank-jpmorgan-com-8914 100 6 derived derive VBN privatebank-jpmorgan-com-8914 100 7 cost cost NN privatebank-jpmorgan-com-8914 100 8 of of IN privatebank-jpmorgan-com-8914 100 9 liquidity liquidity NN privatebank-jpmorgan-com-8914 100 10 , , , privatebank-jpmorgan-com-8914 100 11 most most JJS privatebank-jpmorgan-com-8914 100 12 investors investor NNS privatebank-jpmorgan-com-8914 100 13 will will MD privatebank-jpmorgan-com-8914 100 14 judge judge VB privatebank-jpmorgan-com-8914 100 15 for for IN privatebank-jpmorgan-com-8914 100 16 themselves -PRON- PRP privatebank-jpmorgan-com-8914 100 17 whether whether IN privatebank-jpmorgan-com-8914 100 18 these these DT privatebank-jpmorgan-com-8914 100 19 returns return NNS privatebank-jpmorgan-com-8914 100 20 suffice suffice VBP privatebank-jpmorgan-com-8914 100 21 based base VBN privatebank-jpmorgan-com-8914 100 22 on on IN privatebank-jpmorgan-com-8914 100 23 their -PRON- PRP$ privatebank-jpmorgan-com-8914 100 24 consistency consistency NN privatebank-jpmorgan-com-8914 100 25 and and CC privatebank-jpmorgan-com-8914 100 26 magnitude magnitude NN privatebank-jpmorgan-com-8914 100 27 . . . privatebank-jpmorgan-com-8914 101 1 0.8 0.8 CD privatebank-jpmorgan-com-8914 101 2 0.9 0.9 CD privatebank-jpmorgan-com-8914 101 3 1.0 1.0 CD privatebank-jpmorgan-com-8914 101 4 1.1 1.1 CD privatebank-jpmorgan-com-8914 101 5 1.2 1.2 CD privatebank-jpmorgan-com-8914 101 6 1.3 1.3 CD privatebank-jpmorgan-com-8914 101 7 1.4 1.4 CD privatebank-jpmorgan-com-8914 101 8 1.5 1.5 CD privatebank-jpmorgan-com-8914 101 9 1.6 1.6 CD privatebank-jpmorgan-com-8914 101 10 1991 1991 CD privatebank-jpmorgan-com-8914 101 11 1996 1996 CD privatebank-jpmorgan-com-8914 101 12 2001 2001 CD privatebank-jpmorgan-com-8914 101 13 2006 2006 CD privatebank-jpmorgan-com-8914 101 14 2011 2011 CD privatebank-jpmorgan-com-8914 101 15 2016 2016 CD privatebank-jpmorgan-com-8914 101 16 Average Average NNP privatebank-jpmorgan-com-8914 101 17 Median median JJ privatebank-jpmorgan-com-8914 101 18 US US NNP privatebank-jpmorgan-com-8914 101 19 buyout buyout NN privatebank-jpmorgan-com-8914 101 20 PMEs pme NNS privatebank-jpmorgan-com-8914 101 21 by by IN privatebank-jpmorgan-com-8914 101 22 vintage vintage JJ privatebank-jpmorgan-com-8914 101 23 year year NN privatebank-jpmorgan-com-8914 101 24 PME pme NN privatebank-jpmorgan-com-8914 101 25 ratio ratio NN privatebank-jpmorgan-com-8914 101 26 vs vs IN privatebank-jpmorgan-com-8914 101 27 S&P S&P NNP privatebank-jpmorgan-com-8914 101 28 500 500 CD privatebank-jpmorgan-com-8914 101 29 Source source NN privatebank-jpmorgan-com-8914 101 30 : : : privatebank-jpmorgan-com-8914 101 31 Steve Steve NNP privatebank-jpmorgan-com-8914 101 32 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 101 33 ( ( -LRB- privatebank-jpmorgan-com-8914 101 34 Chicago Chicago NNP privatebank-jpmorgan-com-8914 101 35 Booth Booth NNP privatebank-jpmorgan-com-8914 101 36 ) ) -RRB- privatebank-jpmorgan-com-8914 101 37 and and CC privatebank-jpmorgan-com-8914 101 38 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 101 39 . . . privatebank-jpmorgan-com-8914 102 1 2020 2020 CD privatebank-jpmorgan-com-8914 102 2 . . . privatebank-jpmorgan-com-8914 103 1 -5 -5 : privatebank-jpmorgan-com-8914 103 2 % % NN privatebank-jpmorgan-com-8914 103 3 0 0 CD privatebank-jpmorgan-com-8914 103 4 % % NN privatebank-jpmorgan-com-8914 103 5 5 5 CD privatebank-jpmorgan-com-8914 103 6 % % NN privatebank-jpmorgan-com-8914 103 7 10 10 CD privatebank-jpmorgan-com-8914 103 8 % % NN privatebank-jpmorgan-com-8914 103 9 15 15 CD privatebank-jpmorgan-com-8914 103 10 % % NN privatebank-jpmorgan-com-8914 103 11 20 20 CD privatebank-jpmorgan-com-8914 103 12 % % NN privatebank-jpmorgan-com-8914 103 13 1991 1991 CD privatebank-jpmorgan-com-8914 103 14 1996 1996 CD privatebank-jpmorgan-com-8914 103 15 2001 2001 CD privatebank-jpmorgan-com-8914 103 16 2006 2006 CD privatebank-jpmorgan-com-8914 103 17 2011 2011 CD privatebank-jpmorgan-com-8914 103 18 2016 2016 CD privatebank-jpmorgan-com-8914 103 19 Median Median NNP privatebank-jpmorgan-com-8914 103 20 Average Average NNP privatebank-jpmorgan-com-8914 103 21 US US NNP privatebank-jpmorgan-com-8914 103 22 buyout buyout IN privatebank-jpmorgan-com-8914 103 23 direct direct JJ privatebank-jpmorgan-com-8914 103 24 alpha alpha NN privatebank-jpmorgan-com-8914 103 25 by by IN privatebank-jpmorgan-com-8914 103 26 vintage vintage JJ privatebank-jpmorgan-com-8914 103 27 year year NN privatebank-jpmorgan-com-8914 103 28 % % NN privatebank-jpmorgan-com-8914 103 29 , , , privatebank-jpmorgan-com-8914 103 30 annualized annualize VBN privatebank-jpmorgan-com-8914 103 31 vs vs IN privatebank-jpmorgan-com-8914 103 32 S&P S&P NNP privatebank-jpmorgan-com-8914 103 33 500 500 CD privatebank-jpmorgan-com-8914 103 34 Source source NN privatebank-jpmorgan-com-8914 103 35 : : : privatebank-jpmorgan-com-8914 103 36 Steve Steve NNP privatebank-jpmorgan-com-8914 103 37 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 103 38 ( ( -LRB- privatebank-jpmorgan-com-8914 103 39 Chicago Chicago NNP privatebank-jpmorgan-com-8914 103 40 Booth Booth NNP privatebank-jpmorgan-com-8914 103 41 ) ) -RRB- privatebank-jpmorgan-com-8914 103 42 and and CC privatebank-jpmorgan-com-8914 103 43 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 103 44 . . . privatebank-jpmorgan-com-8914 104 1 2020 2020 CD privatebank-jpmorgan-com-8914 104 2 . . . privatebank-jpmorgan-com-8914 105 1 8x 8x NNS privatebank-jpmorgan-com-8914 105 2 10x 10x NNS privatebank-jpmorgan-com-8914 105 3 12x 12x NNS privatebank-jpmorgan-com-8914 105 4 14x 14x NNS privatebank-jpmorgan-com-8914 105 5 16x 16x NNS privatebank-jpmorgan-com-8914 105 6 18x 18x CD privatebank-jpmorgan-com-8914 105 7 20x 20x NNS privatebank-jpmorgan-com-8914 105 8 22x 22x CD privatebank-jpmorgan-com-8914 105 9 24x 24x CD privatebank-jpmorgan-com-8914 105 10 26x 26x CD privatebank-jpmorgan-com-8914 105 11 ' ' CD privatebank-jpmorgan-com-8914 105 12 90 90 CD privatebank-jpmorgan-com-8914 105 13 ' ' CD privatebank-jpmorgan-com-8914 105 14 92 92 CD privatebank-jpmorgan-com-8914 105 15 ' ' CD privatebank-jpmorgan-com-8914 105 16 94 94 CD privatebank-jpmorgan-com-8914 105 17 ' ' CD privatebank-jpmorgan-com-8914 105 18 96 96 CD privatebank-jpmorgan-com-8914 105 19 ' ' CD privatebank-jpmorgan-com-8914 105 20 98 98 CD privatebank-jpmorgan-com-8914 105 21 ' ' CD privatebank-jpmorgan-com-8914 105 22 00 00 CD privatebank-jpmorgan-com-8914 105 23 ' ' CD privatebank-jpmorgan-com-8914 105 24 02 02 CD privatebank-jpmorgan-com-8914 105 25 ' ' CD privatebank-jpmorgan-com-8914 105 26 04 04 CD privatebank-jpmorgan-com-8914 105 27 ' ' CD privatebank-jpmorgan-com-8914 105 28 06 06 CD privatebank-jpmorgan-com-8914 105 29 ' ' CD privatebank-jpmorgan-com-8914 105 30 08 08 CD privatebank-jpmorgan-com-8914 105 31 ' ' CD privatebank-jpmorgan-com-8914 105 32 10 10 CD privatebank-jpmorgan-com-8914 105 33 ' ' CD privatebank-jpmorgan-com-8914 105 34 12 12 CD privatebank-jpmorgan-com-8914 105 35 ' ' CD privatebank-jpmorgan-com-8914 105 36 14 14 CD privatebank-jpmorgan-com-8914 105 37 ' ' CD privatebank-jpmorgan-com-8914 105 38 16 16 CD privatebank-jpmorgan-com-8914 105 39 ' ' CD privatebank-jpmorgan-com-8914 105 40 18 18 CD privatebank-jpmorgan-com-8914 105 41 ' ' CD privatebank-jpmorgan-com-8914 105 42 20 20 CD privatebank-jpmorgan-com-8914 105 43 S&P S&P NNP privatebank-jpmorgan-com-8914 105 44 500 500 CD privatebank-jpmorgan-com-8914 105 45 price price NN privatebank-jpmorgan-com-8914 105 46 / / SYM privatebank-jpmorgan-com-8914 105 47 earnings earning NNS privatebank-jpmorgan-com-8914 105 48 ratio ratio NN privatebank-jpmorgan-com-8914 105 49 Price price NN privatebank-jpmorgan-com-8914 105 50 / / SYM privatebank-jpmorgan-com-8914 105 51 forward forward RB privatebank-jpmorgan-com-8914 105 52 2 2 CD privatebank-jpmorgan-com-8914 105 53 year year NN privatebank-jpmorgan-com-8914 105 54 earnings earning NNS privatebank-jpmorgan-com-8914 105 55 per per IN privatebank-jpmorgan-com-8914 105 56 share share NN privatebank-jpmorgan-com-8914 105 57 Source source NN privatebank-jpmorgan-com-8914 105 58 : : : privatebank-jpmorgan-com-8914 105 59 Bloomberg Bloomberg NNP privatebank-jpmorgan-com-8914 105 60 , , , privatebank-jpmorgan-com-8914 105 61 J.P. J.P. NNP privatebank-jpmorgan-com-8914 105 62 Morgan Morgan NNP privatebank-jpmorgan-com-8914 105 63 . . . privatebank-jpmorgan-com-8914 106 1 June June NNP privatebank-jpmorgan-com-8914 106 2 25 25 CD privatebank-jpmorgan-com-8914 106 3 , , , privatebank-jpmorgan-com-8914 106 4 2021 2021 CD privatebank-jpmorgan-com-8914 106 5 . . . privatebank-jpmorgan-com-8914 107 1 0x 0x NNP privatebank-jpmorgan-com-8914 107 2 2x 2x NNP privatebank-jpmorgan-com-8914 107 3 4x 4x VBZ privatebank-jpmorgan-com-8914 107 4 6x 6x CD privatebank-jpmorgan-com-8914 107 5 8x 8x NNS privatebank-jpmorgan-com-8914 107 6 10x 10x NNS privatebank-jpmorgan-com-8914 107 7 12x 12x CD privatebank-jpmorgan-com-8914 107 8 20 20 CD privatebank-jpmorgan-com-8914 107 9 03 03 CD privatebank-jpmorgan-com-8914 107 10 20 20 CD privatebank-jpmorgan-com-8914 107 11 04 04 CD privatebank-jpmorgan-com-8914 107 12 20 20 CD privatebank-jpmorgan-com-8914 107 13 05 05 CD privatebank-jpmorgan-com-8914 107 14 20 20 CD privatebank-jpmorgan-com-8914 107 15 06 06 CD privatebank-jpmorgan-com-8914 107 16 20 20 CD privatebank-jpmorgan-com-8914 107 17 07 07 CD privatebank-jpmorgan-com-8914 107 18 20 20 CD privatebank-jpmorgan-com-8914 107 19 08 08 CD privatebank-jpmorgan-com-8914 107 20 20 20 CD privatebank-jpmorgan-com-8914 107 21 09 09 CD privatebank-jpmorgan-com-8914 107 22 20 20 CD privatebank-jpmorgan-com-8914 107 23 10 10 CD privatebank-jpmorgan-com-8914 107 24 20 20 CD privatebank-jpmorgan-com-8914 107 25 11 11 CD privatebank-jpmorgan-com-8914 107 26 20 20 CD privatebank-jpmorgan-com-8914 107 27 12 12 CD privatebank-jpmorgan-com-8914 107 28 20 20 CD privatebank-jpmorgan-com-8914 107 29 13 13 CD privatebank-jpmorgan-com-8914 107 30 20 20 CD privatebank-jpmorgan-com-8914 107 31 14 14 CD privatebank-jpmorgan-com-8914 107 32 20 20 CD privatebank-jpmorgan-com-8914 107 33 15 15 CD privatebank-jpmorgan-com-8914 107 34 20 20 CD privatebank-jpmorgan-com-8914 107 35 16 16 CD privatebank-jpmorgan-com-8914 107 36 20 20 CD privatebank-jpmorgan-com-8914 107 37 17 17 CD privatebank-jpmorgan-com-8914 107 38 20 20 CD privatebank-jpmorgan-com-8914 107 39 18 18 CD privatebank-jpmorgan-com-8914 107 40 20 20 CD privatebank-jpmorgan-com-8914 107 41 19 19 CD privatebank-jpmorgan-com-8914 107 42 20 20 CD privatebank-jpmorgan-com-8914 107 43 20 20 CD privatebank-jpmorgan-com-8914 107 44 1Q 1q CD privatebank-jpmorgan-com-8914 107 45 20 20 CD privatebank-jpmorgan-com-8914 107 46 1Q 1q CD privatebank-jpmorgan-com-8914 107 47 21 21 CD privatebank-jpmorgan-com-8914 107 48 Other Other NNP privatebank-jpmorgan-com-8914 107 49 Equity Equity NNP privatebank-jpmorgan-com-8914 107 50 / / SYM privatebank-jpmorgan-com-8914 107 51 EBITDA EBITDA NNP privatebank-jpmorgan-com-8914 107 52 Subordinated subordinated JJ privatebank-jpmorgan-com-8914 107 53 debt debt NN privatebank-jpmorgan-com-8914 107 54 / / SYM privatebank-jpmorgan-com-8914 107 55 EBITDA EBITDA NNP privatebank-jpmorgan-com-8914 107 56 Senior Senior NNP privatebank-jpmorgan-com-8914 107 57 Debt Debt NNP privatebank-jpmorgan-com-8914 107 58 / / SYM privatebank-jpmorgan-com-8914 107 59 EBITDA EBITDA NNP privatebank-jpmorgan-com-8914 107 60 Source Source NNP privatebank-jpmorgan-com-8914 107 61 : : : privatebank-jpmorgan-com-8914 107 62 S&P S&P NNP privatebank-jpmorgan-com-8914 107 63 Global Global NNP privatebank-jpmorgan-com-8914 107 64 . . . privatebank-jpmorgan-com-8914 108 1 2021 2021 CD privatebank-jpmorgan-com-8914 108 2 . . . privatebank-jpmorgan-com-8914 109 1 Buyout buyout IN privatebank-jpmorgan-com-8914 109 2 purchase purchase NN privatebank-jpmorgan-com-8914 109 3 price price NN privatebank-jpmorgan-com-8914 109 4 multiples multiple NNS privatebank-jpmorgan-com-8914 109 5 Average average JJ privatebank-jpmorgan-com-8914 109 6 EBITDA EBITDA NNP privatebank-jpmorgan-com-8914 109 7 purchase purchase NN privatebank-jpmorgan-com-8914 109 8 price price NN privatebank-jpmorgan-com-8914 109 9 multiple multiple NN privatebank-jpmorgan-com-8914 109 10 for for IN privatebank-jpmorgan-com-8914 109 11 US US NNP privatebank-jpmorgan-com-8914 109 12 LBO LBO NNP privatebank-jpmorgan-com-8914 109 13 transactions transaction NNS privatebank-jpmorgan-com-8914 109 14 4 4 CD privatebank-jpmorgan-com-8914 109 15 See see VB privatebank-jpmorgan-com-8914 109 16 “ " `` privatebank-jpmorgan-com-8914 109 17 Private Private NNP privatebank-jpmorgan-com-8914 109 18 Equity equity NN privatebank-jpmorgan-com-8914 109 19 Performance performance NN privatebank-jpmorgan-com-8914 109 20 : : : privatebank-jpmorgan-com-8914 109 21 Returns return NNS privatebank-jpmorgan-com-8914 109 22 , , , privatebank-jpmorgan-com-8914 109 23 Persistence Persistence NNP privatebank-jpmorgan-com-8914 109 24 and and CC privatebank-jpmorgan-com-8914 109 25 Capital Capital NNP privatebank-jpmorgan-com-8914 109 26 Flows Flows NNP privatebank-jpmorgan-com-8914 109 27 ” " '' privatebank-jpmorgan-com-8914 109 28 , , , privatebank-jpmorgan-com-8914 109 29 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 109 30 and and CC privatebank-jpmorgan-com-8914 109 31 Schoar Schoar NNP privatebank-jpmorgan-com-8914 109 32 , , , privatebank-jpmorgan-com-8914 109 33 University University NNP privatebank-jpmorgan-com-8914 109 34 of of IN privatebank-jpmorgan-com-8914 109 35 Chicago Chicago NNP privatebank-jpmorgan-com-8914 109 36 , , , privatebank-jpmorgan-com-8914 109 37 2005 2005 CD privatebank-jpmorgan-com-8914 109 38 and and CC privatebank-jpmorgan-com-8914 109 39 “ " `` privatebank-jpmorgan-com-8914 109 40 Benchmarking benchmarke VBG privatebank-jpmorgan-com-8914 109 41 Private private JJ privatebank-jpmorgan-com-8914 109 42 Equity equity NN privatebank-jpmorgan-com-8914 109 43 : : : privatebank-jpmorgan-com-8914 109 44 The the DT privatebank-jpmorgan-com-8914 109 45 Direct direct JJ privatebank-jpmorgan-com-8914 109 46 Alpha alpha NN privatebank-jpmorgan-com-8914 109 47 Method Method NNP privatebank-jpmorgan-com-8914 109 48 ” " '' privatebank-jpmorgan-com-8914 109 49 , , , privatebank-jpmorgan-com-8914 109 50 Gredil Gredil NNP privatebank-jpmorgan-com-8914 109 51 ( ( -LRB- privatebank-jpmorgan-com-8914 109 52 UNC UNC NNP privatebank-jpmorgan-com-8914 109 53 ) ) -RRB- privatebank-jpmorgan-com-8914 109 54 et et FW privatebank-jpmorgan-com-8914 109 55 al al NNP privatebank-jpmorgan-com-8914 109 56 , , , privatebank-jpmorgan-com-8914 109 57 2014 2014 CD privatebank-jpmorgan-com-8914 109 58 . . . privatebank-jpmorgan-com-8914 109 59 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ '' privatebank-jpmorgan-com-8914 109 60 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 109 61 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 109 62 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research ADD privatebank-jpmorgan-com-8914 109 63 https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/hydraulic-spacking.pdf https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/hydraulic-spacking.pdf . privatebank-jpmorgan-com-8914 109 64 E e NN privatebank-jpmorgan-com-8914 109 65 Y y NN privatebank-jpmorgan-com-8914 109 66 E e NN privatebank-jpmorgan-com-8914 109 67 O o NN privatebank-jpmorgan-com-8914 109 68 N n NN privatebank-jpmorgan-com-8914 109 69 T t NN privatebank-jpmorgan-com-8914 109 70 H h NN privatebank-jpmorgan-com-8914 109 71 E e NN privatebank-jpmorgan-com-8914 109 72 M m NN privatebank-jpmorgan-com-8914 109 73 A a NN privatebank-jpmorgan-com-8914 109 74 R r NN privatebank-jpmorgan-com-8914 109 75 K k NN privatebank-jpmorgan-com-8914 109 76 E e NN privatebank-jpmorgan-com-8914 109 77 T t NN privatebank-jpmorgan-com-8914 109 78 • • NN privatebank-jpmorgan-com-8914 109 79 M m NN privatebank-jpmorgan-com-8914 109 80 I i NN privatebank-jpmorgan-com-8914 109 81 C c NN privatebank-jpmorgan-com-8914 109 82 H h NN privatebank-jpmorgan-com-8914 109 83 A a NN privatebank-jpmorgan-com-8914 109 84 E e NN privatebank-jpmorgan-com-8914 109 85 L l NN privatebank-jpmorgan-com-8914 109 86 C c NN privatebank-jpmorgan-com-8914 109 87 E e NN privatebank-jpmorgan-com-8914 109 88 M m NN privatebank-jpmorgan-com-8914 109 89 B B NNP privatebank-jpmorgan-com-8914 109 90 A A NNP privatebank-jpmorgan-com-8914 109 91 L l NN privatebank-jpmorgan-com-8914 109 92 E e NN privatebank-jpmorgan-com-8914 109 93 S s NN privatebank-jpmorgan-com-8914 109 94 T t NN privatebank-jpmorgan-com-8914 109 95 • • NN privatebank-jpmorgan-com-8914 109 96 J J NNP privatebank-jpmorgan-com-8914 109 97 . . . privatebank-jpmorgan-com-8914 110 1 P p NN privatebank-jpmorgan-com-8914 110 2 . . . privatebank-jpmorgan-com-8914 111 1 M M NNP privatebank-jpmorgan-com-8914 111 2 O o NN privatebank-jpmorgan-com-8914 111 3 R r NN privatebank-jpmorgan-com-8914 111 4 G g NN privatebank-jpmorgan-com-8914 111 5 A a NN privatebank-jpmorgan-com-8914 111 6 N n NN privatebank-jpmorgan-com-8914 111 7 A a NN privatebank-jpmorgan-com-8914 111 8 c c NN privatebank-jpmorgan-com-8914 111 9 c c NN privatebank-jpmorgan-com-8914 111 10 e e NNP privatebank-jpmorgan-com-8914 111 11 s s NNP privatebank-jpmorgan-com-8914 111 12 s s NNP privatebank-jpmorgan-com-8914 111 13 o o NNP privatebank-jpmorgan-com-8914 111 14 u u NNP privatebank-jpmorgan-com-8914 111 15 r r NNP privatebank-jpmorgan-com-8914 111 16 f f NNP privatebank-jpmorgan-com-8914 111 17 u u NNP privatebank-jpmorgan-com-8914 111 18 l l NNP privatebank-jpmorgan-com-8914 111 19 l l NNP privatebank-jpmorgan-com-8914 111 20 c c NNP privatebank-jpmorgan-com-8914 111 21 o o NN privatebank-jpmorgan-com-8914 111 22 r r NN privatebank-jpmorgan-com-8914 111 23 o o NN privatebank-jpmorgan-com-8914 111 24 n n CC privatebank-jpmorgan-com-8914 111 25 a a NN privatebank-jpmorgan-com-8914 111 26 v v NN privatebank-jpmorgan-com-8914 111 27 i i NN privatebank-jpmorgan-com-8914 111 28 r r NNP privatebank-jpmorgan-com-8914 111 29 u u NNP privatebank-jpmorgan-com-8914 111 30 s s NNP privatebank-jpmorgan-com-8914 111 31 a a NNP privatebank-jpmorgan-com-8914 111 32 n n NNP privatebank-jpmorgan-com-8914 111 33 a a DT privatebank-jpmorgan-com-8914 111 34 l l NN privatebank-jpmorgan-com-8914 111 35 y y NNP privatebank-jpmorgan-com-8914 111 36 s s NNP privatebank-jpmorgan-com-8914 111 37 i i NNP privatebank-jpmorgan-com-8914 111 38 s s NNP privatebank-jpmorgan-com-8914 111 39 w w NNP privatebank-jpmorgan-com-8914 111 40 e e NNP privatebank-jpmorgan-com-8914 111 41 b b NNP privatebank-jpmorgan-com-8914 111 42 p p NN privatebank-jpmorgan-com-8914 111 43 o o NN privatebank-jpmorgan-com-8914 111 44 r r NN privatebank-jpmorgan-com-8914 111 45 t t NN privatebank-jpmorgan-com-8914 111 46 a a DT privatebank-jpmorgan-com-8914 111 47 l l NN privatebank-jpmorgan-com-8914 111 48 h h NN privatebank-jpmorgan-com-8914 111 49 e e NN privatebank-jpmorgan-com-8914 111 50 r r NN privatebank-jpmorgan-com-8914 111 51 e e NNP privatebank-jpmorgan-com-8914 111 52 J J NNP privatebank-jpmorgan-com-8914 111 53 u u NNP privatebank-jpmorgan-com-8914 111 54 n n NNP privatebank-jpmorgan-com-8914 111 55 e e NNP privatebank-jpmorgan-com-8914 111 56 2 2 CD privatebank-jpmorgan-com-8914 111 57 8 8 CD privatebank-jpmorgan-com-8914 111 58 , , , privatebank-jpmorgan-com-8914 111 59 2 2 CD privatebank-jpmorgan-com-8914 111 60 0 0 CD privatebank-jpmorgan-com-8914 111 61 2 2 CD privatebank-jpmorgan-com-8914 111 62 1 1 CD privatebank-jpmorgan-com-8914 111 63 6 6 CD privatebank-jpmorgan-com-8914 111 64 Buyout Buyout NNP privatebank-jpmorgan-com-8914 111 65 funds fund NNS privatebank-jpmorgan-com-8914 111 66 : : : privatebank-jpmorgan-com-8914 111 67 what what WP privatebank-jpmorgan-com-8914 111 68 is be VBZ privatebank-jpmorgan-com-8914 111 69 the the DT privatebank-jpmorgan-com-8914 111 70 “ " `` privatebank-jpmorgan-com-8914 111 71 right right JJ privatebank-jpmorgan-com-8914 111 72 ” " '' privatebank-jpmorgan-com-8914 111 73 buyout buyout IN privatebank-jpmorgan-com-8914 111 74 performance performance NN privatebank-jpmorgan-com-8914 111 75 benchmark benchmark NN privatebank-jpmorgan-com-8914 111 76 ? ? . privatebank-jpmorgan-com-8914 112 1 Some some DT privatebank-jpmorgan-com-8914 112 2 analysts analyst NNS privatebank-jpmorgan-com-8914 112 3 are be VBP privatebank-jpmorgan-com-8914 112 4 reluctant reluctant JJ privatebank-jpmorgan-com-8914 112 5 to to TO privatebank-jpmorgan-com-8914 112 6 use use VB privatebank-jpmorgan-com-8914 112 7 the the DT privatebank-jpmorgan-com-8914 112 8 S&P S&P NNP privatebank-jpmorgan-com-8914 112 9 500 500 CD privatebank-jpmorgan-com-8914 112 10 as as IN privatebank-jpmorgan-com-8914 112 11 a a DT privatebank-jpmorgan-com-8914 112 12 benchmark benchmark NN privatebank-jpmorgan-com-8914 112 13 for for IN privatebank-jpmorgan-com-8914 112 14 buyout buyout NN privatebank-jpmorgan-com-8914 112 15 managers manager NNS privatebank-jpmorgan-com-8914 112 16 that that WDT privatebank-jpmorgan-com-8914 112 17 invest invest VBP privatebank-jpmorgan-com-8914 112 18 in in IN privatebank-jpmorgan-com-8914 112 19 smaller small JJR privatebank-jpmorgan-com-8914 112 20 companies company NNS privatebank-jpmorgan-com-8914 112 21 . . . privatebank-jpmorgan-com-8914 113 1 While while IN privatebank-jpmorgan-com-8914 113 2 US US NNP privatebank-jpmorgan-com-8914 113 3 buyout buyout IN privatebank-jpmorgan-com-8914 113 4 deal deal NN privatebank-jpmorgan-com-8914 113 5 sizes size NNS privatebank-jpmorgan-com-8914 113 6 have have VBP privatebank-jpmorgan-com-8914 113 7 been be VBN privatebank-jpmorgan-com-8914 113 8 rising rise VBG privatebank-jpmorgan-com-8914 113 9 ( ( -LRB- privatebank-jpmorgan-com-8914 113 10 first first JJ privatebank-jpmorgan-com-8914 113 11 chart chart NN privatebank-jpmorgan-com-8914 113 12 ) ) -RRB- privatebank-jpmorgan-com-8914 113 13 , , , privatebank-jpmorgan-com-8914 113 14 the the DT privatebank-jpmorgan-com-8914 113 15 average average JJ privatebank-jpmorgan-com-8914 113 16 buyout buyout NN privatebank-jpmorgan-com-8914 113 17 is be VBZ privatebank-jpmorgan-com-8914 113 18 still still RB privatebank-jpmorgan-com-8914 113 19 much much RB privatebank-jpmorgan-com-8914 113 20 smaller small JJR privatebank-jpmorgan-com-8914 113 21 than than IN privatebank-jpmorgan-com-8914 113 22 a a DT privatebank-jpmorgan-com-8914 113 23 typical typical JJ privatebank-jpmorgan-com-8914 113 24 large large JJ privatebank-jpmorgan-com-8914 113 25 cap cap NN privatebank-jpmorgan-com-8914 113 26 company company NN privatebank-jpmorgan-com-8914 113 27 . . . privatebank-jpmorgan-com-8914 114 1 The the DT privatebank-jpmorgan-com-8914 114 2 median median JJ privatebank-jpmorgan-com-8914 114 3 S&P S&P NNP privatebank-jpmorgan-com-8914 114 4 500 500 CD privatebank-jpmorgan-com-8914 114 5 market market NN privatebank-jpmorgan-com-8914 114 6 cap cap NN privatebank-jpmorgan-com-8914 114 7 is be VBZ privatebank-jpmorgan-com-8914 114 8 $ $ $ privatebank-jpmorgan-com-8914 114 9 21 21 CD privatebank-jpmorgan-com-8914 114 10 billion billion CD privatebank-jpmorgan-com-8914 114 11 , , , privatebank-jpmorgan-com-8914 114 12 the the DT privatebank-jpmorgan-com-8914 114 13 average average JJ privatebank-jpmorgan-com-8914 114 14 US US NNP privatebank-jpmorgan-com-8914 114 15 buyout buyout NN privatebank-jpmorgan-com-8914 114 16 is be VBZ privatebank-jpmorgan-com-8914 114 17 $ $ $ privatebank-jpmorgan-com-8914 114 18 2.5 2.5 CD privatebank-jpmorgan-com-8914 114 19 billion billion CD privatebank-jpmorgan-com-8914 114 20 and and CC privatebank-jpmorgan-com-8914 114 21 the the DT privatebank-jpmorgan-com-8914 114 22 median median JJ privatebank-jpmorgan-com-8914 114 23 Russell Russell NNP privatebank-jpmorgan-com-8914 114 24 2000 2000 CD privatebank-jpmorgan-com-8914 114 25 market market NN privatebank-jpmorgan-com-8914 114 26 cap cap NN privatebank-jpmorgan-com-8914 114 27 is be VBZ privatebank-jpmorgan-com-8914 114 28 $ $ $ privatebank-jpmorgan-com-8914 114 29 1.1 1.1 CD privatebank-jpmorgan-com-8914 114 30 billion billion CD privatebank-jpmorgan-com-8914 114 31 . . . privatebank-jpmorgan-com-8914 115 1 In in IN privatebank-jpmorgan-com-8914 115 2 any any DT privatebank-jpmorgan-com-8914 115 3 case case NN privatebank-jpmorgan-com-8914 115 4 , , , privatebank-jpmorgan-com-8914 115 5 the the DT privatebank-jpmorgan-com-8914 115 6 second second JJ privatebank-jpmorgan-com-8914 115 7 chart chart NN privatebank-jpmorgan-com-8914 115 8 shows show VBZ privatebank-jpmorgan-com-8914 115 9 PMEs pme NNS privatebank-jpmorgan-com-8914 115 10 using use VBG privatebank-jpmorgan-com-8914 115 11 the the DT privatebank-jpmorgan-com-8914 115 12 Russell Russell NNP privatebank-jpmorgan-com-8914 115 13 2000 2000 CD privatebank-jpmorgan-com-8914 115 14 instead instead RB privatebank-jpmorgan-com-8914 115 15 . . . privatebank-jpmorgan-com-8914 116 1 The the DT privatebank-jpmorgan-com-8914 116 2 results result NNS privatebank-jpmorgan-com-8914 116 3 reflect reflect VBP privatebank-jpmorgan-com-8914 116 4 the the DT privatebank-jpmorgan-com-8914 116 5 relative relative JJ privatebank-jpmorgan-com-8914 116 6 performance performance NN privatebank-jpmorgan-com-8914 116 7 of of IN privatebank-jpmorgan-com-8914 116 8 the the DT privatebank-jpmorgan-com-8914 116 9 S&P S&P NNP privatebank-jpmorgan-com-8914 116 10 500 500 CD privatebank-jpmorgan-com-8914 116 11 vs vs IN privatebank-jpmorgan-com-8914 116 12 the the DT privatebank-jpmorgan-com-8914 116 13 Russell Russell NNP privatebank-jpmorgan-com-8914 116 14 2000 2000 CD privatebank-jpmorgan-com-8914 116 15 over over IN privatebank-jpmorgan-com-8914 116 16 time time NN privatebank-jpmorgan-com-8914 116 17 . . . privatebank-jpmorgan-com-8914 117 1 The the DT privatebank-jpmorgan-com-8914 117 2 third third JJ privatebank-jpmorgan-com-8914 117 3 chart chart NN privatebank-jpmorgan-com-8914 117 4 shows show VBZ privatebank-jpmorgan-com-8914 117 5 rolling rolling JJ privatebank-jpmorgan-com-8914 117 6 performance performance NN privatebank-jpmorgan-com-8914 117 7 of of IN privatebank-jpmorgan-com-8914 117 8 the the DT privatebank-jpmorgan-com-8914 117 9 Russell Russell NNP privatebank-jpmorgan-com-8914 117 10 2000 2000 CD privatebank-jpmorgan-com-8914 117 11 vs vs IN privatebank-jpmorgan-com-8914 117 12 the the DT privatebank-jpmorgan-com-8914 117 13 S&P S&P NNP privatebank-jpmorgan-com-8914 117 14 600 600 CD privatebank-jpmorgan-com-8914 117 15 . . . privatebank-jpmorgan-com-8914 118 1 0 0 CD privatebank-jpmorgan-com-8914 118 2 % % NN privatebank-jpmorgan-com-8914 118 3 10 10 CD privatebank-jpmorgan-com-8914 118 4 % % NN privatebank-jpmorgan-com-8914 118 5 20 20 CD privatebank-jpmorgan-com-8914 118 6 % % NN privatebank-jpmorgan-com-8914 118 7 30 30 CD privatebank-jpmorgan-com-8914 118 8 % % NN privatebank-jpmorgan-com-8914 118 9 40 40 CD privatebank-jpmorgan-com-8914 118 10 % % NN privatebank-jpmorgan-com-8914 118 11 50 50 CD privatebank-jpmorgan-com-8914 118 12 % % NN privatebank-jpmorgan-com-8914 118 13 60 60 CD privatebank-jpmorgan-com-8914 118 14 % % NN privatebank-jpmorgan-com-8914 118 15 70 70 CD privatebank-jpmorgan-com-8914 118 16 % % NN privatebank-jpmorgan-com-8914 118 17 80 80 CD privatebank-jpmorgan-com-8914 118 18 % % NN privatebank-jpmorgan-com-8914 118 19 90 90 CD privatebank-jpmorgan-com-8914 118 20 % % NN privatebank-jpmorgan-com-8914 118 21 100 100 CD privatebank-jpmorgan-com-8914 118 22 % % NN privatebank-jpmorgan-com-8914 118 23 ' ' CD privatebank-jpmorgan-com-8914 118 24 01 01 CD privatebank-jpmorgan-com-8914 118 25 ' ' CD privatebank-jpmorgan-com-8914 118 26 02 02 CD privatebank-jpmorgan-com-8914 118 27 ' ' CD privatebank-jpmorgan-com-8914 118 28 03 03 CD privatebank-jpmorgan-com-8914 118 29 ' ' CD privatebank-jpmorgan-com-8914 118 30 04 04 CD privatebank-jpmorgan-com-8914 118 31 ' ' CD privatebank-jpmorgan-com-8914 118 32 05 05 CD privatebank-jpmorgan-com-8914 118 33 ' ' CD privatebank-jpmorgan-com-8914 118 34 06 06 CD privatebank-jpmorgan-com-8914 118 35 ' ' CD privatebank-jpmorgan-com-8914 118 36 07 07 CD privatebank-jpmorgan-com-8914 118 37 ' ' CD privatebank-jpmorgan-com-8914 118 38 08 08 CD privatebank-jpmorgan-com-8914 118 39 ' ' CD privatebank-jpmorgan-com-8914 118 40 09 09 CD privatebank-jpmorgan-com-8914 118 41 ' ' CD privatebank-jpmorgan-com-8914 118 42 10 10 CD privatebank-jpmorgan-com-8914 118 43 ' ' CD privatebank-jpmorgan-com-8914 118 44 11 11 CD privatebank-jpmorgan-com-8914 118 45 ' ' CD privatebank-jpmorgan-com-8914 118 46 12 12 CD privatebank-jpmorgan-com-8914 118 47 ' ' CD privatebank-jpmorgan-com-8914 118 48 13 13 CD privatebank-jpmorgan-com-8914 118 49 ' ' CD privatebank-jpmorgan-com-8914 118 50 14 14 CD privatebank-jpmorgan-com-8914 118 51 ' ' CD privatebank-jpmorgan-com-8914 118 52 15 15 CD privatebank-jpmorgan-com-8914 118 53 ' ' CD privatebank-jpmorgan-com-8914 118 54 16 16 CD privatebank-jpmorgan-com-8914 118 55 ' ' POS privatebank-jpmorgan-com-8914 118 56 17 17 CD privatebank-jpmorgan-com-8914 118 57 ' ' CD privatebank-jpmorgan-com-8914 118 58 18 18 CD privatebank-jpmorgan-com-8914 118 59 ' ' CD privatebank-jpmorgan-com-8914 118 60 19 19 CD privatebank-jpmorgan-com-8914 118 61 ' ' CD privatebank-jpmorgan-com-8914 118 62 20 20 CD privatebank-jpmorgan-com-8914 118 63 < < XX privatebank-jpmorgan-com-8914 118 64 $ $ $ privatebank-jpmorgan-com-8914 118 65 100 100 CD privatebank-jpmorgan-com-8914 118 66 M m CD privatebank-jpmorgan-com-8914 118 67 $ $ $ privatebank-jpmorgan-com-8914 118 68 100M-$250 100m-$250 CD privatebank-jpmorgan-com-8914 118 69 M m NN privatebank-jpmorgan-com-8914 118 70 $ $ $ privatebank-jpmorgan-com-8914 118 71 250-$500 250-$500 CD privatebank-jpmorgan-com-8914 118 72 M m CD privatebank-jpmorgan-com-8914 118 73 $ $ $ privatebank-jpmorgan-com-8914 118 74 500M-$1B 500m-$1b CD privatebank-jpmorgan-com-8914 118 75 $ $ $ privatebank-jpmorgan-com-8914 118 76 1B+ 1b+ CD privatebank-jpmorgan-com-8914 118 77 US US NNP privatebank-jpmorgan-com-8914 118 78 LBO lbo NN privatebank-jpmorgan-com-8914 118 79 deals deal NNS privatebank-jpmorgan-com-8914 118 80 by by IN privatebank-jpmorgan-com-8914 118 81 size size NN privatebank-jpmorgan-com-8914 118 82 % % NN privatebank-jpmorgan-com-8914 118 83 of of IN privatebank-jpmorgan-com-8914 118 84 total total JJ privatebank-jpmorgan-com-8914 118 85 deal deal NN privatebank-jpmorgan-com-8914 118 86 value value NN privatebank-jpmorgan-com-8914 118 87 Source source NN privatebank-jpmorgan-com-8914 118 88 : : : privatebank-jpmorgan-com-8914 118 89 S&P S&P NNP privatebank-jpmorgan-com-8914 118 90 Global Global NNP privatebank-jpmorgan-com-8914 118 91 . . . privatebank-jpmorgan-com-8914 119 1 2021 2021 CD privatebank-jpmorgan-com-8914 119 2 . . . privatebank-jpmorgan-com-8914 120 1 0.8 0.8 CD privatebank-jpmorgan-com-8914 120 2 0.9 0.9 CD privatebank-jpmorgan-com-8914 120 3 1.0 1.0 CD privatebank-jpmorgan-com-8914 120 4 1.1 1.1 CD privatebank-jpmorgan-com-8914 120 5 1.2 1.2 CD privatebank-jpmorgan-com-8914 120 6 1.3 1.3 CD privatebank-jpmorgan-com-8914 120 7 1.4 1.4 CD privatebank-jpmorgan-com-8914 120 8 1.5 1.5 CD privatebank-jpmorgan-com-8914 120 9 1.6 1.6 CD privatebank-jpmorgan-com-8914 120 10 1991 1991 CD privatebank-jpmorgan-com-8914 120 11 1996 1996 CD privatebank-jpmorgan-com-8914 120 12 2001 2001 CD privatebank-jpmorgan-com-8914 120 13 2006 2006 CD privatebank-jpmorgan-com-8914 120 14 2011 2011 CD privatebank-jpmorgan-com-8914 120 15 2016 2016 CD privatebank-jpmorgan-com-8914 120 16 vs vs IN privatebank-jpmorgan-com-8914 120 17 Russell Russell NNP privatebank-jpmorgan-com-8914 120 18 2000 2000 CD privatebank-jpmorgan-com-8914 120 19 vs vs IN privatebank-jpmorgan-com-8914 120 20 S&P S&P NNP privatebank-jpmorgan-com-8914 120 21 500 500 CD privatebank-jpmorgan-com-8914 120 22 US US NNP privatebank-jpmorgan-com-8914 120 23 buyout buyout IN privatebank-jpmorgan-com-8914 120 24 average average JJ privatebank-jpmorgan-com-8914 120 25 PMEs pme NNS privatebank-jpmorgan-com-8914 120 26 by by IN privatebank-jpmorgan-com-8914 120 27 benchmark benchmark JJ privatebank-jpmorgan-com-8914 120 28 PME pme NN privatebank-jpmorgan-com-8914 120 29 ratio ratio NN privatebank-jpmorgan-com-8914 120 30 Source Source NNP privatebank-jpmorgan-com-8914 120 31 : : : privatebank-jpmorgan-com-8914 120 32 Steve Steve NNP privatebank-jpmorgan-com-8914 120 33 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 120 34 ( ( -LRB- privatebank-jpmorgan-com-8914 120 35 Chicago Chicago NNP privatebank-jpmorgan-com-8914 120 36 Booth Booth NNP privatebank-jpmorgan-com-8914 120 37 ) ) -RRB- privatebank-jpmorgan-com-8914 120 38 and and CC privatebank-jpmorgan-com-8914 120 39 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 120 40 . . . privatebank-jpmorgan-com-8914 121 1 2020 2020 CD privatebank-jpmorgan-com-8914 121 2 . . . privatebank-jpmorgan-com-8914 122 1 -30 -30 : privatebank-jpmorgan-com-8914 122 2 % % NN privatebank-jpmorgan-com-8914 122 3 -25 -25 HYPH privatebank-jpmorgan-com-8914 122 4 % % NN privatebank-jpmorgan-com-8914 122 5 -20 -20 HYPH privatebank-jpmorgan-com-8914 122 6 % % NN privatebank-jpmorgan-com-8914 122 7 -15 -15 NNP privatebank-jpmorgan-com-8914 122 8 % % NN privatebank-jpmorgan-com-8914 122 9 -10 -10 NNP privatebank-jpmorgan-com-8914 122 10 % % NN privatebank-jpmorgan-com-8914 122 11 -5 -5 . privatebank-jpmorgan-com-8914 122 12 % % NN privatebank-jpmorgan-com-8914 122 13 0 0 CD privatebank-jpmorgan-com-8914 122 14 % % NN privatebank-jpmorgan-com-8914 122 15 5 5 CD privatebank-jpmorgan-com-8914 122 16 % % NN privatebank-jpmorgan-com-8914 122 17 10 10 CD privatebank-jpmorgan-com-8914 122 18 % % NN privatebank-jpmorgan-com-8914 122 19 2000 2000 CD privatebank-jpmorgan-com-8914 122 20 2005 2005 CD privatebank-jpmorgan-com-8914 122 21 2010 2010 CD privatebank-jpmorgan-com-8914 122 22 2015 2015 CD privatebank-jpmorgan-com-8914 122 23 2020 2020 CD privatebank-jpmorgan-com-8914 122 24 The the DT privatebank-jpmorgan-com-8914 122 25 Russell Russell NNP privatebank-jpmorgan-com-8914 122 26 2000 2000 CD privatebank-jpmorgan-com-8914 122 27 has have VBZ privatebank-jpmorgan-com-8914 122 28 trailed trail VBN privatebank-jpmorgan-com-8914 122 29 the the DT privatebank-jpmorgan-com-8914 122 30 S&P S&P NNP privatebank-jpmorgan-com-8914 122 31 600 600 CD privatebank-jpmorgan-com-8914 122 32 for for IN privatebank-jpmorgan-com-8914 122 33 most most JJS privatebank-jpmorgan-com-8914 122 34 of of IN privatebank-jpmorgan-com-8914 122 35 the the DT privatebank-jpmorgan-com-8914 122 36 last last JJ privatebank-jpmorgan-com-8914 122 37 two two CD privatebank-jpmorgan-com-8914 122 38 decades decade NNS privatebank-jpmorgan-com-8914 122 39 , , , privatebank-jpmorgan-com-8914 122 40 Russell Russell NNP privatebank-jpmorgan-com-8914 122 41 2000 2000 CD privatebank-jpmorgan-com-8914 122 42 rolling roll VBG privatebank-jpmorgan-com-8914 122 43 3yr 3yr NN privatebank-jpmorgan-com-8914 122 44 out out RP privatebank-jpmorgan-com-8914 122 45 ( ( -LRB- privatebank-jpmorgan-com-8914 122 46 under under IN privatebank-jpmorgan-com-8914 122 47 ) ) -RRB- privatebank-jpmorgan-com-8914 122 48 performance performance NN privatebank-jpmorgan-com-8914 122 49 Source source NN privatebank-jpmorgan-com-8914 122 50 : : : privatebank-jpmorgan-com-8914 122 51 Bloomberg Bloomberg NNP privatebank-jpmorgan-com-8914 122 52 . . . privatebank-jpmorgan-com-8914 123 1 June June NNP privatebank-jpmorgan-com-8914 123 2 25 25 CD privatebank-jpmorgan-com-8914 123 3 , , , privatebank-jpmorgan-com-8914 123 4 2021 2021 CD privatebank-jpmorgan-com-8914 123 5 . . . privatebank-jpmorgan-com-8914 124 1 0 0 CD privatebank-jpmorgan-com-8914 124 2 100 100 CD privatebank-jpmorgan-com-8914 124 3 200 200 CD privatebank-jpmorgan-com-8914 124 4 300 300 CD privatebank-jpmorgan-com-8914 124 5 400 400 CD privatebank-jpmorgan-com-8914 124 6 500 500 CD privatebank-jpmorgan-com-8914 124 7 600 600 CD privatebank-jpmorgan-com-8914 124 8 700 700 CD privatebank-jpmorgan-com-8914 124 9 800 800 CD privatebank-jpmorgan-com-8914 124 10 900 900 CD privatebank-jpmorgan-com-8914 124 11 1,000 1,000 CD privatebank-jpmorgan-com-8914 124 12 2000 2000 CD privatebank-jpmorgan-com-8914 124 13 2005 2005 CD privatebank-jpmorgan-com-8914 124 14 2010 2010 CD privatebank-jpmorgan-com-8914 124 15 2015 2015 CD privatebank-jpmorgan-com-8914 124 16 2020 2020 CD privatebank-jpmorgan-com-8914 124 17 S&P S&P NNP privatebank-jpmorgan-com-8914 124 18 600 600 CD privatebank-jpmorgan-com-8914 124 19 Russell Russell NNP privatebank-jpmorgan-com-8914 124 20 2000 2000 CD privatebank-jpmorgan-com-8914 124 21 S&P S&P NNP privatebank-jpmorgan-com-8914 124 22 500 500 CD privatebank-jpmorgan-com-8914 124 23 Russell Russell NNP privatebank-jpmorgan-com-8914 124 24 2000 2000 CD privatebank-jpmorgan-com-8914 124 25 Growth Growth NNP privatebank-jpmorgan-com-8914 124 26 Major Major NNP privatebank-jpmorgan-com-8914 124 27 index index NN privatebank-jpmorgan-com-8914 124 28 returns return VBZ privatebank-jpmorgan-com-8914 124 29 Total total JJ privatebank-jpmorgan-com-8914 124 30 return return NN privatebank-jpmorgan-com-8914 124 31 index index NN privatebank-jpmorgan-com-8914 124 32 ( ( -LRB- privatebank-jpmorgan-com-8914 124 33 100 100 CD privatebank-jpmorgan-com-8914 124 34 = = SYM privatebank-jpmorgan-com-8914 124 35 Jan. January NNP privatebank-jpmorgan-com-8914 124 36 2000 2000 CD privatebank-jpmorgan-com-8914 124 37 ) ) -RRB- privatebank-jpmorgan-com-8914 124 38 Source source NN privatebank-jpmorgan-com-8914 124 39 : : : privatebank-jpmorgan-com-8914 124 40 Bloomberg Bloomberg NNP privatebank-jpmorgan-com-8914 124 41 . . . privatebank-jpmorgan-com-8914 125 1 June June NNP privatebank-jpmorgan-com-8914 125 2 25 25 CD privatebank-jpmorgan-com-8914 125 3 , , , privatebank-jpmorgan-com-8914 125 4 2021 2021 CD privatebank-jpmorgan-com-8914 125 5 . . . privatebank-jpmorgan-com-8914 125 6 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/j-p-morgan-chase-eye-market/dp/b07l4swcyl/ WP privatebank-jpmorgan-com-8914 125 7 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 125 8 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 125 9 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 125 10 E e NN privatebank-jpmorgan-com-8914 125 11 Y y NN privatebank-jpmorgan-com-8914 125 12 E e NN privatebank-jpmorgan-com-8914 125 13 O o NN privatebank-jpmorgan-com-8914 125 14 N n NN privatebank-jpmorgan-com-8914 125 15 T t NN privatebank-jpmorgan-com-8914 125 16 H h NN privatebank-jpmorgan-com-8914 125 17 E e NN privatebank-jpmorgan-com-8914 125 18 M m NN privatebank-jpmorgan-com-8914 125 19 A a NN privatebank-jpmorgan-com-8914 125 20 R r NN privatebank-jpmorgan-com-8914 125 21 K k NN privatebank-jpmorgan-com-8914 125 22 E e NN privatebank-jpmorgan-com-8914 125 23 T t NN privatebank-jpmorgan-com-8914 125 24 • • NN privatebank-jpmorgan-com-8914 125 25 M m NN privatebank-jpmorgan-com-8914 125 26 I i NN privatebank-jpmorgan-com-8914 125 27 C c NN privatebank-jpmorgan-com-8914 125 28 H h NN privatebank-jpmorgan-com-8914 125 29 A a NN privatebank-jpmorgan-com-8914 125 30 E e NN privatebank-jpmorgan-com-8914 125 31 L l NN privatebank-jpmorgan-com-8914 125 32 C c NN privatebank-jpmorgan-com-8914 125 33 E e NN privatebank-jpmorgan-com-8914 125 34 M m NN privatebank-jpmorgan-com-8914 125 35 B B NNP privatebank-jpmorgan-com-8914 125 36 A A NNP privatebank-jpmorgan-com-8914 125 37 L l NN privatebank-jpmorgan-com-8914 125 38 E e NN privatebank-jpmorgan-com-8914 125 39 S s NN privatebank-jpmorgan-com-8914 125 40 T t NN privatebank-jpmorgan-com-8914 125 41 • • NN privatebank-jpmorgan-com-8914 125 42 J J NNP privatebank-jpmorgan-com-8914 125 43 . . . privatebank-jpmorgan-com-8914 126 1 P p NN privatebank-jpmorgan-com-8914 126 2 . . . privatebank-jpmorgan-com-8914 127 1 M M NNP privatebank-jpmorgan-com-8914 127 2 O o NN privatebank-jpmorgan-com-8914 127 3 R r NN privatebank-jpmorgan-com-8914 127 4 G g NN privatebank-jpmorgan-com-8914 127 5 A a NN privatebank-jpmorgan-com-8914 127 6 N n NN privatebank-jpmorgan-com-8914 127 7 A a NN privatebank-jpmorgan-com-8914 127 8 c c NN privatebank-jpmorgan-com-8914 127 9 c c NN privatebank-jpmorgan-com-8914 127 10 e e NNP privatebank-jpmorgan-com-8914 127 11 s s NNP privatebank-jpmorgan-com-8914 127 12 s s NNP privatebank-jpmorgan-com-8914 127 13 o o NNP privatebank-jpmorgan-com-8914 127 14 u u NNP privatebank-jpmorgan-com-8914 127 15 r r NNP privatebank-jpmorgan-com-8914 127 16 f f NNP privatebank-jpmorgan-com-8914 127 17 u u NNP privatebank-jpmorgan-com-8914 127 18 l l NNP privatebank-jpmorgan-com-8914 127 19 l l NNP privatebank-jpmorgan-com-8914 127 20 c c NNP privatebank-jpmorgan-com-8914 127 21 o o NN privatebank-jpmorgan-com-8914 127 22 r r NN privatebank-jpmorgan-com-8914 127 23 o o NN privatebank-jpmorgan-com-8914 127 24 n n CC privatebank-jpmorgan-com-8914 127 25 a a NN privatebank-jpmorgan-com-8914 127 26 v v NN privatebank-jpmorgan-com-8914 127 27 i i NN privatebank-jpmorgan-com-8914 127 28 r r NNP privatebank-jpmorgan-com-8914 127 29 u u NNP privatebank-jpmorgan-com-8914 127 30 s s NNP privatebank-jpmorgan-com-8914 127 31 a a NNP privatebank-jpmorgan-com-8914 127 32 n n NNP privatebank-jpmorgan-com-8914 127 33 a a DT privatebank-jpmorgan-com-8914 127 34 l l NN privatebank-jpmorgan-com-8914 127 35 y y NNP privatebank-jpmorgan-com-8914 127 36 s s NNP privatebank-jpmorgan-com-8914 127 37 i i NNP privatebank-jpmorgan-com-8914 127 38 s s NNP privatebank-jpmorgan-com-8914 127 39 w w NNP privatebank-jpmorgan-com-8914 127 40 e e NNP privatebank-jpmorgan-com-8914 127 41 b b NNP privatebank-jpmorgan-com-8914 127 42 p p NN privatebank-jpmorgan-com-8914 127 43 o o NN privatebank-jpmorgan-com-8914 127 44 r r NN privatebank-jpmorgan-com-8914 127 45 t t NN privatebank-jpmorgan-com-8914 127 46 a a DT privatebank-jpmorgan-com-8914 127 47 l l NN privatebank-jpmorgan-com-8914 127 48 h h NN privatebank-jpmorgan-com-8914 127 49 e e NN privatebank-jpmorgan-com-8914 127 50 r r NN privatebank-jpmorgan-com-8914 127 51 e e NNP privatebank-jpmorgan-com-8914 127 52 J J NNP privatebank-jpmorgan-com-8914 127 53 u u NNP privatebank-jpmorgan-com-8914 127 54 n n NNP privatebank-jpmorgan-com-8914 127 55 e e NNP privatebank-jpmorgan-com-8914 127 56 2 2 CD privatebank-jpmorgan-com-8914 127 57 8 8 CD privatebank-jpmorgan-com-8914 127 58 , , , privatebank-jpmorgan-com-8914 127 59 2 2 CD privatebank-jpmorgan-com-8914 127 60 0 0 CD privatebank-jpmorgan-com-8914 127 61 2 2 CD privatebank-jpmorgan-com-8914 127 62 1 1 CD privatebank-jpmorgan-com-8914 127 63 7 7 CD privatebank-jpmorgan-com-8914 127 64 Buyout Buyout NNP privatebank-jpmorgan-com-8914 127 65 manager manager NN privatebank-jpmorgan-com-8914 127 66 dispersion dispersion NN privatebank-jpmorgan-com-8914 127 67 Average average JJ privatebank-jpmorgan-com-8914 127 68 / / SYM privatebank-jpmorgan-com-8914 127 69 median median JJ privatebank-jpmorgan-com-8914 127 70 managers manager NNS privatebank-jpmorgan-com-8914 127 71 have have VBP privatebank-jpmorgan-com-8914 127 72 consistently consistently RB privatebank-jpmorgan-com-8914 127 73 outperformed outperform VBN privatebank-jpmorgan-com-8914 127 74 , , , privatebank-jpmorgan-com-8914 127 75 but but CC privatebank-jpmorgan-com-8914 127 76 what what WP privatebank-jpmorgan-com-8914 127 77 happens happen VBZ privatebank-jpmorgan-com-8914 127 78 if if IN privatebank-jpmorgan-com-8914 127 79 you -PRON- PRP privatebank-jpmorgan-com-8914 127 80 pick pick VBP privatebank-jpmorgan-com-8914 127 81 a a DT privatebank-jpmorgan-com-8914 127 82 below below IN privatebank-jpmorgan-com-8914 127 83 - - HYPH privatebank-jpmorgan-com-8914 127 84 average average NN privatebank-jpmorgan-com-8914 127 85 buyout buyout NN privatebank-jpmorgan-com-8914 127 86 manager manager NN privatebank-jpmorgan-com-8914 127 87 ? ? . privatebank-jpmorgan-com-8914 128 1 Since since IN privatebank-jpmorgan-com-8914 128 2 2010 2010 CD privatebank-jpmorgan-com-8914 128 3 , , , privatebank-jpmorgan-com-8914 128 4 the the DT privatebank-jpmorgan-com-8914 128 5 gap gap NN privatebank-jpmorgan-com-8914 128 6 between between IN privatebank-jpmorgan-com-8914 128 7 top top JJ privatebank-jpmorgan-com-8914 128 8 and and CC privatebank-jpmorgan-com-8914 128 9 bottom bottom JJ privatebank-jpmorgan-com-8914 128 10 quartile quartile NN privatebank-jpmorgan-com-8914 128 11 managers manager NNS privatebank-jpmorgan-com-8914 128 12 has have VBZ privatebank-jpmorgan-com-8914 128 13 narrowed narrow VBN privatebank-jpmorgan-com-8914 128 14 compared compare VBN privatebank-jpmorgan-com-8914 128 15 to to IN privatebank-jpmorgan-com-8914 128 16 prior prior JJ privatebank-jpmorgan-com-8914 128 17 decades decade NNS privatebank-jpmorgan-com-8914 128 18 , , , privatebank-jpmorgan-com-8914 128 19 and and CC privatebank-jpmorgan-com-8914 128 20 the the DT privatebank-jpmorgan-com-8914 128 21 degree degree NN privatebank-jpmorgan-com-8914 128 22 of of IN privatebank-jpmorgan-com-8914 128 23 underperformance underperformance NN privatebank-jpmorgan-com-8914 128 24 for for IN privatebank-jpmorgan-com-8914 128 25 bottom bottom JJ privatebank-jpmorgan-com-8914 128 26 quartile quartile NNP privatebank-jpmorgan-com-8914 128 27 managers manager NNS privatebank-jpmorgan-com-8914 128 28 is be VBZ privatebank-jpmorgan-com-8914 128 29 pretty pretty RB privatebank-jpmorgan-com-8914 128 30 modest modest JJ privatebank-jpmorgan-com-8914 128 31 . . . privatebank-jpmorgan-com-8914 129 1 0.6 0.6 CD privatebank-jpmorgan-com-8914 129 2 0.8 0.8 CD privatebank-jpmorgan-com-8914 129 3 1.0 1.0 CD privatebank-jpmorgan-com-8914 129 4 1.2 1.2 CD privatebank-jpmorgan-com-8914 129 5 1.4 1.4 CD privatebank-jpmorgan-com-8914 129 6 1.6 1.6 CD privatebank-jpmorgan-com-8914 129 7 1.8 1.8 CD privatebank-jpmorgan-com-8914 129 8 1991 1991 CD privatebank-jpmorgan-com-8914 129 9 1996 1996 CD privatebank-jpmorgan-com-8914 129 10 2001 2001 CD privatebank-jpmorgan-com-8914 129 11 2006 2006 CD privatebank-jpmorgan-com-8914 129 12 2011 2011 CD privatebank-jpmorgan-com-8914 129 13 2016 2016 CD privatebank-jpmorgan-com-8914 129 14 Top top JJ privatebank-jpmorgan-com-8914 129 15 quartile quartile NN privatebank-jpmorgan-com-8914 129 16 Median Median NNP privatebank-jpmorgan-com-8914 129 17 Bottom Bottom NNP privatebank-jpmorgan-com-8914 129 18 quartile quartile JJ privatebank-jpmorgan-com-8914 129 19 US US NNP privatebank-jpmorgan-com-8914 129 20 buyout buyout IN privatebank-jpmorgan-com-8914 129 21 PME PME NNP privatebank-jpmorgan-com-8914 129 22 quartiles quartile NNS privatebank-jpmorgan-com-8914 129 23 by by IN privatebank-jpmorgan-com-8914 129 24 vintage vintage JJ privatebank-jpmorgan-com-8914 129 25 year year NN privatebank-jpmorgan-com-8914 129 26 PME pme NN privatebank-jpmorgan-com-8914 129 27 ratio ratio NN privatebank-jpmorgan-com-8914 129 28 vs vs IN privatebank-jpmorgan-com-8914 129 29 S&P S&P NNP privatebank-jpmorgan-com-8914 129 30 500 500 CD privatebank-jpmorgan-com-8914 129 31 Source source NN privatebank-jpmorgan-com-8914 129 32 : : : privatebank-jpmorgan-com-8914 129 33 Steve Steve NNP privatebank-jpmorgan-com-8914 129 34 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 129 35 ( ( -LRB- privatebank-jpmorgan-com-8914 129 36 Chicago Chicago NNP privatebank-jpmorgan-com-8914 129 37 Booth Booth NNP privatebank-jpmorgan-com-8914 129 38 ) ) -RRB- privatebank-jpmorgan-com-8914 129 39 and and CC privatebank-jpmorgan-com-8914 129 40 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 129 41 . . . privatebank-jpmorgan-com-8914 130 1 2020 2020 CD privatebank-jpmorgan-com-8914 130 2 . . . privatebank-jpmorgan-com-8914 131 1 -10 -10 NNP privatebank-jpmorgan-com-8914 131 2 % % NN privatebank-jpmorgan-com-8914 131 3 -5 -5 . privatebank-jpmorgan-com-8914 131 4 % % NN privatebank-jpmorgan-com-8914 131 5 0 0 CD privatebank-jpmorgan-com-8914 131 6 % % NN privatebank-jpmorgan-com-8914 131 7 5 5 CD privatebank-jpmorgan-com-8914 131 8 % % NN privatebank-jpmorgan-com-8914 131 9 10 10 CD privatebank-jpmorgan-com-8914 131 10 % % NN privatebank-jpmorgan-com-8914 131 11 15 15 CD privatebank-jpmorgan-com-8914 131 12 % % NN privatebank-jpmorgan-com-8914 131 13 20 20 CD privatebank-jpmorgan-com-8914 131 14 % % NN privatebank-jpmorgan-com-8914 131 15 25 25 CD privatebank-jpmorgan-com-8914 131 16 % % NN privatebank-jpmorgan-com-8914 131 17 30 30 CD privatebank-jpmorgan-com-8914 131 18 % % NN privatebank-jpmorgan-com-8914 131 19 1991 1991 CD privatebank-jpmorgan-com-8914 131 20 1996 1996 CD privatebank-jpmorgan-com-8914 131 21 2001 2001 CD privatebank-jpmorgan-com-8914 131 22 2006 2006 CD privatebank-jpmorgan-com-8914 131 23 2011 2011 CD privatebank-jpmorgan-com-8914 131 24 2016 2016 CD privatebank-jpmorgan-com-8914 131 25 Top top JJ privatebank-jpmorgan-com-8914 131 26 quartile quartile NN privatebank-jpmorgan-com-8914 131 27 Median Median NNP privatebank-jpmorgan-com-8914 131 28 Bottom Bottom NNP privatebank-jpmorgan-com-8914 131 29 quartile quartile NN privatebank-jpmorgan-com-8914 131 30 US US NNP privatebank-jpmorgan-com-8914 131 31 buyout buyout IN privatebank-jpmorgan-com-8914 131 32 direct direct JJ privatebank-jpmorgan-com-8914 131 33 alpha alpha NN privatebank-jpmorgan-com-8914 131 34 quartiles quartile NNS privatebank-jpmorgan-com-8914 131 35 by by IN privatebank-jpmorgan-com-8914 131 36 vintage vintage JJ privatebank-jpmorgan-com-8914 131 37 year year NN privatebank-jpmorgan-com-8914 131 38 Direct direct JJ privatebank-jpmorgan-com-8914 131 39 alpha alpha NN privatebank-jpmorgan-com-8914 131 40 , , , privatebank-jpmorgan-com-8914 131 41 annualized annualize VBN privatebank-jpmorgan-com-8914 131 42 vs vs IN privatebank-jpmorgan-com-8914 131 43 S&P S&P NNP privatebank-jpmorgan-com-8914 131 44 500 500 CD privatebank-jpmorgan-com-8914 131 45 Source source NN privatebank-jpmorgan-com-8914 131 46 : : : privatebank-jpmorgan-com-8914 131 47 Steve Steve NNP privatebank-jpmorgan-com-8914 131 48 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 131 49 ( ( -LRB- privatebank-jpmorgan-com-8914 131 50 Chicago Chicago NNP privatebank-jpmorgan-com-8914 131 51 Booth Booth NNP privatebank-jpmorgan-com-8914 131 52 ) ) -RRB- privatebank-jpmorgan-com-8914 131 53 and and CC privatebank-jpmorgan-com-8914 131 54 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 131 55 . . . privatebank-jpmorgan-com-8914 132 1 2020 2020 CD privatebank-jpmorgan-com-8914 132 2 . . . privatebank-jpmorgan-com-8914 133 1 The the DT privatebank-jpmorgan-com-8914 133 2 next next JJ privatebank-jpmorgan-com-8914 133 3 chart chart NN privatebank-jpmorgan-com-8914 133 4 illustrates illustrate VBZ privatebank-jpmorgan-com-8914 133 5 absolute absolute JJ privatebank-jpmorgan-com-8914 133 6 performance performance NN privatebank-jpmorgan-com-8914 133 7 dispersion dispersion NN privatebank-jpmorgan-com-8914 133 8 across across IN privatebank-jpmorgan-com-8914 133 9 venture venture NN privatebank-jpmorgan-com-8914 133 10 , , , privatebank-jpmorgan-com-8914 133 11 buyout buyout NN privatebank-jpmorgan-com-8914 133 12 , , , privatebank-jpmorgan-com-8914 133 13 real real JJ privatebank-jpmorgan-com-8914 133 14 estate estate NN privatebank-jpmorgan-com-8914 133 15 and and CC privatebank-jpmorgan-com-8914 133 16 private private JJ privatebank-jpmorgan-com-8914 133 17 credit credit NN privatebank-jpmorgan-com-8914 133 18 . . . privatebank-jpmorgan-com-8914 134 1 0 0 CD privatebank-jpmorgan-com-8914 134 2 % % NN privatebank-jpmorgan-com-8914 134 3 1 1 CD privatebank-jpmorgan-com-8914 134 4 % % NN privatebank-jpmorgan-com-8914 134 5 2 2 CD privatebank-jpmorgan-com-8914 134 6 % % NN privatebank-jpmorgan-com-8914 134 7 3 3 CD privatebank-jpmorgan-com-8914 134 8 % % NN privatebank-jpmorgan-com-8914 134 9 4 4 CD privatebank-jpmorgan-com-8914 134 10 % % NN privatebank-jpmorgan-com-8914 134 11 5 5 CD privatebank-jpmorgan-com-8914 134 12 % % NN privatebank-jpmorgan-com-8914 134 13 6 6 CD privatebank-jpmorgan-com-8914 134 14 % % NN privatebank-jpmorgan-com-8914 134 15 7 7 CD privatebank-jpmorgan-com-8914 134 16 % % NN privatebank-jpmorgan-com-8914 134 17 8 8 CD privatebank-jpmorgan-com-8914 134 18 % % NN privatebank-jpmorgan-com-8914 134 19 9 9 CD privatebank-jpmorgan-com-8914 134 20 % % NN privatebank-jpmorgan-com-8914 134 21 0 0 CD privatebank-jpmorgan-com-8914 134 22 % % NN privatebank-jpmorgan-com-8914 134 23 5 5 CD privatebank-jpmorgan-com-8914 134 24 % % NN privatebank-jpmorgan-com-8914 134 25 10 10 CD privatebank-jpmorgan-com-8914 134 26 % % NN privatebank-jpmorgan-com-8914 134 27 15 15 CD privatebank-jpmorgan-com-8914 134 28 % % NN privatebank-jpmorgan-com-8914 134 29 20 20 CD privatebank-jpmorgan-com-8914 134 30 % % NN privatebank-jpmorgan-com-8914 134 31 25 25 CD privatebank-jpmorgan-com-8914 134 32 % % NN privatebank-jpmorgan-com-8914 134 33 30 30 CD privatebank-jpmorgan-com-8914 134 34 % % NN privatebank-jpmorgan-com-8914 134 35 Distribution distribution NN privatebank-jpmorgan-com-8914 134 36 of of IN privatebank-jpmorgan-com-8914 134 37 performance performance NN privatebank-jpmorgan-com-8914 134 38 by by IN privatebank-jpmorgan-com-8914 134 39 strategy strategy NN privatebank-jpmorgan-com-8914 134 40 % % NN privatebank-jpmorgan-com-8914 134 41 of of IN privatebank-jpmorgan-com-8914 134 42 funds fund NNS privatebank-jpmorgan-com-8914 134 43 Source Source NNP privatebank-jpmorgan-com-8914 134 44 : : : privatebank-jpmorgan-com-8914 134 45 Hamilton Hamilton NNP privatebank-jpmorgan-com-8914 134 46 Lane Lane NNP privatebank-jpmorgan-com-8914 134 47 . . . privatebank-jpmorgan-com-8914 135 1 January January NNP privatebank-jpmorgan-com-8914 135 2 2021 2021 CD privatebank-jpmorgan-com-8914 135 3 . . . privatebank-jpmorgan-com-8914 136 1 Includes include VBZ privatebank-jpmorgan-com-8914 136 2 2010 2010 CD privatebank-jpmorgan-com-8914 136 3 - - SYM privatebank-jpmorgan-com-8914 136 4 2019 2019 CD privatebank-jpmorgan-com-8914 136 5 vintage vintage JJ privatebank-jpmorgan-com-8914 136 6 years year NNS privatebank-jpmorgan-com-8914 136 7 . . . privatebank-jpmorgan-com-8914 137 1 Trailing trail VBG privatebank-jpmorgan-com-8914 137 2 10-year 10-year CD privatebank-jpmorgan-com-8914 137 3 annualized annualize VBN privatebank-jpmorgan-com-8914 137 4 return return JJ privatebank-jpmorgan-com-8914 137 5 Private private JJ privatebank-jpmorgan-com-8914 137 6 credit credit NN privatebank-jpmorgan-com-8914 137 7 Real real JJ privatebank-jpmorgan-com-8914 137 8 estate estate NN privatebank-jpmorgan-com-8914 137 9 Buyout Buyout NNP privatebank-jpmorgan-com-8914 137 10 Venture Venture NNP privatebank-jpmorgan-com-8914 137 11 capital capital NN privatebank-jpmorgan-com-8914 137 12 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/j-p-morgan-chase-eye-market/dp/b07l4swcyl/ ADD privatebank-jpmorgan-com-8914 137 13 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 137 14 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 137 15 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 137 16 E e NN privatebank-jpmorgan-com-8914 137 17 Y y NN privatebank-jpmorgan-com-8914 137 18 E e NN privatebank-jpmorgan-com-8914 137 19 O o NN privatebank-jpmorgan-com-8914 137 20 N n NN privatebank-jpmorgan-com-8914 137 21 T t NN privatebank-jpmorgan-com-8914 137 22 H h NN privatebank-jpmorgan-com-8914 137 23 E e NN privatebank-jpmorgan-com-8914 137 24 M m NN privatebank-jpmorgan-com-8914 137 25 A a NN privatebank-jpmorgan-com-8914 137 26 R r NN privatebank-jpmorgan-com-8914 137 27 K k NN privatebank-jpmorgan-com-8914 137 28 E e NN privatebank-jpmorgan-com-8914 137 29 T t NN privatebank-jpmorgan-com-8914 137 30 • • NN privatebank-jpmorgan-com-8914 137 31 M m NN privatebank-jpmorgan-com-8914 137 32 I i NN privatebank-jpmorgan-com-8914 137 33 C c NN privatebank-jpmorgan-com-8914 137 34 H h NN privatebank-jpmorgan-com-8914 137 35 A a NN privatebank-jpmorgan-com-8914 137 36 E e NN privatebank-jpmorgan-com-8914 137 37 L l NN privatebank-jpmorgan-com-8914 137 38 C c NN privatebank-jpmorgan-com-8914 137 39 E e NN privatebank-jpmorgan-com-8914 137 40 M m NN privatebank-jpmorgan-com-8914 137 41 B B NNP privatebank-jpmorgan-com-8914 137 42 A A NNP privatebank-jpmorgan-com-8914 137 43 L l NN privatebank-jpmorgan-com-8914 137 44 E e NN privatebank-jpmorgan-com-8914 137 45 S s NN privatebank-jpmorgan-com-8914 137 46 T t NN privatebank-jpmorgan-com-8914 137 47 • • NN privatebank-jpmorgan-com-8914 137 48 J J NNP privatebank-jpmorgan-com-8914 137 49 . . . privatebank-jpmorgan-com-8914 138 1 P p NN privatebank-jpmorgan-com-8914 138 2 . . . privatebank-jpmorgan-com-8914 139 1 M M NNP privatebank-jpmorgan-com-8914 139 2 O o NN privatebank-jpmorgan-com-8914 139 3 R r NN privatebank-jpmorgan-com-8914 139 4 G g NN privatebank-jpmorgan-com-8914 139 5 A a NN privatebank-jpmorgan-com-8914 139 6 N n NN privatebank-jpmorgan-com-8914 139 7 A a NN privatebank-jpmorgan-com-8914 139 8 c c NN privatebank-jpmorgan-com-8914 139 9 c c NN privatebank-jpmorgan-com-8914 139 10 e e NNP privatebank-jpmorgan-com-8914 139 11 s s NNP privatebank-jpmorgan-com-8914 139 12 s s NNP privatebank-jpmorgan-com-8914 139 13 o o NNP privatebank-jpmorgan-com-8914 139 14 u u NNP privatebank-jpmorgan-com-8914 139 15 r r NNP privatebank-jpmorgan-com-8914 139 16 f f NNP privatebank-jpmorgan-com-8914 139 17 u u NNP privatebank-jpmorgan-com-8914 139 18 l l NNP privatebank-jpmorgan-com-8914 139 19 l l NNP privatebank-jpmorgan-com-8914 139 20 c c NNP privatebank-jpmorgan-com-8914 139 21 o o NN privatebank-jpmorgan-com-8914 139 22 r r NN privatebank-jpmorgan-com-8914 139 23 o o NN privatebank-jpmorgan-com-8914 139 24 n n CC privatebank-jpmorgan-com-8914 139 25 a a NN privatebank-jpmorgan-com-8914 139 26 v v NN privatebank-jpmorgan-com-8914 139 27 i i NN privatebank-jpmorgan-com-8914 139 28 r r NNP privatebank-jpmorgan-com-8914 139 29 u u NNP privatebank-jpmorgan-com-8914 139 30 s s NNP privatebank-jpmorgan-com-8914 139 31 a a NNP privatebank-jpmorgan-com-8914 139 32 n n NNP privatebank-jpmorgan-com-8914 139 33 a a DT privatebank-jpmorgan-com-8914 139 34 l l NN privatebank-jpmorgan-com-8914 139 35 y y NNP privatebank-jpmorgan-com-8914 139 36 s s NNP privatebank-jpmorgan-com-8914 139 37 i i NNP privatebank-jpmorgan-com-8914 139 38 s s NNP privatebank-jpmorgan-com-8914 139 39 w w NNP privatebank-jpmorgan-com-8914 139 40 e e NNP privatebank-jpmorgan-com-8914 139 41 b b NNP privatebank-jpmorgan-com-8914 139 42 p p NN privatebank-jpmorgan-com-8914 139 43 o o NN privatebank-jpmorgan-com-8914 139 44 r r NN privatebank-jpmorgan-com-8914 139 45 t t NN privatebank-jpmorgan-com-8914 139 46 a a DT privatebank-jpmorgan-com-8914 139 47 l l NN privatebank-jpmorgan-com-8914 139 48 h h NN privatebank-jpmorgan-com-8914 139 49 e e NN privatebank-jpmorgan-com-8914 139 50 r r NN privatebank-jpmorgan-com-8914 139 51 e e NNP privatebank-jpmorgan-com-8914 139 52 J J NNP privatebank-jpmorgan-com-8914 139 53 u u NNP privatebank-jpmorgan-com-8914 139 54 n n NNP privatebank-jpmorgan-com-8914 139 55 e e NNP privatebank-jpmorgan-com-8914 139 56 2 2 CD privatebank-jpmorgan-com-8914 139 57 8 8 CD privatebank-jpmorgan-com-8914 139 58 , , , privatebank-jpmorgan-com-8914 139 59 2 2 CD privatebank-jpmorgan-com-8914 139 60 0 0 CD privatebank-jpmorgan-com-8914 139 61 2 2 CD privatebank-jpmorgan-com-8914 139 62 1 1 CD privatebank-jpmorgan-com-8914 139 63 8 8 CD privatebank-jpmorgan-com-8914 139 64 Drivers driver NNS privatebank-jpmorgan-com-8914 139 65 of of IN privatebank-jpmorgan-com-8914 139 66 buyout buyout NN privatebank-jpmorgan-com-8914 139 67 performance performance NN privatebank-jpmorgan-com-8914 139 68 While while IN privatebank-jpmorgan-com-8914 139 69 cash cash NN privatebank-jpmorgan-com-8914 139 70 flow flow NN privatebank-jpmorgan-com-8914 139 71 data datum NNS privatebank-jpmorgan-com-8914 139 72 sourced source VBN privatebank-jpmorgan-com-8914 139 73 from from IN privatebank-jpmorgan-com-8914 139 74 limited limited JJ privatebank-jpmorgan-com-8914 139 75 partners partner NNS privatebank-jpmorgan-com-8914 139 76 is be VBZ privatebank-jpmorgan-com-8914 139 77 a a DT privatebank-jpmorgan-com-8914 139 78 reliable reliable JJ privatebank-jpmorgan-com-8914 139 79 way way NN privatebank-jpmorgan-com-8914 139 80 to to TO privatebank-jpmorgan-com-8914 139 81 measure measure VB privatebank-jpmorgan-com-8914 139 82 performance performance NN privatebank-jpmorgan-com-8914 139 83 of of IN privatebank-jpmorgan-com-8914 139 84 private private JJ privatebank-jpmorgan-com-8914 139 85 equity equity NN privatebank-jpmorgan-com-8914 139 86 funds fund NNS privatebank-jpmorgan-com-8914 139 87 , , , privatebank-jpmorgan-com-8914 139 88 it -PRON- PRP privatebank-jpmorgan-com-8914 139 89 does do VBZ privatebank-jpmorgan-com-8914 139 90 not not RB privatebank-jpmorgan-com-8914 139 91 allow allow VB privatebank-jpmorgan-com-8914 139 92 a a DT privatebank-jpmorgan-com-8914 139 93 closer close JJR privatebank-jpmorgan-com-8914 139 94 look look NN privatebank-jpmorgan-com-8914 139 95 under under IN privatebank-jpmorgan-com-8914 139 96 the the DT privatebank-jpmorgan-com-8914 139 97 hood hood NN privatebank-jpmorgan-com-8914 139 98 to to TO privatebank-jpmorgan-com-8914 139 99 see see VB privatebank-jpmorgan-com-8914 139 100 what what WP privatebank-jpmorgan-com-8914 139 101 drives drive NNS privatebank-jpmorgan-com-8914 139 102 that that DT privatebank-jpmorgan-com-8914 139 103 performance performance NN privatebank-jpmorgan-com-8914 139 104 . . . privatebank-jpmorgan-com-8914 140 1 We -PRON- PRP privatebank-jpmorgan-com-8914 140 2 asked ask VBD privatebank-jpmorgan-com-8914 140 3 one one CD privatebank-jpmorgan-com-8914 140 4 of of IN privatebank-jpmorgan-com-8914 140 5 the the DT privatebank-jpmorgan-com-8914 140 6 larger large JJR privatebank-jpmorgan-com-8914 140 7 buyout buyout NN privatebank-jpmorgan-com-8914 140 8 managers manager NNS privatebank-jpmorgan-com-8914 140 9 we -PRON- PRP privatebank-jpmorgan-com-8914 140 10 know know VBP privatebank-jpmorgan-com-8914 140 11 for for IN privatebank-jpmorgan-com-8914 140 12 company company NN privatebank-jpmorgan-com-8914 140 13 - - HYPH privatebank-jpmorgan-com-8914 140 14 specific specific JJ privatebank-jpmorgan-com-8914 140 15 data datum NNS privatebank-jpmorgan-com-8914 140 16 for for IN privatebank-jpmorgan-com-8914 140 17 three three CD privatebank-jpmorgan-com-8914 140 18 consecutive consecutive JJ privatebank-jpmorgan-com-8914 140 19 buyout buyout NN privatebank-jpmorgan-com-8914 140 20 funds fund NNS privatebank-jpmorgan-com-8914 140 21 they -PRON- PRP privatebank-jpmorgan-com-8914 140 22 managed manage VBD privatebank-jpmorgan-com-8914 140 23 . . . privatebank-jpmorgan-com-8914 141 1 We -PRON- PRP privatebank-jpmorgan-com-8914 141 2 decomposed decompose VBD privatebank-jpmorgan-com-8914 141 3 the the DT privatebank-jpmorgan-com-8914 141 4 change change NN privatebank-jpmorgan-com-8914 141 5 in in IN privatebank-jpmorgan-com-8914 141 6 enterprise enterprise NN privatebank-jpmorgan-com-8914 141 7 value value NN privatebank-jpmorgan-com-8914 141 8 into into IN privatebank-jpmorgan-com-8914 141 9 three three CD privatebank-jpmorgan-com-8914 141 10 sources source NNS privatebank-jpmorgan-com-8914 141 11 : : : privatebank-jpmorgan-com-8914 141 12 cash cash NN privatebank-jpmorgan-com-8914 141 13 flow flow NN privatebank-jpmorgan-com-8914 141 14 ( ( -LRB- privatebank-jpmorgan-com-8914 141 15 EBITDA EBITDA NNP privatebank-jpmorgan-com-8914 141 16 ) ) -RRB- privatebank-jpmorgan-com-8914 141 17 growth growth NN privatebank-jpmorgan-com-8914 141 18 , , , privatebank-jpmorgan-com-8914 141 19 changes change NNS privatebank-jpmorgan-com-8914 141 20 in in IN privatebank-jpmorgan-com-8914 141 21 valuation valuation NN privatebank-jpmorgan-com-8914 141 22 multiples multiple NNS privatebank-jpmorgan-com-8914 141 23 and and CC privatebank-jpmorgan-com-8914 141 24 change change NN privatebank-jpmorgan-com-8914 141 25 in in IN privatebank-jpmorgan-com-8914 141 26 debt debt NN privatebank-jpmorgan-com-8914 141 27 levels level NNS privatebank-jpmorgan-com-8914 141 28 . . . privatebank-jpmorgan-com-8914 142 1 In in IN privatebank-jpmorgan-com-8914 142 2 each each DT privatebank-jpmorgan-com-8914 142 3 case case NN privatebank-jpmorgan-com-8914 142 4 , , , privatebank-jpmorgan-com-8914 142 5 operating operate VBG privatebank-jpmorgan-com-8914 142 6 cash cash NN privatebank-jpmorgan-com-8914 142 7 flow flow NN privatebank-jpmorgan-com-8914 142 8 improvements improvement NNS privatebank-jpmorgan-com-8914 142 9 at at IN privatebank-jpmorgan-com-8914 142 10 the the DT privatebank-jpmorgan-com-8914 142 11 company company NN privatebank-jpmorgan-com-8914 142 12 accounted account VBD privatebank-jpmorgan-com-8914 142 13 for for IN privatebank-jpmorgan-com-8914 142 14 more more JJR privatebank-jpmorgan-com-8914 142 15 than than IN privatebank-jpmorgan-com-8914 142 16 half half NN privatebank-jpmorgan-com-8914 142 17 of of IN privatebank-jpmorgan-com-8914 142 18 the the DT privatebank-jpmorgan-com-8914 142 19 total total JJ privatebank-jpmorgan-com-8914 142 20 change change NN privatebank-jpmorgan-com-8914 142 21 in in IN privatebank-jpmorgan-com-8914 142 22 enterprise enterprise NN privatebank-jpmorgan-com-8914 142 23 value value NN privatebank-jpmorgan-com-8914 142 24 , , , privatebank-jpmorgan-com-8914 142 25 and and CC privatebank-jpmorgan-com-8914 142 26 for for IN privatebank-jpmorgan-com-8914 142 27 more more JJR privatebank-jpmorgan-com-8914 142 28 than than IN privatebank-jpmorgan-com-8914 142 29 the the DT privatebank-jpmorgan-com-8914 142 30 impact impact NN privatebank-jpmorgan-com-8914 142 31 of of IN privatebank-jpmorgan-com-8914 142 32 multiple multiple JJ privatebank-jpmorgan-com-8914 142 33 expansion expansion NN privatebank-jpmorgan-com-8914 142 34 . . . privatebank-jpmorgan-com-8914 143 1 This this DT privatebank-jpmorgan-com-8914 143 2 is be VBZ privatebank-jpmorgan-com-8914 143 3 not not RB privatebank-jpmorgan-com-8914 143 4 meant mean VBN privatebank-jpmorgan-com-8914 143 5 to to TO privatebank-jpmorgan-com-8914 143 6 be be VB privatebank-jpmorgan-com-8914 143 7 indicative indicative JJ privatebank-jpmorgan-com-8914 143 8 of of IN privatebank-jpmorgan-com-8914 143 9 the the DT privatebank-jpmorgan-com-8914 143 10 industry industry NN privatebank-jpmorgan-com-8914 143 11 as as IN privatebank-jpmorgan-com-8914 143 12 a a DT privatebank-jpmorgan-com-8914 143 13 whole whole NN privatebank-jpmorgan-com-8914 143 14 , , , privatebank-jpmorgan-com-8914 143 15 but but CC privatebank-jpmorgan-com-8914 143 16 it -PRON- PRP privatebank-jpmorgan-com-8914 143 17 does do VBZ privatebank-jpmorgan-com-8914 143 18 illustrate illustrate VB privatebank-jpmorgan-com-8914 143 19 that that IN privatebank-jpmorgan-com-8914 143 20 operating operate VBG privatebank-jpmorgan-com-8914 143 21 improvements improvement NNS privatebank-jpmorgan-com-8914 143 22 can can MD privatebank-jpmorgan-com-8914 143 23 play play VB privatebank-jpmorgan-com-8914 143 24 a a DT privatebank-jpmorgan-com-8914 143 25 primary primary JJ privatebank-jpmorgan-com-8914 143 26 role role NN privatebank-jpmorgan-com-8914 143 27 in in IN privatebank-jpmorgan-com-8914 143 28 generation generation NN privatebank-jpmorgan-com-8914 143 29 of of IN privatebank-jpmorgan-com-8914 143 30 returns return NNS privatebank-jpmorgan-com-8914 143 31 . . . privatebank-jpmorgan-com-8914 144 1 -200 -200 NNP privatebank-jpmorgan-com-8914 144 2 % % NN privatebank-jpmorgan-com-8914 144 3 -100 -100 VBZ privatebank-jpmorgan-com-8914 144 4 % % NN privatebank-jpmorgan-com-8914 144 5 0 0 CD privatebank-jpmorgan-com-8914 144 6 % % NN privatebank-jpmorgan-com-8914 144 7 100 100 CD privatebank-jpmorgan-com-8914 144 8 % % NN privatebank-jpmorgan-com-8914 144 9 200 200 CD privatebank-jpmorgan-com-8914 144 10 % % NN privatebank-jpmorgan-com-8914 144 11 300 300 CD privatebank-jpmorgan-com-8914 144 12 % % NN privatebank-jpmorgan-com-8914 144 13 400 400 CD privatebank-jpmorgan-com-8914 144 14 % % NN privatebank-jpmorgan-com-8914 144 15 500 500 CD privatebank-jpmorgan-com-8914 144 16 % % NN privatebank-jpmorgan-com-8914 144 17 EBITDA EBITDA NNP privatebank-jpmorgan-com-8914 144 18 growth growth NN privatebank-jpmorgan-com-8914 144 19 Multiple multiple JJ privatebank-jpmorgan-com-8914 144 20 expansion expansion NN privatebank-jpmorgan-com-8914 144 21 Change change NN privatebank-jpmorgan-com-8914 144 22 in in IN privatebank-jpmorgan-com-8914 144 23 debt debt NN privatebank-jpmorgan-com-8914 144 24 Total total JJ privatebank-jpmorgan-com-8914 144 25 change change NN privatebank-jpmorgan-com-8914 144 26 in in IN privatebank-jpmorgan-com-8914 144 27 enterprise enterprise NN privatebank-jpmorgan-com-8914 144 28 value value NN privatebank-jpmorgan-com-8914 144 29 Source source NN privatebank-jpmorgan-com-8914 144 30 : : : privatebank-jpmorgan-com-8914 144 31 JP JP NNP privatebank-jpmorgan-com-8914 144 32 Morgan Morgan NNP privatebank-jpmorgan-com-8914 144 33 Private Private NNP privatebank-jpmorgan-com-8914 144 34 Bank Bank NNP privatebank-jpmorgan-com-8914 144 35 . . . privatebank-jpmorgan-com-8914 145 1 2021 2021 CD privatebank-jpmorgan-com-8914 145 2 . . . privatebank-jpmorgan-com-8914 146 1 Pre pre JJ privatebank-jpmorgan-com-8914 146 2 - - JJ privatebank-jpmorgan-com-8914 146 3 GFC GFC NNP privatebank-jpmorgan-com-8914 146 4 fund fund NN privatebank-jpmorgan-com-8914 146 5 : : : privatebank-jpmorgan-com-8914 146 6 Buyout buyout IN privatebank-jpmorgan-com-8914 146 7 return return NN privatebank-jpmorgan-com-8914 146 8 components component NNS privatebank-jpmorgan-com-8914 146 9 Investments investment NNS privatebank-jpmorgan-com-8914 146 10 sorted sort VBN privatebank-jpmorgan-com-8914 146 11 by by IN privatebank-jpmorgan-com-8914 146 12 cumulative cumulative JJ privatebank-jpmorgan-com-8914 146 13 enterprise enterprise NN privatebank-jpmorgan-com-8914 146 14 value value NN privatebank-jpmorgan-com-8914 146 15 growth growth NN privatebank-jpmorgan-com-8914 146 16 -20 -20 : privatebank-jpmorgan-com-8914 146 17 % % NN privatebank-jpmorgan-com-8914 146 18 0 0 CD privatebank-jpmorgan-com-8914 146 19 % % NN privatebank-jpmorgan-com-8914 146 20 20 20 CD privatebank-jpmorgan-com-8914 146 21 % % NN privatebank-jpmorgan-com-8914 146 22 40 40 CD privatebank-jpmorgan-com-8914 146 23 % % NN privatebank-jpmorgan-com-8914 146 24 60 60 CD privatebank-jpmorgan-com-8914 146 25 % % NN privatebank-jpmorgan-com-8914 146 26 80 80 CD privatebank-jpmorgan-com-8914 146 27 % % NN privatebank-jpmorgan-com-8914 146 28 100 100 CD privatebank-jpmorgan-com-8914 146 29 % % NN privatebank-jpmorgan-com-8914 146 30 Aggregate aggregate JJ privatebank-jpmorgan-com-8914 146 31 results result NNS privatebank-jpmorgan-com-8914 146 32 Enterprise enterprise NN privatebank-jpmorgan-com-8914 146 33 value value NN privatebank-jpmorgan-com-8914 146 34 weighted weight VBD privatebank-jpmorgan-com-8914 146 35 -200 -200 NNP privatebank-jpmorgan-com-8914 146 36 % % NN privatebank-jpmorgan-com-8914 146 37 -100 -100 NNS privatebank-jpmorgan-com-8914 146 38 % % NN privatebank-jpmorgan-com-8914 146 39 0 0 CD privatebank-jpmorgan-com-8914 146 40 % % NN privatebank-jpmorgan-com-8914 146 41 100 100 CD privatebank-jpmorgan-com-8914 146 42 % % NN privatebank-jpmorgan-com-8914 146 43 200 200 CD privatebank-jpmorgan-com-8914 146 44 % % NN privatebank-jpmorgan-com-8914 146 45 300 300 CD privatebank-jpmorgan-com-8914 146 46 % % NN privatebank-jpmorgan-com-8914 146 47 400 400 CD privatebank-jpmorgan-com-8914 146 48 % % NN privatebank-jpmorgan-com-8914 146 49 500 500 CD privatebank-jpmorgan-com-8914 146 50 % % NN privatebank-jpmorgan-com-8914 146 51 600 600 CD privatebank-jpmorgan-com-8914 146 52 % % NN privatebank-jpmorgan-com-8914 146 53 700 700 CD privatebank-jpmorgan-com-8914 146 54 % % NN privatebank-jpmorgan-com-8914 146 55 800 800 CD privatebank-jpmorgan-com-8914 146 56 % % NN privatebank-jpmorgan-com-8914 146 57 EBITDA EBITDA NNP privatebank-jpmorgan-com-8914 146 58 growth growth NN privatebank-jpmorgan-com-8914 146 59 Multiple multiple JJ privatebank-jpmorgan-com-8914 146 60 expansion expansion NN privatebank-jpmorgan-com-8914 146 61 Change change NN privatebank-jpmorgan-com-8914 146 62 in in IN privatebank-jpmorgan-com-8914 146 63 debt debt NN privatebank-jpmorgan-com-8914 146 64 Total total JJ privatebank-jpmorgan-com-8914 146 65 change change NN privatebank-jpmorgan-com-8914 146 66 in in IN privatebank-jpmorgan-com-8914 146 67 enterprise enterprise NN privatebank-jpmorgan-com-8914 146 68 value value NN privatebank-jpmorgan-com-8914 146 69 Source source NN privatebank-jpmorgan-com-8914 146 70 : : : privatebank-jpmorgan-com-8914 146 71 JP JP NNP privatebank-jpmorgan-com-8914 146 72 Morgan Morgan NNP privatebank-jpmorgan-com-8914 146 73 Private Private NNP privatebank-jpmorgan-com-8914 146 74 Bank Bank NNP privatebank-jpmorgan-com-8914 146 75 . . . privatebank-jpmorgan-com-8914 147 1 2021 2021 CD privatebank-jpmorgan-com-8914 147 2 . . . privatebank-jpmorgan-com-8914 148 1 Post Post NNP privatebank-jpmorgan-com-8914 148 2 - - NNP privatebank-jpmorgan-com-8914 148 3 GFC GFC NNP privatebank-jpmorgan-com-8914 148 4 fund fund NN privatebank-jpmorgan-com-8914 148 5 I -PRON- PRP privatebank-jpmorgan-com-8914 148 6 : : : privatebank-jpmorgan-com-8914 148 7 Buyout buyout IN privatebank-jpmorgan-com-8914 148 8 return return NN privatebank-jpmorgan-com-8914 148 9 components component NNS privatebank-jpmorgan-com-8914 148 10 Investments investment NNS privatebank-jpmorgan-com-8914 148 11 sorted sort VBN privatebank-jpmorgan-com-8914 148 12 by by IN privatebank-jpmorgan-com-8914 148 13 cumulative cumulative JJ privatebank-jpmorgan-com-8914 148 14 enterprise enterprise NN privatebank-jpmorgan-com-8914 148 15 value value NN privatebank-jpmorgan-com-8914 148 16 growth growth NN privatebank-jpmorgan-com-8914 148 17 0 0 CD privatebank-jpmorgan-com-8914 148 18 % % NN privatebank-jpmorgan-com-8914 148 19 20 20 CD privatebank-jpmorgan-com-8914 148 20 % % NN privatebank-jpmorgan-com-8914 148 21 40 40 CD privatebank-jpmorgan-com-8914 148 22 % % NN privatebank-jpmorgan-com-8914 148 23 60 60 CD privatebank-jpmorgan-com-8914 148 24 % % NN privatebank-jpmorgan-com-8914 148 25 80 80 CD privatebank-jpmorgan-com-8914 148 26 % % NN privatebank-jpmorgan-com-8914 148 27 100 100 CD privatebank-jpmorgan-com-8914 148 28 % % NN privatebank-jpmorgan-com-8914 148 29 120 120 CD privatebank-jpmorgan-com-8914 148 30 % % NN privatebank-jpmorgan-com-8914 148 31 140 140 CD privatebank-jpmorgan-com-8914 148 32 % % NN privatebank-jpmorgan-com-8914 148 33 160 160 CD privatebank-jpmorgan-com-8914 148 34 % % NN privatebank-jpmorgan-com-8914 148 35 180 180 CD privatebank-jpmorgan-com-8914 148 36 % % NN privatebank-jpmorgan-com-8914 148 37 Aggregate aggregate JJ privatebank-jpmorgan-com-8914 148 38 results result VBZ privatebank-jpmorgan-com-8914 148 39 Enterprise enterprise NN privatebank-jpmorgan-com-8914 148 40 value value NN privatebank-jpmorgan-com-8914 148 41 weighted weight VBD privatebank-jpmorgan-com-8914 148 42 -200 -200 NNP privatebank-jpmorgan-com-8914 148 43 % % NN privatebank-jpmorgan-com-8914 148 44 -100 -100 NNS privatebank-jpmorgan-com-8914 148 45 % % NN privatebank-jpmorgan-com-8914 148 46 0 0 CD privatebank-jpmorgan-com-8914 148 47 % % NN privatebank-jpmorgan-com-8914 148 48 100 100 CD privatebank-jpmorgan-com-8914 148 49 % % NN privatebank-jpmorgan-com-8914 148 50 200 200 CD privatebank-jpmorgan-com-8914 148 51 % % NN privatebank-jpmorgan-com-8914 148 52 300 300 CD privatebank-jpmorgan-com-8914 148 53 % % NN privatebank-jpmorgan-com-8914 148 54 400 400 CD privatebank-jpmorgan-com-8914 148 55 % % NN privatebank-jpmorgan-com-8914 148 56 500 500 CD privatebank-jpmorgan-com-8914 148 57 % % NN privatebank-jpmorgan-com-8914 148 58 EBITDA EBITDA NNP privatebank-jpmorgan-com-8914 148 59 growth growth NN privatebank-jpmorgan-com-8914 148 60 Multiple multiple JJ privatebank-jpmorgan-com-8914 148 61 expansion expansion NN privatebank-jpmorgan-com-8914 148 62 Change change NN privatebank-jpmorgan-com-8914 148 63 in in IN privatebank-jpmorgan-com-8914 148 64 debt debt NN privatebank-jpmorgan-com-8914 148 65 Total total JJ privatebank-jpmorgan-com-8914 148 66 change change NN privatebank-jpmorgan-com-8914 148 67 in in IN privatebank-jpmorgan-com-8914 148 68 enterprise enterprise NN privatebank-jpmorgan-com-8914 148 69 value value NN privatebank-jpmorgan-com-8914 148 70 Source source NN privatebank-jpmorgan-com-8914 148 71 : : : privatebank-jpmorgan-com-8914 148 72 JP JP NNP privatebank-jpmorgan-com-8914 148 73 Morgan Morgan NNP privatebank-jpmorgan-com-8914 148 74 Private Private NNP privatebank-jpmorgan-com-8914 148 75 Bank Bank NNP privatebank-jpmorgan-com-8914 148 76 . . . privatebank-jpmorgan-com-8914 149 1 2021 2021 CD privatebank-jpmorgan-com-8914 149 2 . . . privatebank-jpmorgan-com-8914 150 1 Post Post NNP privatebank-jpmorgan-com-8914 150 2 - - NNP privatebank-jpmorgan-com-8914 150 3 GFC GFC NNP privatebank-jpmorgan-com-8914 150 4 fund fund NN privatebank-jpmorgan-com-8914 150 5 II ii CD privatebank-jpmorgan-com-8914 150 6 : : : privatebank-jpmorgan-com-8914 150 7 Buyout buyout IN privatebank-jpmorgan-com-8914 150 8 return return NN privatebank-jpmorgan-com-8914 150 9 components component NNS privatebank-jpmorgan-com-8914 150 10 Investments investment NNS privatebank-jpmorgan-com-8914 150 11 sorted sort VBN privatebank-jpmorgan-com-8914 150 12 by by IN privatebank-jpmorgan-com-8914 150 13 cumulative cumulative JJ privatebank-jpmorgan-com-8914 150 14 enterprise enterprise NN privatebank-jpmorgan-com-8914 150 15 value value NN privatebank-jpmorgan-com-8914 150 16 growth growth NN privatebank-jpmorgan-com-8914 150 17 0 0 CD privatebank-jpmorgan-com-8914 150 18 % % NN privatebank-jpmorgan-com-8914 150 19 10 10 CD privatebank-jpmorgan-com-8914 150 20 % % NN privatebank-jpmorgan-com-8914 150 21 20 20 CD privatebank-jpmorgan-com-8914 150 22 % % NN privatebank-jpmorgan-com-8914 150 23 30 30 CD privatebank-jpmorgan-com-8914 150 24 % % NN privatebank-jpmorgan-com-8914 150 25 40 40 CD privatebank-jpmorgan-com-8914 150 26 % % NN privatebank-jpmorgan-com-8914 150 27 50 50 CD privatebank-jpmorgan-com-8914 150 28 % % NN privatebank-jpmorgan-com-8914 150 29 60 60 CD privatebank-jpmorgan-com-8914 150 30 % % NN privatebank-jpmorgan-com-8914 150 31 Aggregate aggregate JJ privatebank-jpmorgan-com-8914 150 32 results result VBZ privatebank-jpmorgan-com-8914 150 33 Enterprise enterprise NN privatebank-jpmorgan-com-8914 150 34 value value NN privatebank-jpmorgan-com-8914 150 35 weighted weight VBD privatebank-jpmorgan-com-8914 150 36 p p NN privatebank-jpmorgan-com-8914 150 37 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ NNP privatebank-jpmorgan-com-8914 150 38 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 150 39 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 150 40 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 150 41 E e NN privatebank-jpmorgan-com-8914 150 42 Y y NN privatebank-jpmorgan-com-8914 150 43 E e NN privatebank-jpmorgan-com-8914 150 44 O o NN privatebank-jpmorgan-com-8914 150 45 N n NN privatebank-jpmorgan-com-8914 150 46 T t NN privatebank-jpmorgan-com-8914 150 47 H h NN privatebank-jpmorgan-com-8914 150 48 E e NN privatebank-jpmorgan-com-8914 150 49 M m NN privatebank-jpmorgan-com-8914 150 50 A a NN privatebank-jpmorgan-com-8914 150 51 R r NN privatebank-jpmorgan-com-8914 150 52 K k NN privatebank-jpmorgan-com-8914 150 53 E e NN privatebank-jpmorgan-com-8914 150 54 T t NN privatebank-jpmorgan-com-8914 150 55 • • NN privatebank-jpmorgan-com-8914 150 56 M m NN privatebank-jpmorgan-com-8914 150 57 I i NN privatebank-jpmorgan-com-8914 150 58 C c NN privatebank-jpmorgan-com-8914 150 59 H h NN privatebank-jpmorgan-com-8914 150 60 A a NN privatebank-jpmorgan-com-8914 150 61 E e NN privatebank-jpmorgan-com-8914 150 62 L l NN privatebank-jpmorgan-com-8914 150 63 C c NN privatebank-jpmorgan-com-8914 150 64 E e NN privatebank-jpmorgan-com-8914 150 65 M m NN privatebank-jpmorgan-com-8914 150 66 B B NNP privatebank-jpmorgan-com-8914 150 67 A A NNP privatebank-jpmorgan-com-8914 150 68 L l NN privatebank-jpmorgan-com-8914 150 69 E e NN privatebank-jpmorgan-com-8914 150 70 S s NN privatebank-jpmorgan-com-8914 150 71 T t NN privatebank-jpmorgan-com-8914 150 72 • • NN privatebank-jpmorgan-com-8914 150 73 J J NNP privatebank-jpmorgan-com-8914 150 74 . . . privatebank-jpmorgan-com-8914 151 1 P p NN privatebank-jpmorgan-com-8914 151 2 . . . privatebank-jpmorgan-com-8914 152 1 M M NNP privatebank-jpmorgan-com-8914 152 2 O o NN privatebank-jpmorgan-com-8914 152 3 R r NN privatebank-jpmorgan-com-8914 152 4 G g NN privatebank-jpmorgan-com-8914 152 5 A a NN privatebank-jpmorgan-com-8914 152 6 N n NN privatebank-jpmorgan-com-8914 152 7 A a NN privatebank-jpmorgan-com-8914 152 8 c c NN privatebank-jpmorgan-com-8914 152 9 c c NN privatebank-jpmorgan-com-8914 152 10 e e NNP privatebank-jpmorgan-com-8914 152 11 s s NNP privatebank-jpmorgan-com-8914 152 12 s s NNP privatebank-jpmorgan-com-8914 152 13 o o NNP privatebank-jpmorgan-com-8914 152 14 u u NNP privatebank-jpmorgan-com-8914 152 15 r r NNP privatebank-jpmorgan-com-8914 152 16 f f NNP privatebank-jpmorgan-com-8914 152 17 u u NNP privatebank-jpmorgan-com-8914 152 18 l l NNP privatebank-jpmorgan-com-8914 152 19 l l NNP privatebank-jpmorgan-com-8914 152 20 c c NNP privatebank-jpmorgan-com-8914 152 21 o o NN privatebank-jpmorgan-com-8914 152 22 r r NN privatebank-jpmorgan-com-8914 152 23 o o NN privatebank-jpmorgan-com-8914 152 24 n n CC privatebank-jpmorgan-com-8914 152 25 a a NN privatebank-jpmorgan-com-8914 152 26 v v NN privatebank-jpmorgan-com-8914 152 27 i i NN privatebank-jpmorgan-com-8914 152 28 r r NNP privatebank-jpmorgan-com-8914 152 29 u u NNP privatebank-jpmorgan-com-8914 152 30 s s NNP privatebank-jpmorgan-com-8914 152 31 a a NNP privatebank-jpmorgan-com-8914 152 32 n n NNP privatebank-jpmorgan-com-8914 152 33 a a DT privatebank-jpmorgan-com-8914 152 34 l l NN privatebank-jpmorgan-com-8914 152 35 y y NNP privatebank-jpmorgan-com-8914 152 36 s s NNP privatebank-jpmorgan-com-8914 152 37 i i NNP privatebank-jpmorgan-com-8914 152 38 s s NNP privatebank-jpmorgan-com-8914 152 39 w w NNP privatebank-jpmorgan-com-8914 152 40 e e NNP privatebank-jpmorgan-com-8914 152 41 b b NNP privatebank-jpmorgan-com-8914 152 42 p p NN privatebank-jpmorgan-com-8914 152 43 o o NN privatebank-jpmorgan-com-8914 152 44 r r NN privatebank-jpmorgan-com-8914 152 45 t t NN privatebank-jpmorgan-com-8914 152 46 a a DT privatebank-jpmorgan-com-8914 152 47 l l NN privatebank-jpmorgan-com-8914 152 48 h h NN privatebank-jpmorgan-com-8914 152 49 e e NN privatebank-jpmorgan-com-8914 152 50 r r NN privatebank-jpmorgan-com-8914 152 51 e e NNP privatebank-jpmorgan-com-8914 152 52 J J NNP privatebank-jpmorgan-com-8914 152 53 u u NNP privatebank-jpmorgan-com-8914 152 54 n n NNP privatebank-jpmorgan-com-8914 152 55 e e NNP privatebank-jpmorgan-com-8914 152 56 2 2 CD privatebank-jpmorgan-com-8914 152 57 8 8 CD privatebank-jpmorgan-com-8914 152 58 , , , privatebank-jpmorgan-com-8914 152 59 2 2 CD privatebank-jpmorgan-com-8914 152 60 0 0 CD privatebank-jpmorgan-com-8914 152 61 2 2 CD privatebank-jpmorgan-com-8914 152 62 1 1 CD privatebank-jpmorgan-com-8914 152 63 9 9 CD privatebank-jpmorgan-com-8914 152 64 Secondary secondary JJ privatebank-jpmorgan-com-8914 152 65 private private JJ privatebank-jpmorgan-com-8914 152 66 equity equity NN privatebank-jpmorgan-com-8914 152 67 funds fund NNS privatebank-jpmorgan-com-8914 152 68   : privatebank-jpmorgan-com-8914 152 69 Secondary secondary JJ privatebank-jpmorgan-com-8914 152 70 private private JJ privatebank-jpmorgan-com-8914 152 71 equity equity NN privatebank-jpmorgan-com-8914 152 72 funds fund NNS privatebank-jpmorgan-com-8914 152 73 are be VBP privatebank-jpmorgan-com-8914 152 74 pooled pool VBN privatebank-jpmorgan-com-8914 152 75 vehicles vehicle NNS privatebank-jpmorgan-com-8914 152 76 which which WDT privatebank-jpmorgan-com-8914 152 77 buy buy VBP privatebank-jpmorgan-com-8914 152 78 seasoned season VBD privatebank-jpmorgan-com-8914 152 79 private private JJ privatebank-jpmorgan-com-8914 152 80 equity equity NN privatebank-jpmorgan-com-8914 152 81 units unit NNS privatebank-jpmorgan-com-8914 152 82 or or CC privatebank-jpmorgan-com-8914 152 83 companies company NNS privatebank-jpmorgan-com-8914 152 84   : privatebank-jpmorgan-com-8914 152 85 The the DT privatebank-jpmorgan-com-8914 152 86 original original JJ privatebank-jpmorgan-com-8914 152 87 iteration iteration NN privatebank-jpmorgan-com-8914 152 88 of of IN privatebank-jpmorgan-com-8914 152 89 secondary secondary JJ privatebank-jpmorgan-com-8914 152 90 funds fund NNS privatebank-jpmorgan-com-8914 152 91 involved involve VBD privatebank-jpmorgan-com-8914 152 92 the the DT privatebank-jpmorgan-com-8914 152 93 purchase purchase NN privatebank-jpmorgan-com-8914 152 94 of of IN privatebank-jpmorgan-com-8914 152 95 limited limited JJ privatebank-jpmorgan-com-8914 152 96 partner partner NN privatebank-jpmorgan-com-8914 152 97 units unit NNS privatebank-jpmorgan-com-8914 152 98 , , , privatebank-jpmorgan-com-8914 152 99 typically typically RB privatebank-jpmorgan-com-8914 152 100 when when WRB privatebank-jpmorgan-com-8914 152 101 LPs lp NNS privatebank-jpmorgan-com-8914 152 102 have have VBP privatebank-jpmorgan-com-8914 152 103 liquidity liquidity NN privatebank-jpmorgan-com-8914 152 104 needs need NNS privatebank-jpmorgan-com-8914 152 105 , , , privatebank-jpmorgan-com-8914 152 106 are be VBP privatebank-jpmorgan-com-8914 152 107 repositioning reposition VBG privatebank-jpmorgan-com-8914 152 108 private private JJ privatebank-jpmorgan-com-8914 152 109 equity equity NN privatebank-jpmorgan-com-8914 152 110 portfolios portfolio NNS privatebank-jpmorgan-com-8914 152 111 or or CC privatebank-jpmorgan-com-8914 152 112 when when WRB privatebank-jpmorgan-com-8914 152 113 making make VBG privatebank-jpmorgan-com-8914 152 114 some some DT privatebank-jpmorgan-com-8914 152 115 other other JJ privatebank-jpmorgan-com-8914 152 116 asset asset NN privatebank-jpmorgan-com-8914 152 117 allocation allocation NN privatebank-jpmorgan-com-8914 152 118 adjustment adjustment NN privatebank-jpmorgan-com-8914 152 119 . . . privatebank-jpmorgan-com-8914 153 1 These these DT privatebank-jpmorgan-com-8914 153 2 are be VBP privatebank-jpmorgan-com-8914 153 3 referred refer VBN privatebank-jpmorgan-com-8914 153 4 to to IN privatebank-jpmorgan-com-8914 153 5 as as IN privatebank-jpmorgan-com-8914 153 6 “ " `` privatebank-jpmorgan-com-8914 153 7 LP LP NNP privatebank-jpmorgan-com-8914 153 8 - - HYPH privatebank-jpmorgan-com-8914 153 9 led lead VBN privatebank-jpmorgan-com-8914 153 10 transactions transaction NNS privatebank-jpmorgan-com-8914 153 11 ” " '' privatebank-jpmorgan-com-8914 153 12 since since IN privatebank-jpmorgan-com-8914 153 13 the the DT privatebank-jpmorgan-com-8914 153 14 LPs lp NNS privatebank-jpmorgan-com-8914 153 15 are be VBP privatebank-jpmorgan-com-8914 153 16 the the DT privatebank-jpmorgan-com-8914 153 17 one one NN privatebank-jpmorgan-com-8914 153 18 deciding decide VBG privatebank-jpmorgan-com-8914 153 19 to to TO privatebank-jpmorgan-com-8914 153 20 sell sell VB privatebank-jpmorgan-com-8914 153 21 their -PRON- PRP$ privatebank-jpmorgan-com-8914 153 22 units unit NNS privatebank-jpmorgan-com-8914 153 23 . . . privatebank-jpmorgan-com-8914 154 1 Since since IN privatebank-jpmorgan-com-8914 154 2 2010 2010 CD privatebank-jpmorgan-com-8914 154 3 , , , privatebank-jpmorgan-com-8914 154 4 average average JJ privatebank-jpmorgan-com-8914 154 5 secondary secondary JJ privatebank-jpmorgan-com-8914 154 6 market market NN privatebank-jpmorgan-com-8914 154 7 buyout buyout NN privatebank-jpmorgan-com-8914 154 8 prices price NNS privatebank-jpmorgan-com-8914 154 9 for for IN privatebank-jpmorgan-com-8914 154 10 LP LP NNP privatebank-jpmorgan-com-8914 154 11 units unit NNS privatebank-jpmorgan-com-8914 154 12 have have VBP privatebank-jpmorgan-com-8914 154 13 ranged range VBN privatebank-jpmorgan-com-8914 154 14 between between IN privatebank-jpmorgan-com-8914 154 15 85 85 CD privatebank-jpmorgan-com-8914 154 16 % % NN privatebank-jpmorgan-com-8914 154 17 and and CC privatebank-jpmorgan-com-8914 154 18 100 100 CD privatebank-jpmorgan-com-8914 154 19 % % NN privatebank-jpmorgan-com-8914 154 20 of of IN privatebank-jpmorgan-com-8914 154 21 NAV NAV NNP privatebank-jpmorgan-com-8914 154 22 , , , privatebank-jpmorgan-com-8914 154 23 while while IN privatebank-jpmorgan-com-8914 154 24 average average JJ privatebank-jpmorgan-com-8914 154 25 VC vc NN privatebank-jpmorgan-com-8914 154 26 secondary secondary JJ privatebank-jpmorgan-com-8914 154 27 prices price NNS privatebank-jpmorgan-com-8914 154 28 have have VBP privatebank-jpmorgan-com-8914 154 29 ranged range VBN privatebank-jpmorgan-com-8914 154 30 from from IN privatebank-jpmorgan-com-8914 154 31 75 75 CD privatebank-jpmorgan-com-8914 154 32 % % NN privatebank-jpmorgan-com-8914 154 33 to to TO privatebank-jpmorgan-com-8914 154 34 85 85 CD privatebank-jpmorgan-com-8914 154 35 % % NN privatebank-jpmorgan-com-8914 154 36 of of IN privatebank-jpmorgan-com-8914 154 37 NAV NAV NNP privatebank-jpmorgan-com-8914 154 38   : privatebank-jpmorgan-com-8914 154 39 Since since IN privatebank-jpmorgan-com-8914 154 40 2014 2014 CD privatebank-jpmorgan-com-8914 154 41 , , , privatebank-jpmorgan-com-8914 154 42 another another DT privatebank-jpmorgan-com-8914 154 43 form form NN privatebank-jpmorgan-com-8914 154 44 of of IN privatebank-jpmorgan-com-8914 154 45 secondary secondary JJ privatebank-jpmorgan-com-8914 154 46 fund fund NN privatebank-jpmorgan-com-8914 154 47 has have VBZ privatebank-jpmorgan-com-8914 154 48 emerged emerge VBN privatebank-jpmorgan-com-8914 154 49 : : : privatebank-jpmorgan-com-8914 154 50 GP GP NNP privatebank-jpmorgan-com-8914 154 51 - - HYPH privatebank-jpmorgan-com-8914 154 52 led lead VBN privatebank-jpmorgan-com-8914 154 53 transactions transaction NNS privatebank-jpmorgan-com-8914 154 54 . . . privatebank-jpmorgan-com-8914 155 1 In in IN privatebank-jpmorgan-com-8914 155 2 this this DT privatebank-jpmorgan-com-8914 155 3 iteration iteration NN privatebank-jpmorgan-com-8914 155 4 , , , privatebank-jpmorgan-com-8914 155 5 a a DT privatebank-jpmorgan-com-8914 155 6 lead lead JJ privatebank-jpmorgan-com-8914 155 7 LP LP NNP privatebank-jpmorgan-com-8914 155 8 investor investor NN privatebank-jpmorgan-com-8914 155 9 approaches approach VBZ privatebank-jpmorgan-com-8914 155 10 a a DT privatebank-jpmorgan-com-8914 155 11 GP GP NNP privatebank-jpmorgan-com-8914 155 12 with with IN privatebank-jpmorgan-com-8914 155 13 financing financing NN privatebank-jpmorgan-com-8914 155 14 for for IN privatebank-jpmorgan-com-8914 155 15 a a DT privatebank-jpmorgan-com-8914 155 16 continuation continuation NN privatebank-jpmorgan-com-8914 155 17 fund fund NN privatebank-jpmorgan-com-8914 155 18 to to TO privatebank-jpmorgan-com-8914 155 19 provide provide VB privatebank-jpmorgan-com-8914 155 20 a a DT privatebank-jpmorgan-com-8914 155 21 “ " `` privatebank-jpmorgan-com-8914 155 22 new new JJ privatebank-jpmorgan-com-8914 155 23 lease lease NN privatebank-jpmorgan-com-8914 155 24 on on IN privatebank-jpmorgan-com-8914 155 25 life life NN privatebank-jpmorgan-com-8914 155 26 ” " '' privatebank-jpmorgan-com-8914 155 27 for for IN privatebank-jpmorgan-com-8914 155 28 the the DT privatebank-jpmorgan-com-8914 155 29 last last JJ privatebank-jpmorgan-com-8914 155 30 remaining remaining JJ privatebank-jpmorgan-com-8914 155 31 companies company NNS privatebank-jpmorgan-com-8914 155 32 in in IN privatebank-jpmorgan-com-8914 155 33 a a DT privatebank-jpmorgan-com-8914 155 34 seasoned seasoned JJ privatebank-jpmorgan-com-8914 155 35 fund fund NN privatebank-jpmorgan-com-8914 155 36 , , , privatebank-jpmorgan-com-8914 155 37 perhaps perhaps RB privatebank-jpmorgan-com-8914 155 38 when when WRB privatebank-jpmorgan-com-8914 155 39 only only RB privatebank-jpmorgan-com-8914 155 40 a a DT privatebank-jpmorgan-com-8914 155 41 few few JJ privatebank-jpmorgan-com-8914 155 42 companies company NNS privatebank-jpmorgan-com-8914 155 43 are be VBP privatebank-jpmorgan-com-8914 155 44 left leave VBN privatebank-jpmorgan-com-8914 155 45 . . . privatebank-jpmorgan-com-8914 156 1 Normally normally RB privatebank-jpmorgan-com-8914 156 2 , , , privatebank-jpmorgan-com-8914 156 3 a a DT privatebank-jpmorgan-com-8914 156 4 GP GP NNP privatebank-jpmorgan-com-8914 156 5 would would MD privatebank-jpmorgan-com-8914 156 6 have have VB privatebank-jpmorgan-com-8914 156 7 to to TO privatebank-jpmorgan-com-8914 156 8 monetize monetize VB privatebank-jpmorgan-com-8914 156 9 these these DT privatebank-jpmorgan-com-8914 156 10 investments investment NNS privatebank-jpmorgan-com-8914 156 11 at at IN privatebank-jpmorgan-com-8914 156 12 the the DT privatebank-jpmorgan-com-8914 156 13 end end NN privatebank-jpmorgan-com-8914 156 14 of of IN privatebank-jpmorgan-com-8914 156 15 a a DT privatebank-jpmorgan-com-8914 156 16 fund fund NN privatebank-jpmorgan-com-8914 156 17 ’s ’s POS privatebank-jpmorgan-com-8914 156 18 life life NN privatebank-jpmorgan-com-8914 156 19 to to IN privatebank-jpmorgan-com-8914 156 20 a a DT privatebank-jpmorgan-com-8914 156 21 strategic strategic JJ privatebank-jpmorgan-com-8914 156 22 buyer buyer NN privatebank-jpmorgan-com-8914 156 23 or or CC privatebank-jpmorgan-com-8914 156 24 another another DT privatebank-jpmorgan-com-8914 156 25 private private JJ privatebank-jpmorgan-com-8914 156 26 equity equity NN privatebank-jpmorgan-com-8914 156 27 fund fund NN privatebank-jpmorgan-com-8914 156 28 . . . privatebank-jpmorgan-com-8914 157 1 In in IN privatebank-jpmorgan-com-8914 157 2 GP GP NNP privatebank-jpmorgan-com-8914 157 3 - - HYPH privatebank-jpmorgan-com-8914 157 4 led lead VBN privatebank-jpmorgan-com-8914 157 5 transactions transaction NNS privatebank-jpmorgan-com-8914 157 6 , , , privatebank-jpmorgan-com-8914 157 7 these these DT privatebank-jpmorgan-com-8914 157 8 remaining remain VBG privatebank-jpmorgan-com-8914 157 9 deals deal NNS privatebank-jpmorgan-com-8914 157 10 are be VBP privatebank-jpmorgan-com-8914 157 11 rolled roll VBN privatebank-jpmorgan-com-8914 157 12 into into IN privatebank-jpmorgan-com-8914 157 13 a a DT privatebank-jpmorgan-com-8914 157 14 new new JJ privatebank-jpmorgan-com-8914 157 15 fund fund NN privatebank-jpmorgan-com-8914 157 16 with with IN privatebank-jpmorgan-com-8914 157 17 the the DT privatebank-jpmorgan-com-8914 157 18 possibility possibility NN privatebank-jpmorgan-com-8914 157 19 of of IN privatebank-jpmorgan-com-8914 157 20 added add VBN privatebank-jpmorgan-com-8914 157 21 capital capital NN privatebank-jpmorgan-com-8914 157 22 investment investment NN privatebank-jpmorgan-com-8914 157 23 from from IN privatebank-jpmorgan-com-8914 157 24 the the DT privatebank-jpmorgan-com-8914 157 25 original original JJ privatebank-jpmorgan-com-8914 157 26 GPs gps NNS privatebank-jpmorgan-com-8914 157 27 and and CC privatebank-jpmorgan-com-8914 157 28 new new JJ privatebank-jpmorgan-com-8914 157 29 LPs lp NNS privatebank-jpmorgan-com-8914 157 30 . . . privatebank-jpmorgan-com-8914 158 1 LPs LPs NNP privatebank-jpmorgan-com-8914 158 2 in in IN privatebank-jpmorgan-com-8914 158 3 the the DT privatebank-jpmorgan-com-8914 158 4 legacy legacy NNP privatebank-jpmorgan-com-8914 158 5 fund fund NN privatebank-jpmorgan-com-8914 158 6 have have VBP privatebank-jpmorgan-com-8914 158 7 the the DT privatebank-jpmorgan-com-8914 158 8 option option NN privatebank-jpmorgan-com-8914 158 9 to to IN privatebank-jpmorgan-com-8914 158 10 either either CC privatebank-jpmorgan-com-8914 158 11 roll roll VB privatebank-jpmorgan-com-8914 158 12 into into IN privatebank-jpmorgan-com-8914 158 13 the the DT privatebank-jpmorgan-com-8914 158 14 new new JJ privatebank-jpmorgan-com-8914 158 15 fund fund NN privatebank-jpmorgan-com-8914 158 16 or or CC privatebank-jpmorgan-com-8914 158 17 cash cash VB privatebank-jpmorgan-com-8914 158 18 out out RP privatebank-jpmorgan-com-8914 158 19   NFP privatebank-jpmorgan-com-8914 158 20 In in IN privatebank-jpmorgan-com-8914 158 21 the the DT privatebank-jpmorgan-com-8914 158 22 earliest early JJS privatebank-jpmorgan-com-8914 158 23 versions version NNS privatebank-jpmorgan-com-8914 158 24 of of IN privatebank-jpmorgan-com-8914 158 25 GP GP NNP privatebank-jpmorgan-com-8914 158 26 - - HYPH privatebank-jpmorgan-com-8914 158 27 led lead VBN privatebank-jpmorgan-com-8914 158 28 transactions transaction NNS privatebank-jpmorgan-com-8914 158 29 , , , privatebank-jpmorgan-com-8914 158 30 some some DT privatebank-jpmorgan-com-8914 158 31 “ " `` privatebank-jpmorgan-com-8914 158 32 zombie zombie NN privatebank-jpmorgan-com-8914 158 33 ” " '' privatebank-jpmorgan-com-8914 158 34 managers manager NNS privatebank-jpmorgan-com-8914 158 35 with with IN privatebank-jpmorgan-com-8914 158 36 poor poor JJ privatebank-jpmorgan-com-8914 158 37 returns return NNS privatebank-jpmorgan-com-8914 158 38 and and CC privatebank-jpmorgan-com-8914 158 39 no no DT privatebank-jpmorgan-com-8914 158 40 expectations expectation NNS privatebank-jpmorgan-com-8914 158 41 of of IN privatebank-jpmorgan-com-8914 158 42 future future JJ privatebank-jpmorgan-com-8914 158 43 fund fund NN privatebank-jpmorgan-com-8914 158 44 - - HYPH privatebank-jpmorgan-com-8914 158 45 raising raising NN privatebank-jpmorgan-com-8914 158 46 were be VBD privatebank-jpmorgan-com-8914 158 47 simply simply RB privatebank-jpmorgan-com-8914 158 48 looking look VBG privatebank-jpmorgan-com-8914 158 49 to to TO privatebank-jpmorgan-com-8914 158 50 keep keep VB privatebank-jpmorgan-com-8914 158 51 deals deal NNS privatebank-jpmorgan-com-8914 158 52 alive alive JJ privatebank-jpmorgan-com-8914 158 53 and and CC privatebank-jpmorgan-com-8914 158 54 earn earn VB privatebank-jpmorgan-com-8914 158 55 more more JJR privatebank-jpmorgan-com-8914 158 56 management management NN privatebank-jpmorgan-com-8914 158 57 fees fee NNS privatebank-jpmorgan-com-8914 158 58 . . . privatebank-jpmorgan-com-8914 159 1 Since since IN privatebank-jpmorgan-com-8914 159 2 then then RB privatebank-jpmorgan-com-8914 159 3 , , , privatebank-jpmorgan-com-8914 159 4 our -PRON- PRP$ privatebank-jpmorgan-com-8914 159 5 general general JJ privatebank-jpmorgan-com-8914 159 6 sense sense NN privatebank-jpmorgan-com-8914 159 7 is be VBZ privatebank-jpmorgan-com-8914 159 8 that that IN privatebank-jpmorgan-com-8914 159 9 GP GP NNP privatebank-jpmorgan-com-8914 159 10 - - HYPH privatebank-jpmorgan-com-8914 159 11 led lead VBN privatebank-jpmorgan-com-8914 159 12 secondary secondary JJ privatebank-jpmorgan-com-8914 159 13 funds fund NNS privatebank-jpmorgan-com-8914 159 14 have have VBP privatebank-jpmorgan-com-8914 159 15 improved improve VBN privatebank-jpmorgan-com-8914 159 16 , , , privatebank-jpmorgan-com-8914 159 17 but but CC privatebank-jpmorgan-com-8914 159 18 this this DT privatebank-jpmorgan-com-8914 159 19 is be VBZ privatebank-jpmorgan-com-8914 159 20 not not RB privatebank-jpmorgan-com-8914 159 21 something something NN privatebank-jpmorgan-com-8914 159 22 easy easy JJ privatebank-jpmorgan-com-8914 159 23 to to TO privatebank-jpmorgan-com-8914 159 24 empirically empirically RB privatebank-jpmorgan-com-8914 159 25 demonstrate demonstrate VB privatebank-jpmorgan-com-8914 159 26 $ $ $ privatebank-jpmorgan-com-8914 159 27 0 0 CD privatebank-jpmorgan-com-8914 159 28 $ $ $ privatebank-jpmorgan-com-8914 159 29 10 10 CD privatebank-jpmorgan-com-8914 159 30 $ $ $ privatebank-jpmorgan-com-8914 159 31 20 20 CD privatebank-jpmorgan-com-8914 159 32 $ $ $ privatebank-jpmorgan-com-8914 159 33 30 30 CD privatebank-jpmorgan-com-8914 159 34 $ $ $ privatebank-jpmorgan-com-8914 159 35 40 40 CD privatebank-jpmorgan-com-8914 159 36 $ $ $ privatebank-jpmorgan-com-8914 159 37 50 50 CD privatebank-jpmorgan-com-8914 159 38 $ $ $ privatebank-jpmorgan-com-8914 159 39 60 60 CD privatebank-jpmorgan-com-8914 159 40 $ $ $ privatebank-jpmorgan-com-8914 159 41 70 70 CD privatebank-jpmorgan-com-8914 159 42 $ $ $ privatebank-jpmorgan-com-8914 159 43 80 80 CD privatebank-jpmorgan-com-8914 159 44 $ $ $ privatebank-jpmorgan-com-8914 159 45 90 90 CD privatebank-jpmorgan-com-8914 159 46 2010 2010 CD privatebank-jpmorgan-com-8914 159 47 2011 2011 CD privatebank-jpmorgan-com-8914 159 48 2012 2012 CD privatebank-jpmorgan-com-8914 159 49 2013 2013 CD privatebank-jpmorgan-com-8914 159 50 2014 2014 CD privatebank-jpmorgan-com-8914 159 51 2015 2015 CD privatebank-jpmorgan-com-8914 159 52 2016 2016 CD privatebank-jpmorgan-com-8914 159 53 2017 2017 CD privatebank-jpmorgan-com-8914 159 54 2018 2018 CD privatebank-jpmorgan-com-8914 159 55 2019 2019 CD privatebank-jpmorgan-com-8914 159 56 2020 2020 CD privatebank-jpmorgan-com-8914 159 57 Other other JJ privatebank-jpmorgan-com-8914 159 58 secondaries secondary NNS privatebank-jpmorgan-com-8914 159 59 GP GP NNP privatebank-jpmorgan-com-8914 159 60 - - HYPH privatebank-jpmorgan-com-8914 159 61 led lead VBN privatebank-jpmorgan-com-8914 159 62 secondaries secondary NNS privatebank-jpmorgan-com-8914 159 63 Single single JJ privatebank-jpmorgan-com-8914 159 64 asset asset NN privatebank-jpmorgan-com-8914 159 65 continuation continuation NN privatebank-jpmorgan-com-8914 159 66 funds fund VBZ privatebank-jpmorgan-com-8914 159 67 Secondary secondary JJ privatebank-jpmorgan-com-8914 159 68 market market NN privatebank-jpmorgan-com-8914 159 69 volume volume NN privatebank-jpmorgan-com-8914 159 70 Deal deal NN privatebank-jpmorgan-com-8914 159 71 volume volume NN privatebank-jpmorgan-com-8914 159 72 , , , privatebank-jpmorgan-com-8914 159 73 US$ us$ $ privatebank-jpmorgan-com-8914 159 74 , , , privatebank-jpmorgan-com-8914 159 75 billions billion NNS privatebank-jpmorgan-com-8914 159 76 Source source NN privatebank-jpmorgan-com-8914 159 77 : : : privatebank-jpmorgan-com-8914 159 78 Credit Credit NNP privatebank-jpmorgan-com-8914 159 79 Suisse Suisse NNP privatebank-jpmorgan-com-8914 159 80 . . . privatebank-jpmorgan-com-8914 160 1 March March NNP privatebank-jpmorgan-com-8914 160 2 2021 2021 CD privatebank-jpmorgan-com-8914 160 3 . . . privatebank-jpmorgan-com-8914 161 1 50 50 CD privatebank-jpmorgan-com-8914 161 2 % % NN privatebank-jpmorgan-com-8914 161 3 60 60 CD privatebank-jpmorgan-com-8914 161 4 % % NN privatebank-jpmorgan-com-8914 161 5 70 70 CD privatebank-jpmorgan-com-8914 161 6 % % NN privatebank-jpmorgan-com-8914 161 7 80 80 CD privatebank-jpmorgan-com-8914 161 8 % % NN privatebank-jpmorgan-com-8914 161 9 90 90 CD privatebank-jpmorgan-com-8914 161 10 % % NN privatebank-jpmorgan-com-8914 161 11 100 100 CD privatebank-jpmorgan-com-8914 161 12 % % NN privatebank-jpmorgan-com-8914 161 13 110 110 CD privatebank-jpmorgan-com-8914 161 14 % % NN privatebank-jpmorgan-com-8914 161 15 120 120 CD privatebank-jpmorgan-com-8914 161 16 % % NN privatebank-jpmorgan-com-8914 161 17 ' ' CD privatebank-jpmorgan-com-8914 161 18 05 05 CD privatebank-jpmorgan-com-8914 161 19 ' ' CD privatebank-jpmorgan-com-8914 161 20 06 06 CD privatebank-jpmorgan-com-8914 161 21 ' ' CD privatebank-jpmorgan-com-8914 161 22 07 07 CD privatebank-jpmorgan-com-8914 161 23 ' ' CD privatebank-jpmorgan-com-8914 161 24 08 08 CD privatebank-jpmorgan-com-8914 161 25 ' ' CD privatebank-jpmorgan-com-8914 161 26 09 09 CD privatebank-jpmorgan-com-8914 161 27 ' ' CD privatebank-jpmorgan-com-8914 161 28 10 10 CD privatebank-jpmorgan-com-8914 161 29 ' ' CD privatebank-jpmorgan-com-8914 161 30 11 11 CD privatebank-jpmorgan-com-8914 161 31 ' ' CD privatebank-jpmorgan-com-8914 161 32 12 12 CD privatebank-jpmorgan-com-8914 161 33 ' ' CD privatebank-jpmorgan-com-8914 161 34 13 13 CD privatebank-jpmorgan-com-8914 161 35 ' ' CD privatebank-jpmorgan-com-8914 161 36 14 14 CD privatebank-jpmorgan-com-8914 161 37 ' ' CD privatebank-jpmorgan-com-8914 161 38 15 15 CD privatebank-jpmorgan-com-8914 161 39 ' ' CD privatebank-jpmorgan-com-8914 161 40 16 16 CD privatebank-jpmorgan-com-8914 161 41 ' ' POS privatebank-jpmorgan-com-8914 161 42 17 17 CD privatebank-jpmorgan-com-8914 161 43 ' ' CD privatebank-jpmorgan-com-8914 161 44 18 18 CD privatebank-jpmorgan-com-8914 161 45 ' ' CD privatebank-jpmorgan-com-8914 161 46 19 19 CD privatebank-jpmorgan-com-8914 161 47 ' ' CD privatebank-jpmorgan-com-8914 161 48 20 20 CD privatebank-jpmorgan-com-8914 161 49 ' ' CD privatebank-jpmorgan-com-8914 161 50 21 21 CD privatebank-jpmorgan-com-8914 161 51 Buyout Buyout NNP privatebank-jpmorgan-com-8914 161 52 Venture Venture NNP privatebank-jpmorgan-com-8914 161 53 capital capital NN privatebank-jpmorgan-com-8914 161 54 Source Source NNP privatebank-jpmorgan-com-8914 161 55 : : : privatebank-jpmorgan-com-8914 161 56 Coller Coller NNP privatebank-jpmorgan-com-8914 161 57 Capital Capital NNP privatebank-jpmorgan-com-8914 161 58 . . . privatebank-jpmorgan-com-8914 162 1 2021 2021 CD privatebank-jpmorgan-com-8914 162 2 . . . privatebank-jpmorgan-com-8914 163 1 Average average JJ privatebank-jpmorgan-com-8914 163 2 secondary secondary JJ privatebank-jpmorgan-com-8914 163 3 market market NN privatebank-jpmorgan-com-8914 163 4 pricing pricing NN privatebank-jpmorgan-com-8914 163 5 for for IN privatebank-jpmorgan-com-8914 163 6 private private JJ privatebank-jpmorgan-com-8914 163 7 equity equity NN privatebank-jpmorgan-com-8914 163 8 LP LP NNP privatebank-jpmorgan-com-8914 163 9 positions position NNS privatebank-jpmorgan-com-8914 163 10 , , , privatebank-jpmorgan-com-8914 163 11 % % NN privatebank-jpmorgan-com-8914 163 12 of of IN privatebank-jpmorgan-com-8914 163 13 net net JJ privatebank-jpmorgan-com-8914 163 14 asset asset NN privatebank-jpmorgan-com-8914 163 15 value value NN privatebank-jpmorgan-com-8914 163 16 Buyout Buyout NNP privatebank-jpmorgan-com-8914 163 17 Private private JJ privatebank-jpmorgan-com-8914 163 18 credit credit NN privatebank-jpmorgan-com-8914 163 19 Fund fund NN privatebank-jpmorgan-com-8914 163 20 of of IN privatebank-jpmorgan-com-8914 163 21 funds fund NNS privatebank-jpmorgan-com-8914 163 22 Growth growth NN privatebank-jpmorgan-com-8914 163 23 equity equity NN privatebank-jpmorgan-com-8914 163 24 Infrastructure infrastructure NN privatebank-jpmorgan-com-8914 163 25 Real real JJ privatebank-jpmorgan-com-8914 163 26 estate estate NN privatebank-jpmorgan-com-8914 163 27 Venture Venture NNP privatebank-jpmorgan-com-8914 163 28 capital capital NN privatebank-jpmorgan-com-8914 163 29 Secondary secondary JJ privatebank-jpmorgan-com-8914 163 30 funds fund NNS privatebank-jpmorgan-com-8914 163 31 6 6 CD privatebank-jpmorgan-com-8914 163 32 % % NN privatebank-jpmorgan-com-8914 163 33 7 7 CD privatebank-jpmorgan-com-8914 163 34 % % NN privatebank-jpmorgan-com-8914 163 35 8 8 CD privatebank-jpmorgan-com-8914 163 36 % % NN privatebank-jpmorgan-com-8914 163 37 9 9 CD privatebank-jpmorgan-com-8914 163 38 % % NN privatebank-jpmorgan-com-8914 163 39 10 10 CD privatebank-jpmorgan-com-8914 163 40 % % NN privatebank-jpmorgan-com-8914 163 41 11 11 CD privatebank-jpmorgan-com-8914 163 42 % % NN privatebank-jpmorgan-com-8914 163 43 12 12 CD privatebank-jpmorgan-com-8914 163 44 % % NN privatebank-jpmorgan-com-8914 163 45 13 13 CD privatebank-jpmorgan-com-8914 163 46 % % NN privatebank-jpmorgan-com-8914 163 47 14 14 CD privatebank-jpmorgan-com-8914 163 48 % % NN privatebank-jpmorgan-com-8914 163 49 1.20 1.20 CD privatebank-jpmorgan-com-8914 163 50 1.25 1.25 CD privatebank-jpmorgan-com-8914 163 51 1.30 1.30 CD privatebank-jpmorgan-com-8914 163 52 1.35 1.35 CD privatebank-jpmorgan-com-8914 163 53 1.40 1.40 CD privatebank-jpmorgan-com-8914 163 54 1.45 1.45 CD privatebank-jpmorgan-com-8914 163 55 1.50 1.50 CD privatebank-jpmorgan-com-8914 163 56 1.55 1.55 CD privatebank-jpmorgan-com-8914 163 57 1.60 1.60 CD privatebank-jpmorgan-com-8914 163 58 Alternative alternative JJ privatebank-jpmorgan-com-8914 163 59 investment investment NN privatebank-jpmorgan-com-8914 163 60 performance performance NN privatebank-jpmorgan-com-8914 163 61 by by IN privatebank-jpmorgan-com-8914 163 62 type type NN privatebank-jpmorgan-com-8914 163 63 Median Median NNP privatebank-jpmorgan-com-8914 163 64 IRR IRR NNP privatebank-jpmorgan-com-8914 163 65 for for IN privatebank-jpmorgan-com-8914 163 66 1999 1999 CD privatebank-jpmorgan-com-8914 163 67 - - SYM privatebank-jpmorgan-com-8914 163 68 2018 2018 CD privatebank-jpmorgan-com-8914 163 69 vintage vintage JJ privatebank-jpmorgan-com-8914 163 70 years year NNS privatebank-jpmorgan-com-8914 163 71 Median median JJ privatebank-jpmorgan-com-8914 163 72 total total JJ privatebank-jpmorgan-com-8914 163 73 value value NN privatebank-jpmorgan-com-8914 163 74 to to IN privatebank-jpmorgan-com-8914 163 75 paid pay VBN privatebank-jpmorgan-com-8914 163 76 - - HYPH privatebank-jpmorgan-com-8914 163 77 in in RP privatebank-jpmorgan-com-8914 163 78 capital capital NN privatebank-jpmorgan-com-8914 163 79 Source source NN privatebank-jpmorgan-com-8914 163 80 : : : privatebank-jpmorgan-com-8914 163 81 Cambridge Cambridge NNP privatebank-jpmorgan-com-8914 163 82 Associates Associates NNP privatebank-jpmorgan-com-8914 163 83 . . . privatebank-jpmorgan-com-8914 164 1 Q3 Q3 NNP privatebank-jpmorgan-com-8914 164 2 2020 2020 CD privatebank-jpmorgan-com-8914 164 3 . . . privatebank-jpmorgan-com-8914 165 1 The the DT privatebank-jpmorgan-com-8914 165 2 third third JJ privatebank-jpmorgan-com-8914 165 3 chart chart NN privatebank-jpmorgan-com-8914 165 4 shows show VBZ privatebank-jpmorgan-com-8914 165 5 how how WRB privatebank-jpmorgan-com-8914 165 6 secondary secondary JJ privatebank-jpmorgan-com-8914 165 7 funds fund NNS privatebank-jpmorgan-com-8914 165 8 ( ( -LRB- privatebank-jpmorgan-com-8914 165 9 both both DT privatebank-jpmorgan-com-8914 165 10 LP- LP- NNP privatebank-jpmorgan-com-8914 165 11 and and CC privatebank-jpmorgan-com-8914 165 12 GP GP NNP privatebank-jpmorgan-com-8914 165 13 - - HYPH privatebank-jpmorgan-com-8914 165 14 led led NNP privatebank-jpmorgan-com-8914 165 15 ) ) -RRB- privatebank-jpmorgan-com-8914 165 16 performed perform VBD privatebank-jpmorgan-com-8914 165 17 from from IN privatebank-jpmorgan-com-8914 165 18 1999 1999 CD privatebank-jpmorgan-com-8914 165 19 to to IN privatebank-jpmorgan-com-8914 165 20 2018 2018 CD privatebank-jpmorgan-com-8914 165 21 . . . privatebank-jpmorgan-com-8914 166 1 However however RB privatebank-jpmorgan-com-8914 166 2 : : : privatebank-jpmorgan-com-8914 166 3   : privatebank-jpmorgan-com-8914 166 4 this this DT privatebank-jpmorgan-com-8914 166 5 data data NN privatebank-jpmorgan-com-8914 166 6 is be VBZ privatebank-jpmorgan-com-8914 166 7 not not RB privatebank-jpmorgan-com-8914 166 8 from from IN privatebank-jpmorgan-com-8914 166 9 our -PRON- PRP$ privatebank-jpmorgan-com-8914 166 10 regular regular JJ privatebank-jpmorgan-com-8914 166 11 source source NN privatebank-jpmorgan-com-8914 166 12 and and CC privatebank-jpmorgan-com-8914 166 13 relies rely VBZ privatebank-jpmorgan-com-8914 166 14 on on IN privatebank-jpmorgan-com-8914 166 15 self self NN privatebank-jpmorgan-com-8914 166 16 - - HYPH privatebank-jpmorgan-com-8914 166 17 reported report VBN privatebank-jpmorgan-com-8914 166 18 performance performance NN privatebank-jpmorgan-com-8914 166 19 from from IN privatebank-jpmorgan-com-8914 166 20 Cambridge Cambridge NNP privatebank-jpmorgan-com-8914 166 21 Associates Associates NNPS privatebank-jpmorgan-com-8914 166 22   : privatebank-jpmorgan-com-8914 166 23 some some DT privatebank-jpmorgan-com-8914 166 24 GP GP NNP privatebank-jpmorgan-com-8914 166 25 - - HYPH privatebank-jpmorgan-com-8914 166 26 led lead VBN privatebank-jpmorgan-com-8914 166 27 secondary secondary JJ privatebank-jpmorgan-com-8914 166 28 funds fund NNS privatebank-jpmorgan-com-8914 166 29 use use VBP privatebank-jpmorgan-com-8914 166 30 30%-50 30%-50 CD privatebank-jpmorgan-com-8914 166 31 % % NN privatebank-jpmorgan-com-8914 166 32 leverage leverage NN privatebank-jpmorgan-com-8914 166 33 at at IN privatebank-jpmorgan-com-8914 166 34 the the DT privatebank-jpmorgan-com-8914 166 35 fund fund NN privatebank-jpmorgan-com-8914 166 36 level level NN privatebank-jpmorgan-com-8914 166 37 in in IN privatebank-jpmorgan-com-8914 166 38 addition addition NN privatebank-jpmorgan-com-8914 166 39 to to IN privatebank-jpmorgan-com-8914 166 40 leverage leverage NN privatebank-jpmorgan-com-8914 166 41 that that WDT privatebank-jpmorgan-com-8914 166 42 already already RB privatebank-jpmorgan-com-8914 166 43 exists exist VBZ privatebank-jpmorgan-com-8914 166 44 at at IN privatebank-jpmorgan-com-8914 166 45 the the DT privatebank-jpmorgan-com-8914 166 46 company company NN privatebank-jpmorgan-com-8914 166 47 level level NN privatebank-jpmorgan-com-8914 166 48 within within IN privatebank-jpmorgan-com-8914 166 49 LP LP NNP privatebank-jpmorgan-com-8914 166 50 interests interest NNS privatebank-jpmorgan-com-8914 166 51 they -PRON- PRP privatebank-jpmorgan-com-8914 166 52 ’re be VBZ privatebank-jpmorgan-com-8914 166 53 buying buy VBG privatebank-jpmorgan-com-8914 166 54 . . . privatebank-jpmorgan-com-8914 167 1 That that DT privatebank-jpmorgan-com-8914 167 2 ’s ’ VBZ privatebank-jpmorgan-com-8914 167 3 a a DT privatebank-jpmorgan-com-8914 167 4 lot lot NN privatebank-jpmorgan-com-8914 167 5 of of IN privatebank-jpmorgan-com-8914 167 6 leverage leverage NN privatebank-jpmorgan-com-8914 167 7 to to TO privatebank-jpmorgan-com-8914 167 8 carry carry VB privatebank-jpmorgan-com-8914 167 9 into into IN privatebank-jpmorgan-com-8914 167 10 a a DT privatebank-jpmorgan-com-8914 167 11 downturn downturn NN privatebank-jpmorgan-com-8914 167 12 Note note NN privatebank-jpmorgan-com-8914 167 13 : : : privatebank-jpmorgan-com-8914 167 14 total total JJ privatebank-jpmorgan-com-8914 167 15 value value NN privatebank-jpmorgan-com-8914 167 16 to to IN privatebank-jpmorgan-com-8914 167 17 paid pay VBN privatebank-jpmorgan-com-8914 167 18 - - HYPH privatebank-jpmorgan-com-8914 167 19 in in RP privatebank-jpmorgan-com-8914 167 20 capital capital NN privatebank-jpmorgan-com-8914 167 21 ( ( -LRB- privatebank-jpmorgan-com-8914 167 22 TVPI TVPI NNP privatebank-jpmorgan-com-8914 167 23 ) ) -RRB- privatebank-jpmorgan-com-8914 167 24 = = NFP privatebank-jpmorgan-com-8914 167 25 distributions distribution NNS privatebank-jpmorgan-com-8914 167 26 plus plus CC privatebank-jpmorgan-com-8914 167 27 remaining remain VBG privatebank-jpmorgan-com-8914 167 28 market market NN privatebank-jpmorgan-com-8914 167 29 value value NN privatebank-jpmorgan-com-8914 167 30 of of IN privatebank-jpmorgan-com-8914 167 31 investments investment NNS privatebank-jpmorgan-com-8914 167 32 divided divide VBN privatebank-jpmorgan-com-8914 167 33 by by IN privatebank-jpmorgan-com-8914 167 34 total total JJ privatebank-jpmorgan-com-8914 167 35 paid pay VBN privatebank-jpmorgan-com-8914 167 36 - - HYPH privatebank-jpmorgan-com-8914 167 37 in in RP privatebank-jpmorgan-com-8914 167 38 capital capital NN privatebank-jpmorgan-com-8914 167 39 . . . privatebank-jpmorgan-com-8914 168 1 In in IN privatebank-jpmorgan-com-8914 168 2 most most JJS privatebank-jpmorgan-com-8914 168 3 cases case NNS privatebank-jpmorgan-com-8914 168 4 , , , privatebank-jpmorgan-com-8914 168 5 TVPI TVPI NNP privatebank-jpmorgan-com-8914 168 6 = = SYM privatebank-jpmorgan-com-8914 168 7 MOIC MOIC NNP privatebank-jpmorgan-com-8914 168 8 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ -LRB- privatebank-jpmorgan-com-8914 168 9 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 168 10 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 168 11 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 168 12 E e NN privatebank-jpmorgan-com-8914 168 13 Y y NN privatebank-jpmorgan-com-8914 168 14 E e NN privatebank-jpmorgan-com-8914 168 15 O o NN privatebank-jpmorgan-com-8914 168 16 N n NN privatebank-jpmorgan-com-8914 168 17 T t NN privatebank-jpmorgan-com-8914 168 18 H h NN privatebank-jpmorgan-com-8914 168 19 E e NN privatebank-jpmorgan-com-8914 168 20 M m NN privatebank-jpmorgan-com-8914 168 21 A a NN privatebank-jpmorgan-com-8914 168 22 R r NN privatebank-jpmorgan-com-8914 168 23 K k NN privatebank-jpmorgan-com-8914 168 24 E e NN privatebank-jpmorgan-com-8914 168 25 T t NN privatebank-jpmorgan-com-8914 168 26 • • NN privatebank-jpmorgan-com-8914 168 27 M m NN privatebank-jpmorgan-com-8914 168 28 I i NN privatebank-jpmorgan-com-8914 168 29 C c NN privatebank-jpmorgan-com-8914 168 30 H h NN privatebank-jpmorgan-com-8914 168 31 A a NN privatebank-jpmorgan-com-8914 168 32 E e NN privatebank-jpmorgan-com-8914 168 33 L l NN privatebank-jpmorgan-com-8914 168 34 C c NN privatebank-jpmorgan-com-8914 168 35 E e NN privatebank-jpmorgan-com-8914 168 36 M m NN privatebank-jpmorgan-com-8914 168 37 B B NNP privatebank-jpmorgan-com-8914 168 38 A A NNP privatebank-jpmorgan-com-8914 168 39 L l NN privatebank-jpmorgan-com-8914 168 40 E e NN privatebank-jpmorgan-com-8914 168 41 S s NN privatebank-jpmorgan-com-8914 168 42 T t NN privatebank-jpmorgan-com-8914 168 43 • • NN privatebank-jpmorgan-com-8914 168 44 J J NNP privatebank-jpmorgan-com-8914 168 45 . . . privatebank-jpmorgan-com-8914 169 1 P p NN privatebank-jpmorgan-com-8914 169 2 . . . privatebank-jpmorgan-com-8914 170 1 M M NNP privatebank-jpmorgan-com-8914 170 2 O o NN privatebank-jpmorgan-com-8914 170 3 R r NN privatebank-jpmorgan-com-8914 170 4 G g NN privatebank-jpmorgan-com-8914 170 5 A a NN privatebank-jpmorgan-com-8914 170 6 N n NN privatebank-jpmorgan-com-8914 170 7 A a NN privatebank-jpmorgan-com-8914 170 8 c c NN privatebank-jpmorgan-com-8914 170 9 c c NN privatebank-jpmorgan-com-8914 170 10 e e NNP privatebank-jpmorgan-com-8914 170 11 s s NNP privatebank-jpmorgan-com-8914 170 12 s s NNP privatebank-jpmorgan-com-8914 170 13 o o NNP privatebank-jpmorgan-com-8914 170 14 u u NNP privatebank-jpmorgan-com-8914 170 15 r r NNP privatebank-jpmorgan-com-8914 170 16 f f NNP privatebank-jpmorgan-com-8914 170 17 u u NNP privatebank-jpmorgan-com-8914 170 18 l l NNP privatebank-jpmorgan-com-8914 170 19 l l NNP privatebank-jpmorgan-com-8914 170 20 c c NNP privatebank-jpmorgan-com-8914 170 21 o o NN privatebank-jpmorgan-com-8914 170 22 r r NN privatebank-jpmorgan-com-8914 170 23 o o NN privatebank-jpmorgan-com-8914 170 24 n n CC privatebank-jpmorgan-com-8914 170 25 a a NN privatebank-jpmorgan-com-8914 170 26 v v NN privatebank-jpmorgan-com-8914 170 27 i i NN privatebank-jpmorgan-com-8914 170 28 r r NNP privatebank-jpmorgan-com-8914 170 29 u u NNP privatebank-jpmorgan-com-8914 170 30 s s NNP privatebank-jpmorgan-com-8914 170 31 a a NNP privatebank-jpmorgan-com-8914 170 32 n n NNP privatebank-jpmorgan-com-8914 170 33 a a DT privatebank-jpmorgan-com-8914 170 34 l l NN privatebank-jpmorgan-com-8914 170 35 y y NNP privatebank-jpmorgan-com-8914 170 36 s s NNP privatebank-jpmorgan-com-8914 170 37 i i NNP privatebank-jpmorgan-com-8914 170 38 s s NNP privatebank-jpmorgan-com-8914 170 39 w w NNP privatebank-jpmorgan-com-8914 170 40 e e NNP privatebank-jpmorgan-com-8914 170 41 b b NNP privatebank-jpmorgan-com-8914 170 42 p p NN privatebank-jpmorgan-com-8914 170 43 o o NN privatebank-jpmorgan-com-8914 170 44 r r NN privatebank-jpmorgan-com-8914 170 45 t t NN privatebank-jpmorgan-com-8914 170 46 a a DT privatebank-jpmorgan-com-8914 170 47 l l NN privatebank-jpmorgan-com-8914 170 48 h h NN privatebank-jpmorgan-com-8914 170 49 e e NN privatebank-jpmorgan-com-8914 170 50 r r NN privatebank-jpmorgan-com-8914 170 51 e e NNP privatebank-jpmorgan-com-8914 170 52 J J NNP privatebank-jpmorgan-com-8914 170 53 u u NNP privatebank-jpmorgan-com-8914 170 54 n n NNP privatebank-jpmorgan-com-8914 170 55 e e NNP privatebank-jpmorgan-com-8914 170 56 2 2 CD privatebank-jpmorgan-com-8914 170 57 8 8 CD privatebank-jpmorgan-com-8914 170 58 , , , privatebank-jpmorgan-com-8914 170 59 2 2 CD privatebank-jpmorgan-com-8914 170 60 0 0 CD privatebank-jpmorgan-com-8914 170 61 2 2 CD privatebank-jpmorgan-com-8914 170 62 1 1 CD privatebank-jpmorgan-com-8914 170 63 10 10 CD privatebank-jpmorgan-com-8914 170 64 Absolute absolute JJ privatebank-jpmorgan-com-8914 170 65 and and CC privatebank-jpmorgan-com-8914 170 66 relative relative JJ privatebank-jpmorgan-com-8914 170 67 venture venture NN privatebank-jpmorgan-com-8914 170 68 capital capital NN privatebank-jpmorgan-com-8914 170 69 performance performance NN privatebank-jpmorgan-com-8914 170 70 We -PRON- PRP privatebank-jpmorgan-com-8914 170 71 have have VBP privatebank-jpmorgan-com-8914 170 72 performance performance NN privatebank-jpmorgan-com-8914 170 73 data datum NNS privatebank-jpmorgan-com-8914 170 74 for for IN privatebank-jpmorgan-com-8914 170 75 venture venture NN privatebank-jpmorgan-com-8914 170 76 capital capital NN privatebank-jpmorgan-com-8914 170 77 starting start VBG privatebank-jpmorgan-com-8914 170 78 in in IN privatebank-jpmorgan-com-8914 170 79 the the DT privatebank-jpmorgan-com-8914 170 80 mid-1990s mid-1990 NNS privatebank-jpmorgan-com-8914 170 81 , , , privatebank-jpmorgan-com-8914 170 82 but but CC privatebank-jpmorgan-com-8914 170 83 the the DT privatebank-jpmorgan-com-8914 170 84 period period NN privatebank-jpmorgan-com-8914 170 85 is be VBZ privatebank-jpmorgan-com-8914 170 86 so so RB privatebank-jpmorgan-com-8914 170 87 distorted distorted JJ privatebank-jpmorgan-com-8914 170 88 by by IN privatebank-jpmorgan-com-8914 170 89 the the DT privatebank-jpmorgan-com-8914 170 90 late late JJ privatebank-jpmorgan-com-8914 170 91 1990 1990 CD privatebank-jpmorgan-com-8914 170 92 ’s ’s POS privatebank-jpmorgan-com-8914 170 93 boom boom NN privatebank-jpmorgan-com-8914 170 94 and and CC privatebank-jpmorgan-com-8914 170 95 bust bust NN privatebank-jpmorgan-com-8914 170 96 that that IN privatebank-jpmorgan-com-8914 170 97 we -PRON- PRP privatebank-jpmorgan-com-8914 170 98 start start VBP privatebank-jpmorgan-com-8914 170 99 our -PRON- PRP$ privatebank-jpmorgan-com-8914 170 100 VC VC NNP privatebank-jpmorgan-com-8914 170 101 performance performance NN privatebank-jpmorgan-com-8914 170 102 discussion discussion NN privatebank-jpmorgan-com-8914 170 103 in in IN privatebank-jpmorgan-com-8914 170 104 20045 20045 CD privatebank-jpmorgan-com-8914 170 105 . . . privatebank-jpmorgan-com-8914 171 1 In in IN privatebank-jpmorgan-com-8914 171 2 my -PRON- PRP$ privatebank-jpmorgan-com-8914 171 3 view view NN privatebank-jpmorgan-com-8914 171 4 , , , privatebank-jpmorgan-com-8914 171 5 the the DT privatebank-jpmorgan-com-8914 171 6 massive massive JJ privatebank-jpmorgan-com-8914 171 7 gains gain NNS privatebank-jpmorgan-com-8914 171 8 earned earn VBN privatebank-jpmorgan-com-8914 171 9 by by IN privatebank-jpmorgan-com-8914 171 10 VC VC NNP privatebank-jpmorgan-com-8914 171 11 managers manager NNS privatebank-jpmorgan-com-8914 171 12 in in IN privatebank-jpmorgan-com-8914 171 13 the the DT privatebank-jpmorgan-com-8914 171 14 mid-1990s mid-1990 NNS privatebank-jpmorgan-com-8914 171 15 are be VBP privatebank-jpmorgan-com-8914 171 16 not not RB privatebank-jpmorgan-com-8914 171 17 relevant relevant JJ privatebank-jpmorgan-com-8914 171 18 to to IN privatebank-jpmorgan-com-8914 171 19 a a DT privatebank-jpmorgan-com-8914 171 20 discussion discussion NN privatebank-jpmorgan-com-8914 171 21 of of IN privatebank-jpmorgan-com-8914 171 22 VC VC NNP privatebank-jpmorgan-com-8914 171 23 investing invest VBG privatebank-jpmorgan-com-8914 171 24 today today NN privatebank-jpmorgan-com-8914 171 25 . . . privatebank-jpmorgan-com-8914 172 1 As as IN privatebank-jpmorgan-com-8914 172 2 with with IN privatebank-jpmorgan-com-8914 172 3 buyout buyout NN privatebank-jpmorgan-com-8914 172 4 managers manager NNS privatebank-jpmorgan-com-8914 172 5 , , , privatebank-jpmorgan-com-8914 172 6 VC vc NN privatebank-jpmorgan-com-8914 172 7 manager manager NN privatebank-jpmorgan-com-8914 172 8 MOIC MOIC NNP privatebank-jpmorgan-com-8914 172 9 and and CC privatebank-jpmorgan-com-8914 172 10 IRR IRR NNP privatebank-jpmorgan-com-8914 172 11 also also RB privatebank-jpmorgan-com-8914 172 12 tracked track VBD privatebank-jpmorgan-com-8914 172 13 each each DT privatebank-jpmorgan-com-8914 172 14 other other JJ privatebank-jpmorgan-com-8914 172 15 until until IN privatebank-jpmorgan-com-8914 172 16 2012 2012 CD privatebank-jpmorgan-com-8914 172 17 after after IN privatebank-jpmorgan-com-8914 172 18 which which WDT privatebank-jpmorgan-com-8914 172 19 a a DT privatebank-jpmorgan-com-8914 172 20 combination combination NN privatebank-jpmorgan-com-8914 172 21 of of IN privatebank-jpmorgan-com-8914 172 22 subscription subscription NN privatebank-jpmorgan-com-8914 172 23 lines line NNS privatebank-jpmorgan-com-8914 172 24 and and CC privatebank-jpmorgan-com-8914 172 25 faster fast JJR privatebank-jpmorgan-com-8914 172 26 distributions distribution NNS privatebank-jpmorgan-com-8914 172 27 led lead VBD privatebank-jpmorgan-com-8914 172 28 to to IN privatebank-jpmorgan-com-8914 172 29 rising rise VBG privatebank-jpmorgan-com-8914 172 30 IRRs irr NNS privatebank-jpmorgan-com-8914 172 31 despite despite IN privatebank-jpmorgan-com-8914 172 32 falling fall VBG privatebank-jpmorgan-com-8914 172 33 MOICs moic NNS privatebank-jpmorgan-com-8914 172 34 . . . privatebank-jpmorgan-com-8914 173 1 There there EX privatebank-jpmorgan-com-8914 173 2 ’s ’ VBZ privatebank-jpmorgan-com-8914 173 3 a a DT privatebank-jpmorgan-com-8914 173 4 larger large JJR privatebank-jpmorgan-com-8914 173 5 gap gap NN privatebank-jpmorgan-com-8914 173 6 between between IN privatebank-jpmorgan-com-8914 173 7 average average JJ privatebank-jpmorgan-com-8914 173 8 and and CC privatebank-jpmorgan-com-8914 173 9 median median JJ privatebank-jpmorgan-com-8914 173 10 manager manager NN privatebank-jpmorgan-com-8914 173 11 results result NNS privatebank-jpmorgan-com-8914 173 12 than than IN privatebank-jpmorgan-com-8914 173 13 in in IN privatebank-jpmorgan-com-8914 173 14 buyout buyout NN privatebank-jpmorgan-com-8914 173 15 , , , privatebank-jpmorgan-com-8914 173 16 indicating indicate VBG privatebank-jpmorgan-com-8914 173 17 that that IN privatebank-jpmorgan-com-8914 173 18 there there EX privatebank-jpmorgan-com-8914 173 19 are be VBP privatebank-jpmorgan-com-8914 173 20 a a DT privatebank-jpmorgan-com-8914 173 21 few few JJ privatebank-jpmorgan-com-8914 173 22 VC vc NN privatebank-jpmorgan-com-8914 173 23 managers manager NNS privatebank-jpmorgan-com-8914 173 24 with with IN privatebank-jpmorgan-com-8914 173 25 much much RB privatebank-jpmorgan-com-8914 173 26 higher high JJR privatebank-jpmorgan-com-8914 173 27 returns return NNS privatebank-jpmorgan-com-8914 173 28 and/or and/or CC privatebank-jpmorgan-com-8914 173 29 larger large JJR privatebank-jpmorgan-com-8914 173 30 funds fund NNS privatebank-jpmorgan-com-8914 173 31 that that WDT privatebank-jpmorgan-com-8914 173 32 pull pull VBP privatebank-jpmorgan-com-8914 173 33 up up RP privatebank-jpmorgan-com-8914 173 34 the the DT privatebank-jpmorgan-com-8914 173 35 average average JJ privatebank-jpmorgan-com-8914 173 36 relative relative JJ privatebank-jpmorgan-com-8914 173 37 to to IN privatebank-jpmorgan-com-8914 173 38 the the DT privatebank-jpmorgan-com-8914 173 39 median median NN privatebank-jpmorgan-com-8914 173 40 . . . privatebank-jpmorgan-com-8914 174 1 1.0 1.0 CD privatebank-jpmorgan-com-8914 174 2 1.5 1.5 CD privatebank-jpmorgan-com-8914 174 3 2.0 2.0 CD privatebank-jpmorgan-com-8914 174 4 2.5 2.5 CD privatebank-jpmorgan-com-8914 174 5 3.0 3.0 CD privatebank-jpmorgan-com-8914 174 6 3.5 3.5 CD privatebank-jpmorgan-com-8914 174 7 4.0 4.0 CD privatebank-jpmorgan-com-8914 174 8 2004 2004 CD privatebank-jpmorgan-com-8914 174 9 2006 2006 CD privatebank-jpmorgan-com-8914 174 10 2008 2008 CD privatebank-jpmorgan-com-8914 174 11 2010 2010 CD privatebank-jpmorgan-com-8914 174 12 2012 2012 CD privatebank-jpmorgan-com-8914 174 13 2014 2014 CD privatebank-jpmorgan-com-8914 174 14 2016 2016 CD privatebank-jpmorgan-com-8914 174 15 Average average JJ privatebank-jpmorgan-com-8914 174 16 Median median JJ privatebank-jpmorgan-com-8914 174 17 US US NNP privatebank-jpmorgan-com-8914 174 18 venture venture NN privatebank-jpmorgan-com-8914 174 19 capital capital NN privatebank-jpmorgan-com-8914 174 20 MOICs moic NNS privatebank-jpmorgan-com-8914 174 21 by by IN privatebank-jpmorgan-com-8914 174 22 vintage vintage JJ privatebank-jpmorgan-com-8914 174 23 year year NN privatebank-jpmorgan-com-8914 174 24 Source source NN privatebank-jpmorgan-com-8914 174 25 : : : privatebank-jpmorgan-com-8914 174 26 Steve Steve NNP privatebank-jpmorgan-com-8914 174 27 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 174 28 ( ( -LRB- privatebank-jpmorgan-com-8914 174 29 Chicago Chicago NNP privatebank-jpmorgan-com-8914 174 30 Booth Booth NNP privatebank-jpmorgan-com-8914 174 31 ) ) -RRB- privatebank-jpmorgan-com-8914 174 32 and and CC privatebank-jpmorgan-com-8914 174 33 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 174 34 . . . privatebank-jpmorgan-com-8914 175 1 2020 2020 CD privatebank-jpmorgan-com-8914 175 2 . . . privatebank-jpmorgan-com-8914 176 1 0 0 CD privatebank-jpmorgan-com-8914 176 2 % % NN privatebank-jpmorgan-com-8914 176 3 5 5 CD privatebank-jpmorgan-com-8914 176 4 % % NN privatebank-jpmorgan-com-8914 176 5 10 10 CD privatebank-jpmorgan-com-8914 176 6 % % NN privatebank-jpmorgan-com-8914 176 7 15 15 CD privatebank-jpmorgan-com-8914 176 8 % % NN privatebank-jpmorgan-com-8914 176 9 20 20 CD privatebank-jpmorgan-com-8914 176 10 % % NN privatebank-jpmorgan-com-8914 176 11 25 25 CD privatebank-jpmorgan-com-8914 176 12 % % NN privatebank-jpmorgan-com-8914 176 13 30 30 CD privatebank-jpmorgan-com-8914 176 14 % % NN privatebank-jpmorgan-com-8914 176 15 35 35 CD privatebank-jpmorgan-com-8914 176 16 % % NN privatebank-jpmorgan-com-8914 176 17 40 40 CD privatebank-jpmorgan-com-8914 176 18 % % NN privatebank-jpmorgan-com-8914 176 19 2004 2004 CD privatebank-jpmorgan-com-8914 176 20 2006 2006 CD privatebank-jpmorgan-com-8914 176 21 2008 2008 CD privatebank-jpmorgan-com-8914 176 22 2010 2010 CD privatebank-jpmorgan-com-8914 176 23 2012 2012 CD privatebank-jpmorgan-com-8914 176 24 2014 2014 CD privatebank-jpmorgan-com-8914 176 25 2016 2016 CD privatebank-jpmorgan-com-8914 176 26 Average average JJ privatebank-jpmorgan-com-8914 176 27 Median median JJ privatebank-jpmorgan-com-8914 176 28 US US NNP privatebank-jpmorgan-com-8914 176 29 venture venture NN privatebank-jpmorgan-com-8914 176 30 capital capital NN privatebank-jpmorgan-com-8914 176 31 IRRs irr NNS privatebank-jpmorgan-com-8914 176 32 by by IN privatebank-jpmorgan-com-8914 176 33 vintage vintage JJ privatebank-jpmorgan-com-8914 176 34 year year NN privatebank-jpmorgan-com-8914 176 35 Source source NN privatebank-jpmorgan-com-8914 176 36 : : : privatebank-jpmorgan-com-8914 176 37 Steve Steve NNP privatebank-jpmorgan-com-8914 176 38 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 176 39 ( ( -LRB- privatebank-jpmorgan-com-8914 176 40 Chicago Chicago NNP privatebank-jpmorgan-com-8914 176 41 Booth Booth NNP privatebank-jpmorgan-com-8914 176 42 ) ) -RRB- privatebank-jpmorgan-com-8914 176 43 and and CC privatebank-jpmorgan-com-8914 176 44 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 176 45 . . . privatebank-jpmorgan-com-8914 177 1 2020 2020 CD privatebank-jpmorgan-com-8914 177 2 . . . privatebank-jpmorgan-com-8914 178 1 VC vc NN privatebank-jpmorgan-com-8914 178 2 managers manager NNS privatebank-jpmorgan-com-8914 178 3 have have VBP privatebank-jpmorgan-com-8914 178 4 consistently consistently RB privatebank-jpmorgan-com-8914 178 5 outperformed outperform VBN privatebank-jpmorgan-com-8914 178 6 public public JJ privatebank-jpmorgan-com-8914 178 7 equity equity NN privatebank-jpmorgan-com-8914 178 8 markets market NNS privatebank-jpmorgan-com-8914 178 9 when when WRB privatebank-jpmorgan-com-8914 178 10 looking look VBG privatebank-jpmorgan-com-8914 178 11 at at IN privatebank-jpmorgan-com-8914 178 12 the the DT privatebank-jpmorgan-com-8914 178 13 “ " `` privatebank-jpmorgan-com-8914 178 14 average average JJ privatebank-jpmorgan-com-8914 178 15 ” " '' privatebank-jpmorgan-com-8914 178 16 manager manager NN privatebank-jpmorgan-com-8914 178 17 . . . privatebank-jpmorgan-com-8914 179 1 But but CC privatebank-jpmorgan-com-8914 179 2 to to TO privatebank-jpmorgan-com-8914 179 3 reiterate reiterate VB privatebank-jpmorgan-com-8914 179 4 , , , privatebank-jpmorgan-com-8914 179 5 the the DT privatebank-jpmorgan-com-8914 179 6 gap gap NN privatebank-jpmorgan-com-8914 179 7 between between IN privatebank-jpmorgan-com-8914 179 8 average average JJ privatebank-jpmorgan-com-8914 179 9 and and CC privatebank-jpmorgan-com-8914 179 10 median median JJ privatebank-jpmorgan-com-8914 179 11 results result NNS privatebank-jpmorgan-com-8914 179 12 are be VBP privatebank-jpmorgan-com-8914 179 13 substantial substantial JJ privatebank-jpmorgan-com-8914 179 14 and and CC privatebank-jpmorgan-com-8914 179 15 indicate indicate VBP privatebank-jpmorgan-com-8914 179 16 outsized outsized JJ privatebank-jpmorgan-com-8914 179 17 returns return NNS privatebank-jpmorgan-com-8914 179 18 posted post VBN privatebank-jpmorgan-com-8914 179 19 by by IN privatebank-jpmorgan-com-8914 179 20 a a DT privatebank-jpmorgan-com-8914 179 21 small small JJ privatebank-jpmorgan-com-8914 179 22 number number NN privatebank-jpmorgan-com-8914 179 23 of of IN privatebank-jpmorgan-com-8914 179 24 VC vc NN privatebank-jpmorgan-com-8914 179 25 managers manager NNS privatebank-jpmorgan-com-8914 179 26 . . . privatebank-jpmorgan-com-8914 180 1 For for IN privatebank-jpmorgan-com-8914 180 2 vintage vintage JJ privatebank-jpmorgan-com-8914 180 3 years year NNS privatebank-jpmorgan-com-8914 180 4 2004 2004 CD privatebank-jpmorgan-com-8914 180 5 to to IN privatebank-jpmorgan-com-8914 180 6 2008 2008 CD privatebank-jpmorgan-com-8914 180 7 , , , privatebank-jpmorgan-com-8914 180 8 the the DT privatebank-jpmorgan-com-8914 180 9 median median JJ privatebank-jpmorgan-com-8914 180 10 VC VC NNP privatebank-jpmorgan-com-8914 180 11 manager manager NN privatebank-jpmorgan-com-8914 180 12 actually actually RB privatebank-jpmorgan-com-8914 180 13 underperformed underperform VBD privatebank-jpmorgan-com-8914 180 14 the the DT privatebank-jpmorgan-com-8914 180 15 S&P S&P NNP privatebank-jpmorgan-com-8914 180 16 500 500 CD privatebank-jpmorgan-com-8914 180 17 pretty pretty RB privatebank-jpmorgan-com-8914 180 18 substantially substantially RB privatebank-jpmorgan-com-8914 180 19 . . . privatebank-jpmorgan-com-8914 181 1 0.4 0.4 CD privatebank-jpmorgan-com-8914 181 2 0.6 0.6 CD privatebank-jpmorgan-com-8914 181 3 0.8 0.8 CD privatebank-jpmorgan-com-8914 181 4 1.0 1.0 CD privatebank-jpmorgan-com-8914 181 5 1.2 1.2 CD privatebank-jpmorgan-com-8914 181 6 1.4 1.4 CD privatebank-jpmorgan-com-8914 181 7 1.6 1.6 CD privatebank-jpmorgan-com-8914 181 8 1.8 1.8 CD privatebank-jpmorgan-com-8914 181 9 2.0 2.0 CD privatebank-jpmorgan-com-8914 181 10 2004 2004 CD privatebank-jpmorgan-com-8914 181 11 2006 2006 CD privatebank-jpmorgan-com-8914 181 12 2008 2008 CD privatebank-jpmorgan-com-8914 181 13 2010 2010 CD privatebank-jpmorgan-com-8914 181 14 2012 2012 CD privatebank-jpmorgan-com-8914 181 15 2014 2014 CD privatebank-jpmorgan-com-8914 181 16 2016 2016 CD privatebank-jpmorgan-com-8914 181 17 Average average JJ privatebank-jpmorgan-com-8914 181 18 Median median JJ privatebank-jpmorgan-com-8914 181 19 US US NNP privatebank-jpmorgan-com-8914 181 20 venture venture NN privatebank-jpmorgan-com-8914 181 21 capital capital NN privatebank-jpmorgan-com-8914 181 22 PMEs pme NNS privatebank-jpmorgan-com-8914 181 23 by by IN privatebank-jpmorgan-com-8914 181 24 vintage vintage JJ privatebank-jpmorgan-com-8914 181 25 year year NN privatebank-jpmorgan-com-8914 181 26 PME pme NN privatebank-jpmorgan-com-8914 181 27 ratio ratio NN privatebank-jpmorgan-com-8914 181 28 vs vs IN privatebank-jpmorgan-com-8914 181 29 S&P S&P NNP privatebank-jpmorgan-com-8914 181 30 500 500 CD privatebank-jpmorgan-com-8914 181 31 Source source NN privatebank-jpmorgan-com-8914 181 32 : : : privatebank-jpmorgan-com-8914 181 33 Steve Steve NNP privatebank-jpmorgan-com-8914 181 34 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 181 35 ( ( -LRB- privatebank-jpmorgan-com-8914 181 36 Chicago Chicago NNP privatebank-jpmorgan-com-8914 181 37 Booth Booth NNP privatebank-jpmorgan-com-8914 181 38 ) ) -RRB- privatebank-jpmorgan-com-8914 181 39 and and CC privatebank-jpmorgan-com-8914 181 40 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 181 41 . . . privatebank-jpmorgan-com-8914 182 1 2020 2020 CD privatebank-jpmorgan-com-8914 182 2 . . . privatebank-jpmorgan-com-8914 183 1 -10 -10 NNP privatebank-jpmorgan-com-8914 183 2 % % NN privatebank-jpmorgan-com-8914 183 3 -5 -5 . privatebank-jpmorgan-com-8914 183 4 % % NN privatebank-jpmorgan-com-8914 183 5 0 0 CD privatebank-jpmorgan-com-8914 183 6 % % NN privatebank-jpmorgan-com-8914 183 7 5 5 CD privatebank-jpmorgan-com-8914 183 8 % % NN privatebank-jpmorgan-com-8914 183 9 10 10 CD privatebank-jpmorgan-com-8914 183 10 % % NN privatebank-jpmorgan-com-8914 183 11 15 15 CD privatebank-jpmorgan-com-8914 183 12 % % NN privatebank-jpmorgan-com-8914 183 13 20 20 CD privatebank-jpmorgan-com-8914 183 14 % % NN privatebank-jpmorgan-com-8914 183 15 2004 2004 CD privatebank-jpmorgan-com-8914 183 16 2006 2006 CD privatebank-jpmorgan-com-8914 183 17 2008 2008 CD privatebank-jpmorgan-com-8914 183 18 2010 2010 CD privatebank-jpmorgan-com-8914 183 19 2012 2012 CD privatebank-jpmorgan-com-8914 183 20 2014 2014 CD privatebank-jpmorgan-com-8914 183 21 2016 2016 CD privatebank-jpmorgan-com-8914 183 22 Average average JJ privatebank-jpmorgan-com-8914 183 23 Median median JJ privatebank-jpmorgan-com-8914 183 24 US US NNP privatebank-jpmorgan-com-8914 183 25 venture venture NN privatebank-jpmorgan-com-8914 183 26 capital capital NN privatebank-jpmorgan-com-8914 183 27 direct direct JJ privatebank-jpmorgan-com-8914 183 28 alphas alpha NNS privatebank-jpmorgan-com-8914 183 29 by by IN privatebank-jpmorgan-com-8914 183 30 vintage vintage JJ privatebank-jpmorgan-com-8914 183 31 year year NN privatebank-jpmorgan-com-8914 183 32 % % NN privatebank-jpmorgan-com-8914 183 33 , , , privatebank-jpmorgan-com-8914 183 34 annualized annualize VBN privatebank-jpmorgan-com-8914 183 35 vs vs IN privatebank-jpmorgan-com-8914 183 36 S&P S&P NNP privatebank-jpmorgan-com-8914 183 37 500 500 CD privatebank-jpmorgan-com-8914 183 38 Source source NN privatebank-jpmorgan-com-8914 183 39 : : : privatebank-jpmorgan-com-8914 183 40 Steve Steve NNP privatebank-jpmorgan-com-8914 183 41 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 183 42 ( ( -LRB- privatebank-jpmorgan-com-8914 183 43 Chicago Chicago NNP privatebank-jpmorgan-com-8914 183 44 Booth Booth NNP privatebank-jpmorgan-com-8914 183 45 ) ) -RRB- privatebank-jpmorgan-com-8914 183 46 and and CC privatebank-jpmorgan-com-8914 183 47 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 183 48 . . . privatebank-jpmorgan-com-8914 184 1 2020 2020 CD privatebank-jpmorgan-com-8914 184 2 . . . privatebank-jpmorgan-com-8914 185 1 5 5 CD privatebank-jpmorgan-com-8914 185 2 The the DT privatebank-jpmorgan-com-8914 185 3 year year NN privatebank-jpmorgan-com-8914 185 4 of of IN privatebank-jpmorgan-com-8914 185 5 peak peak NN privatebank-jpmorgan-com-8914 185 6 VC VC NNP privatebank-jpmorgan-com-8914 185 7 performance performance NN privatebank-jpmorgan-com-8914 185 8 was be VBD privatebank-jpmorgan-com-8914 185 9 the the DT privatebank-jpmorgan-com-8914 185 10 1996 1996 CD privatebank-jpmorgan-com-8914 185 11 vintage vintage NN privatebank-jpmorgan-com-8914 185 12 whose whose WP$ privatebank-jpmorgan-com-8914 185 13 MOIC MOIC NNP privatebank-jpmorgan-com-8914 185 14 was be VBD privatebank-jpmorgan-com-8914 185 15 7x 7x CD privatebank-jpmorgan-com-8914 185 16 and and CC privatebank-jpmorgan-com-8914 185 17 whose whose WP$ privatebank-jpmorgan-com-8914 185 18 IRR IRR NNP privatebank-jpmorgan-com-8914 185 19 reached reach VBD privatebank-jpmorgan-com-8914 185 20 120 120 CD privatebank-jpmorgan-com-8914 185 21 % % NN privatebank-jpmorgan-com-8914 185 22 . . . privatebank-jpmorgan-com-8914 186 1 The the DT privatebank-jpmorgan-com-8914 186 2 subsequent subsequent JJ privatebank-jpmorgan-com-8914 186 3 bust bust NN privatebank-jpmorgan-com-8914 186 4 took take VBD privatebank-jpmorgan-com-8914 186 5 a a DT privatebank-jpmorgan-com-8914 186 6 toll toll NN privatebank-jpmorgan-com-8914 186 7 on on IN privatebank-jpmorgan-com-8914 186 8 returns return NNS privatebank-jpmorgan-com-8914 186 9 : : : privatebank-jpmorgan-com-8914 186 10 the the DT privatebank-jpmorgan-com-8914 186 11 1999 1999 CD privatebank-jpmorgan-com-8914 186 12 vintage vintage NN privatebank-jpmorgan-com-8914 186 13 ended end VBD privatebank-jpmorgan-com-8914 186 14 up up RP privatebank-jpmorgan-com-8914 186 15 with with IN privatebank-jpmorgan-com-8914 186 16 MOIC MOIC NNP privatebank-jpmorgan-com-8914 186 17 of of IN privatebank-jpmorgan-com-8914 186 18 1x 1x CD privatebank-jpmorgan-com-8914 186 19 and and CC privatebank-jpmorgan-com-8914 186 20 an an DT privatebank-jpmorgan-com-8914 186 21 IRR IRR NNP privatebank-jpmorgan-com-8914 186 22 of of IN privatebank-jpmorgan-com-8914 186 23 -1 -1 NNP privatebank-jpmorgan-com-8914 186 24 % % NN privatebank-jpmorgan-com-8914 186 25 . . . privatebank-jpmorgan-com-8914 187 1 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/j-p-morgan-chase-eye-market/dp/b07l4swcyl/ WP privatebank-jpmorgan-com-8914 187 2 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 187 3 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 187 4 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 187 5 E e NN privatebank-jpmorgan-com-8914 187 6 Y y NN privatebank-jpmorgan-com-8914 187 7 E e NN privatebank-jpmorgan-com-8914 187 8 O o NN privatebank-jpmorgan-com-8914 187 9 N n NN privatebank-jpmorgan-com-8914 187 10 T t NN privatebank-jpmorgan-com-8914 187 11 H h NN privatebank-jpmorgan-com-8914 187 12 E e NN privatebank-jpmorgan-com-8914 187 13 M m NN privatebank-jpmorgan-com-8914 187 14 A a NN privatebank-jpmorgan-com-8914 187 15 R r NN privatebank-jpmorgan-com-8914 187 16 K k NN privatebank-jpmorgan-com-8914 187 17 E e NN privatebank-jpmorgan-com-8914 187 18 T t NN privatebank-jpmorgan-com-8914 187 19 • • NN privatebank-jpmorgan-com-8914 187 20 M m NN privatebank-jpmorgan-com-8914 187 21 I i NN privatebank-jpmorgan-com-8914 187 22 C c NN privatebank-jpmorgan-com-8914 187 23 H h NN privatebank-jpmorgan-com-8914 187 24 A a NN privatebank-jpmorgan-com-8914 187 25 E e NN privatebank-jpmorgan-com-8914 187 26 L l NN privatebank-jpmorgan-com-8914 187 27 C c NN privatebank-jpmorgan-com-8914 187 28 E e NN privatebank-jpmorgan-com-8914 187 29 M m NN privatebank-jpmorgan-com-8914 187 30 B B NNP privatebank-jpmorgan-com-8914 187 31 A A NNP privatebank-jpmorgan-com-8914 187 32 L l NN privatebank-jpmorgan-com-8914 187 33 E e NN privatebank-jpmorgan-com-8914 187 34 S s NN privatebank-jpmorgan-com-8914 187 35 T t NN privatebank-jpmorgan-com-8914 187 36 • • NN privatebank-jpmorgan-com-8914 187 37 J J NNP privatebank-jpmorgan-com-8914 187 38 . . . privatebank-jpmorgan-com-8914 188 1 P p NN privatebank-jpmorgan-com-8914 188 2 . . . privatebank-jpmorgan-com-8914 189 1 M M NNP privatebank-jpmorgan-com-8914 189 2 O o NN privatebank-jpmorgan-com-8914 189 3 R r NN privatebank-jpmorgan-com-8914 189 4 G g NN privatebank-jpmorgan-com-8914 189 5 A a NN privatebank-jpmorgan-com-8914 189 6 N n NN privatebank-jpmorgan-com-8914 189 7 A a NN privatebank-jpmorgan-com-8914 189 8 c c NN privatebank-jpmorgan-com-8914 189 9 c c NN privatebank-jpmorgan-com-8914 189 10 e e NNP privatebank-jpmorgan-com-8914 189 11 s s NNP privatebank-jpmorgan-com-8914 189 12 s s NNP privatebank-jpmorgan-com-8914 189 13 o o NNP privatebank-jpmorgan-com-8914 189 14 u u NNP privatebank-jpmorgan-com-8914 189 15 r r NNP privatebank-jpmorgan-com-8914 189 16 f f NNP privatebank-jpmorgan-com-8914 189 17 u u NNP privatebank-jpmorgan-com-8914 189 18 l l NNP privatebank-jpmorgan-com-8914 189 19 l l NNP privatebank-jpmorgan-com-8914 189 20 c c NNP privatebank-jpmorgan-com-8914 189 21 o o NN privatebank-jpmorgan-com-8914 189 22 r r NN privatebank-jpmorgan-com-8914 189 23 o o NN privatebank-jpmorgan-com-8914 189 24 n n CC privatebank-jpmorgan-com-8914 189 25 a a NN privatebank-jpmorgan-com-8914 189 26 v v NN privatebank-jpmorgan-com-8914 189 27 i i NN privatebank-jpmorgan-com-8914 189 28 r r NNP privatebank-jpmorgan-com-8914 189 29 u u NNP privatebank-jpmorgan-com-8914 189 30 s s NNP privatebank-jpmorgan-com-8914 189 31 a a NNP privatebank-jpmorgan-com-8914 189 32 n n NNP privatebank-jpmorgan-com-8914 189 33 a a DT privatebank-jpmorgan-com-8914 189 34 l l NN privatebank-jpmorgan-com-8914 189 35 y y NNP privatebank-jpmorgan-com-8914 189 36 s s NNP privatebank-jpmorgan-com-8914 189 37 i i NNP privatebank-jpmorgan-com-8914 189 38 s s NNP privatebank-jpmorgan-com-8914 189 39 w w NNP privatebank-jpmorgan-com-8914 189 40 e e NNP privatebank-jpmorgan-com-8914 189 41 b b NNP privatebank-jpmorgan-com-8914 189 42 p p NN privatebank-jpmorgan-com-8914 189 43 o o NN privatebank-jpmorgan-com-8914 189 44 r r NN privatebank-jpmorgan-com-8914 189 45 t t NN privatebank-jpmorgan-com-8914 189 46 a a DT privatebank-jpmorgan-com-8914 189 47 l l NN privatebank-jpmorgan-com-8914 189 48 h h NN privatebank-jpmorgan-com-8914 189 49 e e NN privatebank-jpmorgan-com-8914 189 50 r r NN privatebank-jpmorgan-com-8914 189 51 e e NNP privatebank-jpmorgan-com-8914 189 52 J J NNP privatebank-jpmorgan-com-8914 189 53 u u NNP privatebank-jpmorgan-com-8914 189 54 n n NNP privatebank-jpmorgan-com-8914 189 55 e e NNP privatebank-jpmorgan-com-8914 189 56 2 2 CD privatebank-jpmorgan-com-8914 189 57 8 8 CD privatebank-jpmorgan-com-8914 189 58 , , , privatebank-jpmorgan-com-8914 189 59 2 2 CD privatebank-jpmorgan-com-8914 189 60 0 0 CD privatebank-jpmorgan-com-8914 189 61 2 2 CD privatebank-jpmorgan-com-8914 189 62 1 1 CD privatebank-jpmorgan-com-8914 189 63 11 11 CD privatebank-jpmorgan-com-8914 189 64 Venture Venture NNP privatebank-jpmorgan-com-8914 189 65 capital capital NN privatebank-jpmorgan-com-8914 189 66 : : : privatebank-jpmorgan-com-8914 189 67 performance performance NN privatebank-jpmorgan-com-8914 189 68 benchmarks benchmark NNS privatebank-jpmorgan-com-8914 189 69 and and CC privatebank-jpmorgan-com-8914 189 70 manager manager NN privatebank-jpmorgan-com-8914 189 71 dispersion dispersion NN privatebank-jpmorgan-com-8914 189 72 One one CD privatebank-jpmorgan-com-8914 189 73 could could MD privatebank-jpmorgan-com-8914 189 74 make make VB privatebank-jpmorgan-com-8914 189 75 an an DT privatebank-jpmorgan-com-8914 189 76 even even RB privatebank-jpmorgan-com-8914 189 77 stronger strong JJR privatebank-jpmorgan-com-8914 189 78 argument argument NN privatebank-jpmorgan-com-8914 189 79 that that IN privatebank-jpmorgan-com-8914 189 80 the the DT privatebank-jpmorgan-com-8914 189 81 S&P S&P NNP privatebank-jpmorgan-com-8914 189 82 500 500 CD privatebank-jpmorgan-com-8914 189 83 is be VBZ privatebank-jpmorgan-com-8914 189 84 not not RB privatebank-jpmorgan-com-8914 189 85 the the DT privatebank-jpmorgan-com-8914 189 86 right right JJ privatebank-jpmorgan-com-8914 189 87 benchmark benchmark NN privatebank-jpmorgan-com-8914 189 88 for for IN privatebank-jpmorgan-com-8914 189 89 venture venture NN privatebank-jpmorgan-com-8914 189 90 capital capital NN privatebank-jpmorgan-com-8914 189 91 given give VBN privatebank-jpmorgan-com-8914 189 92 much much RB privatebank-jpmorgan-com-8914 189 93 smaller small JJR privatebank-jpmorgan-com-8914 189 94 deal deal NN privatebank-jpmorgan-com-8914 189 95 sizes size NNS privatebank-jpmorgan-com-8914 189 96 ( ( -LRB- privatebank-jpmorgan-com-8914 189 97 see see VB privatebank-jpmorgan-com-8914 189 98 last last JJ privatebank-jpmorgan-com-8914 189 99 chart chart NN privatebank-jpmorgan-com-8914 189 100 ) ) -RRB- privatebank-jpmorgan-com-8914 189 101 . . . privatebank-jpmorgan-com-8914 190 1 The the DT privatebank-jpmorgan-com-8914 190 2 first first JJ privatebank-jpmorgan-com-8914 190 3 two two CD privatebank-jpmorgan-com-8914 190 4 charts chart NNS privatebank-jpmorgan-com-8914 190 5 show show VBP privatebank-jpmorgan-com-8914 190 6 average average JJ privatebank-jpmorgan-com-8914 190 7 and and CC privatebank-jpmorgan-com-8914 190 8 median median JJ privatebank-jpmorgan-com-8914 190 9 PME PME NNP privatebank-jpmorgan-com-8914 190 10 ratios ratio NNS privatebank-jpmorgan-com-8914 190 11 for for IN privatebank-jpmorgan-com-8914 190 12 VC VC NNP privatebank-jpmorgan-com-8914 190 13 using use VBG privatebank-jpmorgan-com-8914 190 14 different different JJ privatebank-jpmorgan-com-8914 190 15 benchmark benchmark NN privatebank-jpmorgan-com-8914 190 16 options option NNS privatebank-jpmorgan-com-8914 190 17 . . . privatebank-jpmorgan-com-8914 191 1 Since since IN privatebank-jpmorgan-com-8914 191 2 the the DT privatebank-jpmorgan-com-8914 191 3 S&P S&P NNP privatebank-jpmorgan-com-8914 191 4 500 500 CD privatebank-jpmorgan-com-8914 191 5 outperformed outperform VBD privatebank-jpmorgan-com-8914 191 6 the the DT privatebank-jpmorgan-com-8914 191 7 Russell Russell NNP privatebank-jpmorgan-com-8914 191 8 2000 2000 CD privatebank-jpmorgan-com-8914 191 9 Index Index NNP privatebank-jpmorgan-com-8914 191 10 , , , privatebank-jpmorgan-com-8914 191 11 the the DT privatebank-jpmorgan-com-8914 191 12 Russell Russell NNP privatebank-jpmorgan-com-8914 191 13 2000 2000 CD privatebank-jpmorgan-com-8914 191 14 Growth Growth NNP privatebank-jpmorgan-com-8914 191 15 Index Index NNP privatebank-jpmorgan-com-8914 191 16 , , , privatebank-jpmorgan-com-8914 191 17 the the DT privatebank-jpmorgan-com-8914 191 18 Russell Russell NNP privatebank-jpmorgan-com-8914 191 19 Microcap Microcap NNP privatebank-jpmorgan-com-8914 191 20 Index Index NNP privatebank-jpmorgan-com-8914 191 21 and and CC privatebank-jpmorgan-com-8914 191 22 most most RBS privatebank-jpmorgan-com-8914 191 23 other other JJ privatebank-jpmorgan-com-8914 191 24 US US NNP privatebank-jpmorgan-com-8914 191 25 equity equity NN privatebank-jpmorgan-com-8914 191 26 benchmarks benchmark NNS privatebank-jpmorgan-com-8914 191 27 since since IN privatebank-jpmorgan-com-8914 191 28 2010 2010 CD privatebank-jpmorgan-com-8914 191 29 , , , privatebank-jpmorgan-com-8914 191 30 using use VBG privatebank-jpmorgan-com-8914 191 31 a a DT privatebank-jpmorgan-com-8914 191 32 different different JJ privatebank-jpmorgan-com-8914 191 33 benchmark benchmark NN privatebank-jpmorgan-com-8914 191 34 than than IN privatebank-jpmorgan-com-8914 191 35 the the DT privatebank-jpmorgan-com-8914 191 36 S&P S&P NNP privatebank-jpmorgan-com-8914 191 37 500 500 CD privatebank-jpmorgan-com-8914 191 38 would would MD privatebank-jpmorgan-com-8914 191 39 simply simply RB privatebank-jpmorgan-com-8914 191 40 make make VB privatebank-jpmorgan-com-8914 191 41 venture venture NN privatebank-jpmorgan-com-8914 191 42 outperformance outperformance NN privatebank-jpmorgan-com-8914 191 43 look look VB privatebank-jpmorgan-com-8914 191 44 larger large JJR privatebank-jpmorgan-com-8914 191 45 since since IN privatebank-jpmorgan-com-8914 191 46 that that DT privatebank-jpmorgan-com-8914 191 47 date date NN privatebank-jpmorgan-com-8914 191 48 . . . privatebank-jpmorgan-com-8914 192 1 As as IN privatebank-jpmorgan-com-8914 192 2 for for IN privatebank-jpmorgan-com-8914 192 3 manager manager NN privatebank-jpmorgan-com-8914 192 4 performance performance NN privatebank-jpmorgan-com-8914 192 5 dispersion dispersion NN privatebank-jpmorgan-com-8914 192 6 , , , privatebank-jpmorgan-com-8914 192 7 VC vc NN privatebank-jpmorgan-com-8914 192 8 trends trend NNS privatebank-jpmorgan-com-8914 192 9 are be VBP privatebank-jpmorgan-com-8914 192 10 similar similar JJ privatebank-jpmorgan-com-8914 192 11 to to IN privatebank-jpmorgan-com-8914 192 12 buyout buyout NN privatebank-jpmorgan-com-8914 192 13 . . . privatebank-jpmorgan-com-8914 193 1 Since since IN privatebank-jpmorgan-com-8914 193 2 2010 2010 CD privatebank-jpmorgan-com-8914 193 3 the the DT privatebank-jpmorgan-com-8914 193 4 gap gap NN privatebank-jpmorgan-com-8914 193 5 between between IN privatebank-jpmorgan-com-8914 193 6 top top JJ privatebank-jpmorgan-com-8914 193 7 and and CC privatebank-jpmorgan-com-8914 193 8 bottom bottom NN privatebank-jpmorgan-com-8914 193 9 quartile quartile NN privatebank-jpmorgan-com-8914 193 10 VC VC NNP privatebank-jpmorgan-com-8914 193 11 managers manager NNS privatebank-jpmorgan-com-8914 193 12 has have VBZ privatebank-jpmorgan-com-8914 193 13 narrowed narrow VBN privatebank-jpmorgan-com-8914 193 14 and and CC privatebank-jpmorgan-com-8914 193 15 bottom bottom NN privatebank-jpmorgan-com-8914 193 16 quartile quartile NNP privatebank-jpmorgan-com-8914 193 17 VC VC NNP privatebank-jpmorgan-com-8914 193 18 manager manager NN privatebank-jpmorgan-com-8914 193 19 underperformance underperformance NNP privatebank-jpmorgan-com-8914 193 20 vs vs NNP privatebank-jpmorgan-com-8914 193 21 public public JJ privatebank-jpmorgan-com-8914 193 22 equity equity NN privatebank-jpmorgan-com-8914 193 23 is be VBZ privatebank-jpmorgan-com-8914 193 24 very very RB privatebank-jpmorgan-com-8914 193 25 modest modest JJ privatebank-jpmorgan-com-8914 193 26 . . . privatebank-jpmorgan-com-8914 194 1 To to TO privatebank-jpmorgan-com-8914 194 2 be be VB privatebank-jpmorgan-com-8914 194 3 frank frank JJ privatebank-jpmorgan-com-8914 194 4 , , , privatebank-jpmorgan-com-8914 194 5 I -PRON- PRP privatebank-jpmorgan-com-8914 194 6 was be VBD privatebank-jpmorgan-com-8914 194 7 expecting expect VBG privatebank-jpmorgan-com-8914 194 8 much much RB privatebank-jpmorgan-com-8914 194 9 worse bad JJR privatebank-jpmorgan-com-8914 194 10 from from IN privatebank-jpmorgan-com-8914 194 11 bottom bottom JJ privatebank-jpmorgan-com-8914 194 12 quartile quartile NNP privatebank-jpmorgan-com-8914 194 13 VC VC NNP privatebank-jpmorgan-com-8914 194 14 managers manager NNS privatebank-jpmorgan-com-8914 194 15 . . . privatebank-jpmorgan-com-8914 195 1 0.8 0.8 CD privatebank-jpmorgan-com-8914 195 2 1.0 1.0 CD privatebank-jpmorgan-com-8914 195 3 1.2 1.2 CD privatebank-jpmorgan-com-8914 195 4 1.4 1.4 CD privatebank-jpmorgan-com-8914 195 5 1.6 1.6 CD privatebank-jpmorgan-com-8914 195 6 1.8 1.8 CD privatebank-jpmorgan-com-8914 195 7 2.0 2.0 CD privatebank-jpmorgan-com-8914 195 8 2.2 2.2 CD privatebank-jpmorgan-com-8914 195 9 2.4 2.4 CD privatebank-jpmorgan-com-8914 195 10 2004 2004 CD privatebank-jpmorgan-com-8914 195 11 2006 2006 CD privatebank-jpmorgan-com-8914 195 12 2008 2008 CD privatebank-jpmorgan-com-8914 195 13 2010 2010 CD privatebank-jpmorgan-com-8914 195 14 2012 2012 CD privatebank-jpmorgan-com-8914 195 15 2014 2014 CD privatebank-jpmorgan-com-8914 195 16 2016 2016 CD privatebank-jpmorgan-com-8914 195 17 vs vs IN privatebank-jpmorgan-com-8914 195 18 Russell Russell NNP privatebank-jpmorgan-com-8914 195 19 Microcap Microcap NNP privatebank-jpmorgan-com-8914 195 20 vs vs IN privatebank-jpmorgan-com-8914 195 21 Russell Russell NNP privatebank-jpmorgan-com-8914 195 22 2000 2000 CD privatebank-jpmorgan-com-8914 195 23 vs vs IN privatebank-jpmorgan-com-8914 195 24 S&P S&P NNP privatebank-jpmorgan-com-8914 195 25 500 500 CD privatebank-jpmorgan-com-8914 195 26 US US NNP privatebank-jpmorgan-com-8914 195 27 venture venture NN privatebank-jpmorgan-com-8914 195 28 capital capital NN privatebank-jpmorgan-com-8914 195 29 AVERAGE average JJ privatebank-jpmorgan-com-8914 195 30 PMEs pme NNS privatebank-jpmorgan-com-8914 195 31 by by IN privatebank-jpmorgan-com-8914 195 32 benchmark benchmark JJ privatebank-jpmorgan-com-8914 195 33 PME pme NN privatebank-jpmorgan-com-8914 195 34 ratio ratio NN privatebank-jpmorgan-com-8914 195 35 Source Source NNP privatebank-jpmorgan-com-8914 195 36 : : : privatebank-jpmorgan-com-8914 195 37 Steve Steve NNP privatebank-jpmorgan-com-8914 195 38 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 195 39 ( ( -LRB- privatebank-jpmorgan-com-8914 195 40 Chicago Chicago NNP privatebank-jpmorgan-com-8914 195 41 Booth Booth NNP privatebank-jpmorgan-com-8914 195 42 ) ) -RRB- privatebank-jpmorgan-com-8914 195 43 and and CC privatebank-jpmorgan-com-8914 195 44 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 195 45 . . . privatebank-jpmorgan-com-8914 196 1 2020 2020 CD privatebank-jpmorgan-com-8914 196 2 . . . privatebank-jpmorgan-com-8914 197 1 0.5 0.5 CD privatebank-jpmorgan-com-8914 197 2 0.6 0.6 CD privatebank-jpmorgan-com-8914 197 3 0.7 0.7 CD privatebank-jpmorgan-com-8914 197 4 0.8 0.8 CD privatebank-jpmorgan-com-8914 197 5 0.9 0.9 CD privatebank-jpmorgan-com-8914 197 6 1.0 1.0 CD privatebank-jpmorgan-com-8914 197 7 1.1 1.1 CD privatebank-jpmorgan-com-8914 197 8 1.2 1.2 CD privatebank-jpmorgan-com-8914 197 9 1.3 1.3 CD privatebank-jpmorgan-com-8914 197 10 1.4 1.4 CD privatebank-jpmorgan-com-8914 197 11 1.5 1.5 CD privatebank-jpmorgan-com-8914 197 12 1.6 1.6 CD privatebank-jpmorgan-com-8914 197 13 2004 2004 CD privatebank-jpmorgan-com-8914 197 14 2006 2006 CD privatebank-jpmorgan-com-8914 197 15 2008 2008 CD privatebank-jpmorgan-com-8914 197 16 2010 2010 CD privatebank-jpmorgan-com-8914 197 17 2012 2012 CD privatebank-jpmorgan-com-8914 197 18 2014 2014 CD privatebank-jpmorgan-com-8914 197 19 2016 2016 CD privatebank-jpmorgan-com-8914 197 20 vs vs IN privatebank-jpmorgan-com-8914 197 21 Russell Russell NNP privatebank-jpmorgan-com-8914 197 22 Microcap Microcap NNP privatebank-jpmorgan-com-8914 197 23 vs vs IN privatebank-jpmorgan-com-8914 197 24 Russell Russell NNP privatebank-jpmorgan-com-8914 197 25 2000 2000 CD privatebank-jpmorgan-com-8914 197 26 vs vs IN privatebank-jpmorgan-com-8914 197 27 S&P S&P NNP privatebank-jpmorgan-com-8914 197 28 500 500 CD privatebank-jpmorgan-com-8914 197 29 US US NNP privatebank-jpmorgan-com-8914 197 30 venture venture NN privatebank-jpmorgan-com-8914 197 31 capital capital NN privatebank-jpmorgan-com-8914 197 32 MEDIAN MEDIAN NNP privatebank-jpmorgan-com-8914 197 33 PMEs PMEs NNP privatebank-jpmorgan-com-8914 197 34 by by IN privatebank-jpmorgan-com-8914 197 35 benchmark benchmark JJ privatebank-jpmorgan-com-8914 197 36 PME pme NN privatebank-jpmorgan-com-8914 197 37 ratio ratio NN privatebank-jpmorgan-com-8914 197 38 Source Source NNP privatebank-jpmorgan-com-8914 197 39 : : : privatebank-jpmorgan-com-8914 197 40 Steve Steve NNP privatebank-jpmorgan-com-8914 197 41 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 197 42 ( ( -LRB- privatebank-jpmorgan-com-8914 197 43 Chicago Chicago NNP privatebank-jpmorgan-com-8914 197 44 Booth Booth NNP privatebank-jpmorgan-com-8914 197 45 ) ) -RRB- privatebank-jpmorgan-com-8914 197 46 and and CC privatebank-jpmorgan-com-8914 197 47 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 197 48 . . . privatebank-jpmorgan-com-8914 198 1 2020 2020 CD privatebank-jpmorgan-com-8914 198 2 . . . privatebank-jpmorgan-com-8914 199 1 0.0 0.0 CD privatebank-jpmorgan-com-8914 199 2 0.5 0.5 CD privatebank-jpmorgan-com-8914 199 3 1.0 1.0 CD privatebank-jpmorgan-com-8914 199 4 1.5 1.5 CD privatebank-jpmorgan-com-8914 199 5 2.0 2.0 CD privatebank-jpmorgan-com-8914 199 6 2004 2004 CD privatebank-jpmorgan-com-8914 199 7 2006 2006 CD privatebank-jpmorgan-com-8914 199 8 2008 2008 CD privatebank-jpmorgan-com-8914 199 9 2010 2010 CD privatebank-jpmorgan-com-8914 199 10 2012 2012 CD privatebank-jpmorgan-com-8914 199 11 2014 2014 CD privatebank-jpmorgan-com-8914 199 12 2016 2016 CD privatebank-jpmorgan-com-8914 199 13 Top top JJ privatebank-jpmorgan-com-8914 199 14 quartile quartile NN privatebank-jpmorgan-com-8914 199 15 Median Median NNP privatebank-jpmorgan-com-8914 199 16 Bottom Bottom NNP privatebank-jpmorgan-com-8914 199 17 quartile quartile VBP privatebank-jpmorgan-com-8914 199 18 US US NNP privatebank-jpmorgan-com-8914 199 19 venture venture NN privatebank-jpmorgan-com-8914 199 20 capital capital NN privatebank-jpmorgan-com-8914 199 21 PME PME NNP privatebank-jpmorgan-com-8914 199 22 quartile quartile NNP privatebank-jpmorgan-com-8914 199 23 by by IN privatebank-jpmorgan-com-8914 199 24 vintage vintage JJ privatebank-jpmorgan-com-8914 199 25 year year NN privatebank-jpmorgan-com-8914 199 26 PME pme NN privatebank-jpmorgan-com-8914 199 27 ratio ratio NN privatebank-jpmorgan-com-8914 199 28 vs vs IN privatebank-jpmorgan-com-8914 199 29 S&P S&P NNP privatebank-jpmorgan-com-8914 199 30 500 500 CD privatebank-jpmorgan-com-8914 199 31 Source source NN privatebank-jpmorgan-com-8914 199 32 : : : privatebank-jpmorgan-com-8914 199 33 Steve Steve NNP privatebank-jpmorgan-com-8914 199 34 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 199 35 ( ( -LRB- privatebank-jpmorgan-com-8914 199 36 Chicago Chicago NNP privatebank-jpmorgan-com-8914 199 37 Booth Booth NNP privatebank-jpmorgan-com-8914 199 38 ) ) -RRB- privatebank-jpmorgan-com-8914 199 39 and and CC privatebank-jpmorgan-com-8914 199 40 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 199 41 . . . privatebank-jpmorgan-com-8914 200 1 2020 2020 CD privatebank-jpmorgan-com-8914 200 2 . . . privatebank-jpmorgan-com-8914 201 1 0 0 CD privatebank-jpmorgan-com-8914 201 2 % % NN privatebank-jpmorgan-com-8914 201 3 10 10 CD privatebank-jpmorgan-com-8914 201 4 % % NN privatebank-jpmorgan-com-8914 201 5 20 20 CD privatebank-jpmorgan-com-8914 201 6 % % NN privatebank-jpmorgan-com-8914 201 7 30 30 CD privatebank-jpmorgan-com-8914 201 8 % % NN privatebank-jpmorgan-com-8914 201 9 40 40 CD privatebank-jpmorgan-com-8914 201 10 % % NN privatebank-jpmorgan-com-8914 201 11 50 50 CD privatebank-jpmorgan-com-8914 201 12 % % NN privatebank-jpmorgan-com-8914 201 13 60 60 CD privatebank-jpmorgan-com-8914 201 14 % % NN privatebank-jpmorgan-com-8914 201 15 70 70 CD privatebank-jpmorgan-com-8914 201 16 % % NN privatebank-jpmorgan-com-8914 201 17 80 80 CD privatebank-jpmorgan-com-8914 201 18 % % NN privatebank-jpmorgan-com-8914 201 19 90 90 CD privatebank-jpmorgan-com-8914 201 20 % % NN privatebank-jpmorgan-com-8914 201 21 100 100 CD privatebank-jpmorgan-com-8914 201 22 % % NN privatebank-jpmorgan-com-8914 201 23 ' ' CD privatebank-jpmorgan-com-8914 201 24 06 06 CD privatebank-jpmorgan-com-8914 201 25 ' ' CD privatebank-jpmorgan-com-8914 201 26 07 07 CD privatebank-jpmorgan-com-8914 201 27 ' ' CD privatebank-jpmorgan-com-8914 201 28 08 08 CD privatebank-jpmorgan-com-8914 201 29 ' ' CD privatebank-jpmorgan-com-8914 201 30 09 09 CD privatebank-jpmorgan-com-8914 201 31 ' ' CD privatebank-jpmorgan-com-8914 201 32 10 10 CD privatebank-jpmorgan-com-8914 201 33 ' ' CD privatebank-jpmorgan-com-8914 201 34 11 11 CD privatebank-jpmorgan-com-8914 201 35 ' ' CD privatebank-jpmorgan-com-8914 201 36 12 12 CD privatebank-jpmorgan-com-8914 201 37 ' ' CD privatebank-jpmorgan-com-8914 201 38 13 13 CD privatebank-jpmorgan-com-8914 201 39 ' ' CD privatebank-jpmorgan-com-8914 201 40 14 14 CD privatebank-jpmorgan-com-8914 201 41 ' ' CD privatebank-jpmorgan-com-8914 201 42 15 15 CD privatebank-jpmorgan-com-8914 201 43 ' ' CD privatebank-jpmorgan-com-8914 201 44 16 16 CD privatebank-jpmorgan-com-8914 201 45 ' ' POS privatebank-jpmorgan-com-8914 201 46 17 17 CD privatebank-jpmorgan-com-8914 201 47 ' ' CD privatebank-jpmorgan-com-8914 201 48 18 18 CD privatebank-jpmorgan-com-8914 201 49 ' ' CD privatebank-jpmorgan-com-8914 201 50 19 19 CD privatebank-jpmorgan-com-8914 201 51 ' ' CD privatebank-jpmorgan-com-8914 201 52 20 20 CD privatebank-jpmorgan-com-8914 201 53 ' ' CD privatebank-jpmorgan-com-8914 201 54 21 21 CD privatebank-jpmorgan-com-8914 201 55 < < XX privatebank-jpmorgan-com-8914 201 56 $ $ $ privatebank-jpmorgan-com-8914 201 57 1 1 CD privatebank-jpmorgan-com-8914 201 58 M m CD privatebank-jpmorgan-com-8914 201 59 $ $ $ privatebank-jpmorgan-com-8914 201 60 1M-$5 1m-$5 CD privatebank-jpmorgan-com-8914 201 61 M m CD privatebank-jpmorgan-com-8914 201 62 $ $ $ privatebank-jpmorgan-com-8914 201 63 5M-$10 5m-$10 NN privatebank-jpmorgan-com-8914 201 64 M m NN privatebank-jpmorgan-com-8914 201 65 $ $ $ privatebank-jpmorgan-com-8914 201 66 10M-$25 10m-$25 CD privatebank-jpmorgan-com-8914 201 67 M m CD privatebank-jpmorgan-com-8914 201 68 $ $ $ privatebank-jpmorgan-com-8914 201 69 25M-$50 25m-$50 CD privatebank-jpmorgan-com-8914 201 70 M m CD privatebank-jpmorgan-com-8914 201 71 $ $ $ privatebank-jpmorgan-com-8914 201 72 50M+ 50m+ CD privatebank-jpmorgan-com-8914 201 73 US US NNP privatebank-jpmorgan-com-8914 201 74 venture venture NN privatebank-jpmorgan-com-8914 201 75 capital capital NN privatebank-jpmorgan-com-8914 201 76 deals deal NNS privatebank-jpmorgan-com-8914 201 77 by by IN privatebank-jpmorgan-com-8914 201 78 size size NN privatebank-jpmorgan-com-8914 201 79 % % NN privatebank-jpmorgan-com-8914 201 80 of of IN privatebank-jpmorgan-com-8914 201 81 total total JJ privatebank-jpmorgan-com-8914 201 82 deal deal NN privatebank-jpmorgan-com-8914 201 83 value value NN privatebank-jpmorgan-com-8914 201 84 Source source NN privatebank-jpmorgan-com-8914 201 85 : : : privatebank-jpmorgan-com-8914 201 86 Pitchbook Pitchbook NNP privatebank-jpmorgan-com-8914 201 87 . . . privatebank-jpmorgan-com-8914 202 1 Q1 Q1 NNP privatebank-jpmorgan-com-8914 202 2 2021 2021 CD privatebank-jpmorgan-com-8914 202 3 . . . privatebank-jpmorgan-com-8914 202 4 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ '' privatebank-jpmorgan-com-8914 202 5 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 202 6 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 202 7 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 202 8 E e NN privatebank-jpmorgan-com-8914 202 9 Y y NN privatebank-jpmorgan-com-8914 202 10 E e NN privatebank-jpmorgan-com-8914 202 11 O o NN privatebank-jpmorgan-com-8914 202 12 N n NN privatebank-jpmorgan-com-8914 202 13 T t NN privatebank-jpmorgan-com-8914 202 14 H h NN privatebank-jpmorgan-com-8914 202 15 E e NN privatebank-jpmorgan-com-8914 202 16 M m NN privatebank-jpmorgan-com-8914 202 17 A a NN privatebank-jpmorgan-com-8914 202 18 R r NN privatebank-jpmorgan-com-8914 202 19 K k NN privatebank-jpmorgan-com-8914 202 20 E e NN privatebank-jpmorgan-com-8914 202 21 T t NN privatebank-jpmorgan-com-8914 202 22 • • NN privatebank-jpmorgan-com-8914 202 23 M m NN privatebank-jpmorgan-com-8914 202 24 I i NN privatebank-jpmorgan-com-8914 202 25 C c NN privatebank-jpmorgan-com-8914 202 26 H h NN privatebank-jpmorgan-com-8914 202 27 A a NN privatebank-jpmorgan-com-8914 202 28 E e NN privatebank-jpmorgan-com-8914 202 29 L l NN privatebank-jpmorgan-com-8914 202 30 C c NN privatebank-jpmorgan-com-8914 202 31 E e NN privatebank-jpmorgan-com-8914 202 32 M m NN privatebank-jpmorgan-com-8914 202 33 B B NNP privatebank-jpmorgan-com-8914 202 34 A A NNP privatebank-jpmorgan-com-8914 202 35 L l NN privatebank-jpmorgan-com-8914 202 36 E e NN privatebank-jpmorgan-com-8914 202 37 S s NN privatebank-jpmorgan-com-8914 202 38 T t NN privatebank-jpmorgan-com-8914 202 39 • • NN privatebank-jpmorgan-com-8914 202 40 J J NNP privatebank-jpmorgan-com-8914 202 41 . . . privatebank-jpmorgan-com-8914 203 1 P p NN privatebank-jpmorgan-com-8914 203 2 . . . privatebank-jpmorgan-com-8914 204 1 M M NNP privatebank-jpmorgan-com-8914 204 2 O o NN privatebank-jpmorgan-com-8914 204 3 R r NN privatebank-jpmorgan-com-8914 204 4 G g NN privatebank-jpmorgan-com-8914 204 5 A a NN privatebank-jpmorgan-com-8914 204 6 N n NN privatebank-jpmorgan-com-8914 204 7 A a NN privatebank-jpmorgan-com-8914 204 8 c c NN privatebank-jpmorgan-com-8914 204 9 c c NN privatebank-jpmorgan-com-8914 204 10 e e NNP privatebank-jpmorgan-com-8914 204 11 s s NNP privatebank-jpmorgan-com-8914 204 12 s s NNP privatebank-jpmorgan-com-8914 204 13 o o NNP privatebank-jpmorgan-com-8914 204 14 u u NNP privatebank-jpmorgan-com-8914 204 15 r r NNP privatebank-jpmorgan-com-8914 204 16 f f NNP privatebank-jpmorgan-com-8914 204 17 u u NNP privatebank-jpmorgan-com-8914 204 18 l l NNP privatebank-jpmorgan-com-8914 204 19 l l NNP privatebank-jpmorgan-com-8914 204 20 c c NNP privatebank-jpmorgan-com-8914 204 21 o o NN privatebank-jpmorgan-com-8914 204 22 r r NN privatebank-jpmorgan-com-8914 204 23 o o NN privatebank-jpmorgan-com-8914 204 24 n n CC privatebank-jpmorgan-com-8914 204 25 a a NN privatebank-jpmorgan-com-8914 204 26 v v NN privatebank-jpmorgan-com-8914 204 27 i i NN privatebank-jpmorgan-com-8914 204 28 r r NNP privatebank-jpmorgan-com-8914 204 29 u u NNP privatebank-jpmorgan-com-8914 204 30 s s NNP privatebank-jpmorgan-com-8914 204 31 a a NNP privatebank-jpmorgan-com-8914 204 32 n n NNP privatebank-jpmorgan-com-8914 204 33 a a DT privatebank-jpmorgan-com-8914 204 34 l l NN privatebank-jpmorgan-com-8914 204 35 y y NNP privatebank-jpmorgan-com-8914 204 36 s s NNP privatebank-jpmorgan-com-8914 204 37 i i NNP privatebank-jpmorgan-com-8914 204 38 s s NNP privatebank-jpmorgan-com-8914 204 39 w w NNP privatebank-jpmorgan-com-8914 204 40 e e NNP privatebank-jpmorgan-com-8914 204 41 b b NNP privatebank-jpmorgan-com-8914 204 42 p p NN privatebank-jpmorgan-com-8914 204 43 o o NN privatebank-jpmorgan-com-8914 204 44 r r NN privatebank-jpmorgan-com-8914 204 45 t t NN privatebank-jpmorgan-com-8914 204 46 a a DT privatebank-jpmorgan-com-8914 204 47 l l NN privatebank-jpmorgan-com-8914 204 48 h h NN privatebank-jpmorgan-com-8914 204 49 e e NN privatebank-jpmorgan-com-8914 204 50 r r NN privatebank-jpmorgan-com-8914 204 51 e e NNP privatebank-jpmorgan-com-8914 204 52 J J NNP privatebank-jpmorgan-com-8914 204 53 u u NNP privatebank-jpmorgan-com-8914 204 54 n n NNP privatebank-jpmorgan-com-8914 204 55 e e NNP privatebank-jpmorgan-com-8914 204 56 2 2 CD privatebank-jpmorgan-com-8914 204 57 8 8 CD privatebank-jpmorgan-com-8914 204 58 , , , privatebank-jpmorgan-com-8914 204 59 2 2 CD privatebank-jpmorgan-com-8914 204 60 0 0 CD privatebank-jpmorgan-com-8914 204 61 2 2 CD privatebank-jpmorgan-com-8914 204 62 1 1 CD privatebank-jpmorgan-com-8914 204 63 12 12 CD privatebank-jpmorgan-com-8914 204 64 How how WRB privatebank-jpmorgan-com-8914 204 65 are be VBP privatebank-jpmorgan-com-8914 204 66 gains gain NNS privatebank-jpmorgan-com-8914 204 67 on on IN privatebank-jpmorgan-com-8914 204 68 venture venture NN privatebank-jpmorgan-com-8914 204 69 - - HYPH privatebank-jpmorgan-com-8914 204 70 backed back VBN privatebank-jpmorgan-com-8914 204 71 companies company NNS privatebank-jpmorgan-com-8914 204 72 split split VBN privatebank-jpmorgan-com-8914 204 73 between between IN privatebank-jpmorgan-com-8914 204 74 VC VC NNP privatebank-jpmorgan-com-8914 204 75 investors investor NNS privatebank-jpmorgan-com-8914 204 76 and and CC privatebank-jpmorgan-com-8914 204 77 post post JJ privatebank-jpmorgan-com-8914 204 78 - - JJ privatebank-jpmorgan-com-8914 204 79 IPO ipo JJ privatebank-jpmorgan-com-8914 204 80 investors investor NNS privatebank-jpmorgan-com-8914 204 81 ? ? . privatebank-jpmorgan-com-8914 205 1 One one CD privatebank-jpmorgan-com-8914 205 2 of of IN privatebank-jpmorgan-com-8914 205 3 the the DT privatebank-jpmorgan-com-8914 205 4 other other JJ privatebank-jpmorgan-com-8914 205 5 “ " `` privatebank-jpmorgan-com-8914 205 6 food food NN privatebank-jpmorgan-com-8914 205 7 fight fight NN privatebank-jpmorgan-com-8914 205 8 ” " '' privatebank-jpmorgan-com-8914 205 9 debates debate VBZ privatebank-jpmorgan-com-8914 205 10 relates relate VBZ privatebank-jpmorgan-com-8914 205 11 to to IN privatebank-jpmorgan-com-8914 205 12 pricing pricing NN privatebank-jpmorgan-com-8914 205 13 of of IN privatebank-jpmorgan-com-8914 205 14 venture venture NN privatebank-jpmorgan-com-8914 205 15 - - HYPH privatebank-jpmorgan-com-8914 205 16 backed back VBN privatebank-jpmorgan-com-8914 205 17 companies company NNS privatebank-jpmorgan-com-8914 205 18 that that WDT privatebank-jpmorgan-com-8914 205 19 go go VBP privatebank-jpmorgan-com-8914 205 20 public public JJ privatebank-jpmorgan-com-8914 205 21 . . . privatebank-jpmorgan-com-8914 206 1 In in IN privatebank-jpmorgan-com-8914 206 2 other other JJ privatebank-jpmorgan-com-8914 206 3 words word NNS privatebank-jpmorgan-com-8914 206 4 , , , privatebank-jpmorgan-com-8914 206 5 do do VBP privatebank-jpmorgan-com-8914 206 6 venture venture NN privatebank-jpmorgan-com-8914 206 7 investors investor NNS privatebank-jpmorgan-com-8914 206 8 reap reap VB privatebank-jpmorgan-com-8914 206 9 the the DT privatebank-jpmorgan-com-8914 206 10 majority majority NN privatebank-jpmorgan-com-8914 206 11 of of IN privatebank-jpmorgan-com-8914 206 12 the the DT privatebank-jpmorgan-com-8914 206 13 benefits benefit NNS privatebank-jpmorgan-com-8914 206 14 , , , privatebank-jpmorgan-com-8914 206 15 leaving leave VBG privatebank-jpmorgan-com-8914 206 16 public public JJ privatebank-jpmorgan-com-8914 206 17 market market NN privatebank-jpmorgan-com-8914 206 18 equity equity NN privatebank-jpmorgan-com-8914 206 19 investors investor NNS privatebank-jpmorgan-com-8914 206 20 “ " `` privatebank-jpmorgan-com-8914 206 21 holding hold VBG privatebank-jpmorgan-com-8914 206 22 the the DT privatebank-jpmorgan-com-8914 206 23 bag bag NN privatebank-jpmorgan-com-8914 206 24 ” " '' privatebank-jpmorgan-com-8914 206 25 ? ? . privatebank-jpmorgan-com-8914 207 1 Actually actually RB privatebank-jpmorgan-com-8914 207 2 , , , privatebank-jpmorgan-com-8914 207 3 the the DT privatebank-jpmorgan-com-8914 207 4 reverse reverse NN privatebank-jpmorgan-com-8914 207 5 has have VBZ privatebank-jpmorgan-com-8914 207 6 been be VBN privatebank-jpmorgan-com-8914 207 7 true true JJ privatebank-jpmorgan-com-8914 207 8 over over IN privatebank-jpmorgan-com-8914 207 9 the the DT privatebank-jpmorgan-com-8914 207 10 last last JJ privatebank-jpmorgan-com-8914 207 11 decade decade NN privatebank-jpmorgan-com-8914 207 12 when when WRB privatebank-jpmorgan-com-8914 207 13 measured measure VBN privatebank-jpmorgan-com-8914 207 14 in in IN privatebank-jpmorgan-com-8914 207 15 terms term NNS privatebank-jpmorgan-com-8914 207 16 of of IN privatebank-jpmorgan-com-8914 207 17 total total JJ privatebank-jpmorgan-com-8914 207 18 dollars dollar NNS privatebank-jpmorgan-com-8914 207 19 of of IN privatebank-jpmorgan-com-8914 207 20 value value NN privatebank-jpmorgan-com-8914 207 21 creation creation NN privatebank-jpmorgan-com-8914 207 22 accruing accrue VBG privatebank-jpmorgan-com-8914 207 23 to to TO privatebank-jpmorgan-com-8914 207 24 pre- pre- VB privatebank-jpmorgan-com-8914 207 25 and and CC privatebank-jpmorgan-com-8914 207 26 post post JJ privatebank-jpmorgan-com-8914 207 27 - - JJ privatebank-jpmorgan-com-8914 207 28 IPO ipo JJ privatebank-jpmorgan-com-8914 207 29 investors investor NNS privatebank-jpmorgan-com-8914 207 30 : : : privatebank-jpmorgan-com-8914 207 31 post post JJ privatebank-jpmorgan-com-8914 207 32 - - JJ privatebank-jpmorgan-com-8914 207 33 IPO ipo JJ privatebank-jpmorgan-com-8914 207 34 investor investor NN privatebank-jpmorgan-com-8914 207 35 gains gain NNS privatebank-jpmorgan-com-8914 207 36 have have VBP privatebank-jpmorgan-com-8914 207 37 often often RB privatebank-jpmorgan-com-8914 207 38 been be VBN privatebank-jpmorgan-com-8914 207 39 substantial substantial JJ privatebank-jpmorgan-com-8914 207 40 . . . privatebank-jpmorgan-com-8914 208 1 We -PRON- PRP privatebank-jpmorgan-com-8914 208 2 analyzed analyze VBD privatebank-jpmorgan-com-8914 208 3 all all DT privatebank-jpmorgan-com-8914 208 4 US US NNP privatebank-jpmorgan-com-8914 208 5 tech tech NN privatebank-jpmorgan-com-8914 208 6 , , , privatebank-jpmorgan-com-8914 208 7 internet internet NN privatebank-jpmorgan-com-8914 208 8 retailing retailing NN privatebank-jpmorgan-com-8914 208 9 and and CC privatebank-jpmorgan-com-8914 208 10 interactive interactive JJ privatebank-jpmorgan-com-8914 208 11 media medium NNS privatebank-jpmorgan-com-8914 208 12 IPOs ipo NNS privatebank-jpmorgan-com-8914 208 13 from from IN privatebank-jpmorgan-com-8914 208 14 2010 2010 CD privatebank-jpmorgan-com-8914 208 15 to to IN privatebank-jpmorgan-com-8914 208 16 2019 2019 CD privatebank-jpmorgan-com-8914 208 17 . . . privatebank-jpmorgan-com-8914 209 1 We -PRON- PRP privatebank-jpmorgan-com-8914 209 2 computed compute VBD privatebank-jpmorgan-com-8914 209 3 the the DT privatebank-jpmorgan-com-8914 209 4 total total JJ privatebank-jpmorgan-com-8914 209 5 value value NN privatebank-jpmorgan-com-8914 209 6 created create VBN privatebank-jpmorgan-com-8914 209 7 since since IN privatebank-jpmorgan-com-8914 209 8 each each DT privatebank-jpmorgan-com-8914 209 9 company company NN privatebank-jpmorgan-com-8914 209 10 ’s ’s POS privatebank-jpmorgan-com-8914 209 11 founding founding NN privatebank-jpmorgan-com-8914 209 12 , , , privatebank-jpmorgan-com-8914 209 13 from from IN privatebank-jpmorgan-com-8914 209 14 original original JJ privatebank-jpmorgan-com-8914 209 15 paid pay VBN privatebank-jpmorgan-com-8914 209 16 - - HYPH privatebank-jpmorgan-com-8914 209 17 in in RP privatebank-jpmorgan-com-8914 209 18 capital capital NN privatebank-jpmorgan-com-8914 209 19 by by IN privatebank-jpmorgan-com-8914 209 20 VCs vc NNS privatebank-jpmorgan-com-8914 209 21 to to IN privatebank-jpmorgan-com-8914 209 22 its -PRON- PRP$ privatebank-jpmorgan-com-8914 209 23 latest late JJS privatebank-jpmorgan-com-8914 209 24 market market NN privatebank-jpmorgan-com-8914 209 25 capitalization capitalization NN privatebank-jpmorgan-com-8914 209 26 . . . privatebank-jpmorgan-com-8914 210 1 We -PRON- PRP privatebank-jpmorgan-com-8914 210 2 then then RB privatebank-jpmorgan-com-8914 210 3 examined examine VBD privatebank-jpmorgan-com-8914 210 4 how how WRB privatebank-jpmorgan-com-8914 210 5 total total JJ privatebank-jpmorgan-com-8914 210 6 value value NN privatebank-jpmorgan-com-8914 210 7 creation creation NN privatebank-jpmorgan-com-8914 210 8 has have VBZ privatebank-jpmorgan-com-8914 210 9 accrued accrue VBN privatebank-jpmorgan-com-8914 210 10 to to TO privatebank-jpmorgan-com-8914 210 11 pre- pre- VB privatebank-jpmorgan-com-8914 210 12 and and CC privatebank-jpmorgan-com-8914 210 13 post post VB privatebank-jpmorgan-com-8914 210 14 - - JJ privatebank-jpmorgan-com-8914 210 15 IPO ipo JJ privatebank-jpmorgan-com-8914 210 16 investors6 investors6 NN privatebank-jpmorgan-com-8914 210 17 . . . privatebank-jpmorgan-com-8914 211 1 Sometimes sometimes RB privatebank-jpmorgan-com-8914 211 2 both both DT privatebank-jpmorgan-com-8914 211 3 investor investor NN privatebank-jpmorgan-com-8914 211 4 types type NNS privatebank-jpmorgan-com-8914 211 5 share share VBP privatebank-jpmorgan-com-8914 211 6 the the DT privatebank-jpmorgan-com-8914 211 7 gains gain NNS privatebank-jpmorgan-com-8914 211 8 , , , privatebank-jpmorgan-com-8914 211 9 and and CC privatebank-jpmorgan-com-8914 211 10 sometimes sometimes RB privatebank-jpmorgan-com-8914 211 11 one one CD privatebank-jpmorgan-com-8914 211 12 type type NN privatebank-jpmorgan-com-8914 211 13 accrues accrue VBZ privatebank-jpmorgan-com-8914 211 14 the the DT privatebank-jpmorgan-com-8914 211 15 vast vast JJ privatebank-jpmorgan-com-8914 211 16 majority majority NN privatebank-jpmorgan-com-8914 211 17 of of IN privatebank-jpmorgan-com-8914 211 18 the the DT privatebank-jpmorgan-com-8914 211 19 gains gain NNS privatebank-jpmorgan-com-8914 211 20 . . . privatebank-jpmorgan-com-8914 212 1 Pre pre JJ privatebank-jpmorgan-com-8914 212 2 - - JJ privatebank-jpmorgan-com-8914 212 3 IPO IPO NNP privatebank-jpmorgan-com-8914 212 4 investors investor NNS privatebank-jpmorgan-com-8914 212 5 earn earn VBP privatebank-jpmorgan-com-8914 212 6 the the DT privatebank-jpmorgan-com-8914 212 7 majority majority NN privatebank-jpmorgan-com-8914 212 8 of of IN privatebank-jpmorgan-com-8914 212 9 the the DT privatebank-jpmorgan-com-8914 212 10 pie pie NN privatebank-jpmorgan-com-8914 212 11 when when WRB privatebank-jpmorgan-com-8914 212 12 IPOs ipo VBZ privatebank-jpmorgan-com-8914 212 13 collapse collapse VBP privatebank-jpmorgan-com-8914 212 14 or or CC privatebank-jpmorgan-com-8914 212 15 flat flat JJ privatebank-jpmorgan-com-8914 212 16 - - HYPH privatebank-jpmorgan-com-8914 212 17 line line NN privatebank-jpmorgan-com-8914 212 18 after after IN privatebank-jpmorgan-com-8914 212 19 being be VBG privatebank-jpmorgan-com-8914 212 20 issued issue VBN privatebank-jpmorgan-com-8914 212 21 , , , privatebank-jpmorgan-com-8914 212 22 and and CC privatebank-jpmorgan-com-8914 212 23 post post JJ privatebank-jpmorgan-com-8914 212 24 - - JJ privatebank-jpmorgan-com-8914 212 25 IPO ipo JJ privatebank-jpmorgan-com-8914 212 26 investors investor NNS privatebank-jpmorgan-com-8914 212 27 reap reap VBP privatebank-jpmorgan-com-8914 212 28 the the DT privatebank-jpmorgan-com-8914 212 29 majority majority NN privatebank-jpmorgan-com-8914 212 30 of of IN privatebank-jpmorgan-com-8914 212 31 the the DT privatebank-jpmorgan-com-8914 212 32 pie pie NN privatebank-jpmorgan-com-8914 212 33 when when WRB privatebank-jpmorgan-com-8914 212 34 IPOs ipo NNS privatebank-jpmorgan-com-8914 212 35 appreciate appreciate VBP privatebank-jpmorgan-com-8914 212 36 substantially substantially RB privatebank-jpmorgan-com-8914 212 37 after after IN privatebank-jpmorgan-com-8914 212 38 being be VBG privatebank-jpmorgan-com-8914 212 39 issued issue VBN privatebank-jpmorgan-com-8914 212 40 . . . privatebank-jpmorgan-com-8914 213 1 There there EX privatebank-jpmorgan-com-8914 213 2 are be VBP privatebank-jpmorgan-com-8914 213 3 three three CD privatebank-jpmorgan-com-8914 213 4 general general JJ privatebank-jpmorgan-com-8914 213 5 regions region NNS privatebank-jpmorgan-com-8914 213 6 in in IN privatebank-jpmorgan-com-8914 213 7 the the DT privatebank-jpmorgan-com-8914 213 8 chart chart NN privatebank-jpmorgan-com-8914 213 9 . . . privatebank-jpmorgan-com-8914 214 1 As as IN privatebank-jpmorgan-com-8914 214 2 you -PRON- PRP privatebank-jpmorgan-com-8914 214 3 can can MD privatebank-jpmorgan-com-8914 214 4 see see VB privatebank-jpmorgan-com-8914 214 5 , , , privatebank-jpmorgan-com-8914 214 6 the the DT privatebank-jpmorgan-com-8914 214 7 vast vast JJ privatebank-jpmorgan-com-8914 214 8 majority majority NN privatebank-jpmorgan-com-8914 214 9 of of IN privatebank-jpmorgan-com-8914 214 10 the the DT privatebank-jpmorgan-com-8914 214 11 165 165 CD privatebank-jpmorgan-com-8914 214 12 IPOs ipo NNS privatebank-jpmorgan-com-8914 214 13 analyzed analyze VBN privatebank-jpmorgan-com-8914 214 14 resulted result VBD privatebank-jpmorgan-com-8914 214 15 in in IN privatebank-jpmorgan-com-8914 214 16 a a DT privatebank-jpmorgan-com-8914 214 17 large large JJ privatebank-jpmorgan-com-8914 214 18 share share NN privatebank-jpmorgan-com-8914 214 19 of of IN privatebank-jpmorgan-com-8914 214 20 the the DT privatebank-jpmorgan-com-8914 214 21 total total JJ privatebank-jpmorgan-com-8914 214 22 value value NN privatebank-jpmorgan-com-8914 214 23 creation creation NN privatebank-jpmorgan-com-8914 214 24 accruing accrue VBG privatebank-jpmorgan-com-8914 214 25 to to IN privatebank-jpmorgan-com-8914 214 26 public public JJ privatebank-jpmorgan-com-8914 214 27 market market NN privatebank-jpmorgan-com-8914 214 28 equity equity NN privatebank-jpmorgan-com-8914 214 29 investors investor NNS privatebank-jpmorgan-com-8914 214 30 ; ; : privatebank-jpmorgan-com-8914 214 31 nevertheless nevertheless RB privatebank-jpmorgan-com-8914 214 32 , , , privatebank-jpmorgan-com-8914 214 33 there there EX privatebank-jpmorgan-com-8914 214 34 were be VBD privatebank-jpmorgan-com-8914 214 35 some some DT privatebank-jpmorgan-com-8914 214 36 painful painful JJ privatebank-jpmorgan-com-8914 214 37 exceptions exception NNS privatebank-jpmorgan-com-8914 214 38 ( ( -LRB- privatebank-jpmorgan-com-8914 214 39 see see VB privatebank-jpmorgan-com-8914 214 40 lower low JJR privatebank-jpmorgan-com-8914 214 41 left leave VBN privatebank-jpmorgan-com-8914 214 42 region region NN privatebank-jpmorgan-com-8914 214 43 on on IN privatebank-jpmorgan-com-8914 214 44 the the DT privatebank-jpmorgan-com-8914 214 45 chart chart NN privatebank-jpmorgan-com-8914 214 46 ) ) -RRB- privatebank-jpmorgan-com-8914 214 47 . . . privatebank-jpmorgan-com-8914 215 1 Pre pre JJ privatebank-jpmorgan-com-8914 215 2 - - JJ privatebank-jpmorgan-com-8914 215 3 IPO IPO NNP privatebank-jpmorgan-com-8914 215 4 investors investor NNS privatebank-jpmorgan-com-8914 215 5 earned earn VBD privatebank-jpmorgan-com-8914 215 6 all all DT privatebank-jpmorgan-com-8914 215 7 or or CC privatebank-jpmorgan-com-8914 215 8 practically practically RB privatebank-jpmorgan-com-8914 215 9 all all DT privatebank-jpmorgan-com-8914 215 10 of of IN privatebank-jpmorgan-com-8914 215 11 the the DT privatebank-jpmorgan-com-8914 215 12 value value NN privatebank-jpmorgan-com-8914 215 13 that that WDT privatebank-jpmorgan-com-8914 215 14 was be VBD privatebank-jpmorgan-com-8914 215 15 created create VBN privatebank-jpmorgan-com-8914 215 16 , , , privatebank-jpmorgan-com-8914 215 17 leaving leave VBG privatebank-jpmorgan-com-8914 215 18 public public JJ privatebank-jpmorgan-com-8914 215 19 market market NN privatebank-jpmorgan-com-8914 215 20 investors investor NNS privatebank-jpmorgan-com-8914 215 21 with with IN privatebank-jpmorgan-com-8914 215 22 losses loss NNS privatebank-jpmorgan-com-8914 215 23 or or CC privatebank-jpmorgan-com-8914 215 24 no no DT privatebank-jpmorgan-com-8914 215 25 gains gain NNS privatebank-jpmorgan-com-8914 215 26 Pre Pre NNP privatebank-jpmorgan-com-8914 215 27 - - NNP privatebank-jpmorgan-com-8914 215 28 IPO IPO NNP privatebank-jpmorgan-com-8914 215 29 and and CC privatebank-jpmorgan-com-8914 215 30 Post Post NNP privatebank-jpmorgan-com-8914 215 31 - - NNP privatebank-jpmorgan-com-8914 215 32 IPO IPO NNP privatebank-jpmorgan-com-8914 215 33 investors investor NNS privatebank-jpmorgan-com-8914 215 34 shared share VBD privatebank-jpmorgan-com-8914 215 35 the the DT privatebank-jpmorgan-com-8914 215 36 total total JJ privatebank-jpmorgan-com-8914 215 37 value value NN privatebank-jpmorgan-com-8914 215 38 creation creation NN privatebank-jpmorgan-com-8914 215 39 Post Post NNP privatebank-jpmorgan-com-8914 215 40 - - NNP privatebank-jpmorgan-com-8914 215 41 IPO IPO NNP privatebank-jpmorgan-com-8914 215 42 investors investor NNS privatebank-jpmorgan-com-8914 215 43 earned earn VBD privatebank-jpmorgan-com-8914 215 44 the the DT privatebank-jpmorgan-com-8914 215 45 vast vast JJ privatebank-jpmorgan-com-8914 215 46 majority majority NN privatebank-jpmorgan-com-8914 215 47 of of IN privatebank-jpmorgan-com-8914 215 48 total total JJ privatebank-jpmorgan-com-8914 215 49 value value NN privatebank-jpmorgan-com-8914 215 50 creation creation NN privatebank-jpmorgan-com-8914 215 51 Rocket rocket NN privatebank-jpmorgan-com-8914 215 52 Fuel Fuel NNP privatebank-jpmorgan-com-8914 215 53 Quotient Quotient NNP privatebank-jpmorgan-com-8914 215 54 Groupon groupon NN privatebank-jpmorgan-com-8914 215 55 Green Green NNP privatebank-jpmorgan-com-8914 215 56 Sky Sky NNP privatebank-jpmorgan-com-8914 215 57 Blue Blue NNP privatebank-jpmorgan-com-8914 215 58 Apron Apron NNP privatebank-jpmorgan-com-8914 215 59 SolarWinds SolarWinds NNP privatebank-jpmorgan-com-8914 215 60 Sabre Sabre NNP privatebank-jpmorgan-com-8914 215 61 Eventbrite Eventbrite NNP privatebank-jpmorgan-com-8914 215 62 The the DT privatebank-jpmorgan-com-8914 215 63 RealReal RealReal NNP privatebank-jpmorgan-com-8914 215 64 Dropbox Dropbox NNP privatebank-jpmorgan-com-8914 215 65 Switch Switch NNP privatebank-jpmorgan-com-8914 215 66 Surveym Surveym NNP privatebank-jpmorgan-com-8914 215 67 onkey onkey NN privatebank-jpmorgan-com-8914 215 68 Yelp Yelp NNP privatebank-jpmorgan-com-8914 215 69 Twitter Twitter NNP privatebank-jpmorgan-com-8914 215 70 DataDog DataDog NNP privatebank-jpmorgan-com-8914 215 71 Pinterest Pinterest NNP privatebank-jpmorgan-com-8914 215 72 LinkedIn LinkedIn NNP privatebank-jpmorgan-com-8914 215 73 Chewy chewy NN privatebank-jpmorgan-com-8914 215 74 Cloudflare cloudflare NN privatebank-jpmorgan-com-8914 215 75 Zoom Zoom NNP privatebank-jpmorgan-com-8914 215 76 CrowdStrike CrowdStrike NNP privatebank-jpmorgan-com-8914 215 77 Snap snap VB privatebank-jpmorgan-com-8914 215 78 DocuSign DocuSign NNP privatebank-jpmorgan-com-8914 215 79 Facebook Facebook NNP privatebank-jpmorgan-com-8914 215 80 Square Square NNP privatebank-jpmorgan-com-8914 215 81 First First NNP privatebank-jpmorgan-com-8914 215 82 Data Data NNP privatebank-jpmorgan-com-8914 215 83 -50 -50 NNP privatebank-jpmorgan-com-8914 215 84 % % NN privatebank-jpmorgan-com-8914 215 85 -25 -25 HYPH privatebank-jpmorgan-com-8914 215 86 % % NN privatebank-jpmorgan-com-8914 215 87 0 0 CD privatebank-jpmorgan-com-8914 215 88 % % NN privatebank-jpmorgan-com-8914 215 89 25 25 CD privatebank-jpmorgan-com-8914 215 90 % % NN privatebank-jpmorgan-com-8914 215 91 50 50 CD privatebank-jpmorgan-com-8914 215 92 % % NN privatebank-jpmorgan-com-8914 215 93 75 75 CD privatebank-jpmorgan-com-8914 215 94 % % NN privatebank-jpmorgan-com-8914 215 95 100 100 CD privatebank-jpmorgan-com-8914 215 96 % % NN privatebank-jpmorgan-com-8914 215 97 125 125 CD privatebank-jpmorgan-com-8914 215 98 % % NN privatebank-jpmorgan-com-8914 215 99 150%-50 150%-50 CD privatebank-jpmorgan-com-8914 215 100 % % NN privatebank-jpmorgan-com-8914 215 101 -25 -25 HYPH privatebank-jpmorgan-com-8914 215 102 % % NN privatebank-jpmorgan-com-8914 215 103 0 0 CD privatebank-jpmorgan-com-8914 215 104 % % NN privatebank-jpmorgan-com-8914 215 105 25 25 CD privatebank-jpmorgan-com-8914 215 106 % % NN privatebank-jpmorgan-com-8914 215 107 50 50 CD privatebank-jpmorgan-com-8914 215 108 % % NN privatebank-jpmorgan-com-8914 215 109 75 75 CD privatebank-jpmorgan-com-8914 215 110 % % NN privatebank-jpmorgan-com-8914 215 111 100 100 CD privatebank-jpmorgan-com-8914 215 112 % % NN privatebank-jpmorgan-com-8914 215 113 125 125 CD privatebank-jpmorgan-com-8914 215 114 % % NN privatebank-jpmorgan-com-8914 215 115 150 150 CD privatebank-jpmorgan-com-8914 215 116 % % NN privatebank-jpmorgan-com-8914 215 117 Value value NN privatebank-jpmorgan-com-8914 215 118 creation creation NN privatebank-jpmorgan-com-8914 215 119 in in IN privatebank-jpmorgan-com-8914 215 120 pre pre JJ privatebank-jpmorgan-com-8914 215 121 - - NN privatebank-jpmorgan-com-8914 215 122 IPO ipo JJ privatebank-jpmorgan-com-8914 215 123 and and CC privatebank-jpmorgan-com-8914 215 124 post post JJ privatebank-jpmorgan-com-8914 215 125 - - JJ privatebank-jpmorgan-com-8914 215 126 IPO ipo JJ privatebank-jpmorgan-com-8914 215 127 markets market NNS privatebank-jpmorgan-com-8914 215 128 Tech Tech NNP privatebank-jpmorgan-com-8914 215 129 , , , privatebank-jpmorgan-com-8914 215 130 internet internet NN privatebank-jpmorgan-com-8914 215 131 retailing retailing NN privatebank-jpmorgan-com-8914 215 132 and and CC privatebank-jpmorgan-com-8914 215 133 interactive interactive JJ privatebank-jpmorgan-com-8914 215 134 media medium NNS privatebank-jpmorgan-com-8914 215 135 IPOs ipo NNS privatebank-jpmorgan-com-8914 215 136 from from IN privatebank-jpmorgan-com-8914 215 137 2010 2010 CD privatebank-jpmorgan-com-8914 215 138 - - SYM privatebank-jpmorgan-com-8914 215 139 2019 2019 CD privatebank-jpmorgan-com-8914 215 140 ( ( -LRB- privatebank-jpmorgan-com-8914 215 141 N n NN privatebank-jpmorgan-com-8914 215 142 = = SYM privatebank-jpmorgan-com-8914 215 143 165 165 CD privatebank-jpmorgan-com-8914 215 144 ) ) -RRB- privatebank-jpmorgan-com-8914 215 145 % % NN privatebank-jpmorgan-com-8914 215 146 of of IN privatebank-jpmorgan-com-8914 215 147 value value NN privatebank-jpmorgan-com-8914 215 148 created create VBN privatebank-jpmorgan-com-8914 215 149 post post JJ privatebank-jpmorgan-com-8914 215 150 - - JJ privatebank-jpmorgan-com-8914 215 151 IPO ipo JJ privatebank-jpmorgan-com-8914 215 152 % % NN privatebank-jpmorgan-com-8914 215 153 of of IN privatebank-jpmorgan-com-8914 215 154 value value NN privatebank-jpmorgan-com-8914 215 155 created create VBN privatebank-jpmorgan-com-8914 215 156 pre pre JJ privatebank-jpmorgan-com-8914 215 157 - - JJ privatebank-jpmorgan-com-8914 215 158 IPO ipo JJ privatebank-jpmorgan-com-8914 215 159 Source source NN privatebank-jpmorgan-com-8914 215 160 : : : privatebank-jpmorgan-com-8914 215 161 PitchBook PitchBook NNP privatebank-jpmorgan-com-8914 215 162 , , , privatebank-jpmorgan-com-8914 215 163 Bloomberg Bloomberg NNP privatebank-jpmorgan-com-8914 215 164 , , , privatebank-jpmorgan-com-8914 215 165 JPMAM JPMAM NNP privatebank-jpmorgan-com-8914 215 166 . . . privatebank-jpmorgan-com-8914 216 1 2020 2020 CD privatebank-jpmorgan-com-8914 216 2 . . . privatebank-jpmorgan-com-8914 217 1 Total total JJ privatebank-jpmorgan-com-8914 217 2 value value NN privatebank-jpmorgan-com-8914 217 3 creation creation NN privatebank-jpmorgan-com-8914 217 4 measured measure VBN privatebank-jpmorgan-com-8914 217 5 as as IN privatebank-jpmorgan-com-8914 217 6 market market NN privatebank-jpmorgan-com-8914 217 7 capitalization capitalization NN privatebank-jpmorgan-com-8914 217 8 less less RBR privatebank-jpmorgan-com-8914 217 9 pre pre JJ privatebank-jpmorgan-com-8914 217 10 - - JJ privatebank-jpmorgan-com-8914 217 11 IPO ipo JJ privatebank-jpmorgan-com-8914 217 12 paid pay VBN privatebank-jpmorgan-com-8914 217 13 in in IN privatebank-jpmorgan-com-8914 217 14 capital capital NN privatebank-jpmorgan-com-8914 217 15 less less RBR privatebank-jpmorgan-com-8914 217 16 primary primary JJ privatebank-jpmorgan-com-8914 217 17 and and CC privatebank-jpmorgan-com-8914 217 18 secondary secondary JJ privatebank-jpmorgan-com-8914 217 19 issuance issuance NN privatebank-jpmorgan-com-8914 217 20 . . . privatebank-jpmorgan-com-8914 218 1 Value value NN privatebank-jpmorgan-com-8914 218 2 creation creation NN privatebank-jpmorgan-com-8914 218 3 shares share NNS privatebank-jpmorgan-com-8914 218 4 capped cap VBN privatebank-jpmorgan-com-8914 218 5 at at IN privatebank-jpmorgan-com-8914 218 6 150 150 CD privatebank-jpmorgan-com-8914 218 7 % % NN privatebank-jpmorgan-com-8914 218 8 w w NN privatebank-jpmorgan-com-8914 218 9 ith ith NNP privatebank-jpmorgan-com-8914 218 10 values value NNS privatebank-jpmorgan-com-8914 218 11 over over IN privatebank-jpmorgan-com-8914 218 12 100 100 CD privatebank-jpmorgan-com-8914 218 13 % % NN privatebank-jpmorgan-com-8914 218 14 ref ref JJ privatebank-jpmorgan-com-8914 218 15 lecting lecte VBG privatebank-jpmorgan-com-8914 218 16 situations situation NNS privatebank-jpmorgan-com-8914 218 17 w w NNP privatebank-jpmorgan-com-8914 218 18 here here RB privatebank-jpmorgan-com-8914 218 19 value value NN privatebank-jpmorgan-com-8914 218 20 creation creation NN privatebank-jpmorgan-com-8914 218 21 f f NNP privatebank-jpmorgan-com-8914 218 22 or or CC privatebank-jpmorgan-com-8914 218 23 one one CD privatebank-jpmorgan-com-8914 218 24 group group NN privatebank-jpmorgan-com-8914 218 25 of of IN privatebank-jpmorgan-com-8914 218 26 investors investor NNS privatebank-jpmorgan-com-8914 218 27 w w NNP privatebank-jpmorgan-com-8914 218 28 as as IN privatebank-jpmorgan-com-8914 218 29 negative negative JJ privatebank-jpmorgan-com-8914 218 30 . . . privatebank-jpmorgan-com-8914 219 1 6 6 CD privatebank-jpmorgan-com-8914 219 2 For for IN privatebank-jpmorgan-com-8914 219 3 pre pre JJ privatebank-jpmorgan-com-8914 219 4 - - JJ privatebank-jpmorgan-com-8914 219 5 IPO ipo JJ privatebank-jpmorgan-com-8914 219 6 investors investor NNS privatebank-jpmorgan-com-8914 219 7 , , , privatebank-jpmorgan-com-8914 219 8 we -PRON- PRP privatebank-jpmorgan-com-8914 219 9 include include VBP privatebank-jpmorgan-com-8914 219 10 the the DT privatebank-jpmorgan-com-8914 219 11 post post JJ privatebank-jpmorgan-com-8914 219 12 - - JJ privatebank-jpmorgan-com-8914 219 13 IPO ipo JJ privatebank-jpmorgan-com-8914 219 14 lockup lockup NN privatebank-jpmorgan-com-8914 219 15 period period NN privatebank-jpmorgan-com-8914 219 16 as as IN privatebank-jpmorgan-com-8914 219 17 part part NN privatebank-jpmorgan-com-8914 219 18 of of IN privatebank-jpmorgan-com-8914 219 19 their -PRON- PRP$ privatebank-jpmorgan-com-8914 219 20 pre pre JJ privatebank-jpmorgan-com-8914 219 21 - - JJ privatebank-jpmorgan-com-8914 219 22 IPO ipo JJ privatebank-jpmorgan-com-8914 219 23 performance performance NN privatebank-jpmorgan-com-8914 219 24 ; ; : privatebank-jpmorgan-com-8914 219 25 after after IN privatebank-jpmorgan-com-8914 219 26 the the DT privatebank-jpmorgan-com-8914 219 27 lockup lockup NN privatebank-jpmorgan-com-8914 219 28 expires expire VBZ privatebank-jpmorgan-com-8914 219 29 , , , privatebank-jpmorgan-com-8914 219 30 they -PRON- PRP privatebank-jpmorgan-com-8914 219 31 are be VBP privatebank-jpmorgan-com-8914 219 32 assumed assume VBN privatebank-jpmorgan-com-8914 219 33 to to TO privatebank-jpmorgan-com-8914 219 34 be be VB privatebank-jpmorgan-com-8914 219 35 the the DT privatebank-jpmorgan-com-8914 219 36 same same JJ privatebank-jpmorgan-com-8914 219 37 as as IN privatebank-jpmorgan-com-8914 219 38 other other JJ privatebank-jpmorgan-com-8914 219 39 public public JJ privatebank-jpmorgan-com-8914 219 40 investors investor NNS privatebank-jpmorgan-com-8914 219 41 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/j-p-morgan-chase-eye-market/dp/b07l4swcyl/ WP privatebank-jpmorgan-com-8914 219 42 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 219 43 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 219 44 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 219 45 E e NN privatebank-jpmorgan-com-8914 219 46 Y y NN privatebank-jpmorgan-com-8914 219 47 E e NN privatebank-jpmorgan-com-8914 219 48 O o NN privatebank-jpmorgan-com-8914 219 49 N n NN privatebank-jpmorgan-com-8914 219 50 T t NN privatebank-jpmorgan-com-8914 219 51 H h NN privatebank-jpmorgan-com-8914 219 52 E e NN privatebank-jpmorgan-com-8914 219 53 M m NN privatebank-jpmorgan-com-8914 219 54 A a NN privatebank-jpmorgan-com-8914 219 55 R r NN privatebank-jpmorgan-com-8914 219 56 K k NN privatebank-jpmorgan-com-8914 219 57 E e NN privatebank-jpmorgan-com-8914 219 58 T t NN privatebank-jpmorgan-com-8914 219 59 • • NN privatebank-jpmorgan-com-8914 219 60 M m NN privatebank-jpmorgan-com-8914 219 61 I i NN privatebank-jpmorgan-com-8914 219 62 C c NN privatebank-jpmorgan-com-8914 219 63 H h NN privatebank-jpmorgan-com-8914 219 64 A a NN privatebank-jpmorgan-com-8914 219 65 E e NN privatebank-jpmorgan-com-8914 219 66 L l NN privatebank-jpmorgan-com-8914 219 67 C c NN privatebank-jpmorgan-com-8914 219 68 E e NN privatebank-jpmorgan-com-8914 219 69 M m NN privatebank-jpmorgan-com-8914 219 70 B B NNP privatebank-jpmorgan-com-8914 219 71 A A NNP privatebank-jpmorgan-com-8914 219 72 L l NN privatebank-jpmorgan-com-8914 219 73 E e NN privatebank-jpmorgan-com-8914 219 74 S s NN privatebank-jpmorgan-com-8914 219 75 T t NN privatebank-jpmorgan-com-8914 219 76 • • NN privatebank-jpmorgan-com-8914 219 77 J J NNP privatebank-jpmorgan-com-8914 219 78 . . . privatebank-jpmorgan-com-8914 220 1 P p NN privatebank-jpmorgan-com-8914 220 2 . . . privatebank-jpmorgan-com-8914 221 1 M M NNP privatebank-jpmorgan-com-8914 221 2 O o NN privatebank-jpmorgan-com-8914 221 3 R r NN privatebank-jpmorgan-com-8914 221 4 G g NN privatebank-jpmorgan-com-8914 221 5 A a NN privatebank-jpmorgan-com-8914 221 6 N n NN privatebank-jpmorgan-com-8914 221 7 A a NN privatebank-jpmorgan-com-8914 221 8 c c NN privatebank-jpmorgan-com-8914 221 9 c c NN privatebank-jpmorgan-com-8914 221 10 e e NNP privatebank-jpmorgan-com-8914 221 11 s s NNP privatebank-jpmorgan-com-8914 221 12 s s NNP privatebank-jpmorgan-com-8914 221 13 o o NNP privatebank-jpmorgan-com-8914 221 14 u u NNP privatebank-jpmorgan-com-8914 221 15 r r NNP privatebank-jpmorgan-com-8914 221 16 f f NNP privatebank-jpmorgan-com-8914 221 17 u u NNP privatebank-jpmorgan-com-8914 221 18 l l NNP privatebank-jpmorgan-com-8914 221 19 l l NNP privatebank-jpmorgan-com-8914 221 20 c c NNP privatebank-jpmorgan-com-8914 221 21 o o NN privatebank-jpmorgan-com-8914 221 22 r r NN privatebank-jpmorgan-com-8914 221 23 o o NN privatebank-jpmorgan-com-8914 221 24 n n CC privatebank-jpmorgan-com-8914 221 25 a a NN privatebank-jpmorgan-com-8914 221 26 v v NN privatebank-jpmorgan-com-8914 221 27 i i NN privatebank-jpmorgan-com-8914 221 28 r r NNP privatebank-jpmorgan-com-8914 221 29 u u NNP privatebank-jpmorgan-com-8914 221 30 s s NNP privatebank-jpmorgan-com-8914 221 31 a a NNP privatebank-jpmorgan-com-8914 221 32 n n NNP privatebank-jpmorgan-com-8914 221 33 a a DT privatebank-jpmorgan-com-8914 221 34 l l NN privatebank-jpmorgan-com-8914 221 35 y y NNP privatebank-jpmorgan-com-8914 221 36 s s NNP privatebank-jpmorgan-com-8914 221 37 i i NNP privatebank-jpmorgan-com-8914 221 38 s s NNP privatebank-jpmorgan-com-8914 221 39 w w NNP privatebank-jpmorgan-com-8914 221 40 e e NNP privatebank-jpmorgan-com-8914 221 41 b b NNP privatebank-jpmorgan-com-8914 221 42 p p NN privatebank-jpmorgan-com-8914 221 43 o o NN privatebank-jpmorgan-com-8914 221 44 r r NN privatebank-jpmorgan-com-8914 221 45 t t NN privatebank-jpmorgan-com-8914 221 46 a a DT privatebank-jpmorgan-com-8914 221 47 l l NN privatebank-jpmorgan-com-8914 221 48 h h NN privatebank-jpmorgan-com-8914 221 49 e e NN privatebank-jpmorgan-com-8914 221 50 r r NN privatebank-jpmorgan-com-8914 221 51 e e NNP privatebank-jpmorgan-com-8914 221 52 J J NNP privatebank-jpmorgan-com-8914 221 53 u u NNP privatebank-jpmorgan-com-8914 221 54 n n NNP privatebank-jpmorgan-com-8914 221 55 e e NNP privatebank-jpmorgan-com-8914 221 56 2 2 CD privatebank-jpmorgan-com-8914 221 57 8 8 CD privatebank-jpmorgan-com-8914 221 58 , , , privatebank-jpmorgan-com-8914 221 59 2 2 CD privatebank-jpmorgan-com-8914 221 60 0 0 CD privatebank-jpmorgan-com-8914 221 61 2 2 CD privatebank-jpmorgan-com-8914 221 62 1 1 CD privatebank-jpmorgan-com-8914 221 63 13 13 CD privatebank-jpmorgan-com-8914 221 64 Buyout buyout NN privatebank-jpmorgan-com-8914 221 65 vs vs IN privatebank-jpmorgan-com-8914 221 66 venture venture NN privatebank-jpmorgan-com-8914 221 67 capital capital NN privatebank-jpmorgan-com-8914 221 68 The the DT privatebank-jpmorgan-com-8914 221 69 charts chart NNS privatebank-jpmorgan-com-8914 221 70 below below IN privatebank-jpmorgan-com-8914 221 71 compare compare VBP privatebank-jpmorgan-com-8914 221 72 buyout buyout NN privatebank-jpmorgan-com-8914 221 73 and and CC privatebank-jpmorgan-com-8914 221 74 VC vc NN privatebank-jpmorgan-com-8914 221 75 across across IN privatebank-jpmorgan-com-8914 221 76 the the DT privatebank-jpmorgan-com-8914 221 77 4 4 CD privatebank-jpmorgan-com-8914 221 78 main main JJ privatebank-jpmorgan-com-8914 221 79 performance performance NN privatebank-jpmorgan-com-8914 221 80 measures measure NNS privatebank-jpmorgan-com-8914 221 81 for for IN privatebank-jpmorgan-com-8914 221 82 the the DT privatebank-jpmorgan-com-8914 221 83 median median JJ privatebank-jpmorgan-com-8914 221 84 manager manager NN privatebank-jpmorgan-com-8914 221 85 . . . privatebank-jpmorgan-com-8914 222 1 Venture venture NN privatebank-jpmorgan-com-8914 222 2 capital capital NN privatebank-jpmorgan-com-8914 222 3 has have VBZ privatebank-jpmorgan-com-8914 222 4 outperformed outperform VBN privatebank-jpmorgan-com-8914 222 5 buyout buyout NN privatebank-jpmorgan-com-8914 222 6 since since IN privatebank-jpmorgan-com-8914 222 7 2010 2010 CD privatebank-jpmorgan-com-8914 222 8 , , , privatebank-jpmorgan-com-8914 222 9 but but CC privatebank-jpmorgan-com-8914 222 10 not not RB privatebank-jpmorgan-com-8914 222 11 by by IN privatebank-jpmorgan-com-8914 222 12 as as RB privatebank-jpmorgan-com-8914 222 13 much much JJ privatebank-jpmorgan-com-8914 222 14 as as IN privatebank-jpmorgan-com-8914 222 15 you -PRON- PRP privatebank-jpmorgan-com-8914 222 16 might may MD privatebank-jpmorgan-com-8914 222 17 think think VB privatebank-jpmorgan-com-8914 222 18 . . . privatebank-jpmorgan-com-8914 223 1 If if IN privatebank-jpmorgan-com-8914 223 2 we -PRON- PRP privatebank-jpmorgan-com-8914 223 3 were be VBD privatebank-jpmorgan-com-8914 223 4 to to TO privatebank-jpmorgan-com-8914 223 5 look look VB privatebank-jpmorgan-com-8914 223 6 at at IN privatebank-jpmorgan-com-8914 223 7 these these DT privatebank-jpmorgan-com-8914 223 8 charts chart NNS privatebank-jpmorgan-com-8914 223 9 for for IN privatebank-jpmorgan-com-8914 223 10 the the DT privatebank-jpmorgan-com-8914 223 11 average average JJ privatebank-jpmorgan-com-8914 223 12 manager manager NN privatebank-jpmorgan-com-8914 223 13 , , , privatebank-jpmorgan-com-8914 223 14 the the DT privatebank-jpmorgan-com-8914 223 15 performance performance NN privatebank-jpmorgan-com-8914 223 16 advantage advantage NN privatebank-jpmorgan-com-8914 223 17 for for IN privatebank-jpmorgan-com-8914 223 18 VC VC NNP privatebank-jpmorgan-com-8914 223 19 would would MD privatebank-jpmorgan-com-8914 223 20 be be VB privatebank-jpmorgan-com-8914 223 21 much much RB privatebank-jpmorgan-com-8914 223 22 higher high JJR privatebank-jpmorgan-com-8914 223 23 ( ( -LRB- privatebank-jpmorgan-com-8914 223 24 see see VB privatebank-jpmorgan-com-8914 223 25 table table NN privatebank-jpmorgan-com-8914 223 26 ) ) -RRB- privatebank-jpmorgan-com-8914 223 27 . . . privatebank-jpmorgan-com-8914 224 1 However however RB privatebank-jpmorgan-com-8914 224 2 , , , privatebank-jpmorgan-com-8914 224 3 we -PRON- PRP privatebank-jpmorgan-com-8914 224 4 believe believe VBP privatebank-jpmorgan-com-8914 224 5 that that IN privatebank-jpmorgan-com-8914 224 6 median median JJ privatebank-jpmorgan-com-8914 224 7 results result NNS privatebank-jpmorgan-com-8914 224 8 are be VBP privatebank-jpmorgan-com-8914 224 9 a a DT privatebank-jpmorgan-com-8914 224 10 better well JJR privatebank-jpmorgan-com-8914 224 11 reflection reflection NN privatebank-jpmorgan-com-8914 224 12 of of IN privatebank-jpmorgan-com-8914 224 13 the the DT privatebank-jpmorgan-com-8914 224 14 opportunity opportunity NN privatebank-jpmorgan-com-8914 224 15 set set VBN privatebank-jpmorgan-com-8914 224 16 for for IN privatebank-jpmorgan-com-8914 224 17 an an DT privatebank-jpmorgan-com-8914 224 18 individual individual JJ privatebank-jpmorgan-com-8914 224 19 LP lp NN privatebank-jpmorgan-com-8914 224 20 . . . privatebank-jpmorgan-com-8914 225 1 0.5 0.5 CD privatebank-jpmorgan-com-8914 225 2 1.0 1.0 CD privatebank-jpmorgan-com-8914 225 3 1.5 1.5 CD privatebank-jpmorgan-com-8914 225 4 2.0 2.0 CD privatebank-jpmorgan-com-8914 225 5 2.5 2.5 CD privatebank-jpmorgan-com-8914 225 6 3.0 3.0 CD privatebank-jpmorgan-com-8914 225 7 2004 2004 CD privatebank-jpmorgan-com-8914 225 8 2006 2006 CD privatebank-jpmorgan-com-8914 225 9 2008 2008 CD privatebank-jpmorgan-com-8914 225 10 2010 2010 CD privatebank-jpmorgan-com-8914 225 11 2012 2012 CD privatebank-jpmorgan-com-8914 225 12 2014 2014 CD privatebank-jpmorgan-com-8914 225 13 2016 2016 CD privatebank-jpmorgan-com-8914 225 14 Venture Venture NNP privatebank-jpmorgan-com-8914 225 15 capital capital NN privatebank-jpmorgan-com-8914 225 16 Buyout Buyout NNP privatebank-jpmorgan-com-8914 225 17 US US NNP privatebank-jpmorgan-com-8914 225 18 buyout buyout NN privatebank-jpmorgan-com-8914 225 19 vs vs IN privatebank-jpmorgan-com-8914 225 20 VC VC NNP privatebank-jpmorgan-com-8914 225 21 median median JJ privatebank-jpmorgan-com-8914 225 22 MOICs moic NNS privatebank-jpmorgan-com-8914 225 23 by by IN privatebank-jpmorgan-com-8914 225 24 vintage vintage JJ privatebank-jpmorgan-com-8914 225 25 year year NN privatebank-jpmorgan-com-8914 225 26 Source source NN privatebank-jpmorgan-com-8914 225 27 : : : privatebank-jpmorgan-com-8914 225 28 Steve Steve NNP privatebank-jpmorgan-com-8914 225 29 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 225 30 ( ( -LRB- privatebank-jpmorgan-com-8914 225 31 Chicago Chicago NNP privatebank-jpmorgan-com-8914 225 32 Booth Booth NNP privatebank-jpmorgan-com-8914 225 33 ) ) -RRB- privatebank-jpmorgan-com-8914 225 34 and and CC privatebank-jpmorgan-com-8914 225 35 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 225 36 . . . privatebank-jpmorgan-com-8914 226 1 2020 2020 CD privatebank-jpmorgan-com-8914 226 2 . . . privatebank-jpmorgan-com-8914 227 1 0 0 CD privatebank-jpmorgan-com-8914 227 2 % % NN privatebank-jpmorgan-com-8914 227 3 5 5 CD privatebank-jpmorgan-com-8914 227 4 % % NN privatebank-jpmorgan-com-8914 227 5 10 10 CD privatebank-jpmorgan-com-8914 227 6 % % NN privatebank-jpmorgan-com-8914 227 7 15 15 CD privatebank-jpmorgan-com-8914 227 8 % % NN privatebank-jpmorgan-com-8914 227 9 20 20 CD privatebank-jpmorgan-com-8914 227 10 % % NN privatebank-jpmorgan-com-8914 227 11 25 25 CD privatebank-jpmorgan-com-8914 227 12 % % NN privatebank-jpmorgan-com-8914 227 13 2004 2004 CD privatebank-jpmorgan-com-8914 227 14 2006 2006 CD privatebank-jpmorgan-com-8914 227 15 2008 2008 CD privatebank-jpmorgan-com-8914 227 16 2010 2010 CD privatebank-jpmorgan-com-8914 227 17 2012 2012 CD privatebank-jpmorgan-com-8914 227 18 2014 2014 CD privatebank-jpmorgan-com-8914 227 19 2016 2016 CD privatebank-jpmorgan-com-8914 227 20 Buyout buyout IN privatebank-jpmorgan-com-8914 227 21 Venture Venture NNP privatebank-jpmorgan-com-8914 227 22 capital capital NN privatebank-jpmorgan-com-8914 227 23 US US NNP privatebank-jpmorgan-com-8914 227 24 buyout buyout NN privatebank-jpmorgan-com-8914 227 25 vs vs IN privatebank-jpmorgan-com-8914 227 26 VC VC NNP privatebank-jpmorgan-com-8914 227 27 median median JJ privatebank-jpmorgan-com-8914 227 28 IRRs irr NNS privatebank-jpmorgan-com-8914 227 29 by by IN privatebank-jpmorgan-com-8914 227 30 vintage vintage JJ privatebank-jpmorgan-com-8914 227 31 year year NN privatebank-jpmorgan-com-8914 227 32 Source source NN privatebank-jpmorgan-com-8914 227 33 : : : privatebank-jpmorgan-com-8914 227 34 Steve Steve NNP privatebank-jpmorgan-com-8914 227 35 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 227 36 ( ( -LRB- privatebank-jpmorgan-com-8914 227 37 Chicago Chicago NNP privatebank-jpmorgan-com-8914 227 38 Booth Booth NNP privatebank-jpmorgan-com-8914 227 39 ) ) -RRB- privatebank-jpmorgan-com-8914 227 40 and and CC privatebank-jpmorgan-com-8914 227 41 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 227 42 . . . privatebank-jpmorgan-com-8914 228 1 2020 2020 CD privatebank-jpmorgan-com-8914 228 2 . . . privatebank-jpmorgan-com-8914 229 1 0.5 0.5 CD privatebank-jpmorgan-com-8914 229 2 0.6 0.6 CD privatebank-jpmorgan-com-8914 229 3 0.7 0.7 CD privatebank-jpmorgan-com-8914 229 4 0.8 0.8 CD privatebank-jpmorgan-com-8914 229 5 0.9 0.9 CD privatebank-jpmorgan-com-8914 229 6 1.0 1.0 CD privatebank-jpmorgan-com-8914 229 7 1.1 1.1 CD privatebank-jpmorgan-com-8914 229 8 1.2 1.2 CD privatebank-jpmorgan-com-8914 229 9 1.3 1.3 CD privatebank-jpmorgan-com-8914 229 10 2004 2004 CD privatebank-jpmorgan-com-8914 229 11 2006 2006 CD privatebank-jpmorgan-com-8914 229 12 2008 2008 CD privatebank-jpmorgan-com-8914 229 13 2010 2010 CD privatebank-jpmorgan-com-8914 229 14 2012 2012 CD privatebank-jpmorgan-com-8914 229 15 2014 2014 CD privatebank-jpmorgan-com-8914 229 16 2016 2016 CD privatebank-jpmorgan-com-8914 229 17 Buyout buyout IN privatebank-jpmorgan-com-8914 229 18 Venture Venture NNP privatebank-jpmorgan-com-8914 229 19 capital capital NN privatebank-jpmorgan-com-8914 229 20 US US NNP privatebank-jpmorgan-com-8914 229 21 buyout buyout NN privatebank-jpmorgan-com-8914 229 22 vs vs IN privatebank-jpmorgan-com-8914 229 23 VC VC NNP privatebank-jpmorgan-com-8914 229 24 median median JJ privatebank-jpmorgan-com-8914 229 25 PMEs pme NNS privatebank-jpmorgan-com-8914 229 26 by by IN privatebank-jpmorgan-com-8914 229 27 vintage vintage JJ privatebank-jpmorgan-com-8914 229 28 year year NN privatebank-jpmorgan-com-8914 229 29 PME pme NN privatebank-jpmorgan-com-8914 229 30 ratio ratio NN privatebank-jpmorgan-com-8914 229 31 vs vs IN privatebank-jpmorgan-com-8914 229 32 S&P S&P NNP privatebank-jpmorgan-com-8914 229 33 500 500 CD privatebank-jpmorgan-com-8914 229 34 Source source NN privatebank-jpmorgan-com-8914 229 35 : : : privatebank-jpmorgan-com-8914 229 36 Steve Steve NNP privatebank-jpmorgan-com-8914 229 37 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 229 38 ( ( -LRB- privatebank-jpmorgan-com-8914 229 39 Chicago Chicago NNP privatebank-jpmorgan-com-8914 229 40 Booth Booth NNP privatebank-jpmorgan-com-8914 229 41 ) ) -RRB- privatebank-jpmorgan-com-8914 229 42 and and CC privatebank-jpmorgan-com-8914 229 43 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 229 44 . . . privatebank-jpmorgan-com-8914 230 1 2020 2020 CD privatebank-jpmorgan-com-8914 230 2 . . . privatebank-jpmorgan-com-8914 231 1 -10 -10 NNP privatebank-jpmorgan-com-8914 231 2 % % NN privatebank-jpmorgan-com-8914 231 3 -5 -5 . privatebank-jpmorgan-com-8914 231 4 % % NN privatebank-jpmorgan-com-8914 231 5 0 0 CD privatebank-jpmorgan-com-8914 231 6 % % NN privatebank-jpmorgan-com-8914 231 7 5 5 CD privatebank-jpmorgan-com-8914 231 8 % % NN privatebank-jpmorgan-com-8914 231 9 10 10 CD privatebank-jpmorgan-com-8914 231 10 % % NN privatebank-jpmorgan-com-8914 231 11 2004 2004 CD privatebank-jpmorgan-com-8914 231 12 2006 2006 CD privatebank-jpmorgan-com-8914 231 13 2008 2008 CD privatebank-jpmorgan-com-8914 231 14 2010 2010 CD privatebank-jpmorgan-com-8914 231 15 2012 2012 CD privatebank-jpmorgan-com-8914 231 16 2014 2014 CD privatebank-jpmorgan-com-8914 231 17 2016 2016 CD privatebank-jpmorgan-com-8914 231 18 Buyout buyout IN privatebank-jpmorgan-com-8914 231 19 Venture Venture NNP privatebank-jpmorgan-com-8914 231 20 capital capital NN privatebank-jpmorgan-com-8914 231 21 US US NNP privatebank-jpmorgan-com-8914 231 22 buyout buyout NN privatebank-jpmorgan-com-8914 231 23 vs vs IN privatebank-jpmorgan-com-8914 231 24 VC VC NNP privatebank-jpmorgan-com-8914 231 25 median median JJ privatebank-jpmorgan-com-8914 231 26 direct direct JJ privatebank-jpmorgan-com-8914 231 27 alphas alpha NNS privatebank-jpmorgan-com-8914 231 28 by by IN privatebank-jpmorgan-com-8914 231 29 vintage vintage JJ privatebank-jpmorgan-com-8914 231 30 year year NN privatebank-jpmorgan-com-8914 231 31 % % NN privatebank-jpmorgan-com-8914 231 32 , , , privatebank-jpmorgan-com-8914 231 33 annualized annualize VBN privatebank-jpmorgan-com-8914 231 34 vs vs IN privatebank-jpmorgan-com-8914 231 35 S&P S&P NNP privatebank-jpmorgan-com-8914 231 36 500 500 CD privatebank-jpmorgan-com-8914 231 37 Source source NN privatebank-jpmorgan-com-8914 231 38 : : : privatebank-jpmorgan-com-8914 231 39 Steve Steve NNP privatebank-jpmorgan-com-8914 231 40 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 231 41 ( ( -LRB- privatebank-jpmorgan-com-8914 231 42 Chicago Chicago NNP privatebank-jpmorgan-com-8914 231 43 Booth Booth NNP privatebank-jpmorgan-com-8914 231 44 ) ) -RRB- privatebank-jpmorgan-com-8914 231 45 and and CC privatebank-jpmorgan-com-8914 231 46 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 231 47 . . . privatebank-jpmorgan-com-8914 232 1 2020 2020 CD privatebank-jpmorgan-com-8914 232 2 . . . privatebank-jpmorgan-com-8914 233 1 MEDIAN MEDIAN NNP privatebank-jpmorgan-com-8914 233 2 manager manager NN privatebank-jpmorgan-com-8914 233 3 for for IN privatebank-jpmorgan-com-8914 233 4 2004 2004 CD privatebank-jpmorgan-com-8914 233 5 - - SYM privatebank-jpmorgan-com-8914 233 6 2017 2017 CD privatebank-jpmorgan-com-8914 233 7 vintage vintage JJ privatebank-jpmorgan-com-8914 233 8 years year NNS privatebank-jpmorgan-com-8914 233 9 MOIC moic VBP privatebank-jpmorgan-com-8914 233 10 IRR IRR NNP privatebank-jpmorgan-com-8914 233 11 PME pme VB privatebank-jpmorgan-com-8914 233 12 Direct Direct NNP privatebank-jpmorgan-com-8914 233 13 Alpha Alpha NNP privatebank-jpmorgan-com-8914 233 14 Venture Venture NNP privatebank-jpmorgan-com-8914 233 15 capital capital NN privatebank-jpmorgan-com-8914 233 16 1.8 1.8 CD privatebank-jpmorgan-com-8914 233 17 14.3 14.3 CD privatebank-jpmorgan-com-8914 233 18 % % NN privatebank-jpmorgan-com-8914 233 19 1.0 1.0 CD privatebank-jpmorgan-com-8914 233 20 0.3 0.3 CD privatebank-jpmorgan-com-8914 233 21 % % NN privatebank-jpmorgan-com-8914 233 22 Buyout buyout NN privatebank-jpmorgan-com-8914 233 23 1.7 1.7 CD privatebank-jpmorgan-com-8914 233 24 15.3 15.3 CD privatebank-jpmorgan-com-8914 233 25 % % NN privatebank-jpmorgan-com-8914 233 26 1.1 1.1 CD privatebank-jpmorgan-com-8914 233 27 2.4 2.4 CD privatebank-jpmorgan-com-8914 233 28 % % NN privatebank-jpmorgan-com-8914 233 29 Difference difference NN privatebank-jpmorgan-com-8914 233 30 0.1 0.1 CD privatebank-jpmorgan-com-8914 233 31 -0.9 -0.9 CD privatebank-jpmorgan-com-8914 233 32 % % NN privatebank-jpmorgan-com-8914 233 33 -0.1 -0.1 , privatebank-jpmorgan-com-8914 233 34 -2.1 -2.1 HYPH privatebank-jpmorgan-com-8914 233 35 % % NN privatebank-jpmorgan-com-8914 233 36 AVERAGE average NN privatebank-jpmorgan-com-8914 233 37 manager manager NN privatebank-jpmorgan-com-8914 233 38 for for IN privatebank-jpmorgan-com-8914 233 39 2004 2004 CD privatebank-jpmorgan-com-8914 233 40 - - SYM privatebank-jpmorgan-com-8914 233 41 2017 2017 CD privatebank-jpmorgan-com-8914 233 42 vintage vintage JJ privatebank-jpmorgan-com-8914 233 43 years year NNS privatebank-jpmorgan-com-8914 233 44 MOIC moic VBP privatebank-jpmorgan-com-8914 233 45 IRR IRR NNP privatebank-jpmorgan-com-8914 233 46 PME pme VB privatebank-jpmorgan-com-8914 233 47 Direct Direct NNP privatebank-jpmorgan-com-8914 233 48 Alpha Alpha NNP privatebank-jpmorgan-com-8914 233 49 Venture Venture NNP privatebank-jpmorgan-com-8914 233 50 capital capital NN privatebank-jpmorgan-com-8914 233 51 2.6 2.6 CD privatebank-jpmorgan-com-8914 233 52 21.4 21.4 CD privatebank-jpmorgan-com-8914 233 53 % % NN privatebank-jpmorgan-com-8914 233 54 1.3 1.3 CD privatebank-jpmorgan-com-8914 233 55 6.7 6.7 CD privatebank-jpmorgan-com-8914 233 56 % % NN privatebank-jpmorgan-com-8914 233 57 Buyout buyout NN privatebank-jpmorgan-com-8914 233 58 1.7 1.7 CD privatebank-jpmorgan-com-8914 233 59 16.1 16.1 CD privatebank-jpmorgan-com-8914 233 60 % % NN privatebank-jpmorgan-com-8914 233 61 1.1 1.1 CD privatebank-jpmorgan-com-8914 233 62 3.2 3.2 CD privatebank-jpmorgan-com-8914 233 63 % % NN privatebank-jpmorgan-com-8914 233 64 Difference Difference NNP privatebank-jpmorgan-com-8914 233 65 0.8 0.8 CD privatebank-jpmorgan-com-8914 233 66 5.4 5.4 CD privatebank-jpmorgan-com-8914 233 67 % % NN privatebank-jpmorgan-com-8914 233 68 0.3 0.3 CD privatebank-jpmorgan-com-8914 233 69 3.5 3.5 CD privatebank-jpmorgan-com-8914 233 70 % % NN privatebank-jpmorgan-com-8914 233 71 Source source NN privatebank-jpmorgan-com-8914 233 72 : : : privatebank-jpmorgan-com-8914 233 73 Steve Steve NNP privatebank-jpmorgan-com-8914 233 74 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 233 75 ( ( -LRB- privatebank-jpmorgan-com-8914 233 76 Chicago Chicago NNP privatebank-jpmorgan-com-8914 233 77 Booth Booth NNP privatebank-jpmorgan-com-8914 233 78 ) ) -RRB- privatebank-jpmorgan-com-8914 233 79 and and CC privatebank-jpmorgan-com-8914 233 80 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 233 81 . . . privatebank-jpmorgan-com-8914 234 1 2020 2020 CD privatebank-jpmorgan-com-8914 234 2 . . . privatebank-jpmorgan-com-8914 234 3 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ '' privatebank-jpmorgan-com-8914 234 4 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 234 5 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 234 6 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 234 7 E e NN privatebank-jpmorgan-com-8914 234 8 Y y NN privatebank-jpmorgan-com-8914 234 9 E e NN privatebank-jpmorgan-com-8914 234 10 O o NN privatebank-jpmorgan-com-8914 234 11 N n NN privatebank-jpmorgan-com-8914 234 12 T t NN privatebank-jpmorgan-com-8914 234 13 H h NN privatebank-jpmorgan-com-8914 234 14 E e NN privatebank-jpmorgan-com-8914 234 15 M m NN privatebank-jpmorgan-com-8914 234 16 A a NN privatebank-jpmorgan-com-8914 234 17 R r NN privatebank-jpmorgan-com-8914 234 18 K k NN privatebank-jpmorgan-com-8914 234 19 E e NN privatebank-jpmorgan-com-8914 234 20 T t NN privatebank-jpmorgan-com-8914 234 21 • • NN privatebank-jpmorgan-com-8914 234 22 M m NN privatebank-jpmorgan-com-8914 234 23 I i NN privatebank-jpmorgan-com-8914 234 24 C c NN privatebank-jpmorgan-com-8914 234 25 H h NN privatebank-jpmorgan-com-8914 234 26 A a NN privatebank-jpmorgan-com-8914 234 27 E e NN privatebank-jpmorgan-com-8914 234 28 L l NN privatebank-jpmorgan-com-8914 234 29 C c NN privatebank-jpmorgan-com-8914 234 30 E e NN privatebank-jpmorgan-com-8914 234 31 M m NN privatebank-jpmorgan-com-8914 234 32 B B NNP privatebank-jpmorgan-com-8914 234 33 A A NNP privatebank-jpmorgan-com-8914 234 34 L l NN privatebank-jpmorgan-com-8914 234 35 E e NN privatebank-jpmorgan-com-8914 234 36 S s NN privatebank-jpmorgan-com-8914 234 37 T t NN privatebank-jpmorgan-com-8914 234 38 • • NN privatebank-jpmorgan-com-8914 234 39 J J NNP privatebank-jpmorgan-com-8914 234 40 . . . privatebank-jpmorgan-com-8914 235 1 P p NN privatebank-jpmorgan-com-8914 235 2 . . . privatebank-jpmorgan-com-8914 236 1 M M NNP privatebank-jpmorgan-com-8914 236 2 O o NN privatebank-jpmorgan-com-8914 236 3 R r NN privatebank-jpmorgan-com-8914 236 4 G g NN privatebank-jpmorgan-com-8914 236 5 A a NN privatebank-jpmorgan-com-8914 236 6 N n NN privatebank-jpmorgan-com-8914 236 7 A a NN privatebank-jpmorgan-com-8914 236 8 c c NN privatebank-jpmorgan-com-8914 236 9 c c NN privatebank-jpmorgan-com-8914 236 10 e e NNP privatebank-jpmorgan-com-8914 236 11 s s NNP privatebank-jpmorgan-com-8914 236 12 s s NNP privatebank-jpmorgan-com-8914 236 13 o o NNP privatebank-jpmorgan-com-8914 236 14 u u NNP privatebank-jpmorgan-com-8914 236 15 r r NNP privatebank-jpmorgan-com-8914 236 16 f f NNP privatebank-jpmorgan-com-8914 236 17 u u NNP privatebank-jpmorgan-com-8914 236 18 l l NNP privatebank-jpmorgan-com-8914 236 19 l l NNP privatebank-jpmorgan-com-8914 236 20 c c NNP privatebank-jpmorgan-com-8914 236 21 o o NN privatebank-jpmorgan-com-8914 236 22 r r NN privatebank-jpmorgan-com-8914 236 23 o o NN privatebank-jpmorgan-com-8914 236 24 n n CC privatebank-jpmorgan-com-8914 236 25 a a NN privatebank-jpmorgan-com-8914 236 26 v v NN privatebank-jpmorgan-com-8914 236 27 i i NN privatebank-jpmorgan-com-8914 236 28 r r NNP privatebank-jpmorgan-com-8914 236 29 u u NNP privatebank-jpmorgan-com-8914 236 30 s s NNP privatebank-jpmorgan-com-8914 236 31 a a NNP privatebank-jpmorgan-com-8914 236 32 n n NNP privatebank-jpmorgan-com-8914 236 33 a a DT privatebank-jpmorgan-com-8914 236 34 l l NN privatebank-jpmorgan-com-8914 236 35 y y NNP privatebank-jpmorgan-com-8914 236 36 s s NNP privatebank-jpmorgan-com-8914 236 37 i i NNP privatebank-jpmorgan-com-8914 236 38 s s NNP privatebank-jpmorgan-com-8914 236 39 w w NNP privatebank-jpmorgan-com-8914 236 40 e e NNP privatebank-jpmorgan-com-8914 236 41 b b NNP privatebank-jpmorgan-com-8914 236 42 p p NN privatebank-jpmorgan-com-8914 236 43 o o NN privatebank-jpmorgan-com-8914 236 44 r r NN privatebank-jpmorgan-com-8914 236 45 t t NN privatebank-jpmorgan-com-8914 236 46 a a DT privatebank-jpmorgan-com-8914 236 47 l l NN privatebank-jpmorgan-com-8914 236 48 h h NN privatebank-jpmorgan-com-8914 236 49 e e NN privatebank-jpmorgan-com-8914 236 50 r r NN privatebank-jpmorgan-com-8914 236 51 e e NNP privatebank-jpmorgan-com-8914 236 52 J J NNP privatebank-jpmorgan-com-8914 236 53 u u NNP privatebank-jpmorgan-com-8914 236 54 n n NNP privatebank-jpmorgan-com-8914 236 55 e e NNP privatebank-jpmorgan-com-8914 236 56 2 2 CD privatebank-jpmorgan-com-8914 236 57 8 8 CD privatebank-jpmorgan-com-8914 236 58 , , , privatebank-jpmorgan-com-8914 236 59 2 2 CD privatebank-jpmorgan-com-8914 236 60 0 0 CD privatebank-jpmorgan-com-8914 236 61 2 2 CD privatebank-jpmorgan-com-8914 236 62 1 1 CD privatebank-jpmorgan-com-8914 236 63 14 14 CD privatebank-jpmorgan-com-8914 236 64 What what WP privatebank-jpmorgan-com-8914 236 65 about about IN privatebank-jpmorgan-com-8914 236 66 private private JJ privatebank-jpmorgan-com-8914 236 67 equity equity NN privatebank-jpmorgan-com-8914 236 68 co co NNS privatebank-jpmorgan-com-8914 236 69 - - NNS privatebank-jpmorgan-com-8914 236 70 investments investment NNS privatebank-jpmorgan-com-8914 236 71 ? ? . privatebank-jpmorgan-com-8914 237 1 • • NNP privatebank-jpmorgan-com-8914 237 2 Co co NN privatebank-jpmorgan-com-8914 237 3 - - NN privatebank-jpmorgan-com-8914 237 4 investment investment JJ privatebank-jpmorgan-com-8914 237 5 opportunities opportunity NNS privatebank-jpmorgan-com-8914 237 6 typically typically RB privatebank-jpmorgan-com-8914 237 7 arise arise VBP privatebank-jpmorgan-com-8914 237 8 when when WRB privatebank-jpmorgan-com-8914 237 9 a a DT privatebank-jpmorgan-com-8914 237 10 target target NN privatebank-jpmorgan-com-8914 237 11 acquisition acquisition NN privatebank-jpmorgan-com-8914 237 12 requires require VBZ privatebank-jpmorgan-com-8914 237 13 more more JJR privatebank-jpmorgan-com-8914 237 14 capital capital NN privatebank-jpmorgan-com-8914 237 15 than than IN privatebank-jpmorgan-com-8914 237 16 a a DT privatebank-jpmorgan-com-8914 237 17 sponsor sponsor NN privatebank-jpmorgan-com-8914 237 18 wants want VBZ privatebank-jpmorgan-com-8914 237 19 to to TO privatebank-jpmorgan-com-8914 237 20 provide provide VB privatebank-jpmorgan-com-8914 237 21 from from IN privatebank-jpmorgan-com-8914 237 22 their -PRON- PRP$ privatebank-jpmorgan-com-8914 237 23 fund fund NN privatebank-jpmorgan-com-8914 237 24 alone alone RB privatebank-jpmorgan-com-8914 237 25 ; ; : privatebank-jpmorgan-com-8914 237 26 as as IN privatebank-jpmorgan-com-8914 237 27 a a DT privatebank-jpmorgan-com-8914 237 28 result result NN privatebank-jpmorgan-com-8914 237 29 , , , privatebank-jpmorgan-com-8914 237 30 co co NN privatebank-jpmorgan-com-8914 237 31 - - NNS privatebank-jpmorgan-com-8914 237 32 investors investor NNS privatebank-jpmorgan-com-8914 237 33 join join VBP privatebank-jpmorgan-com-8914 237 34 the the DT privatebank-jpmorgan-com-8914 237 35 sponsor sponsor NN privatebank-jpmorgan-com-8914 237 36 to to TO privatebank-jpmorgan-com-8914 237 37 make make VB privatebank-jpmorgan-com-8914 237 38 up up RP privatebank-jpmorgan-com-8914 237 39 the the DT privatebank-jpmorgan-com-8914 237 40 shortfall shortfall NN privatebank-jpmorgan-com-8914 237 41 • • VB privatebank-jpmorgan-com-8914 237 42 The the DT privatebank-jpmorgan-com-8914 237 43 premise premise NN privatebank-jpmorgan-com-8914 237 44 behind behind IN privatebank-jpmorgan-com-8914 237 45 co co JJ privatebank-jpmorgan-com-8914 237 46 - - NN privatebank-jpmorgan-com-8914 237 47 investment investment NN privatebank-jpmorgan-com-8914 237 48 is be VBZ privatebank-jpmorgan-com-8914 237 49 that that IN privatebank-jpmorgan-com-8914 237 50 lower low JJR privatebank-jpmorgan-com-8914 237 51 fees fee NNS privatebank-jpmorgan-com-8914 237 52 increase increase VBP privatebank-jpmorgan-com-8914 237 53 LP LP NNP privatebank-jpmorgan-com-8914 237 54 returns return NNS privatebank-jpmorgan-com-8914 237 55 , , , privatebank-jpmorgan-com-8914 237 56 and and CC privatebank-jpmorgan-com-8914 237 57 that that IN privatebank-jpmorgan-com-8914 237 58 security security NN privatebank-jpmorgan-com-8914 237 59 selection selection NN privatebank-jpmorgan-com-8914 237 60 will will MD privatebank-jpmorgan-com-8914 237 61 be be VB privatebank-jpmorgan-com-8914 237 62 at at IN privatebank-jpmorgan-com-8914 237 63 least least JJS privatebank-jpmorgan-com-8914 237 64 as as RB privatebank-jpmorgan-com-8914 237 65 good good JJ privatebank-jpmorgan-com-8914 237 66 as as IN privatebank-jpmorgan-com-8914 237 67 in in IN privatebank-jpmorgan-com-8914 237 68 overall overall JJ privatebank-jpmorgan-com-8914 237 69 diversified diversify VBN privatebank-jpmorgan-com-8914 237 70 private private JJ privatebank-jpmorgan-com-8914 237 71 equity equity NN privatebank-jpmorgan-com-8914 237 72 funds fund NNS privatebank-jpmorgan-com-8914 237 73 • • VBP privatebank-jpmorgan-com-8914 237 74 Our -PRON- PRP$ privatebank-jpmorgan-com-8914 237 75 private private JJ privatebank-jpmorgan-com-8914 237 76 equity equity NN privatebank-jpmorgan-com-8914 237 77 performance performance NN privatebank-jpmorgan-com-8914 237 78 universe universe NNP privatebank-jpmorgan-com-8914 237 79 excludes exclude VBZ privatebank-jpmorgan-com-8914 237 80 co co NNS privatebank-jpmorgan-com-8914 237 81 - - NNS privatebank-jpmorgan-com-8914 237 82 investments investment NNS privatebank-jpmorgan-com-8914 237 83 that that WDT privatebank-jpmorgan-com-8914 237 84 LPs lp NNS privatebank-jpmorgan-com-8914 237 85 make make VBP privatebank-jpmorgan-com-8914 237 86 into into IN privatebank-jpmorgan-com-8914 237 87 individual individual JJ privatebank-jpmorgan-com-8914 237 88 deals deal NNS privatebank-jpmorgan-com-8914 237 89 and and CC privatebank-jpmorgan-com-8914 237 90 only only RB privatebank-jpmorgan-com-8914 237 91 includes include VBZ privatebank-jpmorgan-com-8914 237 92 co co JJ privatebank-jpmorgan-com-8914 237 93 - - JJ privatebank-jpmorgan-com-8914 237 94 investment investment JJ privatebank-jpmorgan-com-8914 237 95 funds fund NNS privatebank-jpmorgan-com-8914 237 96 that that WDT privatebank-jpmorgan-com-8914 237 97 invest invest VBP privatebank-jpmorgan-com-8914 237 98 in in IN privatebank-jpmorgan-com-8914 237 99 transactions transaction NNS privatebank-jpmorgan-com-8914 237 100 led lead VBN privatebank-jpmorgan-com-8914 237 101 by by IN privatebank-jpmorgan-com-8914 237 102 multiple multiple JJ privatebank-jpmorgan-com-8914 237 103 private private JJ privatebank-jpmorgan-com-8914 237 104 equity equity NN privatebank-jpmorgan-com-8914 237 105 managers manager NNS privatebank-jpmorgan-com-8914 237 106 . . . privatebank-jpmorgan-com-8914 238 1 As as IN privatebank-jpmorgan-com-8914 238 2 a a DT privatebank-jpmorgan-com-8914 238 3 result result NN privatebank-jpmorgan-com-8914 238 4 , , , privatebank-jpmorgan-com-8914 238 5 if if IN privatebank-jpmorgan-com-8914 238 6 co co JJ privatebank-jpmorgan-com-8914 238 7 - - JJ privatebank-jpmorgan-com-8914 238 8 investment investment JJ privatebank-jpmorgan-com-8914 238 9 returns return NNS privatebank-jpmorgan-com-8914 238 10 exceed exceed VBP privatebank-jpmorgan-com-8914 238 11 those those DT privatebank-jpmorgan-com-8914 238 12 on on IN privatebank-jpmorgan-com-8914 238 13 underlying underlie VBG privatebank-jpmorgan-com-8914 238 14 funds fund NNS privatebank-jpmorgan-com-8914 238 15 , , , privatebank-jpmorgan-com-8914 238 16 average average JJ privatebank-jpmorgan-com-8914 238 17 and and CC privatebank-jpmorgan-com-8914 238 18 median median JJ privatebank-jpmorgan-com-8914 238 19 returns return NNS privatebank-jpmorgan-com-8914 238 20 we -PRON- PRP privatebank-jpmorgan-com-8914 238 21 cited cite VBD privatebank-jpmorgan-com-8914 238 22 earlier early RBR privatebank-jpmorgan-com-8914 238 23 would would MD privatebank-jpmorgan-com-8914 238 24 understate understate VB privatebank-jpmorgan-com-8914 238 25 actual actual JJ privatebank-jpmorgan-com-8914 238 26 returns return NNS privatebank-jpmorgan-com-8914 238 27 for for IN privatebank-jpmorgan-com-8914 238 28 LPs lp NNS privatebank-jpmorgan-com-8914 238 29 participating participate VBG privatebank-jpmorgan-com-8914 238 30 in in IN privatebank-jpmorgan-com-8914 238 31 individual individual JJ privatebank-jpmorgan-com-8914 238 32 deal deal NN privatebank-jpmorgan-com-8914 238 33 co co NNS privatebank-jpmorgan-com-8914 238 34 - - NNS privatebank-jpmorgan-com-8914 238 35 investments investment NNS privatebank-jpmorgan-com-8914 238 36 • • VBP privatebank-jpmorgan-com-8914 238 37 The the DT privatebank-jpmorgan-com-8914 238 38 history history NN privatebank-jpmorgan-com-8914 238 39 of of IN privatebank-jpmorgan-com-8914 238 40 buyout buyout NN privatebank-jpmorgan-com-8914 238 41 and and CC privatebank-jpmorgan-com-8914 238 42 growth growth NN privatebank-jpmorgan-com-8914 238 43 co co JJ privatebank-jpmorgan-com-8914 238 44 - - JJ privatebank-jpmorgan-com-8914 238 45 investment investment JJ privatebank-jpmorgan-com-8914 238 46 funds fund NNS privatebank-jpmorgan-com-8914 238 47 does do VBZ privatebank-jpmorgan-com-8914 238 48 show show VB privatebank-jpmorgan-com-8914 238 49 outperformance outperformance NNP privatebank-jpmorgan-com-8914 238 50 vs vs IN privatebank-jpmorgan-com-8914 238 51 the the DT privatebank-jpmorgan-com-8914 238 52 overall overall JJ privatebank-jpmorgan-com-8914 238 53 industry industry NN privatebank-jpmorgan-com-8914 238 54 . . . privatebank-jpmorgan-com-8914 239 1 For for IN privatebank-jpmorgan-com-8914 239 2 2009 2009 CD privatebank-jpmorgan-com-8914 239 3 - - SYM privatebank-jpmorgan-com-8914 239 4 2016 2016 CD privatebank-jpmorgan-com-8914 239 5 vintages vintage NNS privatebank-jpmorgan-com-8914 239 6 , , , privatebank-jpmorgan-com-8914 239 7 80 80 CD privatebank-jpmorgan-com-8914 239 8 % % NN privatebank-jpmorgan-com-8914 239 9 of of IN privatebank-jpmorgan-com-8914 239 10 co co JJ privatebank-jpmorgan-com-8914 239 11 - - JJ privatebank-jpmorgan-com-8914 239 12 investment investment JJ privatebank-jpmorgan-com-8914 239 13 funds fund NNS privatebank-jpmorgan-com-8914 239 14 outperformed outperform VBD privatebank-jpmorgan-com-8914 239 15 primary primary JJ privatebank-jpmorgan-com-8914 239 16 private private JJ privatebank-jpmorgan-com-8914 239 17 equity equity NN privatebank-jpmorgan-com-8914 239 18 funds fund NNS privatebank-jpmorgan-com-8914 239 19 . . . privatebank-jpmorgan-com-8914 240 1 For for IN privatebank-jpmorgan-com-8914 240 2 the the DT privatebank-jpmorgan-com-8914 240 3 longer long JJR privatebank-jpmorgan-com-8914 240 4 period period NN privatebank-jpmorgan-com-8914 240 5 of of IN privatebank-jpmorgan-com-8914 240 6 1998 1998 CD privatebank-jpmorgan-com-8914 240 7 to to IN privatebank-jpmorgan-com-8914 240 8 2016 2016 CD privatebank-jpmorgan-com-8914 240 9 , , , privatebank-jpmorgan-com-8914 240 10 60 60 CD privatebank-jpmorgan-com-8914 240 11 % % NN privatebank-jpmorgan-com-8914 240 12 of of IN privatebank-jpmorgan-com-8914 240 13 co co JJ privatebank-jpmorgan-com-8914 240 14 - - JJ privatebank-jpmorgan-com-8914 240 15 investment investment JJ privatebank-jpmorgan-com-8914 240 16 funds fund NNS privatebank-jpmorgan-com-8914 240 17 outperformed outperform VBN privatebank-jpmorgan-com-8914 240 18 . . . privatebank-jpmorgan-com-8914 241 1 The the DT privatebank-jpmorgan-com-8914 241 2 net net JJ privatebank-jpmorgan-com-8914 241 3 median median JJ privatebank-jpmorgan-com-8914 241 4 IRR IRR NNP privatebank-jpmorgan-com-8914 241 5 for for IN privatebank-jpmorgan-com-8914 241 6 co- co- JJ privatebank-jpmorgan-com-8914 241 7 investment investment NN privatebank-jpmorgan-com-8914 241 8 funds fund NNS privatebank-jpmorgan-com-8914 241 9 was be VBD privatebank-jpmorgan-com-8914 241 10 18.9 18.9 CD privatebank-jpmorgan-com-8914 241 11 % % NN privatebank-jpmorgan-com-8914 241 12 for for IN privatebank-jpmorgan-com-8914 241 13 2009 2009 CD privatebank-jpmorgan-com-8914 241 14 - - SYM privatebank-jpmorgan-com-8914 241 15 2016 2016 CD privatebank-jpmorgan-com-8914 241 16 vintages vintage NNS privatebank-jpmorgan-com-8914 241 17 vs vs NNP privatebank-jpmorgan-com-8914 241 18 14.6 14.6 CD privatebank-jpmorgan-com-8914 241 19 % % NN privatebank-jpmorgan-com-8914 241 20 for for IN privatebank-jpmorgan-com-8914 241 21 primary primary JJ privatebank-jpmorgan-com-8914 241 22 private private JJ privatebank-jpmorgan-com-8914 241 23 equity equity NN privatebank-jpmorgan-com-8914 241 24 funds7 funds7 NN privatebank-jpmorgan-com-8914 241 25 • • NNP privatebank-jpmorgan-com-8914 241 26 LPs lp NNS privatebank-jpmorgan-com-8914 241 27 also also RB privatebank-jpmorgan-com-8914 241 28 benefit benefit VBP privatebank-jpmorgan-com-8914 241 29 from from IN privatebank-jpmorgan-com-8914 241 30 downside downside JJ privatebank-jpmorgan-com-8914 241 31 risk risk NN privatebank-jpmorgan-com-8914 241 32 mitigation mitigation NN privatebank-jpmorgan-com-8914 241 33 benefits benefit NNS privatebank-jpmorgan-com-8914 241 34 from from IN privatebank-jpmorgan-com-8914 241 35 co co JJ privatebank-jpmorgan-com-8914 241 36 - - JJ privatebank-jpmorgan-com-8914 241 37 investment investment JJ privatebank-jpmorgan-com-8914 241 38 funds fund NNS privatebank-jpmorgan-com-8914 241 39 , , , privatebank-jpmorgan-com-8914 241 40 illustrated illustrate VBN privatebank-jpmorgan-com-8914 241 41 in in IN privatebank-jpmorgan-com-8914 241 42 the the DT privatebank-jpmorgan-com-8914 241 43 next next JJ privatebank-jpmorgan-com-8914 241 44 two two CD privatebank-jpmorgan-com-8914 241 45 charts chart NNS privatebank-jpmorgan-com-8914 241 46 on on IN privatebank-jpmorgan-com-8914 241 47 how how WRB privatebank-jpmorgan-com-8914 241 48 co co JJ privatebank-jpmorgan-com-8914 241 49 - - JJ privatebank-jpmorgan-com-8914 241 50 investment investment JJ privatebank-jpmorgan-com-8914 241 51 impacts impact VBZ privatebank-jpmorgan-com-8914 241 52 MOIC MOIC NNP privatebank-jpmorgan-com-8914 241 53 and and CC privatebank-jpmorgan-com-8914 241 54 the the DT privatebank-jpmorgan-com-8914 241 55 number number NN privatebank-jpmorgan-com-8914 241 56 of of IN privatebank-jpmorgan-com-8914 241 57 loss loss NN privatebank-jpmorgan-com-8914 241 58 - - HYPH privatebank-jpmorgan-com-8914 241 59 generating generate VBG privatebank-jpmorgan-com-8914 241 60 funds fund NNS privatebank-jpmorgan-com-8914 241 61 1.20 1.20 CD privatebank-jpmorgan-com-8914 241 62 0.93 0.93 CD privatebank-jpmorgan-com-8914 241 63 1.27 1.27 CD privatebank-jpmorgan-com-8914 241 64 1.09 1.09 CD privatebank-jpmorgan-com-8914 241 65 0.9x 0.9x CD privatebank-jpmorgan-com-8914 241 66 1.0x 1.0x CD privatebank-jpmorgan-com-8914 241 67 1.1x 1.1x CD privatebank-jpmorgan-com-8914 241 68 1.2x 1.2x CD privatebank-jpmorgan-com-8914 241 69 1.3x 1.3x CD privatebank-jpmorgan-com-8914 241 70 Lower low JJR privatebank-jpmorgan-com-8914 241 71 quartile quartile JJ privatebank-jpmorgan-com-8914 241 72 TVPI TVPI NNP privatebank-jpmorgan-com-8914 241 73 Lower low JJR privatebank-jpmorgan-com-8914 241 74 decile decile NN privatebank-jpmorgan-com-8914 241 75 TVPI TVPI NNP privatebank-jpmorgan-com-8914 241 76 Downside Downside NNP privatebank-jpmorgan-com-8914 241 77 risk risk NN privatebank-jpmorgan-com-8914 241 78 mitigation mitigation NN privatebank-jpmorgan-com-8914 241 79 : : : privatebank-jpmorgan-com-8914 241 80 Primary primary JJ privatebank-jpmorgan-com-8914 241 81 private private JJ privatebank-jpmorgan-com-8914 241 82 equity equity NN privatebank-jpmorgan-com-8914 241 83 vs vs IN privatebank-jpmorgan-com-8914 241 84 co co NN privatebank-jpmorgan-com-8914 241 85 - - JJ privatebank-jpmorgan-com-8914 241 86 investment investment JJ privatebank-jpmorgan-com-8914 241 87 funds fund NNS privatebank-jpmorgan-com-8914 241 88 , , , privatebank-jpmorgan-com-8914 241 89 Net Net NNP privatebank-jpmorgan-com-8914 241 90 TVPI TVPI NNP privatebank-jpmorgan-com-8914 241 91 Source Source NNP privatebank-jpmorgan-com-8914 241 92 : : : privatebank-jpmorgan-com-8914 241 93 Capital Capital NNP privatebank-jpmorgan-com-8914 241 94 Dynamics Dynamics NNP privatebank-jpmorgan-com-8914 241 95 . . . privatebank-jpmorgan-com-8914 242 1 2020 2020 CD privatebank-jpmorgan-com-8914 242 2 . . . privatebank-jpmorgan-com-8914 243 1 Primary primary JJ privatebank-jpmorgan-com-8914 243 2 private private JJ privatebank-jpmorgan-com-8914 243 3 equity equity NN privatebank-jpmorgan-com-8914 243 4 funds fund NNS privatebank-jpmorgan-com-8914 243 5 Co co NN privatebank-jpmorgan-com-8914 243 6 - - JJ privatebank-jpmorgan-com-8914 243 7 investment investment JJ privatebank-jpmorgan-com-8914 243 8 funds fund NNS privatebank-jpmorgan-com-8914 243 9 0 0 CD privatebank-jpmorgan-com-8914 243 10 % % NN privatebank-jpmorgan-com-8914 243 11 2 2 CD privatebank-jpmorgan-com-8914 243 12 % % NN privatebank-jpmorgan-com-8914 243 13 4 4 CD privatebank-jpmorgan-com-8914 243 14 % % NN privatebank-jpmorgan-com-8914 243 15 6 6 CD privatebank-jpmorgan-com-8914 243 16 % % NN privatebank-jpmorgan-com-8914 243 17 8 8 CD privatebank-jpmorgan-com-8914 243 18 % % NN privatebank-jpmorgan-com-8914 243 19 10 10 CD privatebank-jpmorgan-com-8914 243 20 % % NN privatebank-jpmorgan-com-8914 243 21 12 12 CD privatebank-jpmorgan-com-8914 243 22 % % NN privatebank-jpmorgan-com-8914 243 23 14 14 CD privatebank-jpmorgan-com-8914 243 24 % % NN privatebank-jpmorgan-com-8914 243 25 1998 1998 CD privatebank-jpmorgan-com-8914 243 26 - - SYM privatebank-jpmorgan-com-8914 243 27 2016 2016 CD privatebank-jpmorgan-com-8914 243 28 vintage vintage JJ privatebank-jpmorgan-com-8914 243 29 years year NNS privatebank-jpmorgan-com-8914 243 30 2009 2009 CD privatebank-jpmorgan-com-8914 243 31 - - SYM privatebank-jpmorgan-com-8914 243 32 2016 2016 CD privatebank-jpmorgan-com-8914 243 33 vintage vintage JJ privatebank-jpmorgan-com-8914 243 34 years year NNS privatebank-jpmorgan-com-8914 243 35 Primary primary JJ privatebank-jpmorgan-com-8914 243 36 private private JJ privatebank-jpmorgan-com-8914 243 37 equity equity NN privatebank-jpmorgan-com-8914 243 38 funds fund NNS privatebank-jpmorgan-com-8914 243 39 Co co NN privatebank-jpmorgan-com-8914 243 40 - - JJ privatebank-jpmorgan-com-8914 243 41 investment investment JJ privatebank-jpmorgan-com-8914 243 42 funds fund NNS privatebank-jpmorgan-com-8914 243 43 Proportion proportion NN privatebank-jpmorgan-com-8914 243 44 of of IN privatebank-jpmorgan-com-8914 243 45 loss loss NN privatebank-jpmorgan-com-8914 243 46 - - HYPH privatebank-jpmorgan-com-8914 243 47 generating generate VBG privatebank-jpmorgan-com-8914 243 48 funds fund NNS privatebank-jpmorgan-com-8914 243 49 % % NN privatebank-jpmorgan-com-8914 243 50 of of IN privatebank-jpmorgan-com-8914 243 51 funds fund NNS privatebank-jpmorgan-com-8914 243 52 with with IN privatebank-jpmorgan-com-8914 243 53 TVPI<1 TVPI<1 NNP privatebank-jpmorgan-com-8914 243 54 Source Source NNP privatebank-jpmorgan-com-8914 243 55 : : : privatebank-jpmorgan-com-8914 243 56 Capital Capital NNP privatebank-jpmorgan-com-8914 243 57 Dynamics Dynamics NNP privatebank-jpmorgan-com-8914 243 58 . . . privatebank-jpmorgan-com-8914 244 1 2020 2020 CD privatebank-jpmorgan-com-8914 244 2 . . . privatebank-jpmorgan-com-8914 245 1 7“Private 7“private CD privatebank-jpmorgan-com-8914 245 2 equity equity NN privatebank-jpmorgan-com-8914 245 3 co co NN privatebank-jpmorgan-com-8914 245 4 - - JJ privatebank-jpmorgan-com-8914 245 5 investment investment JJ privatebank-jpmorgan-com-8914 245 6 funds fund NNS privatebank-jpmorgan-com-8914 245 7 – – : privatebank-jpmorgan-com-8914 245 8 a a DT privatebank-jpmorgan-com-8914 245 9 comparison comparison NN privatebank-jpmorgan-com-8914 245 10 of of IN privatebank-jpmorgan-com-8914 245 11 risks risk NNS privatebank-jpmorgan-com-8914 245 12 and and CC privatebank-jpmorgan-com-8914 245 13 returns return NNS privatebank-jpmorgan-com-8914 245 14 ” " '' privatebank-jpmorgan-com-8914 245 15 , , , privatebank-jpmorgan-com-8914 245 16 Capital Capital NNP privatebank-jpmorgan-com-8914 245 17 Dynamics Dynamics NNP privatebank-jpmorgan-com-8914 245 18 , , , privatebank-jpmorgan-com-8914 245 19 February February NNP privatebank-jpmorgan-com-8914 245 20 2020 2020 CD privatebank-jpmorgan-com-8914 245 21 . . . privatebank-jpmorgan-com-8914 245 22 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ '' privatebank-jpmorgan-com-8914 245 23 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 245 24 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 245 25 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 245 26 E e NN privatebank-jpmorgan-com-8914 245 27 Y y NN privatebank-jpmorgan-com-8914 245 28 E e NN privatebank-jpmorgan-com-8914 245 29 O o NN privatebank-jpmorgan-com-8914 245 30 N n NN privatebank-jpmorgan-com-8914 245 31 T t NN privatebank-jpmorgan-com-8914 245 32 H h NN privatebank-jpmorgan-com-8914 245 33 E e NN privatebank-jpmorgan-com-8914 245 34 M m NN privatebank-jpmorgan-com-8914 245 35 A a NN privatebank-jpmorgan-com-8914 245 36 R r NN privatebank-jpmorgan-com-8914 245 37 K k NN privatebank-jpmorgan-com-8914 245 38 E e NN privatebank-jpmorgan-com-8914 245 39 T t NN privatebank-jpmorgan-com-8914 245 40 • • NN privatebank-jpmorgan-com-8914 245 41 M m NN privatebank-jpmorgan-com-8914 245 42 I i NN privatebank-jpmorgan-com-8914 245 43 C c NN privatebank-jpmorgan-com-8914 245 44 H h NN privatebank-jpmorgan-com-8914 245 45 A a NN privatebank-jpmorgan-com-8914 245 46 E e NN privatebank-jpmorgan-com-8914 245 47 L l NN privatebank-jpmorgan-com-8914 245 48 C c NN privatebank-jpmorgan-com-8914 245 49 E e NN privatebank-jpmorgan-com-8914 245 50 M m NN privatebank-jpmorgan-com-8914 245 51 B B NNP privatebank-jpmorgan-com-8914 245 52 A A NNP privatebank-jpmorgan-com-8914 245 53 L l NN privatebank-jpmorgan-com-8914 245 54 E e NN privatebank-jpmorgan-com-8914 245 55 S s NN privatebank-jpmorgan-com-8914 245 56 T t NN privatebank-jpmorgan-com-8914 245 57 • • NN privatebank-jpmorgan-com-8914 245 58 J J NNP privatebank-jpmorgan-com-8914 245 59 . . . privatebank-jpmorgan-com-8914 246 1 P p NN privatebank-jpmorgan-com-8914 246 2 . . . privatebank-jpmorgan-com-8914 247 1 M M NNP privatebank-jpmorgan-com-8914 247 2 O o NN privatebank-jpmorgan-com-8914 247 3 R r NN privatebank-jpmorgan-com-8914 247 4 G g NN privatebank-jpmorgan-com-8914 247 5 A a NN privatebank-jpmorgan-com-8914 247 6 N n NN privatebank-jpmorgan-com-8914 247 7 A a NN privatebank-jpmorgan-com-8914 247 8 c c NN privatebank-jpmorgan-com-8914 247 9 c c NN privatebank-jpmorgan-com-8914 247 10 e e NNP privatebank-jpmorgan-com-8914 247 11 s s NNP privatebank-jpmorgan-com-8914 247 12 s s NNP privatebank-jpmorgan-com-8914 247 13 o o NNP privatebank-jpmorgan-com-8914 247 14 u u NNP privatebank-jpmorgan-com-8914 247 15 r r NNP privatebank-jpmorgan-com-8914 247 16 f f NNP privatebank-jpmorgan-com-8914 247 17 u u NNP privatebank-jpmorgan-com-8914 247 18 l l NNP privatebank-jpmorgan-com-8914 247 19 l l NNP privatebank-jpmorgan-com-8914 247 20 c c NNP privatebank-jpmorgan-com-8914 247 21 o o NN privatebank-jpmorgan-com-8914 247 22 r r NN privatebank-jpmorgan-com-8914 247 23 o o NN privatebank-jpmorgan-com-8914 247 24 n n CC privatebank-jpmorgan-com-8914 247 25 a a NN privatebank-jpmorgan-com-8914 247 26 v v NN privatebank-jpmorgan-com-8914 247 27 i i NN privatebank-jpmorgan-com-8914 247 28 r r NNP privatebank-jpmorgan-com-8914 247 29 u u NNP privatebank-jpmorgan-com-8914 247 30 s s NNP privatebank-jpmorgan-com-8914 247 31 a a NNP privatebank-jpmorgan-com-8914 247 32 n n NNP privatebank-jpmorgan-com-8914 247 33 a a DT privatebank-jpmorgan-com-8914 247 34 l l NN privatebank-jpmorgan-com-8914 247 35 y y NNP privatebank-jpmorgan-com-8914 247 36 s s NNP privatebank-jpmorgan-com-8914 247 37 i i NNP privatebank-jpmorgan-com-8914 247 38 s s NNP privatebank-jpmorgan-com-8914 247 39 w w NNP privatebank-jpmorgan-com-8914 247 40 e e NNP privatebank-jpmorgan-com-8914 247 41 b b NNP privatebank-jpmorgan-com-8914 247 42 p p NN privatebank-jpmorgan-com-8914 247 43 o o NN privatebank-jpmorgan-com-8914 247 44 r r NN privatebank-jpmorgan-com-8914 247 45 t t NN privatebank-jpmorgan-com-8914 247 46 a a DT privatebank-jpmorgan-com-8914 247 47 l l NN privatebank-jpmorgan-com-8914 247 48 h h NN privatebank-jpmorgan-com-8914 247 49 e e NN privatebank-jpmorgan-com-8914 247 50 r r NN privatebank-jpmorgan-com-8914 247 51 e e NNP privatebank-jpmorgan-com-8914 247 52 J J NNP privatebank-jpmorgan-com-8914 247 53 u u NNP privatebank-jpmorgan-com-8914 247 54 n n NNP privatebank-jpmorgan-com-8914 247 55 e e NNP privatebank-jpmorgan-com-8914 247 56 2 2 CD privatebank-jpmorgan-com-8914 247 57 8 8 CD privatebank-jpmorgan-com-8914 247 58 , , , privatebank-jpmorgan-com-8914 247 59 2 2 CD privatebank-jpmorgan-com-8914 247 60 0 0 CD privatebank-jpmorgan-com-8914 247 61 2 2 CD privatebank-jpmorgan-com-8914 247 62 1 1 CD privatebank-jpmorgan-com-8914 247 63 15 15 CD privatebank-jpmorgan-com-8914 247 64 Fundraising fundraising NN privatebank-jpmorgan-com-8914 247 65 and and CC privatebank-jpmorgan-com-8914 247 66 the the DT privatebank-jpmorgan-com-8914 247 67 pace pace NN privatebank-jpmorgan-com-8914 247 68 of of IN privatebank-jpmorgan-com-8914 247 69 investment investment NN privatebank-jpmorgan-com-8914 247 70 • • NNP privatebank-jpmorgan-com-8914 247 71 Since since IN privatebank-jpmorgan-com-8914 247 72 the the DT privatebank-jpmorgan-com-8914 247 73 pace pace NN privatebank-jpmorgan-com-8914 247 74 of of IN privatebank-jpmorgan-com-8914 247 75 new new JJ privatebank-jpmorgan-com-8914 247 76 investment investment NN privatebank-jpmorgan-com-8914 247 77 has have VBZ privatebank-jpmorgan-com-8914 247 78 trailed trail VBN privatebank-jpmorgan-com-8914 247 79 fundraising fundraising NN privatebank-jpmorgan-com-8914 247 80 , , , privatebank-jpmorgan-com-8914 247 81 global global JJ privatebank-jpmorgan-com-8914 247 82 “ " `` privatebank-jpmorgan-com-8914 247 83 dry dry JJ privatebank-jpmorgan-com-8914 247 84 powder powder NN privatebank-jpmorgan-com-8914 247 85 ” " '' privatebank-jpmorgan-com-8914 247 86 has have VBZ privatebank-jpmorgan-com-8914 247 87 exploded explode VBN privatebank-jpmorgan-com-8914 247 88 since since IN privatebank-jpmorgan-com-8914 247 89 our -PRON- PRP$ privatebank-jpmorgan-com-8914 247 90 last last JJ privatebank-jpmorgan-com-8914 247 91 analysis analysis NN privatebank-jpmorgan-com-8914 247 92 , , , privatebank-jpmorgan-com-8914 247 93 rising rise VBG privatebank-jpmorgan-com-8914 247 94 from from IN privatebank-jpmorgan-com-8914 247 95 $ $ $ privatebank-jpmorgan-com-8914 247 96 2 2 CD privatebank-jpmorgan-com-8914 247 97 trillion trillion CD privatebank-jpmorgan-com-8914 247 98 to to IN privatebank-jpmorgan-com-8914 247 99 ~$3 ~$3 NNP privatebank-jpmorgan-com-8914 247 100 trillion trillion CD privatebank-jpmorgan-com-8914 247 101 . . . privatebank-jpmorgan-com-8914 248 1 However however RB privatebank-jpmorgan-com-8914 248 2 , , , privatebank-jpmorgan-com-8914 248 3 this this DT privatebank-jpmorgan-com-8914 248 4 figure figure NN privatebank-jpmorgan-com-8914 248 5 includes include VBZ privatebank-jpmorgan-com-8914 248 6 all all DT privatebank-jpmorgan-com-8914 248 7 private private JJ privatebank-jpmorgan-com-8914 248 8 equity equity NN privatebank-jpmorgan-com-8914 248 9 categories category NNS privatebank-jpmorgan-com-8914 248 10 and and CC privatebank-jpmorgan-com-8914 248 11 not not RB privatebank-jpmorgan-com-8914 248 12 just just RB privatebank-jpmorgan-com-8914 248 13 buyout buyout RB privatebank-jpmorgan-com-8914 248 14 and and CC privatebank-jpmorgan-com-8914 248 15 venture venture VB privatebank-jpmorgan-com-8914 248 16 capital capital NN privatebank-jpmorgan-com-8914 248 17 . . . privatebank-jpmorgan-com-8914 249 1 For for IN privatebank-jpmorgan-com-8914 249 2 the the DT privatebank-jpmorgan-com-8914 249 3 latter latter JJ privatebank-jpmorgan-com-8914 249 4 two two CD privatebank-jpmorgan-com-8914 249 5 categories category NNS privatebank-jpmorgan-com-8914 249 6 , , , privatebank-jpmorgan-com-8914 249 7 dry dry JJ privatebank-jpmorgan-com-8914 249 8 powder powder NN privatebank-jpmorgan-com-8914 249 9 is be VBZ privatebank-jpmorgan-com-8914 249 10 closer close JJR privatebank-jpmorgan-com-8914 249 11 to to TO privatebank-jpmorgan-com-8914 249 12 $ $ $ privatebank-jpmorgan-com-8914 249 13 1 1 CD privatebank-jpmorgan-com-8914 249 14 trillion trillion CD privatebank-jpmorgan-com-8914 249 15 • • NNP privatebank-jpmorgan-com-8914 249 16 Increased increase VBN privatebank-jpmorgan-com-8914 249 17 use use NN privatebank-jpmorgan-com-8914 249 18 of of IN privatebank-jpmorgan-com-8914 249 19 subscription subscription NN privatebank-jpmorgan-com-8914 249 20 lines line NNS privatebank-jpmorgan-com-8914 249 21 also also RB privatebank-jpmorgan-com-8914 249 22 overstates overstate VBZ privatebank-jpmorgan-com-8914 249 23 the the DT privatebank-jpmorgan-com-8914 249 24 “ " `` privatebank-jpmorgan-com-8914 249 25 real real JJ privatebank-jpmorgan-com-8914 249 26 ” " '' privatebank-jpmorgan-com-8914 249 27 amount amount NN privatebank-jpmorgan-com-8914 249 28 of of IN privatebank-jpmorgan-com-8914 249 29 undrawn undrawn NN privatebank-jpmorgan-com-8914 249 30 and and CC privatebank-jpmorgan-com-8914 249 31 committed committed JJ privatebank-jpmorgan-com-8914 249 32 capital capital NN privatebank-jpmorgan-com-8914 249 33 . . . privatebank-jpmorgan-com-8914 250 1 The the DT privatebank-jpmorgan-com-8914 250 2 latest late JJS privatebank-jpmorgan-com-8914 250 3 estimates estimate NNS privatebank-jpmorgan-com-8914 250 4 indicate indicate VBP privatebank-jpmorgan-com-8914 250 5 $ $ $ privatebank-jpmorgan-com-8914 250 6 500 500 CD privatebank-jpmorgan-com-8914 250 7 billion billion CD privatebank-jpmorgan-com-8914 250 8 in in IN privatebank-jpmorgan-com-8914 250 9 subscription subscription NN privatebank-jpmorgan-com-8914 250 10 lines line NNS privatebank-jpmorgan-com-8914 250 11 outstanding outstanding JJ privatebank-jpmorgan-com-8914 250 12 , , , privatebank-jpmorgan-com-8914 250 13 which which WDT privatebank-jpmorgan-com-8914 250 14 is be VBZ privatebank-jpmorgan-com-8914 250 15 a a DT privatebank-jpmorgan-com-8914 250 16 meaningful meaningful JJ privatebank-jpmorgan-com-8914 250 17 portion portion NN privatebank-jpmorgan-com-8914 250 18 of of IN privatebank-jpmorgan-com-8914 250 19 the the DT privatebank-jpmorgan-com-8914 250 20 increase increase NN privatebank-jpmorgan-com-8914 250 21 in in IN privatebank-jpmorgan-com-8914 250 22 global global JJ privatebank-jpmorgan-com-8914 250 23 dry dry JJ privatebank-jpmorgan-com-8914 250 24 powder powder NN privatebank-jpmorgan-com-8914 250 25 since since IN privatebank-jpmorgan-com-8914 250 26 20128 20128 CD privatebank-jpmorgan-com-8914 250 27 $ $ $ privatebank-jpmorgan-com-8914 250 28 0.0 0.0 CD privatebank-jpmorgan-com-8914 250 29 $ $ $ privatebank-jpmorgan-com-8914 250 30 0.2 0.2 CD privatebank-jpmorgan-com-8914 250 31 $ $ $ privatebank-jpmorgan-com-8914 250 32 0.4 0.4 CD privatebank-jpmorgan-com-8914 250 33 $ $ $ privatebank-jpmorgan-com-8914 250 34 0.6 0.6 CD privatebank-jpmorgan-com-8914 250 35 $ $ $ privatebank-jpmorgan-com-8914 250 36 0.8 0.8 CD privatebank-jpmorgan-com-8914 250 37 $ $ $ privatebank-jpmorgan-com-8914 250 38 1.0 1.0 CD privatebank-jpmorgan-com-8914 250 39 $ $ $ privatebank-jpmorgan-com-8914 250 40 1.2 1.2 CD privatebank-jpmorgan-com-8914 250 41 ' ' CD privatebank-jpmorgan-com-8914 250 42 03 03 CD privatebank-jpmorgan-com-8914 250 43 ' ' CD privatebank-jpmorgan-com-8914 250 44 04 04 CD privatebank-jpmorgan-com-8914 250 45 ' ' CD privatebank-jpmorgan-com-8914 250 46 05 05 CD privatebank-jpmorgan-com-8914 250 47 ' ' CD privatebank-jpmorgan-com-8914 250 48 06 06 CD privatebank-jpmorgan-com-8914 250 49 ' ' CD privatebank-jpmorgan-com-8914 250 50 07 07 CD privatebank-jpmorgan-com-8914 250 51 ' ' CD privatebank-jpmorgan-com-8914 250 52 08 08 CD privatebank-jpmorgan-com-8914 250 53 ' ' CD privatebank-jpmorgan-com-8914 250 54 09 09 CD privatebank-jpmorgan-com-8914 250 55 ' ' CD privatebank-jpmorgan-com-8914 250 56 10 10 CD privatebank-jpmorgan-com-8914 250 57 ' ' CD privatebank-jpmorgan-com-8914 250 58 11 11 CD privatebank-jpmorgan-com-8914 250 59 ' ' CD privatebank-jpmorgan-com-8914 250 60 12 12 CD privatebank-jpmorgan-com-8914 250 61 ' ' CD privatebank-jpmorgan-com-8914 250 62 13 13 CD privatebank-jpmorgan-com-8914 250 63 ' ' CD privatebank-jpmorgan-com-8914 250 64 14 14 CD privatebank-jpmorgan-com-8914 250 65 ' ' CD privatebank-jpmorgan-com-8914 250 66 15 15 CD privatebank-jpmorgan-com-8914 250 67 ' ' CD privatebank-jpmorgan-com-8914 250 68 16 16 CD privatebank-jpmorgan-com-8914 250 69 ' ' POS privatebank-jpmorgan-com-8914 250 70 17 17 CD privatebank-jpmorgan-com-8914 250 71 ' ' CD privatebank-jpmorgan-com-8914 250 72 18 18 CD privatebank-jpmorgan-com-8914 250 73 ' ' CD privatebank-jpmorgan-com-8914 250 74 19 19 CD privatebank-jpmorgan-com-8914 250 75 ' ' CD privatebank-jpmorgan-com-8914 250 76 20 20 CD privatebank-jpmorgan-com-8914 250 77 Other other JJ privatebank-jpmorgan-com-8914 250 78 ( ( -LRB- privatebank-jpmorgan-com-8914 250 79 Secondary secondary JJ privatebank-jpmorgan-com-8914 250 80 , , , privatebank-jpmorgan-com-8914 250 81 Growth growth NN privatebank-jpmorgan-com-8914 250 82 , , , privatebank-jpmorgan-com-8914 250 83 Distressed distress VBN privatebank-jpmorgan-com-8914 250 84 , , , privatebank-jpmorgan-com-8914 250 85 SPACs SPACs NNPS privatebank-jpmorgan-com-8914 250 86 , , , privatebank-jpmorgan-com-8914 250 87 Nat Nat NNP privatebank-jpmorgan-com-8914 250 88 Resources Resources NNP privatebank-jpmorgan-com-8914 250 89 , , , privatebank-jpmorgan-com-8914 250 90 Mezz Mezz NNP privatebank-jpmorgan-com-8914 250 91 ) ) -RRB- privatebank-jpmorgan-com-8914 250 92 Infrastructure infrastructure NN privatebank-jpmorgan-com-8914 250 93 Real real JJ privatebank-jpmorgan-com-8914 250 94 estate estate NN privatebank-jpmorgan-com-8914 250 95 Venture venture NN privatebank-jpmorgan-com-8914 250 96 capital capital NN privatebank-jpmorgan-com-8914 250 97 Buyout Buyout NNP privatebank-jpmorgan-com-8914 250 98 Source Source NNP privatebank-jpmorgan-com-8914 250 99 : : : privatebank-jpmorgan-com-8914 250 100 Bain Bain NNP privatebank-jpmorgan-com-8914 250 101 Global Global NNP privatebank-jpmorgan-com-8914 250 102 Private Private NNP privatebank-jpmorgan-com-8914 250 103 Equity Equity NNP privatebank-jpmorgan-com-8914 250 104 Report Report NNP privatebank-jpmorgan-com-8914 250 105 . . . privatebank-jpmorgan-com-8914 251 1 2021 2021 CD privatebank-jpmorgan-com-8914 251 2 . . . privatebank-jpmorgan-com-8914 252 1 Global global JJ privatebank-jpmorgan-com-8914 252 2 private private JJ privatebank-jpmorgan-com-8914 252 3 equity equity NN privatebank-jpmorgan-com-8914 252 4 capital capital NN privatebank-jpmorgan-com-8914 252 5 raised raise VBN privatebank-jpmorgan-com-8914 252 6 by by IN privatebank-jpmorgan-com-8914 252 7 year year NN privatebank-jpmorgan-com-8914 252 8 US$ us$ $ privatebank-jpmorgan-com-8914 252 9 , , , privatebank-jpmorgan-com-8914 252 10 trillions trillion VBZ privatebank-jpmorgan-com-8914 252 11 $ $ $ privatebank-jpmorgan-com-8914 252 12 0.0 0.0 CD privatebank-jpmorgan-com-8914 252 13 $ $ $ privatebank-jpmorgan-com-8914 252 14 0.5 0.5 CD privatebank-jpmorgan-com-8914 252 15 $ $ $ privatebank-jpmorgan-com-8914 252 16 1.0 1.0 CD privatebank-jpmorgan-com-8914 252 17 $ $ $ privatebank-jpmorgan-com-8914 252 18 1.5 1.5 CD privatebank-jpmorgan-com-8914 252 19 $ $ $ privatebank-jpmorgan-com-8914 252 20 2.0 2.0 CD privatebank-jpmorgan-com-8914 252 21 $ $ $ privatebank-jpmorgan-com-8914 252 22 2.5 2.5 CD privatebank-jpmorgan-com-8914 252 23 $ $ $ privatebank-jpmorgan-com-8914 252 24 3.0 3.0 CD privatebank-jpmorgan-com-8914 252 25 ' ' CD privatebank-jpmorgan-com-8914 252 26 03 03 CD privatebank-jpmorgan-com-8914 252 27 ' ' CD privatebank-jpmorgan-com-8914 252 28 04 04 CD privatebank-jpmorgan-com-8914 252 29 ' ' CD privatebank-jpmorgan-com-8914 252 30 05 05 CD privatebank-jpmorgan-com-8914 252 31 ' ' CD privatebank-jpmorgan-com-8914 252 32 06 06 CD privatebank-jpmorgan-com-8914 252 33 ' ' CD privatebank-jpmorgan-com-8914 252 34 07 07 CD privatebank-jpmorgan-com-8914 252 35 ' ' CD privatebank-jpmorgan-com-8914 252 36 08 08 CD privatebank-jpmorgan-com-8914 252 37 ' ' CD privatebank-jpmorgan-com-8914 252 38 09 09 CD privatebank-jpmorgan-com-8914 252 39 ' ' CD privatebank-jpmorgan-com-8914 252 40 10 10 CD privatebank-jpmorgan-com-8914 252 41 ' ' CD privatebank-jpmorgan-com-8914 252 42 11 11 CD privatebank-jpmorgan-com-8914 252 43 ' ' CD privatebank-jpmorgan-com-8914 252 44 12 12 CD privatebank-jpmorgan-com-8914 252 45 ' ' CD privatebank-jpmorgan-com-8914 252 46 13 13 CD privatebank-jpmorgan-com-8914 252 47 ' ' CD privatebank-jpmorgan-com-8914 252 48 14 14 CD privatebank-jpmorgan-com-8914 252 49 ' ' CD privatebank-jpmorgan-com-8914 252 50 15 15 CD privatebank-jpmorgan-com-8914 252 51 ' ' CD privatebank-jpmorgan-com-8914 252 52 16 16 CD privatebank-jpmorgan-com-8914 252 53 ' ' POS privatebank-jpmorgan-com-8914 252 54 17 17 CD privatebank-jpmorgan-com-8914 252 55 ' ' CD privatebank-jpmorgan-com-8914 252 56 18 18 CD privatebank-jpmorgan-com-8914 252 57 ' ' CD privatebank-jpmorgan-com-8914 252 58 19 19 CD privatebank-jpmorgan-com-8914 252 59 ' ' CD privatebank-jpmorgan-com-8914 252 60 20 20 CD privatebank-jpmorgan-com-8914 252 61 Other other JJ privatebank-jpmorgan-com-8914 252 62 ( ( -LRB- privatebank-jpmorgan-com-8914 252 63 Direct direct JJ privatebank-jpmorgan-com-8914 252 64 lending lending NN privatebank-jpmorgan-com-8914 252 65 , , , privatebank-jpmorgan-com-8914 252 66 Secondary Secondary NNP privatebank-jpmorgan-com-8914 252 67 , , , privatebank-jpmorgan-com-8914 252 68 Growth growth NN privatebank-jpmorgan-com-8914 252 69 , , , privatebank-jpmorgan-com-8914 252 70 Distressed distress VBN privatebank-jpmorgan-com-8914 252 71 , , , privatebank-jpmorgan-com-8914 252 72 SPACs SPACs NNPS privatebank-jpmorgan-com-8914 252 73 , , , privatebank-jpmorgan-com-8914 252 74 Nat Nat NNP privatebank-jpmorgan-com-8914 252 75 Resources Resources NNP privatebank-jpmorgan-com-8914 252 76 , , , privatebank-jpmorgan-com-8914 252 77 Mezz Mezz NNP privatebank-jpmorgan-com-8914 252 78 ) ) -RRB- privatebank-jpmorgan-com-8914 252 79 Infrastructure infrastructure NN privatebank-jpmorgan-com-8914 252 80 Real Real NNP privatebank-jpmorgan-com-8914 252 81 Estate estate NN privatebank-jpmorgan-com-8914 252 82 Venture Venture NNP privatebank-jpmorgan-com-8914 252 83 Capital Capital NNP privatebank-jpmorgan-com-8914 252 84 Buyout Buyout NNP privatebank-jpmorgan-com-8914 252 85 Source Source NNP privatebank-jpmorgan-com-8914 252 86 : : : privatebank-jpmorgan-com-8914 252 87 Bain Bain NNP privatebank-jpmorgan-com-8914 252 88 Global Global NNP privatebank-jpmorgan-com-8914 252 89 Private Private NNP privatebank-jpmorgan-com-8914 252 90 Equity Equity NNP privatebank-jpmorgan-com-8914 252 91 Report Report NNP privatebank-jpmorgan-com-8914 252 92 . . . privatebank-jpmorgan-com-8914 253 1 2021 2021 CD privatebank-jpmorgan-com-8914 253 2 . . . privatebank-jpmorgan-com-8914 254 1 Global global JJ privatebank-jpmorgan-com-8914 254 2 dry dry JJ privatebank-jpmorgan-com-8914 254 3 powder powder NN privatebank-jpmorgan-com-8914 254 4 by by IN privatebank-jpmorgan-com-8914 254 5 category category NN privatebank-jpmorgan-com-8914 254 6 US$ us$ $ privatebank-jpmorgan-com-8914 254 7 , , , privatebank-jpmorgan-com-8914 254 8 trillions trillion NNS privatebank-jpmorgan-com-8914 254 9 • • VBP privatebank-jpmorgan-com-8914 254 10 As as IN privatebank-jpmorgan-com-8914 254 11 one one PRP privatebank-jpmorgan-com-8914 254 12 might may MD privatebank-jpmorgan-com-8914 254 13 expect expect VB privatebank-jpmorgan-com-8914 254 14 at at IN privatebank-jpmorgan-com-8914 254 15 a a DT privatebank-jpmorgan-com-8914 254 16 time time NN privatebank-jpmorgan-com-8914 254 17 of of IN privatebank-jpmorgan-com-8914 254 18 elevated elevated JJ privatebank-jpmorgan-com-8914 254 19 valuations valuation NNS privatebank-jpmorgan-com-8914 254 20 in in IN privatebank-jpmorgan-com-8914 254 21 both both CC privatebank-jpmorgan-com-8914 254 22 public public JJ privatebank-jpmorgan-com-8914 254 23 and and CC privatebank-jpmorgan-com-8914 254 24 private private JJ privatebank-jpmorgan-com-8914 254 25 equity equity NN privatebank-jpmorgan-com-8914 254 26 , , , privatebank-jpmorgan-com-8914 254 27 exits exit NNS privatebank-jpmorgan-com-8914 254 28 and and CC privatebank-jpmorgan-com-8914 254 29 distributions distribution NNS privatebank-jpmorgan-com-8914 254 30 exceed exceed VBP privatebank-jpmorgan-com-8914 254 31 capital capital NN privatebank-jpmorgan-com-8914 254 32 calls call NNS privatebank-jpmorgan-com-8914 254 33 , , , privatebank-jpmorgan-com-8914 254 34 particularly particularly RB privatebank-jpmorgan-com-8914 254 35 in in IN privatebank-jpmorgan-com-8914 254 36 the the DT privatebank-jpmorgan-com-8914 254 37 US US NNP privatebank-jpmorgan-com-8914 254 38 • • NNP privatebank-jpmorgan-com-8914 254 39 A a DT privatebank-jpmorgan-com-8914 254 40 lot lot NN privatebank-jpmorgan-com-8914 254 41 of of IN privatebank-jpmorgan-com-8914 254 42 exits exit NNS privatebank-jpmorgan-com-8914 254 43 in in IN privatebank-jpmorgan-com-8914 254 44 2020 2020 CD privatebank-jpmorgan-com-8914 254 45 have have VBP privatebank-jpmorgan-com-8914 254 46 been be VBN privatebank-jpmorgan-com-8914 254 47 through through IN privatebank-jpmorgan-com-8914 254 48 IPOs ipo NNS privatebank-jpmorgan-com-8914 254 49 and and CC privatebank-jpmorgan-com-8914 254 50 SPACs spac NNS privatebank-jpmorgan-com-8914 254 51 . . . privatebank-jpmorgan-com-8914 255 1 Much much JJ privatebank-jpmorgan-com-8914 255 2 of of IN privatebank-jpmorgan-com-8914 255 3 that that DT privatebank-jpmorgan-com-8914 255 4 is be VBZ privatebank-jpmorgan-com-8914 255 5 public public JJ privatebank-jpmorgan-com-8914 255 6 but but CC privatebank-jpmorgan-com-8914 255 7 not not RB privatebank-jpmorgan-com-8914 255 8 yet yet RB privatebank-jpmorgan-com-8914 255 9 distributed distribute VBN privatebank-jpmorgan-com-8914 255 10 . . . privatebank-jpmorgan-com-8914 256 1 So so CC privatebank-jpmorgan-com-8914 256 2 , , , privatebank-jpmorgan-com-8914 256 3 we -PRON- PRP privatebank-jpmorgan-com-8914 256 4 expect expect VBP privatebank-jpmorgan-com-8914 256 5 to to TO privatebank-jpmorgan-com-8914 256 6 see see VB privatebank-jpmorgan-com-8914 256 7 distributions distribution NNS privatebank-jpmorgan-com-8914 256 8 remain remain VB privatebank-jpmorgan-com-8914 256 9 high high JJ privatebank-jpmorgan-com-8914 256 10 in in IN privatebank-jpmorgan-com-8914 256 11 2021 2021 CD privatebank-jpmorgan-com-8914 256 12 0 0 CD privatebank-jpmorgan-com-8914 256 13 % % NN privatebank-jpmorgan-com-8914 256 14 1 1 CD privatebank-jpmorgan-com-8914 256 15 % % NN privatebank-jpmorgan-com-8914 256 16 2 2 CD privatebank-jpmorgan-com-8914 256 17 % % NN privatebank-jpmorgan-com-8914 256 18 3 3 CD privatebank-jpmorgan-com-8914 256 19 % % NN privatebank-jpmorgan-com-8914 256 20 4 4 CD privatebank-jpmorgan-com-8914 256 21 % % NN privatebank-jpmorgan-com-8914 256 22 5 5 CD privatebank-jpmorgan-com-8914 256 23 % % NN privatebank-jpmorgan-com-8914 256 24 6 6 CD privatebank-jpmorgan-com-8914 256 25 % % NN privatebank-jpmorgan-com-8914 256 26 7 7 CD privatebank-jpmorgan-com-8914 256 27 % % NN privatebank-jpmorgan-com-8914 256 28 2000 2000 CD privatebank-jpmorgan-com-8914 256 29 2004 2004 CD privatebank-jpmorgan-com-8914 256 30 2008 2008 CD privatebank-jpmorgan-com-8914 256 31 2012 2012 CD privatebank-jpmorgan-com-8914 256 32 2016 2016 CD privatebank-jpmorgan-com-8914 256 33 2020 2020 CD privatebank-jpmorgan-com-8914 256 34 Distributions Distributions NNPS privatebank-jpmorgan-com-8914 256 35 Capital Capital NNP privatebank-jpmorgan-com-8914 256 36 calls call VBZ privatebank-jpmorgan-com-8914 256 37 Source source NN privatebank-jpmorgan-com-8914 256 38 : : : privatebank-jpmorgan-com-8914 256 39 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 256 40 . . . privatebank-jpmorgan-com-8914 257 1 Q4 Q4 NNP privatebank-jpmorgan-com-8914 257 2 2020 2020 CD privatebank-jpmorgan-com-8914 257 3 . . . privatebank-jpmorgan-com-8914 258 1 US US NNP privatebank-jpmorgan-com-8914 258 2 private private JJ privatebank-jpmorgan-com-8914 258 3 equity equity NN privatebank-jpmorgan-com-8914 258 4 capital capital NN privatebank-jpmorgan-com-8914 258 5 calls call NNS privatebank-jpmorgan-com-8914 258 6 and and CC privatebank-jpmorgan-com-8914 258 7 distributions distribution NNS privatebank-jpmorgan-com-8914 258 8 % % NN privatebank-jpmorgan-com-8914 258 9 of of IN privatebank-jpmorgan-com-8914 258 10 fund fund NN privatebank-jpmorgan-com-8914 258 11 size size NN privatebank-jpmorgan-com-8914 258 12 0 0 CD privatebank-jpmorgan-com-8914 258 13 % % NN privatebank-jpmorgan-com-8914 258 14 1 1 CD privatebank-jpmorgan-com-8914 258 15 % % NN privatebank-jpmorgan-com-8914 258 16 2 2 CD privatebank-jpmorgan-com-8914 258 17 % % NN privatebank-jpmorgan-com-8914 258 18 3 3 CD privatebank-jpmorgan-com-8914 258 19 % % NN privatebank-jpmorgan-com-8914 258 20 4 4 CD privatebank-jpmorgan-com-8914 258 21 % % NN privatebank-jpmorgan-com-8914 258 22 5 5 CD privatebank-jpmorgan-com-8914 258 23 % % NN privatebank-jpmorgan-com-8914 258 24 6 6 CD privatebank-jpmorgan-com-8914 258 25 % % NN privatebank-jpmorgan-com-8914 258 26 7 7 CD privatebank-jpmorgan-com-8914 258 27 % % NN privatebank-jpmorgan-com-8914 258 28 2000 2000 CD privatebank-jpmorgan-com-8914 258 29 2004 2004 CD privatebank-jpmorgan-com-8914 258 30 2008 2008 CD privatebank-jpmorgan-com-8914 258 31 2012 2012 CD privatebank-jpmorgan-com-8914 258 32 2016 2016 CD privatebank-jpmorgan-com-8914 258 33 2020 2020 CD privatebank-jpmorgan-com-8914 258 34 Distributions Distributions NNPS privatebank-jpmorgan-com-8914 258 35 Capital Capital NNP privatebank-jpmorgan-com-8914 258 36 calls call VBZ privatebank-jpmorgan-com-8914 258 37 Source source NN privatebank-jpmorgan-com-8914 258 38 : : : privatebank-jpmorgan-com-8914 258 39 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 258 40 . . . privatebank-jpmorgan-com-8914 259 1 Q4 Q4 NNP privatebank-jpmorgan-com-8914 259 2 2020 2020 CD privatebank-jpmorgan-com-8914 259 3 . . . privatebank-jpmorgan-com-8914 260 1 Global global JJ privatebank-jpmorgan-com-8914 260 2 private private JJ privatebank-jpmorgan-com-8914 260 3 equity equity NN privatebank-jpmorgan-com-8914 260 4 capital capital NN privatebank-jpmorgan-com-8914 260 5 calls call NNS privatebank-jpmorgan-com-8914 260 6 and and CC privatebank-jpmorgan-com-8914 260 7 distributions distribution NNS privatebank-jpmorgan-com-8914 260 8 % % NN privatebank-jpmorgan-com-8914 260 9 of of IN privatebank-jpmorgan-com-8914 260 10 fund fund NN privatebank-jpmorgan-com-8914 260 11 size size NN privatebank-jpmorgan-com-8914 260 12 8 8 CD privatebank-jpmorgan-com-8914 260 13 “ " `` privatebank-jpmorgan-com-8914 260 14 Subscription Subscription NNP privatebank-jpmorgan-com-8914 260 15 credit credit NN privatebank-jpmorgan-com-8914 260 16 ’s ’s POS privatebank-jpmorgan-com-8914 260 17 shifting shifting NN privatebank-jpmorgan-com-8914 260 18 landscape landscape NN privatebank-jpmorgan-com-8914 260 19 ” " '' privatebank-jpmorgan-com-8914 260 20 , , , privatebank-jpmorgan-com-8914 260 21 Private Private NNP privatebank-jpmorgan-com-8914 260 22 Equity Equity NNP privatebank-jpmorgan-com-8914 260 23 International International NNP privatebank-jpmorgan-com-8914 260 24 , , , privatebank-jpmorgan-com-8914 260 25 Oct Oct NNP privatebank-jpmorgan-com-8914 260 26 2020 2020 CD privatebank-jpmorgan-com-8914 260 27 . . . privatebank-jpmorgan-com-8914 260 28 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ '' privatebank-jpmorgan-com-8914 260 29 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 260 30 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 260 31 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 260 32 E e NN privatebank-jpmorgan-com-8914 260 33 Y y NN privatebank-jpmorgan-com-8914 260 34 E e NN privatebank-jpmorgan-com-8914 260 35 O o NN privatebank-jpmorgan-com-8914 260 36 N n NN privatebank-jpmorgan-com-8914 260 37 T t NN privatebank-jpmorgan-com-8914 260 38 H h NN privatebank-jpmorgan-com-8914 260 39 E e NN privatebank-jpmorgan-com-8914 260 40 M m NN privatebank-jpmorgan-com-8914 260 41 A a NN privatebank-jpmorgan-com-8914 260 42 R r NN privatebank-jpmorgan-com-8914 260 43 K k NN privatebank-jpmorgan-com-8914 260 44 E e NN privatebank-jpmorgan-com-8914 260 45 T t NN privatebank-jpmorgan-com-8914 260 46 • • NN privatebank-jpmorgan-com-8914 260 47 M m NN privatebank-jpmorgan-com-8914 260 48 I i NN privatebank-jpmorgan-com-8914 260 49 C c NN privatebank-jpmorgan-com-8914 260 50 H h NN privatebank-jpmorgan-com-8914 260 51 A a NN privatebank-jpmorgan-com-8914 260 52 E e NN privatebank-jpmorgan-com-8914 260 53 L l NN privatebank-jpmorgan-com-8914 260 54 C c NN privatebank-jpmorgan-com-8914 260 55 E e NN privatebank-jpmorgan-com-8914 260 56 M m NN privatebank-jpmorgan-com-8914 260 57 B B NNP privatebank-jpmorgan-com-8914 260 58 A A NNP privatebank-jpmorgan-com-8914 260 59 L l NN privatebank-jpmorgan-com-8914 260 60 E e NN privatebank-jpmorgan-com-8914 260 61 S s NN privatebank-jpmorgan-com-8914 260 62 T t NN privatebank-jpmorgan-com-8914 260 63 • • NN privatebank-jpmorgan-com-8914 260 64 J J NNP privatebank-jpmorgan-com-8914 260 65 . . . privatebank-jpmorgan-com-8914 261 1 P p NN privatebank-jpmorgan-com-8914 261 2 . . . privatebank-jpmorgan-com-8914 262 1 M M NNP privatebank-jpmorgan-com-8914 262 2 O o NN privatebank-jpmorgan-com-8914 262 3 R r NN privatebank-jpmorgan-com-8914 262 4 G g NN privatebank-jpmorgan-com-8914 262 5 A a NN privatebank-jpmorgan-com-8914 262 6 N n NN privatebank-jpmorgan-com-8914 262 7 A a NN privatebank-jpmorgan-com-8914 262 8 c c NN privatebank-jpmorgan-com-8914 262 9 c c NN privatebank-jpmorgan-com-8914 262 10 e e NNP privatebank-jpmorgan-com-8914 262 11 s s NNP privatebank-jpmorgan-com-8914 262 12 s s NNP privatebank-jpmorgan-com-8914 262 13 o o NNP privatebank-jpmorgan-com-8914 262 14 u u NNP privatebank-jpmorgan-com-8914 262 15 r r NNP privatebank-jpmorgan-com-8914 262 16 f f NNP privatebank-jpmorgan-com-8914 262 17 u u NNP privatebank-jpmorgan-com-8914 262 18 l l NNP privatebank-jpmorgan-com-8914 262 19 l l NNP privatebank-jpmorgan-com-8914 262 20 c c NNP privatebank-jpmorgan-com-8914 262 21 o o NN privatebank-jpmorgan-com-8914 262 22 r r NN privatebank-jpmorgan-com-8914 262 23 o o NN privatebank-jpmorgan-com-8914 262 24 n n CC privatebank-jpmorgan-com-8914 262 25 a a NN privatebank-jpmorgan-com-8914 262 26 v v NN privatebank-jpmorgan-com-8914 262 27 i i NN privatebank-jpmorgan-com-8914 262 28 r r NNP privatebank-jpmorgan-com-8914 262 29 u u NNP privatebank-jpmorgan-com-8914 262 30 s s NNP privatebank-jpmorgan-com-8914 262 31 a a NNP privatebank-jpmorgan-com-8914 262 32 n n NNP privatebank-jpmorgan-com-8914 262 33 a a DT privatebank-jpmorgan-com-8914 262 34 l l NN privatebank-jpmorgan-com-8914 262 35 y y NNP privatebank-jpmorgan-com-8914 262 36 s s NNP privatebank-jpmorgan-com-8914 262 37 i i NNP privatebank-jpmorgan-com-8914 262 38 s s NNP privatebank-jpmorgan-com-8914 262 39 w w NNP privatebank-jpmorgan-com-8914 262 40 e e NNP privatebank-jpmorgan-com-8914 262 41 b b NNP privatebank-jpmorgan-com-8914 262 42 p p NN privatebank-jpmorgan-com-8914 262 43 o o NN privatebank-jpmorgan-com-8914 262 44 r r NN privatebank-jpmorgan-com-8914 262 45 t t NN privatebank-jpmorgan-com-8914 262 46 a a DT privatebank-jpmorgan-com-8914 262 47 l l NN privatebank-jpmorgan-com-8914 262 48 h h NN privatebank-jpmorgan-com-8914 262 49 e e NN privatebank-jpmorgan-com-8914 262 50 r r NN privatebank-jpmorgan-com-8914 262 51 e e NNP privatebank-jpmorgan-com-8914 262 52 J J NNP privatebank-jpmorgan-com-8914 262 53 u u NNP privatebank-jpmorgan-com-8914 262 54 n n NNP privatebank-jpmorgan-com-8914 262 55 e e NNP privatebank-jpmorgan-com-8914 262 56 2 2 CD privatebank-jpmorgan-com-8914 262 57 8 8 CD privatebank-jpmorgan-com-8914 262 58 , , , privatebank-jpmorgan-com-8914 262 59 2 2 CD privatebank-jpmorgan-com-8914 262 60 0 0 CD privatebank-jpmorgan-com-8914 262 61 2 2 CD privatebank-jpmorgan-com-8914 262 62 1 1 CD privatebank-jpmorgan-com-8914 262 63 16 16 CD privatebank-jpmorgan-com-8914 262 64 Private private JJ privatebank-jpmorgan-com-8914 262 65 equity equity NN privatebank-jpmorgan-com-8914 262 66 fundraising fundraising NN privatebank-jpmorgan-com-8914 262 67 vs vs IN privatebank-jpmorgan-com-8914 262 68 market market NN privatebank-jpmorgan-com-8914 262 69 capitalization capitalization NN privatebank-jpmorgan-com-8914 262 70 • • NN privatebank-jpmorgan-com-8914 262 71 While while IN privatebank-jpmorgan-com-8914 262 72 commitments commitment NNS privatebank-jpmorgan-com-8914 262 73 to to IN privatebank-jpmorgan-com-8914 262 74 buyout buyout NN privatebank-jpmorgan-com-8914 262 75 and and CC privatebank-jpmorgan-com-8914 262 76 VC VC NNP privatebank-jpmorgan-com-8914 262 77 have have VBP privatebank-jpmorgan-com-8914 262 78 been be VBN privatebank-jpmorgan-com-8914 262 79 rising rise VBG privatebank-jpmorgan-com-8914 262 80 sharply sharply RB privatebank-jpmorgan-com-8914 262 81 , , , privatebank-jpmorgan-com-8914 262 82 they -PRON- PRP privatebank-jpmorgan-com-8914 262 83 look look VBP privatebank-jpmorgan-com-8914 262 84 a a DT privatebank-jpmorgan-com-8914 262 85 little little RB privatebank-jpmorgan-com-8914 262 86 less less RBR privatebank-jpmorgan-com-8914 262 87 ominous ominous JJ privatebank-jpmorgan-com-8914 262 88 when when WRB privatebank-jpmorgan-com-8914 262 89 measured measure VBN privatebank-jpmorgan-com-8914 262 90 against against IN privatebank-jpmorgan-com-8914 262 91 stock stock NN privatebank-jpmorgan-com-8914 262 92 market market NN privatebank-jpmorgan-com-8914 262 93 capitalization capitalization NN privatebank-jpmorgan-com-8914 262 94 $ $ $ privatebank-jpmorgan-com-8914 262 95 0 0 CD privatebank-jpmorgan-com-8914 262 96 $ $ $ privatebank-jpmorgan-com-8914 262 97 50 50 CD privatebank-jpmorgan-com-8914 262 98 $ $ $ privatebank-jpmorgan-com-8914 262 99 100 100 CD privatebank-jpmorgan-com-8914 262 100 $ $ $ privatebank-jpmorgan-com-8914 262 101 150 150 CD privatebank-jpmorgan-com-8914 262 102 $ $ $ privatebank-jpmorgan-com-8914 262 103 200 200 CD privatebank-jpmorgan-com-8914 262 104 $ $ $ privatebank-jpmorgan-com-8914 262 105 250 250 CD privatebank-jpmorgan-com-8914 262 106 $ $ $ privatebank-jpmorgan-com-8914 262 107 300 300 CD privatebank-jpmorgan-com-8914 262 108 $ $ $ privatebank-jpmorgan-com-8914 262 109 350 350 CD privatebank-jpmorgan-com-8914 262 110 1980 1980 CD privatebank-jpmorgan-com-8914 262 111 1985 1985 CD privatebank-jpmorgan-com-8914 262 112 1990 1990 CD privatebank-jpmorgan-com-8914 262 113 1995 1995 CD privatebank-jpmorgan-com-8914 262 114 2000 2000 CD privatebank-jpmorgan-com-8914 262 115 2005 2005 CD privatebank-jpmorgan-com-8914 262 116 2010 2010 CD privatebank-jpmorgan-com-8914 262 117 2015 2015 CD privatebank-jpmorgan-com-8914 262 118 2020 2020 CD privatebank-jpmorgan-com-8914 262 119 Commitments commitment NNS privatebank-jpmorgan-com-8914 262 120 to to IN privatebank-jpmorgan-com-8914 262 121 US US NNP privatebank-jpmorgan-com-8914 262 122 private private JJ privatebank-jpmorgan-com-8914 262 123 equity equity NN privatebank-jpmorgan-com-8914 262 124 & & CC privatebank-jpmorgan-com-8914 262 125 LBO LBO NNP privatebank-jpmorgan-com-8914 262 126 partnerships partnership NNS privatebank-jpmorgan-com-8914 262 127 $ $ $ privatebank-jpmorgan-com-8914 262 128 , , , privatebank-jpmorgan-com-8914 262 129 billions billion NNS privatebank-jpmorgan-com-8914 262 130 Source source NN privatebank-jpmorgan-com-8914 262 131 : : : privatebank-jpmorgan-com-8914 262 132 Steve Steve NNP privatebank-jpmorgan-com-8914 262 133 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 262 134 ( ( -LRB- privatebank-jpmorgan-com-8914 262 135 Chicago Chicago NNP privatebank-jpmorgan-com-8914 262 136 Booth Booth NNP privatebank-jpmorgan-com-8914 262 137 ) ) -RRB- privatebank-jpmorgan-com-8914 262 138 and and CC privatebank-jpmorgan-com-8914 262 139 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 262 140 . . . privatebank-jpmorgan-com-8914 263 1 2020 2020 CD privatebank-jpmorgan-com-8914 263 2 . . . privatebank-jpmorgan-com-8914 264 1 0.0 0.0 CD privatebank-jpmorgan-com-8914 264 2 % % NN privatebank-jpmorgan-com-8914 264 3 0.2 0.2 CD privatebank-jpmorgan-com-8914 264 4 % % NN privatebank-jpmorgan-com-8914 264 5 0.4 0.4 CD privatebank-jpmorgan-com-8914 264 6 % % NN privatebank-jpmorgan-com-8914 264 7 0.6 0.6 CD privatebank-jpmorgan-com-8914 264 8 % % NN privatebank-jpmorgan-com-8914 264 9 0.8 0.8 CD privatebank-jpmorgan-com-8914 264 10 % % NN privatebank-jpmorgan-com-8914 264 11 1.0 1.0 CD privatebank-jpmorgan-com-8914 264 12 % % NN privatebank-jpmorgan-com-8914 264 13 1.2 1.2 CD privatebank-jpmorgan-com-8914 264 14 % % NN privatebank-jpmorgan-com-8914 264 15 1.4 1.4 CD privatebank-jpmorgan-com-8914 264 16 % % NN privatebank-jpmorgan-com-8914 264 17 1980 1980 CD privatebank-jpmorgan-com-8914 264 18 1985 1985 CD privatebank-jpmorgan-com-8914 264 19 1990 1990 CD privatebank-jpmorgan-com-8914 264 20 1995 1995 CD privatebank-jpmorgan-com-8914 264 21 2000 2000 CD privatebank-jpmorgan-com-8914 264 22 2005 2005 CD privatebank-jpmorgan-com-8914 264 23 2010 2010 CD privatebank-jpmorgan-com-8914 264 24 2015 2015 CD privatebank-jpmorgan-com-8914 264 25 2020 2020 CD privatebank-jpmorgan-com-8914 264 26 Commitments commitment NNS privatebank-jpmorgan-com-8914 264 27 to to IN privatebank-jpmorgan-com-8914 264 28 US US NNP privatebank-jpmorgan-com-8914 264 29 private private JJ privatebank-jpmorgan-com-8914 264 30 equity equity NN privatebank-jpmorgan-com-8914 264 31 & & CC privatebank-jpmorgan-com-8914 264 32 LBO LBO NNP privatebank-jpmorgan-com-8914 264 33 partnerships partnership NNS privatebank-jpmorgan-com-8914 264 34 % % NN privatebank-jpmorgan-com-8914 264 35 of of IN privatebank-jpmorgan-com-8914 264 36 all all DT privatebank-jpmorgan-com-8914 264 37 - - HYPH privatebank-jpmorgan-com-8914 264 38 cap cap NN privatebank-jpmorgan-com-8914 264 39 stock stock NN privatebank-jpmorgan-com-8914 264 40 market market NN privatebank-jpmorgan-com-8914 264 41 capitalization capitalization NN privatebank-jpmorgan-com-8914 264 42 Source Source NNP privatebank-jpmorgan-com-8914 264 43 : : : privatebank-jpmorgan-com-8914 264 44 Steve Steve NNP privatebank-jpmorgan-com-8914 264 45 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 264 46 ( ( -LRB- privatebank-jpmorgan-com-8914 264 47 Chicago Chicago NNP privatebank-jpmorgan-com-8914 264 48 Booth Booth NNP privatebank-jpmorgan-com-8914 264 49 ) ) -RRB- privatebank-jpmorgan-com-8914 264 50 and and CC privatebank-jpmorgan-com-8914 264 51 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 264 52 . . . privatebank-jpmorgan-com-8914 265 1 2020 2020 CD privatebank-jpmorgan-com-8914 265 2 . . . privatebank-jpmorgan-com-8914 266 1 0 0 CD privatebank-jpmorgan-com-8914 266 2 10 10 CD privatebank-jpmorgan-com-8914 266 3 20 20 CD privatebank-jpmorgan-com-8914 266 4 30 30 CD privatebank-jpmorgan-com-8914 266 5 40 40 CD privatebank-jpmorgan-com-8914 266 6 50 50 CD privatebank-jpmorgan-com-8914 266 7 60 60 CD privatebank-jpmorgan-com-8914 266 8 70 70 CD privatebank-jpmorgan-com-8914 266 9 80 80 CD privatebank-jpmorgan-com-8914 266 10 1980 1980 CD privatebank-jpmorgan-com-8914 266 11 1990 1990 CD privatebank-jpmorgan-com-8914 266 12 2000 2000 CD privatebank-jpmorgan-com-8914 266 13 2010 2010 CD privatebank-jpmorgan-com-8914 266 14 2020 2020 CD privatebank-jpmorgan-com-8914 266 15 Commitments commitment NNS privatebank-jpmorgan-com-8914 266 16 to to IN privatebank-jpmorgan-com-8914 266 17 US US NNP privatebank-jpmorgan-com-8914 266 18 venture venture NN privatebank-jpmorgan-com-8914 266 19 capital capital NN privatebank-jpmorgan-com-8914 266 20 partnerships partnership NNS privatebank-jpmorgan-com-8914 266 21 $ $ $ privatebank-jpmorgan-com-8914 266 22 , , , privatebank-jpmorgan-com-8914 266 23 billions billion NNS privatebank-jpmorgan-com-8914 266 24 Source source NN privatebank-jpmorgan-com-8914 266 25 : : : privatebank-jpmorgan-com-8914 266 26 Steve Steve NNP privatebank-jpmorgan-com-8914 266 27 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 266 28 ( ( -LRB- privatebank-jpmorgan-com-8914 266 29 Chicago Chicago NNP privatebank-jpmorgan-com-8914 266 30 Booth Booth NNP privatebank-jpmorgan-com-8914 266 31 ) ) -RRB- privatebank-jpmorgan-com-8914 266 32 and and CC privatebank-jpmorgan-com-8914 266 33 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 266 34 . . . privatebank-jpmorgan-com-8914 267 1 2020 2020 CD privatebank-jpmorgan-com-8914 267 2 . . . privatebank-jpmorgan-com-8914 268 1 0.00 0.00 CD privatebank-jpmorgan-com-8914 268 2 % % NN privatebank-jpmorgan-com-8914 268 3 0.05 0.05 CD privatebank-jpmorgan-com-8914 268 4 % % NN privatebank-jpmorgan-com-8914 268 5 0.10 0.10 CD privatebank-jpmorgan-com-8914 268 6 % % NN privatebank-jpmorgan-com-8914 268 7 0.15 0.15 CD privatebank-jpmorgan-com-8914 268 8 % % NN privatebank-jpmorgan-com-8914 268 9 0.20 0.20 CD privatebank-jpmorgan-com-8914 268 10 % % NN privatebank-jpmorgan-com-8914 268 11 0.25 0.25 CD privatebank-jpmorgan-com-8914 268 12 % % NN privatebank-jpmorgan-com-8914 268 13 0.30 0.30 CD privatebank-jpmorgan-com-8914 268 14 % % NN privatebank-jpmorgan-com-8914 268 15 0.35 0.35 CD privatebank-jpmorgan-com-8914 268 16 % % NN privatebank-jpmorgan-com-8914 268 17 0.40 0.40 CD privatebank-jpmorgan-com-8914 268 18 % % NN privatebank-jpmorgan-com-8914 268 19 0.45 0.45 CD privatebank-jpmorgan-com-8914 268 20 % % NN privatebank-jpmorgan-com-8914 268 21 1980 1980 CD privatebank-jpmorgan-com-8914 268 22 1990 1990 CD privatebank-jpmorgan-com-8914 268 23 2000 2000 CD privatebank-jpmorgan-com-8914 268 24 2010 2010 CD privatebank-jpmorgan-com-8914 268 25 2020 2020 CD privatebank-jpmorgan-com-8914 268 26 Commitments commitment NNS privatebank-jpmorgan-com-8914 268 27 to to IN privatebank-jpmorgan-com-8914 268 28 US US NNP privatebank-jpmorgan-com-8914 268 29 venture venture NN privatebank-jpmorgan-com-8914 268 30 capital capital NN privatebank-jpmorgan-com-8914 268 31 partnerships partnership NNS privatebank-jpmorgan-com-8914 268 32 % % NN privatebank-jpmorgan-com-8914 268 33 of of IN privatebank-jpmorgan-com-8914 268 34 all all DT privatebank-jpmorgan-com-8914 268 35 - - HYPH privatebank-jpmorgan-com-8914 268 36 cap cap NN privatebank-jpmorgan-com-8914 268 37 stock stock NN privatebank-jpmorgan-com-8914 268 38 market market NN privatebank-jpmorgan-com-8914 268 39 capitalization capitalization NN privatebank-jpmorgan-com-8914 268 40 Source Source NNP privatebank-jpmorgan-com-8914 268 41 : : : privatebank-jpmorgan-com-8914 268 42 Steve Steve NNP privatebank-jpmorgan-com-8914 268 43 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 268 44 ( ( -LRB- privatebank-jpmorgan-com-8914 268 45 Chicago Chicago NNP privatebank-jpmorgan-com-8914 268 46 Booth Booth NNP privatebank-jpmorgan-com-8914 268 47 ) ) -RRB- privatebank-jpmorgan-com-8914 268 48 and and CC privatebank-jpmorgan-com-8914 268 49 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 268 50 . . . privatebank-jpmorgan-com-8914 269 1 2020 2020 CD privatebank-jpmorgan-com-8914 269 2 . . . privatebank-jpmorgan-com-8914 269 3 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ '' privatebank-jpmorgan-com-8914 269 4 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 269 5 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 269 6 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 269 7 E e NN privatebank-jpmorgan-com-8914 269 8 Y y NN privatebank-jpmorgan-com-8914 269 9 E e NN privatebank-jpmorgan-com-8914 269 10 O o NN privatebank-jpmorgan-com-8914 269 11 N n NN privatebank-jpmorgan-com-8914 269 12 T t NN privatebank-jpmorgan-com-8914 269 13 H h NN privatebank-jpmorgan-com-8914 269 14 E e NN privatebank-jpmorgan-com-8914 269 15 M m NN privatebank-jpmorgan-com-8914 269 16 A a NN privatebank-jpmorgan-com-8914 269 17 R r NN privatebank-jpmorgan-com-8914 269 18 K k NN privatebank-jpmorgan-com-8914 269 19 E e NN privatebank-jpmorgan-com-8914 269 20 T t NN privatebank-jpmorgan-com-8914 269 21 • • NN privatebank-jpmorgan-com-8914 269 22 M m NN privatebank-jpmorgan-com-8914 269 23 I i NN privatebank-jpmorgan-com-8914 269 24 C c NN privatebank-jpmorgan-com-8914 269 25 H h NN privatebank-jpmorgan-com-8914 269 26 A a NN privatebank-jpmorgan-com-8914 269 27 E e NN privatebank-jpmorgan-com-8914 269 28 L l NN privatebank-jpmorgan-com-8914 269 29 C c NN privatebank-jpmorgan-com-8914 269 30 E e NN privatebank-jpmorgan-com-8914 269 31 M m NN privatebank-jpmorgan-com-8914 269 32 B B NNP privatebank-jpmorgan-com-8914 269 33 A A NNP privatebank-jpmorgan-com-8914 269 34 L l NN privatebank-jpmorgan-com-8914 269 35 E e NN privatebank-jpmorgan-com-8914 269 36 S s NN privatebank-jpmorgan-com-8914 269 37 T t NN privatebank-jpmorgan-com-8914 269 38 • • NN privatebank-jpmorgan-com-8914 269 39 J J NNP privatebank-jpmorgan-com-8914 269 40 . . . privatebank-jpmorgan-com-8914 270 1 P p NN privatebank-jpmorgan-com-8914 270 2 . . . privatebank-jpmorgan-com-8914 271 1 M M NNP privatebank-jpmorgan-com-8914 271 2 O o NN privatebank-jpmorgan-com-8914 271 3 R r NN privatebank-jpmorgan-com-8914 271 4 G g NN privatebank-jpmorgan-com-8914 271 5 A a NN privatebank-jpmorgan-com-8914 271 6 N n NN privatebank-jpmorgan-com-8914 271 7 A a NN privatebank-jpmorgan-com-8914 271 8 c c NN privatebank-jpmorgan-com-8914 271 9 c c NN privatebank-jpmorgan-com-8914 271 10 e e NNP privatebank-jpmorgan-com-8914 271 11 s s NNP privatebank-jpmorgan-com-8914 271 12 s s NNP privatebank-jpmorgan-com-8914 271 13 o o NNP privatebank-jpmorgan-com-8914 271 14 u u NNP privatebank-jpmorgan-com-8914 271 15 r r NNP privatebank-jpmorgan-com-8914 271 16 f f NNP privatebank-jpmorgan-com-8914 271 17 u u NNP privatebank-jpmorgan-com-8914 271 18 l l NNP privatebank-jpmorgan-com-8914 271 19 l l NNP privatebank-jpmorgan-com-8914 271 20 c c NNP privatebank-jpmorgan-com-8914 271 21 o o NN privatebank-jpmorgan-com-8914 271 22 r r NN privatebank-jpmorgan-com-8914 271 23 o o NN privatebank-jpmorgan-com-8914 271 24 n n CC privatebank-jpmorgan-com-8914 271 25 a a NN privatebank-jpmorgan-com-8914 271 26 v v NN privatebank-jpmorgan-com-8914 271 27 i i NN privatebank-jpmorgan-com-8914 271 28 r r NNP privatebank-jpmorgan-com-8914 271 29 u u NNP privatebank-jpmorgan-com-8914 271 30 s s NNP privatebank-jpmorgan-com-8914 271 31 a a NNP privatebank-jpmorgan-com-8914 271 32 n n NNP privatebank-jpmorgan-com-8914 271 33 a a DT privatebank-jpmorgan-com-8914 271 34 l l NN privatebank-jpmorgan-com-8914 271 35 y y NNP privatebank-jpmorgan-com-8914 271 36 s s NNP privatebank-jpmorgan-com-8914 271 37 i i NNP privatebank-jpmorgan-com-8914 271 38 s s NNP privatebank-jpmorgan-com-8914 271 39 w w NNP privatebank-jpmorgan-com-8914 271 40 e e NNP privatebank-jpmorgan-com-8914 271 41 b b NNP privatebank-jpmorgan-com-8914 271 42 p p NN privatebank-jpmorgan-com-8914 271 43 o o NN privatebank-jpmorgan-com-8914 271 44 r r NN privatebank-jpmorgan-com-8914 271 45 t t NN privatebank-jpmorgan-com-8914 271 46 a a DT privatebank-jpmorgan-com-8914 271 47 l l NN privatebank-jpmorgan-com-8914 271 48 h h NN privatebank-jpmorgan-com-8914 271 49 e e NN privatebank-jpmorgan-com-8914 271 50 r r NN privatebank-jpmorgan-com-8914 271 51 e e NNP privatebank-jpmorgan-com-8914 271 52 J J NNP privatebank-jpmorgan-com-8914 271 53 u u NNP privatebank-jpmorgan-com-8914 271 54 n n NNP privatebank-jpmorgan-com-8914 271 55 e e NNP privatebank-jpmorgan-com-8914 271 56 2 2 CD privatebank-jpmorgan-com-8914 271 57 8 8 CD privatebank-jpmorgan-com-8914 271 58 , , , privatebank-jpmorgan-com-8914 271 59 2 2 CD privatebank-jpmorgan-com-8914 271 60 0 0 CD privatebank-jpmorgan-com-8914 271 61 2 2 CD privatebank-jpmorgan-com-8914 271 62 1 1 CD privatebank-jpmorgan-com-8914 271 63 17 17 CD privatebank-jpmorgan-com-8914 271 64 On on IN privatebank-jpmorgan-com-8914 271 65 private private JJ privatebank-jpmorgan-com-8914 271 66 equity equity NN privatebank-jpmorgan-com-8914 271 67 fees fee NNS privatebank-jpmorgan-com-8914 271 68 Private private JJ privatebank-jpmorgan-com-8914 271 69 equity equity NN privatebank-jpmorgan-com-8914 271 70 fees fee NNS privatebank-jpmorgan-com-8914 271 71 fall fall VBP privatebank-jpmorgan-com-8914 271 72 into into IN privatebank-jpmorgan-com-8914 271 73 three three CD privatebank-jpmorgan-com-8914 271 74 categories category NNS privatebank-jpmorgan-com-8914 271 75 . . . privatebank-jpmorgan-com-8914 272 1 They -PRON- PRP privatebank-jpmorgan-com-8914 272 2 are be VBP privatebank-jpmorgan-com-8914 272 3 described describe VBN privatebank-jpmorgan-com-8914 272 4 below below IN privatebank-jpmorgan-com-8914 272 5 , , , privatebank-jpmorgan-com-8914 272 6 with with IN privatebank-jpmorgan-com-8914 272 7 estimates estimate NNS privatebank-jpmorgan-com-8914 272 8 of of IN privatebank-jpmorgan-com-8914 272 9 fees fee NNS privatebank-jpmorgan-com-8914 272 10 earned earn VBN privatebank-jpmorgan-com-8914 272 11 from from IN privatebank-jpmorgan-com-8914 272 12 2008 2008 CD privatebank-jpmorgan-com-8914 272 13 to to IN privatebank-jpmorgan-com-8914 272 14 2020 2020 CD privatebank-jpmorgan-com-8914 272 15 by by IN privatebank-jpmorgan-com-8914 272 16 private private JJ privatebank-jpmorgan-com-8914 272 17 equity equity NN privatebank-jpmorgan-com-8914 272 18 companies company NNS privatebank-jpmorgan-com-8914 272 19 with with IN privatebank-jpmorgan-com-8914 272 20 public public JJ privatebank-jpmorgan-com-8914 272 21 filings filing NNS privatebank-jpmorgan-com-8914 272 22 ( ( -LRB- privatebank-jpmorgan-com-8914 272 23 Carlyle Carlyle NNP privatebank-jpmorgan-com-8914 272 24 , , , privatebank-jpmorgan-com-8914 272 25 KKR KKR NNP privatebank-jpmorgan-com-8914 272 26 , , , privatebank-jpmorgan-com-8914 272 27 Blackstone Blackstone NNP privatebank-jpmorgan-com-8914 272 28 , , , privatebank-jpmorgan-com-8914 272 29 Apollo)9 apollo)9 CD privatebank-jpmorgan-com-8914 272 30 : : : privatebank-jpmorgan-com-8914 272 31 [ [ -LRB- privatebank-jpmorgan-com-8914 272 32 1 1 LS privatebank-jpmorgan-com-8914 272 33 ] ] -RRB- privatebank-jpmorgan-com-8914 272 34 Carried carry VBN privatebank-jpmorgan-com-8914 272 35 interest interest NN privatebank-jpmorgan-com-8914 272 36 , , , privatebank-jpmorgan-com-8914 272 37 paid pay VBN privatebank-jpmorgan-com-8914 272 38 if if IN privatebank-jpmorgan-com-8914 272 39 returns return NNS privatebank-jpmorgan-com-8914 272 40 exceed exceed VBP privatebank-jpmorgan-com-8914 272 41 a a DT privatebank-jpmorgan-com-8914 272 42 specified specified JJ privatebank-jpmorgan-com-8914 272 43 threshold threshold NN privatebank-jpmorgan-com-8914 272 44 level level NN privatebank-jpmorgan-com-8914 272 45 ; ; : privatebank-jpmorgan-com-8914 272 46 $ $ $ privatebank-jpmorgan-com-8914 272 47 30 30 CD privatebank-jpmorgan-com-8914 272 48 billion billion CD privatebank-jpmorgan-com-8914 272 49 Academic academic JJ privatebank-jpmorgan-com-8914 272 50 research research NN privatebank-jpmorgan-com-8914 272 51 generally generally RB privatebank-jpmorgan-com-8914 272 52 supports support VBZ privatebank-jpmorgan-com-8914 272 53 the the DT privatebank-jpmorgan-com-8914 272 54 notion notion NN privatebank-jpmorgan-com-8914 272 55 that that IN privatebank-jpmorgan-com-8914 272 56 there there EX privatebank-jpmorgan-com-8914 272 57 is be VBZ privatebank-jpmorgan-com-8914 272 58 alignment alignment NN privatebank-jpmorgan-com-8914 272 59 of of IN privatebank-jpmorgan-com-8914 272 60 interest interest NN privatebank-jpmorgan-com-8914 272 61 between between IN privatebank-jpmorgan-com-8914 272 62 general general JJ privatebank-jpmorgan-com-8914 272 63 and and CC privatebank-jpmorgan-com-8914 272 64 limited limited JJ privatebank-jpmorgan-com-8914 272 65 partners partner NNS privatebank-jpmorgan-com-8914 272 66 . . . privatebank-jpmorgan-com-8914 273 1 A a DT privatebank-jpmorgan-com-8914 273 2 2013 2013 CD privatebank-jpmorgan-com-8914 273 3 study study NN privatebank-jpmorgan-com-8914 273 4 of of IN privatebank-jpmorgan-com-8914 273 5 20 20 CD privatebank-jpmorgan-com-8914 273 6 years year NNS privatebank-jpmorgan-com-8914 273 7 of of IN privatebank-jpmorgan-com-8914 273 8 private private JJ privatebank-jpmorgan-com-8914 273 9 equity equity NN privatebank-jpmorgan-com-8914 273 10 history history NN privatebank-jpmorgan-com-8914 273 11 found find VBD privatebank-jpmorgan-com-8914 273 12 no no DT privatebank-jpmorgan-com-8914 273 13 evidence evidence NN privatebank-jpmorgan-com-8914 273 14 that that IN privatebank-jpmorgan-com-8914 273 15 higher high JJR privatebank-jpmorgan-com-8914 273 16 fee fee NN privatebank-jpmorgan-com-8914 273 17 levels level NNS privatebank-jpmorgan-com-8914 273 18 resulted result VBD privatebank-jpmorgan-com-8914 273 19 in in IN privatebank-jpmorgan-com-8914 273 20 lower low JJR privatebank-jpmorgan-com-8914 273 21 net net NN privatebank-jpmorgan-com-8914 273 22 - - HYPH privatebank-jpmorgan-com-8914 273 23 of of IN privatebank-jpmorgan-com-8914 273 24 - - HYPH privatebank-jpmorgan-com-8914 273 25 fee fee NN privatebank-jpmorgan-com-8914 273 26 performance performance NN privatebank-jpmorgan-com-8914 273 27 . . . privatebank-jpmorgan-com-8914 274 1 If if IN privatebank-jpmorgan-com-8914 274 2 anything anything NN privatebank-jpmorgan-com-8914 274 3 , , , privatebank-jpmorgan-com-8914 274 4 the the DT privatebank-jpmorgan-com-8914 274 5 authors author NNS privatebank-jpmorgan-com-8914 274 6 found find VBD privatebank-jpmorgan-com-8914 274 7 that that IN privatebank-jpmorgan-com-8914 274 8 higher high JJR privatebank-jpmorgan-com-8914 274 9 fee fee NN privatebank-jpmorgan-com-8914 274 10 levels level NNS privatebank-jpmorgan-com-8914 274 11 were be VBD privatebank-jpmorgan-com-8914 274 12 associated associate VBN privatebank-jpmorgan-com-8914 274 13 with with IN privatebank-jpmorgan-com-8914 274 14 superior superior JJ privatebank-jpmorgan-com-8914 274 15 performance performance NN privatebank-jpmorgan-com-8914 274 16 . . . privatebank-jpmorgan-com-8914 275 1 One one CD privatebank-jpmorgan-com-8914 275 2 agency agency NN privatebank-jpmorgan-com-8914 275 3 conflict conflict NN privatebank-jpmorgan-com-8914 275 4 they -PRON- PRP privatebank-jpmorgan-com-8914 275 5 did do VBD privatebank-jpmorgan-com-8914 275 6 spot spot VB privatebank-jpmorgan-com-8914 275 7 : : : privatebank-jpmorgan-com-8914 275 8 GPs gps NNS privatebank-jpmorgan-com-8914 275 9 tend tend VBP privatebank-jpmorgan-com-8914 275 10 to to TO privatebank-jpmorgan-com-8914 275 11 accelerate accelerate VB privatebank-jpmorgan-com-8914 275 12 realizations realization NNS privatebank-jpmorgan-com-8914 275 13 right right RB privatebank-jpmorgan-com-8914 275 14 after after IN privatebank-jpmorgan-com-8914 275 15 the the DT privatebank-jpmorgan-com-8914 275 16 LP LP NNP privatebank-jpmorgan-com-8914 275 17 ’s ’s POS privatebank-jpmorgan-com-8914 275 18 preferred preferred JJ privatebank-jpmorgan-com-8914 275 19 return return NN privatebank-jpmorgan-com-8914 275 20 has have VBZ privatebank-jpmorgan-com-8914 275 21 been be VBN privatebank-jpmorgan-com-8914 275 22 paid pay VBN privatebank-jpmorgan-com-8914 275 23 in in IN privatebank-jpmorgan-com-8914 275 24 what what WP privatebank-jpmorgan-com-8914 275 25 is be VBZ privatebank-jpmorgan-com-8914 275 26 known know VBN privatebank-jpmorgan-com-8914 275 27 as as IN privatebank-jpmorgan-com-8914 275 28 the the DT privatebank-jpmorgan-com-8914 275 29 “ " `` privatebank-jpmorgan-com-8914 275 30 waterfall waterfall JJ privatebank-jpmorgan-com-8914 275 31 quarter quarter NN privatebank-jpmorgan-com-8914 275 32 ” " '' privatebank-jpmorgan-com-8914 275 33 , , , privatebank-jpmorgan-com-8914 275 34 illustrated illustrate VBN privatebank-jpmorgan-com-8914 275 35 by by IN privatebank-jpmorgan-com-8914 275 36 the the DT privatebank-jpmorgan-com-8914 275 37 chart chart NN privatebank-jpmorgan-com-8914 275 38 on on IN privatebank-jpmorgan-com-8914 275 39 the the DT privatebank-jpmorgan-com-8914 275 40 right right NN privatebank-jpmorgan-com-8914 275 41 below below RB privatebank-jpmorgan-com-8914 275 42 . . . privatebank-jpmorgan-com-8914 276 1 This this DT privatebank-jpmorgan-com-8914 276 2 approach approach NN privatebank-jpmorgan-com-8914 276 3 sacrifices sacrifice VBZ privatebank-jpmorgan-com-8914 276 4 LP LP NNP privatebank-jpmorgan-com-8914 276 5 upside upside NN privatebank-jpmorgan-com-8914 276 6 in in IN privatebank-jpmorgan-com-8914 276 7 exchange exchange NN privatebank-jpmorgan-com-8914 276 8 for for IN privatebank-jpmorgan-com-8914 276 9 certainty certainty NN privatebank-jpmorgan-com-8914 276 10 of of IN privatebank-jpmorgan-com-8914 276 11 GPs gps NNS privatebank-jpmorgan-com-8914 276 12 earning earn VBG privatebank-jpmorgan-com-8914 276 13 a a DT privatebank-jpmorgan-com-8914 276 14 catch catch NN privatebank-jpmorgan-com-8914 276 15 - - HYPH privatebank-jpmorgan-com-8914 276 16 up up RP privatebank-jpmorgan-com-8914 276 17 return.10 return.10 NNP privatebank-jpmorgan-com-8914 276 18 [ [ -LRB- privatebank-jpmorgan-com-8914 276 19 2 2 CD privatebank-jpmorgan-com-8914 276 20 ] ] -RRB- privatebank-jpmorgan-com-8914 276 21 Management management NN privatebank-jpmorgan-com-8914 276 22 fees fee NNS privatebank-jpmorgan-com-8914 276 23 , , , privatebank-jpmorgan-com-8914 276 24 typically typically RB privatebank-jpmorgan-com-8914 276 25 earned earn VBN privatebank-jpmorgan-com-8914 276 26 based base VBN privatebank-jpmorgan-com-8914 276 27 on on IN privatebank-jpmorgan-com-8914 276 28 committed committed JJ privatebank-jpmorgan-com-8914 276 29 capital capital NN privatebank-jpmorgan-com-8914 276 30 ; ; : privatebank-jpmorgan-com-8914 276 31 $ $ $ privatebank-jpmorgan-com-8914 276 32 26 26 CD privatebank-jpmorgan-com-8914 276 33 billion billion CD privatebank-jpmorgan-com-8914 276 34 As as IN privatebank-jpmorgan-com-8914 276 35 shown show VBN privatebank-jpmorgan-com-8914 276 36 below below IN privatebank-jpmorgan-com-8914 276 37 , , , privatebank-jpmorgan-com-8914 276 38 90 90 CD privatebank-jpmorgan-com-8914 276 39 % % NN privatebank-jpmorgan-com-8914 276 40 of of IN privatebank-jpmorgan-com-8914 276 41 buyout buyout NN privatebank-jpmorgan-com-8914 276 42 managers manager NNS privatebank-jpmorgan-com-8914 276 43 charge charge VBP privatebank-jpmorgan-com-8914 276 44 fees fee NNS privatebank-jpmorgan-com-8914 276 45 on on IN privatebank-jpmorgan-com-8914 276 46 committed committed JJ privatebank-jpmorgan-com-8914 276 47 ( ( -LRB- privatebank-jpmorgan-com-8914 276 48 rather rather RB privatebank-jpmorgan-com-8914 276 49 than than IN privatebank-jpmorgan-com-8914 276 50 invested invest VBN privatebank-jpmorgan-com-8914 276 51 ) ) -RRB- privatebank-jpmorgan-com-8914 276 52 capital capital NN privatebank-jpmorgan-com-8914 276 53 . . . privatebank-jpmorgan-com-8914 277 1 Within within IN privatebank-jpmorgan-com-8914 277 2 other other JJ privatebank-jpmorgan-com-8914 277 3 categories category NNS privatebank-jpmorgan-com-8914 277 4 of of IN privatebank-jpmorgan-com-8914 277 5 private private JJ privatebank-jpmorgan-com-8914 277 6 equity equity NN privatebank-jpmorgan-com-8914 277 7 , , , privatebank-jpmorgan-com-8914 277 8 larger large JJR privatebank-jpmorgan-com-8914 277 9 numbers number NNS privatebank-jpmorgan-com-8914 277 10 of of IN privatebank-jpmorgan-com-8914 277 11 managers manager NNS privatebank-jpmorgan-com-8914 277 12 charge charge NN privatebank-jpmorgan-com-8914 277 13 on on IN privatebank-jpmorgan-com-8914 277 14 invested invest VBN privatebank-jpmorgan-com-8914 277 15 capital capital NN privatebank-jpmorgan-com-8914 277 16 instead instead RB privatebank-jpmorgan-com-8914 277 17 . . . privatebank-jpmorgan-com-8914 278 1 [ [ -LRB- privatebank-jpmorgan-com-8914 278 2 3 3 LS privatebank-jpmorgan-com-8914 278 3 ] ] -RRB- privatebank-jpmorgan-com-8914 278 4 Net net JJ privatebank-jpmorgan-com-8914 278 5 monitoring monitoring NN privatebank-jpmorgan-com-8914 278 6 and and CC privatebank-jpmorgan-com-8914 278 7 transaction transaction NN privatebank-jpmorgan-com-8914 278 8 fees fee NNS privatebank-jpmorgan-com-8914 278 9 ( ( -LRB- privatebank-jpmorgan-com-8914 278 10 “ " `` privatebank-jpmorgan-com-8914 278 11 company company NN privatebank-jpmorgan-com-8914 278 12 fees fee NNS privatebank-jpmorgan-com-8914 278 13 ” " '' privatebank-jpmorgan-com-8914 278 14 ) ) -RRB- privatebank-jpmorgan-com-8914 278 15 ; ; : privatebank-jpmorgan-com-8914 278 16 $ $ $ privatebank-jpmorgan-com-8914 278 17 4.6 4.6 CD privatebank-jpmorgan-com-8914 278 18 billion billion CD privatebank-jpmorgan-com-8914 278 19 This this DT privatebank-jpmorgan-com-8914 278 20 segment segment NN privatebank-jpmorgan-com-8914 278 21 generates generate VBZ privatebank-jpmorgan-com-8914 278 22 controversy controversy NN privatebank-jpmorgan-com-8914 278 23 since since IN privatebank-jpmorgan-com-8914 278 24 these these DT privatebank-jpmorgan-com-8914 278 25 fees fee NNS privatebank-jpmorgan-com-8914 278 26 are be VBP privatebank-jpmorgan-com-8914 278 27 paid pay VBN privatebank-jpmorgan-com-8914 278 28 by by IN privatebank-jpmorgan-com-8914 278 29 companies company NNS privatebank-jpmorgan-com-8914 278 30 whose whose WP$ privatebank-jpmorgan-com-8914 278 31 boards board NNS privatebank-jpmorgan-com-8914 278 32 the the DT privatebank-jpmorgan-com-8914 278 33 GP GP NNP privatebank-jpmorgan-com-8914 278 34 controls control NNS privatebank-jpmorgan-com-8914 278 35 . . . privatebank-jpmorgan-com-8914 279 1 In in IN privatebank-jpmorgan-com-8914 279 2 the the DT privatebank-jpmorgan-com-8914 279 3 past past NN privatebank-jpmorgan-com-8914 279 4 , , , privatebank-jpmorgan-com-8914 279 5 the the DT privatebank-jpmorgan-com-8914 279 6 SEC SEC NNP privatebank-jpmorgan-com-8914 279 7 has have VBZ privatebank-jpmorgan-com-8914 279 8 fined fine VBN privatebank-jpmorgan-com-8914 279 9 some some DT privatebank-jpmorgan-com-8914 279 10 managers manager NNS privatebank-jpmorgan-com-8914 279 11 for for IN privatebank-jpmorgan-com-8914 279 12 inadequate inadequate JJ privatebank-jpmorgan-com-8914 279 13 disclosure disclosure NN privatebank-jpmorgan-com-8914 279 14 . . . privatebank-jpmorgan-com-8914 280 1 Fees fee NNS privatebank-jpmorgan-com-8914 280 2 charged charge VBN privatebank-jpmorgan-com-8914 280 3 to to IN privatebank-jpmorgan-com-8914 280 4 portfolio portfolio NN privatebank-jpmorgan-com-8914 280 5 companies company NNS privatebank-jpmorgan-com-8914 280 6 are be VBP privatebank-jpmorgan-com-8914 280 7 not not RB privatebank-jpmorgan-com-8914 280 8 specified specify VBN privatebank-jpmorgan-com-8914 280 9 in in IN privatebank-jpmorgan-com-8914 280 10 Limited Limited NNP privatebank-jpmorgan-com-8914 280 11 Partnership Partnership NNP privatebank-jpmorgan-com-8914 280 12 Agreements Agreements NNPS privatebank-jpmorgan-com-8914 280 13 ( ( -LRB- privatebank-jpmorgan-com-8914 280 14 LPA LPA NNP privatebank-jpmorgan-com-8914 280 15 ) ) -RRB- privatebank-jpmorgan-com-8914 280 16 ; ; : privatebank-jpmorgan-com-8914 280 17 they -PRON- PRP privatebank-jpmorgan-com-8914 280 18 are be VBP privatebank-jpmorgan-com-8914 280 19 laid lay VBN privatebank-jpmorgan-com-8914 280 20 out out RP privatebank-jpmorgan-com-8914 280 21 in in IN privatebank-jpmorgan-com-8914 280 22 Management Management NNP privatebank-jpmorgan-com-8914 280 23 Services Services NNPS privatebank-jpmorgan-com-8914 280 24 Agreements Agreements NNPS privatebank-jpmorgan-com-8914 280 25 , , , privatebank-jpmorgan-com-8914 280 26 signed sign VBN privatebank-jpmorgan-com-8914 280 27 by by IN privatebank-jpmorgan-com-8914 280 28 GPs gps NNS privatebank-jpmorgan-com-8914 280 29 after after IN privatebank-jpmorgan-com-8914 280 30 documents document NNS privatebank-jpmorgan-com-8914 280 31 are be VBP privatebank-jpmorgan-com-8914 280 32 finalized finalize VBN privatebank-jpmorgan-com-8914 280 33 . . . privatebank-jpmorgan-com-8914 281 1 The the DT privatebank-jpmorgan-com-8914 281 2 LPA LPA NNP privatebank-jpmorgan-com-8914 281 3 does do VBZ privatebank-jpmorgan-com-8914 281 4 state state VB privatebank-jpmorgan-com-8914 281 5 the the DT privatebank-jpmorgan-com-8914 281 6 % % NN privatebank-jpmorgan-com-8914 281 7 of of IN privatebank-jpmorgan-com-8914 281 8 each each DT privatebank-jpmorgan-com-8914 281 9 type type NN privatebank-jpmorgan-com-8914 281 10 of of IN privatebank-jpmorgan-com-8914 281 11 portfolio portfolio NN privatebank-jpmorgan-com-8914 281 12 company company NN privatebank-jpmorgan-com-8914 281 13 fee fee NN privatebank-jpmorgan-com-8914 281 14 that that WDT privatebank-jpmorgan-com-8914 281 15 is be VBZ privatebank-jpmorgan-com-8914 281 16 rebated rebate VBN privatebank-jpmorgan-com-8914 281 17 against against IN privatebank-jpmorgan-com-8914 281 18 management management NN privatebank-jpmorgan-com-8914 281 19 fees fee NNS privatebank-jpmorgan-com-8914 281 20 paid pay VBN privatebank-jpmorgan-com-8914 281 21 by by IN privatebank-jpmorgan-com-8914 281 22 LPs lp NNS privatebank-jpmorgan-com-8914 281 23 . . . privatebank-jpmorgan-com-8914 282 1 From from IN privatebank-jpmorgan-com-8914 282 2 2011 2011 CD privatebank-jpmorgan-com-8914 282 3 - - SYM privatebank-jpmorgan-com-8914 282 4 2014 2014 CD privatebank-jpmorgan-com-8914 282 5 , , , privatebank-jpmorgan-com-8914 282 6 80%-85 80%-85 CD privatebank-jpmorgan-com-8914 282 7 % % NN privatebank-jpmorgan-com-8914 282 8 of of IN privatebank-jpmorgan-com-8914 282 9 such such JJ privatebank-jpmorgan-com-8914 282 10 fees fee NNS privatebank-jpmorgan-com-8914 282 11 were be VBD privatebank-jpmorgan-com-8914 282 12 rebated rebate VBN privatebank-jpmorgan-com-8914 282 13 to to IN privatebank-jpmorgan-com-8914 282 14 LPs lp NNS privatebank-jpmorgan-com-8914 282 15 ; ; : privatebank-jpmorgan-com-8914 282 16 this this DT privatebank-jpmorgan-com-8914 282 17 reflects reflect VBZ privatebank-jpmorgan-com-8914 282 18 three three CD privatebank-jpmorgan-com-8914 282 19 common common JJ privatebank-jpmorgan-com-8914 282 20 rebate rebate NN privatebank-jpmorgan-com-8914 282 21 levels level NNS privatebank-jpmorgan-com-8914 282 22 of of IN privatebank-jpmorgan-com-8914 282 23 50 50 CD privatebank-jpmorgan-com-8914 282 24 % % NN privatebank-jpmorgan-com-8914 282 25 , , , privatebank-jpmorgan-com-8914 282 26 80 80 CD privatebank-jpmorgan-com-8914 282 27 % % NN privatebank-jpmorgan-com-8914 282 28 and and CC privatebank-jpmorgan-com-8914 282 29 100 100 CD privatebank-jpmorgan-com-8914 282 30 % % NN privatebank-jpmorgan-com-8914 282 31 . . . privatebank-jpmorgan-com-8914 283 1 B b NN privatebank-jpmorgan-com-8914 283 2 uy uy UH privatebank-jpmorgan-com-8914 283 3 ou ou NN privatebank-jpmorgan-com-8914 283 4 t t NNP privatebank-jpmorgan-com-8914 283 5 G G NNP privatebank-jpmorgan-com-8914 283 6 ro ro NNP privatebank-jpmorgan-com-8914 283 7 w w NNP privatebank-jpmorgan-com-8914 283 8 th th NNP privatebank-jpmorgan-com-8914 283 9 V V NNP privatebank-jpmorgan-com-8914 283 10 en en FW privatebank-jpmorgan-com-8914 283 11 tu tu NN privatebank-jpmorgan-com-8914 283 12 re re NN privatebank-jpmorgan-com-8914 283 13 c c NNP privatebank-jpmorgan-com-8914 283 14 ap ap NNP privatebank-jpmorgan-com-8914 283 15 ita ita NNP privatebank-jpmorgan-com-8914 283 16 l l NNP privatebank-jpmorgan-com-8914 283 17 P P NNP privatebank-jpmorgan-com-8914 283 18 riv riv NN privatebank-jpmorgan-com-8914 283 19 at at IN privatebank-jpmorgan-com-8914 283 20 e e NNP privatebank-jpmorgan-com-8914 283 21 eq eq NNP privatebank-jpmorgan-com-8914 283 22 ui ui NNP privatebank-jpmorgan-com-8914 283 23 ty ty IN privatebank-jpmorgan-com-8914 283 24 F F NNP privatebank-jpmorgan-com-8914 283 25 oF oF NNP privatebank-jpmorgan-com-8914 283 26 D D NNP privatebank-jpmorgan-com-8914 283 27 ire ire NNP privatebank-jpmorgan-com-8914 283 28 ct ct NNP privatebank-jpmorgan-com-8914 283 29 le le NNP privatebank-jpmorgan-com-8914 283 30 nd nd NNP privatebank-jpmorgan-com-8914 283 31 in in IN privatebank-jpmorgan-com-8914 283 32 g g NNP privatebank-jpmorgan-com-8914 283 33 D D NNP privatebank-jpmorgan-com-8914 283 34 is be VBZ privatebank-jpmorgan-com-8914 283 35 tr tr IN privatebank-jpmorgan-com-8914 283 36 es es FW privatebank-jpmorgan-com-8914 283 37 se se NNP privatebank-jpmorgan-com-8914 283 38 d d NNP privatebank-jpmorgan-com-8914 283 39 de de NNP privatebank-jpmorgan-com-8914 283 40 bt bt NNP privatebank-jpmorgan-com-8914 283 41 M M NNP privatebank-jpmorgan-com-8914 283 42 ez ez NNP privatebank-jpmorgan-com-8914 283 43 za za NNP privatebank-jpmorgan-com-8914 283 44 ni ni NNP privatebank-jpmorgan-com-8914 283 45 ne ne NNP privatebank-jpmorgan-com-8914 283 46 In in IN privatebank-jpmorgan-com-8914 283 47 fr fr NN privatebank-jpmorgan-com-8914 283 48 as as IN privatebank-jpmorgan-com-8914 283 49 tr tr NNP privatebank-jpmorgan-com-8914 283 50 uc uc NNP privatebank-jpmorgan-com-8914 283 51 tu tu NNP privatebank-jpmorgan-com-8914 283 52 re re VB privatebank-jpmorgan-com-8914 283 53 R r NN privatebank-jpmorgan-com-8914 283 54 ea ea NNP privatebank-jpmorgan-com-8914 283 55 l l NNP privatebank-jpmorgan-com-8914 283 56 e e NNP privatebank-jpmorgan-com-8914 283 57 st st NNP privatebank-jpmorgan-com-8914 283 58 at at IN privatebank-jpmorgan-com-8914 283 59 e e NNP privatebank-jpmorgan-com-8914 283 60 N N NNP privatebank-jpmorgan-com-8914 283 61 at at IN privatebank-jpmorgan-com-8914 283 62 ur ur NNP privatebank-jpmorgan-com-8914 283 63 al al NNP privatebank-jpmorgan-com-8914 283 64 r r NNP privatebank-jpmorgan-com-8914 283 65 es es NNP privatebank-jpmorgan-com-8914 283 66 ou ou NNP privatebank-jpmorgan-com-8914 283 67 rc rc FW privatebank-jpmorgan-com-8914 283 68 es es NNP privatebank-jpmorgan-com-8914 283 69 0 0 CD privatebank-jpmorgan-com-8914 283 70 % % NN privatebank-jpmorgan-com-8914 283 71 25 25 CD privatebank-jpmorgan-com-8914 283 72 % % NN privatebank-jpmorgan-com-8914 283 73 50 50 CD privatebank-jpmorgan-com-8914 283 74 % % NN privatebank-jpmorgan-com-8914 283 75 75 75 CD privatebank-jpmorgan-com-8914 283 76 % % NN privatebank-jpmorgan-com-8914 283 77 100 100 CD privatebank-jpmorgan-com-8914 283 78 % % NN privatebank-jpmorgan-com-8914 283 79 Fees fee NNS privatebank-jpmorgan-com-8914 283 80 based base VBN privatebank-jpmorgan-com-8914 283 81 on on IN privatebank-jpmorgan-com-8914 283 82 invested invest VBN privatebank-jpmorgan-com-8914 283 83 capital capital NN privatebank-jpmorgan-com-8914 283 84 Fees fee NNS privatebank-jpmorgan-com-8914 283 85 based base VBN privatebank-jpmorgan-com-8914 283 86 on on IN privatebank-jpmorgan-com-8914 283 87 committed committed JJ privatebank-jpmorgan-com-8914 283 88 capital capital NN privatebank-jpmorgan-com-8914 283 89 Source Source NNP privatebank-jpmorgan-com-8914 283 90 : : : privatebank-jpmorgan-com-8914 283 91 Preqin Preqin NNP privatebank-jpmorgan-com-8914 283 92 . . . privatebank-jpmorgan-com-8914 284 1 March March NNP privatebank-jpmorgan-com-8914 284 2 2021 2021 CD privatebank-jpmorgan-com-8914 284 3 . . . privatebank-jpmorgan-com-8914 285 1 Private private JJ privatebank-jpmorgan-com-8914 285 2 equity equity NN privatebank-jpmorgan-com-8914 285 3 management management NN privatebank-jpmorgan-com-8914 285 4 fee fee NN privatebank-jpmorgan-com-8914 285 5 approach approach NN privatebank-jpmorgan-com-8914 285 6 by by IN privatebank-jpmorgan-com-8914 285 7 manager manager NN privatebank-jpmorgan-com-8914 285 8 type type NN privatebank-jpmorgan-com-8914 285 9 B B NNP privatebank-jpmorgan-com-8914 285 10 uy uy UH privatebank-jpmorgan-com-8914 285 11 ou ou NN privatebank-jpmorgan-com-8914 285 12 t t NNP privatebank-jpmorgan-com-8914 285 13 V v NN privatebank-jpmorgan-com-8914 285 14 en en NN privatebank-jpmorgan-com-8914 285 15 tu tu NNP privatebank-jpmorgan-com-8914 285 16 re re IN privatebank-jpmorgan-com-8914 285 17 C C NNP privatebank-jpmorgan-com-8914 285 18 ap ap NNP privatebank-jpmorgan-com-8914 285 19 ita ita NNP privatebank-jpmorgan-com-8914 285 20 l l NNP privatebank-jpmorgan-com-8914 285 21 0 0 CD privatebank-jpmorgan-com-8914 285 22 % % NN privatebank-jpmorgan-com-8914 285 23 10 10 CD privatebank-jpmorgan-com-8914 285 24 % % NN privatebank-jpmorgan-com-8914 285 25 20 20 CD privatebank-jpmorgan-com-8914 285 26 % % NN privatebank-jpmorgan-com-8914 285 27 30 30 CD privatebank-jpmorgan-com-8914 285 28 % % NN privatebank-jpmorgan-com-8914 285 29 40 40 CD privatebank-jpmorgan-com-8914 285 30 % % NN privatebank-jpmorgan-com-8914 285 31 50 50 CD privatebank-jpmorgan-com-8914 285 32 % % NN privatebank-jpmorgan-com-8914 285 33 60 60 CD privatebank-jpmorgan-com-8914 285 34 % % NN privatebank-jpmorgan-com-8914 285 35 70 70 CD privatebank-jpmorgan-com-8914 285 36 % % NN privatebank-jpmorgan-com-8914 285 37 Source source NN privatebank-jpmorgan-com-8914 285 38 : : : privatebank-jpmorgan-com-8914 285 39 " " `` privatebank-jpmorgan-com-8914 285 40 Do do VBP privatebank-jpmorgan-com-8914 285 41 Private Private NNP privatebank-jpmorgan-com-8914 285 42 Equity equity NN privatebank-jpmorgan-com-8914 285 43 fund fund NN privatebank-jpmorgan-com-8914 285 44 managers manager NNS privatebank-jpmorgan-com-8914 285 45 earn earn VBP privatebank-jpmorgan-com-8914 285 46 their -PRON- PRP$ privatebank-jpmorgan-com-8914 285 47 fees fee NNS privatebank-jpmorgan-com-8914 285 48 ? ? . privatebank-jpmorgan-com-8914 286 1 " " `` privatebank-jpmorgan-com-8914 286 2 , , , privatebank-jpmorgan-com-8914 286 3 Robinson Robinson NNP privatebank-jpmorgan-com-8914 286 4 ( ( -LRB- privatebank-jpmorgan-com-8914 286 5 Duke Duke NNP privatebank-jpmorgan-com-8914 286 6 ) ) -RRB- privatebank-jpmorgan-com-8914 286 7 and and CC privatebank-jpmorgan-com-8914 286 8 Sensoy Sensoy NNP privatebank-jpmorgan-com-8914 286 9 ( ( -LRB- privatebank-jpmorgan-com-8914 286 10 Vanderbilt Vanderbilt NNP privatebank-jpmorgan-com-8914 286 11 ) ) -RRB- privatebank-jpmorgan-com-8914 286 12 . . . privatebank-jpmorgan-com-8914 287 1 2013 2013 CD privatebank-jpmorgan-com-8914 287 2 . . . privatebank-jpmorgan-com-8914 288 1 Managers manager NNS privatebank-jpmorgan-com-8914 288 2 cluster cluster VBD privatebank-jpmorgan-com-8914 288 3 realizations realization NNS privatebank-jpmorgan-com-8914 288 4 around around IN privatebank-jpmorgan-com-8914 288 5 waterfall waterfall JJ privatebank-jpmorgan-com-8914 288 6 quarter quarter NN privatebank-jpmorgan-com-8914 288 7 Excess excess JJ privatebank-jpmorgan-com-8914 288 8 realizations realization NNS privatebank-jpmorgan-com-8914 288 9 in in IN privatebank-jpmorgan-com-8914 288 10 manager manager NN privatebank-jpmorgan-com-8914 288 11 's 's POS privatebank-jpmorgan-com-8914 288 12 waterfall waterfall JJ privatebank-jpmorgan-com-8914 288 13 quarter quarter NN privatebank-jpmorgan-com-8914 288 14 compared compare VBN privatebank-jpmorgan-com-8914 288 15 to to IN privatebank-jpmorgan-com-8914 288 16 realizations realization NNS privatebank-jpmorgan-com-8914 288 17 in in IN privatebank-jpmorgan-com-8914 288 18 the the DT privatebank-jpmorgan-com-8914 288 19 average average JJ privatebank-jpmorgan-com-8914 288 20 quarter quarter NN privatebank-jpmorgan-com-8914 288 21 ; ; : privatebank-jpmorgan-com-8914 288 22 % % NN privatebank-jpmorgan-com-8914 288 23 of of IN privatebank-jpmorgan-com-8914 288 24 original original JJ privatebank-jpmorgan-com-8914 288 25 committed committed JJ privatebank-jpmorgan-com-8914 288 26 capital capital NN privatebank-jpmorgan-com-8914 288 27 9 9 CD privatebank-jpmorgan-com-8914 288 28 “ " `` privatebank-jpmorgan-com-8914 288 29 Big big JJ privatebank-jpmorgan-com-8914 288 30 4 4 CD privatebank-jpmorgan-com-8914 288 31 revenue revenue NN privatebank-jpmorgan-com-8914 288 32 sources source NNS privatebank-jpmorgan-com-8914 288 33 : : : privatebank-jpmorgan-com-8914 288 34 What what WP privatebank-jpmorgan-com-8914 288 35 do do VBP privatebank-jpmorgan-com-8914 288 36 we -PRON- PRP privatebank-jpmorgan-com-8914 288 37 learn learn VB privatebank-jpmorgan-com-8914 288 38 ? ? . privatebank-jpmorgan-com-8914 288 39 ” " '' privatebank-jpmorgan-com-8914 288 40 , , , privatebank-jpmorgan-com-8914 288 41 Phalippou Phalippou NNP privatebank-jpmorgan-com-8914 288 42 ( ( -LRB- privatebank-jpmorgan-com-8914 288 43 Oxford Oxford NNP privatebank-jpmorgan-com-8914 288 44 ) ) -RRB- privatebank-jpmorgan-com-8914 288 45 et et FW privatebank-jpmorgan-com-8914 288 46 al al NNP privatebank-jpmorgan-com-8914 288 47 , , , privatebank-jpmorgan-com-8914 288 48 June June NNP privatebank-jpmorgan-com-8914 288 49 2021 2021 CD privatebank-jpmorgan-com-8914 288 50 10 10 CD privatebank-jpmorgan-com-8914 288 51 “ " `` privatebank-jpmorgan-com-8914 288 52 Do Do NNP privatebank-jpmorgan-com-8914 288 53 Private Private NNP privatebank-jpmorgan-com-8914 288 54 Equity Equity NNP privatebank-jpmorgan-com-8914 288 55 Fund Fund NNP privatebank-jpmorgan-com-8914 288 56 Managers manager NNS privatebank-jpmorgan-com-8914 288 57 Earn earn VBP privatebank-jpmorgan-com-8914 288 58 their -PRON- PRP$ privatebank-jpmorgan-com-8914 288 59 Fees fee NNS privatebank-jpmorgan-com-8914 288 60 ? ? . privatebank-jpmorgan-com-8914 288 61 ” " '' privatebank-jpmorgan-com-8914 288 62 , , , privatebank-jpmorgan-com-8914 288 63 Robinson Robinson NNP privatebank-jpmorgan-com-8914 288 64 ( ( -LRB- privatebank-jpmorgan-com-8914 288 65 Duke Duke NNP privatebank-jpmorgan-com-8914 288 66 ) ) -RRB- privatebank-jpmorgan-com-8914 288 67 and and CC privatebank-jpmorgan-com-8914 288 68 Sensoy Sensoy NNP privatebank-jpmorgan-com-8914 288 69 ( ( -LRB- privatebank-jpmorgan-com-8914 288 70 Vanderbilt Vanderbilt NNP privatebank-jpmorgan-com-8914 288 71 ) ) -RRB- privatebank-jpmorgan-com-8914 288 72 , , , privatebank-jpmorgan-com-8914 288 73 June June NNP privatebank-jpmorgan-com-8914 288 74 2013 2013 CD privatebank-jpmorgan-com-8914 288 75 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ NNS privatebank-jpmorgan-com-8914 288 76 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 288 77 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 288 78 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 288 79 E e NN privatebank-jpmorgan-com-8914 288 80 Y y NN privatebank-jpmorgan-com-8914 288 81 E e NN privatebank-jpmorgan-com-8914 288 82 O o NN privatebank-jpmorgan-com-8914 288 83 N n NN privatebank-jpmorgan-com-8914 288 84 T t NN privatebank-jpmorgan-com-8914 288 85 H h NN privatebank-jpmorgan-com-8914 288 86 E e NN privatebank-jpmorgan-com-8914 288 87 M m NN privatebank-jpmorgan-com-8914 288 88 A a NN privatebank-jpmorgan-com-8914 288 89 R r NN privatebank-jpmorgan-com-8914 288 90 K k NN privatebank-jpmorgan-com-8914 288 91 E e NN privatebank-jpmorgan-com-8914 288 92 T t NN privatebank-jpmorgan-com-8914 288 93 • • NN privatebank-jpmorgan-com-8914 288 94 M m NN privatebank-jpmorgan-com-8914 288 95 I i NN privatebank-jpmorgan-com-8914 288 96 C c NN privatebank-jpmorgan-com-8914 288 97 H h NN privatebank-jpmorgan-com-8914 288 98 A a NN privatebank-jpmorgan-com-8914 288 99 E e NN privatebank-jpmorgan-com-8914 288 100 L l NN privatebank-jpmorgan-com-8914 288 101 C c NN privatebank-jpmorgan-com-8914 288 102 E e NN privatebank-jpmorgan-com-8914 288 103 M m NN privatebank-jpmorgan-com-8914 288 104 B B NNP privatebank-jpmorgan-com-8914 288 105 A A NNP privatebank-jpmorgan-com-8914 288 106 L l NN privatebank-jpmorgan-com-8914 288 107 E e NN privatebank-jpmorgan-com-8914 288 108 S s NN privatebank-jpmorgan-com-8914 288 109 T t NN privatebank-jpmorgan-com-8914 288 110 • • NN privatebank-jpmorgan-com-8914 288 111 J J NNP privatebank-jpmorgan-com-8914 288 112 . . . privatebank-jpmorgan-com-8914 289 1 P p NN privatebank-jpmorgan-com-8914 289 2 . . . privatebank-jpmorgan-com-8914 290 1 M M NNP privatebank-jpmorgan-com-8914 290 2 O o NN privatebank-jpmorgan-com-8914 290 3 R r NN privatebank-jpmorgan-com-8914 290 4 G g NN privatebank-jpmorgan-com-8914 290 5 A a NN privatebank-jpmorgan-com-8914 290 6 N n NN privatebank-jpmorgan-com-8914 290 7 A a NN privatebank-jpmorgan-com-8914 290 8 c c NN privatebank-jpmorgan-com-8914 290 9 c c NN privatebank-jpmorgan-com-8914 290 10 e e NNP privatebank-jpmorgan-com-8914 290 11 s s NNP privatebank-jpmorgan-com-8914 290 12 s s NNP privatebank-jpmorgan-com-8914 290 13 o o NNP privatebank-jpmorgan-com-8914 290 14 u u NNP privatebank-jpmorgan-com-8914 290 15 r r NNP privatebank-jpmorgan-com-8914 290 16 f f NNP privatebank-jpmorgan-com-8914 290 17 u u NNP privatebank-jpmorgan-com-8914 290 18 l l NNP privatebank-jpmorgan-com-8914 290 19 l l NNP privatebank-jpmorgan-com-8914 290 20 c c NNP privatebank-jpmorgan-com-8914 290 21 o o NN privatebank-jpmorgan-com-8914 290 22 r r NN privatebank-jpmorgan-com-8914 290 23 o o NN privatebank-jpmorgan-com-8914 290 24 n n CC privatebank-jpmorgan-com-8914 290 25 a a NN privatebank-jpmorgan-com-8914 290 26 v v NN privatebank-jpmorgan-com-8914 290 27 i i NN privatebank-jpmorgan-com-8914 290 28 r r NNP privatebank-jpmorgan-com-8914 290 29 u u NNP privatebank-jpmorgan-com-8914 290 30 s s NNP privatebank-jpmorgan-com-8914 290 31 a a NNP privatebank-jpmorgan-com-8914 290 32 n n NNP privatebank-jpmorgan-com-8914 290 33 a a DT privatebank-jpmorgan-com-8914 290 34 l l NN privatebank-jpmorgan-com-8914 290 35 y y NNP privatebank-jpmorgan-com-8914 290 36 s s NNP privatebank-jpmorgan-com-8914 290 37 i i NNP privatebank-jpmorgan-com-8914 290 38 s s NNP privatebank-jpmorgan-com-8914 290 39 w w NNP privatebank-jpmorgan-com-8914 290 40 e e NNP privatebank-jpmorgan-com-8914 290 41 b b NNP privatebank-jpmorgan-com-8914 290 42 p p NN privatebank-jpmorgan-com-8914 290 43 o o NN privatebank-jpmorgan-com-8914 290 44 r r NN privatebank-jpmorgan-com-8914 290 45 t t NN privatebank-jpmorgan-com-8914 290 46 a a DT privatebank-jpmorgan-com-8914 290 47 l l NN privatebank-jpmorgan-com-8914 290 48 h h NN privatebank-jpmorgan-com-8914 290 49 e e NN privatebank-jpmorgan-com-8914 290 50 r r NN privatebank-jpmorgan-com-8914 290 51 e e NNP privatebank-jpmorgan-com-8914 290 52 J J NNP privatebank-jpmorgan-com-8914 290 53 u u NNP privatebank-jpmorgan-com-8914 290 54 n n NNP privatebank-jpmorgan-com-8914 290 55 e e NNP privatebank-jpmorgan-com-8914 290 56 2 2 CD privatebank-jpmorgan-com-8914 290 57 8 8 CD privatebank-jpmorgan-com-8914 290 58 , , , privatebank-jpmorgan-com-8914 290 59 2 2 CD privatebank-jpmorgan-com-8914 290 60 0 0 CD privatebank-jpmorgan-com-8914 290 61 2 2 CD privatebank-jpmorgan-com-8914 290 62 1 1 CD privatebank-jpmorgan-com-8914 290 63 18 18 CD privatebank-jpmorgan-com-8914 290 64 Recent recent JJ privatebank-jpmorgan-com-8914 290 65 academic academic JJ privatebank-jpmorgan-com-8914 290 66 papers paper NNS privatebank-jpmorgan-com-8914 290 67 on on IN privatebank-jpmorgan-com-8914 290 68 private private JJ privatebank-jpmorgan-com-8914 290 69 equity equity NN privatebank-jpmorgan-com-8914 290 70 • • NN privatebank-jpmorgan-com-8914 290 71 Top top JJ privatebank-jpmorgan-com-8914 290 72 performer performer JJ privatebank-jpmorgan-com-8914 290 73 persistence11 persistence11 NN privatebank-jpmorgan-com-8914 290 74 . . . privatebank-jpmorgan-com-8914 291 1 The the DT privatebank-jpmorgan-com-8914 291 2 performance performance NN privatebank-jpmorgan-com-8914 291 3 of of IN privatebank-jpmorgan-com-8914 291 4 top top JJ privatebank-jpmorgan-com-8914 291 5 quartile quartile NNP privatebank-jpmorgan-com-8914 291 6 VC VC NNP privatebank-jpmorgan-com-8914 291 7 and and CC privatebank-jpmorgan-com-8914 291 8 buyout buyout NN privatebank-jpmorgan-com-8914 291 9 funds fund NNS privatebank-jpmorgan-com-8914 291 10 is be VBZ privatebank-jpmorgan-com-8914 291 11 likely likely JJ privatebank-jpmorgan-com-8914 291 12 to to TO privatebank-jpmorgan-com-8914 291 13 persist persist VB privatebank-jpmorgan-com-8914 291 14 in in IN privatebank-jpmorgan-com-8914 291 15 subsequent subsequent JJ privatebank-jpmorgan-com-8914 291 16 funds fund NNS privatebank-jpmorgan-com-8914 291 17 . . . privatebank-jpmorgan-com-8914 292 1 However however RB privatebank-jpmorgan-com-8914 292 2 , , , privatebank-jpmorgan-com-8914 292 3 final final JJ privatebank-jpmorgan-com-8914 292 4 performance performance NN privatebank-jpmorgan-com-8914 292 5 is be VBZ privatebank-jpmorgan-com-8914 292 6 typically typically RB privatebank-jpmorgan-com-8914 292 7 unavailable unavailable JJ privatebank-jpmorgan-com-8914 292 8 to to IN privatebank-jpmorgan-com-8914 292 9 LPs lp NNS privatebank-jpmorgan-com-8914 292 10 at at IN privatebank-jpmorgan-com-8914 292 11 the the DT privatebank-jpmorgan-com-8914 292 12 time time NN privatebank-jpmorgan-com-8914 292 13 of of IN privatebank-jpmorgan-com-8914 292 14 fundraising fundraising NN privatebank-jpmorgan-com-8914 292 15 . . . privatebank-jpmorgan-com-8914 293 1 For for IN privatebank-jpmorgan-com-8914 293 2 buyout buyout NN privatebank-jpmorgan-com-8914 293 3 , , , privatebank-jpmorgan-com-8914 293 4 interim interim JJ privatebank-jpmorgan-com-8914 293 5 performance performance NN privatebank-jpmorgan-com-8914 293 6 of of IN privatebank-jpmorgan-com-8914 293 7 prior prior JJ privatebank-jpmorgan-com-8914 293 8 funds fund NNS privatebank-jpmorgan-com-8914 293 9 is be VBZ privatebank-jpmorgan-com-8914 293 10 not not RB privatebank-jpmorgan-com-8914 293 11 an an DT privatebank-jpmorgan-com-8914 293 12 accurate accurate JJ privatebank-jpmorgan-com-8914 293 13 indicator indicator NN privatebank-jpmorgan-com-8914 293 14 of of IN privatebank-jpmorgan-com-8914 293 15 future future JJ privatebank-jpmorgan-com-8914 293 16 fund fund NN privatebank-jpmorgan-com-8914 293 17 performance performance NN privatebank-jpmorgan-com-8914 293 18 . . . privatebank-jpmorgan-com-8914 294 1 In in IN privatebank-jpmorgan-com-8914 294 2 contrast contrast NN privatebank-jpmorgan-com-8914 294 3 , , , privatebank-jpmorgan-com-8914 294 4 the the DT privatebank-jpmorgan-com-8914 294 5 average average JJ privatebank-jpmorgan-com-8914 294 6 PME PME NNP privatebank-jpmorgan-com-8914 294 7 for for IN privatebank-jpmorgan-com-8914 294 8 VC VC NNP privatebank-jpmorgan-com-8914 294 9 funds fund NNS privatebank-jpmorgan-com-8914 294 10 with with IN privatebank-jpmorgan-com-8914 294 11 top top JJ privatebank-jpmorgan-com-8914 294 12 quartile quartile NNP privatebank-jpmorgan-com-8914 294 13 interim interim JJ privatebank-jpmorgan-com-8914 294 14 performance performance NN privatebank-jpmorgan-com-8914 294 15 was be VBD privatebank-jpmorgan-com-8914 294 16 0.8x 0.8x NN privatebank-jpmorgan-com-8914 294 17 higher high JJR privatebank-jpmorgan-com-8914 294 18 than than IN privatebank-jpmorgan-com-8914 294 19 those those DT privatebank-jpmorgan-com-8914 294 20 with with IN privatebank-jpmorgan-com-8914 294 21 bottom bottom JJ privatebank-jpmorgan-com-8914 294 22 quartile quartile NNP privatebank-jpmorgan-com-8914 294 23 performance performance NN privatebank-jpmorgan-com-8914 294 24 . . . privatebank-jpmorgan-com-8914 295 1 In in IN privatebank-jpmorgan-com-8914 295 2 other other JJ privatebank-jpmorgan-com-8914 295 3 words word NNS privatebank-jpmorgan-com-8914 295 4 , , , privatebank-jpmorgan-com-8914 295 5 partial partial JJ privatebank-jpmorgan-com-8914 295 6 performance performance NN privatebank-jpmorgan-com-8914 295 7 information information NN privatebank-jpmorgan-com-8914 295 8 could could MD privatebank-jpmorgan-com-8914 295 9 be be VB privatebank-jpmorgan-com-8914 295 10 useful useful JJ privatebank-jpmorgan-com-8914 295 11 to to IN privatebank-jpmorgan-com-8914 295 12 VC VC NNP privatebank-jpmorgan-com-8914 295 13 LPs lp NNS privatebank-jpmorgan-com-8914 295 14 at at IN privatebank-jpmorgan-com-8914 295 15 the the DT privatebank-jpmorgan-com-8914 295 16 time time NN privatebank-jpmorgan-com-8914 295 17 of of IN privatebank-jpmorgan-com-8914 295 18 fundraise fundraise NN privatebank-jpmorgan-com-8914 295 19 , , , privatebank-jpmorgan-com-8914 295 20 but but CC privatebank-jpmorgan-com-8914 295 21 less less RBR privatebank-jpmorgan-com-8914 295 22 useful useful JJ privatebank-jpmorgan-com-8914 295 23 to to TO privatebank-jpmorgan-com-8914 295 24 buyout buyout NN privatebank-jpmorgan-com-8914 295 25 investors investor NNS privatebank-jpmorgan-com-8914 295 26 • • VB privatebank-jpmorgan-com-8914 295 27 Secondary secondary JJ privatebank-jpmorgan-com-8914 295 28 market market NN privatebank-jpmorgan-com-8914 295 29 volatility12 volatility12 NNP privatebank-jpmorgan-com-8914 295 30 . . . privatebank-jpmorgan-com-8914 296 1 As as IN privatebank-jpmorgan-com-8914 296 2 illustrated illustrate VBN privatebank-jpmorgan-com-8914 296 3 in in IN privatebank-jpmorgan-com-8914 296 4 the the DT privatebank-jpmorgan-com-8914 296 5 chart chart NN privatebank-jpmorgan-com-8914 296 6 , , , privatebank-jpmorgan-com-8914 296 7 investors investor NNS privatebank-jpmorgan-com-8914 296 8 should should MD privatebank-jpmorgan-com-8914 296 9 expect expect VB privatebank-jpmorgan-com-8914 296 10 wide wide JJ privatebank-jpmorgan-com-8914 296 11 dispersion dispersion NN privatebank-jpmorgan-com-8914 296 12 in in IN privatebank-jpmorgan-com-8914 296 13 mature mature JJ privatebank-jpmorgan-com-8914 296 14 fund fund NN privatebank-jpmorgan-com-8914 296 15 performance performance NN privatebank-jpmorgan-com-8914 296 16 ( ( -LRB- privatebank-jpmorgan-com-8914 296 17 dispersion dispersion NN privatebank-jpmorgan-com-8914 296 18 increases increase VBZ privatebank-jpmorgan-com-8914 296 19 7 7 CD privatebank-jpmorgan-com-8914 296 20 - - SYM privatebank-jpmorgan-com-8914 296 21 8 8 CD privatebank-jpmorgan-com-8914 296 22 years year NNS privatebank-jpmorgan-com-8914 296 23 into into IN privatebank-jpmorgan-com-8914 296 24 a a DT privatebank-jpmorgan-com-8914 296 25 fund fund NN privatebank-jpmorgan-com-8914 296 26 ’s ’s POS privatebank-jpmorgan-com-8914 296 27 life life NN privatebank-jpmorgan-com-8914 296 28 ) ) -RRB- privatebank-jpmorgan-com-8914 296 29 , , , privatebank-jpmorgan-com-8914 296 30 probably probably RB privatebank-jpmorgan-com-8914 296 31 due due IN privatebank-jpmorgan-com-8914 296 32 to to IN privatebank-jpmorgan-com-8914 296 33 a a DT privatebank-jpmorgan-com-8914 296 34 diminishing diminish VBG privatebank-jpmorgan-com-8914 296 35 number number NN privatebank-jpmorgan-com-8914 296 36 of of IN privatebank-jpmorgan-com-8914 296 37 remaining remain VBG privatebank-jpmorgan-com-8914 296 38 deals deal NNS privatebank-jpmorgan-com-8914 296 39 . . . privatebank-jpmorgan-com-8914 297 1 This this DT privatebank-jpmorgan-com-8914 297 2 has have VBZ privatebank-jpmorgan-com-8914 297 3 implications implication NNS privatebank-jpmorgan-com-8914 297 4 for for IN privatebank-jpmorgan-com-8914 297 5 secondary secondary JJ privatebank-jpmorgan-com-8914 297 6 private private JJ privatebank-jpmorgan-com-8914 297 7 equity equity NN privatebank-jpmorgan-com-8914 297 8 funds fund NNS privatebank-jpmorgan-com-8914 297 9 purchasing purchase VBG privatebank-jpmorgan-com-8914 297 10 mature mature JJ privatebank-jpmorgan-com-8914 297 11 funds fund NNS privatebank-jpmorgan-com-8914 297 12 • • VBP privatebank-jpmorgan-com-8914 297 13 Second second JJ privatebank-jpmorgan-com-8914 297 14 time time NN privatebank-jpmorgan-com-8914 297 15 around13 around13 RB privatebank-jpmorgan-com-8914 297 16 . . . privatebank-jpmorgan-com-8914 298 1 After after IN privatebank-jpmorgan-com-8914 298 2 exceptionally exceptionally RB privatebank-jpmorgan-com-8914 298 3 strong strong JJ privatebank-jpmorgan-com-8914 298 4 performance performance NN privatebank-jpmorgan-com-8914 298 5 , , , privatebank-jpmorgan-com-8914 298 6 private private JJ privatebank-jpmorgan-com-8914 298 7 equity equity NN privatebank-jpmorgan-com-8914 298 8 firms firm NNS privatebank-jpmorgan-com-8914 298 9 often often RB privatebank-jpmorgan-com-8914 298 10 increase increase VBP privatebank-jpmorgan-com-8914 298 11 fund fund NN privatebank-jpmorgan-com-8914 298 12 sizes size NNS privatebank-jpmorgan-com-8914 298 13 for for IN privatebank-jpmorgan-com-8914 298 14 subsequent subsequent JJ privatebank-jpmorgan-com-8914 298 15 raises raise NNS privatebank-jpmorgan-com-8914 298 16 . . . privatebank-jpmorgan-com-8914 299 1 Historically historically RB privatebank-jpmorgan-com-8914 299 2 , , , privatebank-jpmorgan-com-8914 299 3 these these DT privatebank-jpmorgan-com-8914 299 4 later later JJ privatebank-jpmorgan-com-8914 299 5 funds fund NNS privatebank-jpmorgan-com-8914 299 6 experience experience VBP privatebank-jpmorgan-com-8914 299 7 performance performance NN privatebank-jpmorgan-com-8914 299 8 declines decline NNS privatebank-jpmorgan-com-8914 299 9 vs vs IN privatebank-jpmorgan-com-8914 299 10 the the DT privatebank-jpmorgan-com-8914 299 11 original original JJ privatebank-jpmorgan-com-8914 299 12 fund fund NN privatebank-jpmorgan-com-8914 299 13 . . . privatebank-jpmorgan-com-8914 300 1 This this DT privatebank-jpmorgan-com-8914 300 2 can can MD privatebank-jpmorgan-com-8914 300 3 be be VB privatebank-jpmorgan-com-8914 300 4 attributed attribute VBN privatebank-jpmorgan-com-8914 300 5 to to IN privatebank-jpmorgan-com-8914 300 6 an an DT privatebank-jpmorgan-com-8914 300 7 inability inability NN privatebank-jpmorgan-com-8914 300 8 to to TO privatebank-jpmorgan-com-8914 300 9 scale scale VB privatebank-jpmorgan-com-8914 300 10 investment investment NN privatebank-jpmorgan-com-8914 300 11 operations operation NNS privatebank-jpmorgan-com-8914 300 12 , , , privatebank-jpmorgan-com-8914 300 13 or or CC privatebank-jpmorgan-com-8914 300 14 it -PRON- PRP privatebank-jpmorgan-com-8914 300 15 may may MD privatebank-jpmorgan-com-8914 300 16 be be VB privatebank-jpmorgan-com-8914 300 17 simply simply RB privatebank-jpmorgan-com-8914 300 18 be be VB privatebank-jpmorgan-com-8914 300 19 due due JJ privatebank-jpmorgan-com-8914 300 20 to to IN privatebank-jpmorgan-com-8914 300 21 reversion reversion NN privatebank-jpmorgan-com-8914 300 22 to to IN privatebank-jpmorgan-com-8914 300 23 the the DT privatebank-jpmorgan-com-8914 300 24 mean mean NNP privatebank-jpmorgan-com-8914 300 25 ( ( -LRB- privatebank-jpmorgan-com-8914 300 26 early early JJ privatebank-jpmorgan-com-8914 300 27 outperformance outperformance NN privatebank-jpmorgan-com-8914 300 28 was be VBD privatebank-jpmorgan-com-8914 300 29 due due JJ privatebank-jpmorgan-com-8914 300 30 to to IN privatebank-jpmorgan-com-8914 300 31 luck luck NN privatebank-jpmorgan-com-8914 300 32 ) ) -RRB- privatebank-jpmorgan-com-8914 300 33 • • NNP privatebank-jpmorgan-com-8914 300 34 Investor investor NN privatebank-jpmorgan-com-8914 300 35 timing14 timing14 NNP privatebank-jpmorgan-com-8914 300 36 . . . privatebank-jpmorgan-com-8914 301 1 Updated update VBN privatebank-jpmorgan-com-8914 301 2 analysis analysis NN privatebank-jpmorgan-com-8914 301 3 confirms confirm VBZ privatebank-jpmorgan-com-8914 301 4 earlier early JJR privatebank-jpmorgan-com-8914 301 5 conclusions conclusion NNS privatebank-jpmorgan-com-8914 301 6 that that WDT privatebank-jpmorgan-com-8914 301 7 timing time VBG privatebank-jpmorgan-com-8914 301 8 private private JJ privatebank-jpmorgan-com-8914 301 9 equity equity NN privatebank-jpmorgan-com-8914 301 10 commitments commitment NNS privatebank-jpmorgan-com-8914 301 11 has have VBZ privatebank-jpmorgan-com-8914 301 12 only only RB privatebank-jpmorgan-com-8914 301 13 generated generate VBN privatebank-jpmorgan-com-8914 301 14 modest modest JJ privatebank-jpmorgan-com-8914 301 15 benefits benefit NNS privatebank-jpmorgan-com-8914 301 16 since since IN privatebank-jpmorgan-com-8914 301 17 GPs gps NNS privatebank-jpmorgan-com-8914 301 18 respond respond VBP privatebank-jpmorgan-com-8914 301 19 to to IN privatebank-jpmorgan-com-8914 301 20 market market NN privatebank-jpmorgan-com-8914 301 21 cycles cycle NNS privatebank-jpmorgan-com-8914 301 22 and and CC privatebank-jpmorgan-com-8914 301 23 valuations valuation NNS privatebank-jpmorgan-com-8914 301 24 • • VBP privatebank-jpmorgan-com-8914 301 25 Post Post NNP privatebank-jpmorgan-com-8914 301 26 - - NNP privatebank-jpmorgan-com-8914 301 27 IPO IPO NNP privatebank-jpmorgan-com-8914 301 28 manager manager NN privatebank-jpmorgan-com-8914 301 29 decision decision NN privatebank-jpmorgan-com-8914 301 30 making15 making15 NNS privatebank-jpmorgan-com-8914 301 31 . . . privatebank-jpmorgan-com-8914 302 1 Buyout buyout IN privatebank-jpmorgan-com-8914 302 2 funds fund NNS privatebank-jpmorgan-com-8914 302 3 tend tend VBP privatebank-jpmorgan-com-8914 302 4 to to TO privatebank-jpmorgan-com-8914 302 5 hold hold VB privatebank-jpmorgan-com-8914 302 6 companies company NNS privatebank-jpmorgan-com-8914 302 7 for for IN privatebank-jpmorgan-com-8914 302 8 3 3 CD privatebank-jpmorgan-com-8914 302 9 years year NNS privatebank-jpmorgan-com-8914 302 10 on on IN privatebank-jpmorgan-com-8914 302 11 average average JJ privatebank-jpmorgan-com-8914 302 12 post- post- FW privatebank-jpmorgan-com-8914 302 13 IPO ipo NN privatebank-jpmorgan-com-8914 302 14 . . . privatebank-jpmorgan-com-8914 303 1 Typically typically RB privatebank-jpmorgan-com-8914 303 2 this this DT privatebank-jpmorgan-com-8914 303 3 does do VBZ privatebank-jpmorgan-com-8914 303 4 not not RB privatebank-jpmorgan-com-8914 303 5 result result VB privatebank-jpmorgan-com-8914 303 6 in in IN privatebank-jpmorgan-com-8914 303 7 value value NN privatebank-jpmorgan-com-8914 303 8 - - HYPH privatebank-jpmorgan-com-8914 303 9 added add VBN privatebank-jpmorgan-com-8914 303 10 to to IN privatebank-jpmorgan-com-8914 303 11 investors investor NNS privatebank-jpmorgan-com-8914 303 12 , , , privatebank-jpmorgan-com-8914 303 13 and and CC privatebank-jpmorgan-com-8914 303 14 requires require VBZ privatebank-jpmorgan-com-8914 303 15 LPs lp NNS privatebank-jpmorgan-com-8914 303 16 to to TO privatebank-jpmorgan-com-8914 303 17 continue continue VB privatebank-jpmorgan-com-8914 303 18 paying pay VBG privatebank-jpmorgan-com-8914 303 19 management management NN privatebank-jpmorgan-com-8914 303 20 fees fee NNS privatebank-jpmorgan-com-8914 303 21 to to IN privatebank-jpmorgan-com-8914 303 22 GPs gps NNS privatebank-jpmorgan-com-8914 303 23 for for IN privatebank-jpmorgan-com-8914 303 24 keeping keep VBG privatebank-jpmorgan-com-8914 303 25 them -PRON- PRP privatebank-jpmorgan-com-8914 303 26 in in IN privatebank-jpmorgan-com-8914 303 27 the the DT privatebank-jpmorgan-com-8914 303 28 portfolio portfolio NN privatebank-jpmorgan-com-8914 303 29 . . . privatebank-jpmorgan-com-8914 304 1 One one CD privatebank-jpmorgan-com-8914 304 2 study study NN privatebank-jpmorgan-com-8914 304 3 finds find VBZ privatebank-jpmorgan-com-8914 304 4 that that IN privatebank-jpmorgan-com-8914 304 5 faster fast JJR privatebank-jpmorgan-com-8914 304 6 disposition disposition NN privatebank-jpmorgan-com-8914 304 7 of of IN privatebank-jpmorgan-com-8914 304 8 buyout buyout NN privatebank-jpmorgan-com-8914 304 9 IPOs IPOs NNPS privatebank-jpmorgan-com-8914 304 10 would would MD privatebank-jpmorgan-com-8914 304 11 have have VB privatebank-jpmorgan-com-8914 304 12 lowered lower VBN privatebank-jpmorgan-com-8914 304 13 overall overall JJ privatebank-jpmorgan-com-8914 304 14 management management NN privatebank-jpmorgan-com-8914 304 15 fees fee NNS privatebank-jpmorgan-com-8914 304 16 by by IN privatebank-jpmorgan-com-8914 304 17 7 7 CD privatebank-jpmorgan-com-8914 304 18 % % NN privatebank-jpmorgan-com-8914 304 19 . . . privatebank-jpmorgan-com-8914 305 1 Note note VB privatebank-jpmorgan-com-8914 305 2 that that IN privatebank-jpmorgan-com-8914 305 3 this this DT privatebank-jpmorgan-com-8914 305 4 paper paper NN privatebank-jpmorgan-com-8914 305 5 did do VBD privatebank-jpmorgan-com-8914 305 6 not not RB privatebank-jpmorgan-com-8914 305 7 analyze analyze VB privatebank-jpmorgan-com-8914 305 8 the the DT privatebank-jpmorgan-com-8914 305 9 retention retention NN privatebank-jpmorgan-com-8914 305 10 of of IN privatebank-jpmorgan-com-8914 305 11 venture venture NN privatebank-jpmorgan-com-8914 305 12 IPOs ipo NNS privatebank-jpmorgan-com-8914 305 13 . . . privatebank-jpmorgan-com-8914 306 1 11 11 CD privatebank-jpmorgan-com-8914 306 2 “ " `` privatebank-jpmorgan-com-8914 306 3 Evidence evidence NN privatebank-jpmorgan-com-8914 306 4 from from IN privatebank-jpmorgan-com-8914 306 5 Buyout Buyout NNP privatebank-jpmorgan-com-8914 306 6 and and CC privatebank-jpmorgan-com-8914 306 7 Venture Venture NNP privatebank-jpmorgan-com-8914 306 8 Funds Funds NNP privatebank-jpmorgan-com-8914 306 9 ” " '' privatebank-jpmorgan-com-8914 306 10 , , , privatebank-jpmorgan-com-8914 306 11 Harris Harris NNP privatebank-jpmorgan-com-8914 306 12 ( ( -LRB- privatebank-jpmorgan-com-8914 306 13 UVA UVA NNP privatebank-jpmorgan-com-8914 306 14 ) ) -RRB- privatebank-jpmorgan-com-8914 306 15 et et NNP privatebank-jpmorgan-com-8914 306 16 al al NNP privatebank-jpmorgan-com-8914 306 17 . . NNP privatebank-jpmorgan-com-8914 306 18 , , , privatebank-jpmorgan-com-8914 306 19 November November NNP privatebank-jpmorgan-com-8914 306 20 2020 2020 CD privatebank-jpmorgan-com-8914 306 21 12 12 CD privatebank-jpmorgan-com-8914 306 22 “ " `` privatebank-jpmorgan-com-8914 306 23 Evolution Evolution NNP privatebank-jpmorgan-com-8914 306 24 of of IN privatebank-jpmorgan-com-8914 306 25 Private Private NNP privatebank-jpmorgan-com-8914 306 26 Equity Equity NNP privatebank-jpmorgan-com-8914 306 27 Fund Fund NNP privatebank-jpmorgan-com-8914 306 28 Value Value NNP privatebank-jpmorgan-com-8914 306 29 ” " '' privatebank-jpmorgan-com-8914 306 30 , , , privatebank-jpmorgan-com-8914 306 31 Brown Brown NNP privatebank-jpmorgan-com-8914 306 32 ( ( -LRB- privatebank-jpmorgan-com-8914 306 33 UNC UNC NNP privatebank-jpmorgan-com-8914 306 34 ) ) -RRB- privatebank-jpmorgan-com-8914 306 35 et et NNP privatebank-jpmorgan-com-8914 306 36 al al NNP privatebank-jpmorgan-com-8914 306 37 . . NNP privatebank-jpmorgan-com-8914 306 38 , , , privatebank-jpmorgan-com-8914 306 39 June June NNP privatebank-jpmorgan-com-8914 306 40 2020 2020 CD privatebank-jpmorgan-com-8914 306 41 13 13 CD privatebank-jpmorgan-com-8914 306 42 “ " `` privatebank-jpmorgan-com-8914 306 43 Decreasing decrease VBG privatebank-jpmorgan-com-8914 306 44 Returns Returns NNP privatebank-jpmorgan-com-8914 306 45 or or CC privatebank-jpmorgan-com-8914 306 46 Reversion Reversion NNP privatebank-jpmorgan-com-8914 306 47 to to IN privatebank-jpmorgan-com-8914 306 48 the the DT privatebank-jpmorgan-com-8914 306 49 Mean Mean NNP privatebank-jpmorgan-com-8914 306 50 ? ? . privatebank-jpmorgan-com-8914 306 51 ” " '' privatebank-jpmorgan-com-8914 306 52 , , , privatebank-jpmorgan-com-8914 306 53 Rossi Rossi NNP privatebank-jpmorgan-com-8914 306 54 ( ( -LRB- privatebank-jpmorgan-com-8914 306 55 Arizona Arizona NNP privatebank-jpmorgan-com-8914 306 56 ) ) -RRB- privatebank-jpmorgan-com-8914 306 57 , , , privatebank-jpmorgan-com-8914 306 58 December December NNP privatebank-jpmorgan-com-8914 306 59 2019 2019 CD privatebank-jpmorgan-com-8914 306 60 14 14 CD privatebank-jpmorgan-com-8914 306 61 “ " `` privatebank-jpmorgan-com-8914 306 62 Can Can MD privatebank-jpmorgan-com-8914 306 63 Investors investor NNS privatebank-jpmorgan-com-8914 306 64 time time VB privatebank-jpmorgan-com-8914 306 65 their -PRON- PRP$ privatebank-jpmorgan-com-8914 306 66 exposure exposure NN privatebank-jpmorgan-com-8914 306 67 to to IN privatebank-jpmorgan-com-8914 306 68 private private JJ privatebank-jpmorgan-com-8914 306 69 equity equity NN privatebank-jpmorgan-com-8914 306 70 ? ? . privatebank-jpmorgan-com-8914 306 71 ” " '' privatebank-jpmorgan-com-8914 306 72 , , , privatebank-jpmorgan-com-8914 306 73 Brown Brown NNP privatebank-jpmorgan-com-8914 306 74 ( ( -LRB- privatebank-jpmorgan-com-8914 306 75 UNC UNC NNP privatebank-jpmorgan-com-8914 306 76 ) ) -RRB- privatebank-jpmorgan-com-8914 306 77 et et NNP privatebank-jpmorgan-com-8914 306 78 al al NNP privatebank-jpmorgan-com-8914 306 79 . . NNP privatebank-jpmorgan-com-8914 306 80 , , , privatebank-jpmorgan-com-8914 306 81 October October NNP privatebank-jpmorgan-com-8914 306 82 2019 2019 CD privatebank-jpmorgan-com-8914 306 83 15 15 CD privatebank-jpmorgan-com-8914 306 84 “ " `` privatebank-jpmorgan-com-8914 306 85 Long long JJ privatebank-jpmorgan-com-8914 306 86 Goodbyes goodbye NNS privatebank-jpmorgan-com-8914 306 87 : : : privatebank-jpmorgan-com-8914 306 88 Why why WRB privatebank-jpmorgan-com-8914 306 89 do do VBP privatebank-jpmorgan-com-8914 306 90 Private private JJ privatebank-jpmorgan-com-8914 306 91 Equity equity NN privatebank-jpmorgan-com-8914 306 92 Funds Funds NNPS privatebank-jpmorgan-com-8914 306 93 hold hold VBP privatebank-jpmorgan-com-8914 306 94 onto onto IN privatebank-jpmorgan-com-8914 306 95 Public public JJ privatebank-jpmorgan-com-8914 306 96 Equity Equity NNP privatebank-jpmorgan-com-8914 306 97 ? ? . privatebank-jpmorgan-com-8914 306 98 ” " '' privatebank-jpmorgan-com-8914 306 99 , , , privatebank-jpmorgan-com-8914 306 100 Jenkinson Jenkinson NNP privatebank-jpmorgan-com-8914 306 101 et et FW privatebank-jpmorgan-com-8914 306 102 al al NNP privatebank-jpmorgan-com-8914 306 103 . . . privatebank-jpmorgan-com-8914 307 1 ( ( -LRB- privatebank-jpmorgan-com-8914 307 2 Oxford Oxford NNP privatebank-jpmorgan-com-8914 307 3 ) ) -RRB- privatebank-jpmorgan-com-8914 307 4 , , , privatebank-jpmorgan-com-8914 307 5 Feb Feb NNP privatebank-jpmorgan-com-8914 307 6 2021 2021 CD privatebank-jpmorgan-com-8914 307 7 -80 -80 NNP privatebank-jpmorgan-com-8914 307 8 % % NN privatebank-jpmorgan-com-8914 307 9 -60 -60 HYPH privatebank-jpmorgan-com-8914 307 10 % % NN privatebank-jpmorgan-com-8914 307 11 -40 -40 HYPH privatebank-jpmorgan-com-8914 307 12 % % NN privatebank-jpmorgan-com-8914 307 13 -20 -20 HYPH privatebank-jpmorgan-com-8914 307 14 % % NN privatebank-jpmorgan-com-8914 307 15 0 0 CD privatebank-jpmorgan-com-8914 307 16 % % NN privatebank-jpmorgan-com-8914 307 17 20 20 CD privatebank-jpmorgan-com-8914 307 18 % % NN privatebank-jpmorgan-com-8914 307 19 40 40 CD privatebank-jpmorgan-com-8914 307 20 % % NN privatebank-jpmorgan-com-8914 307 21 60 60 CD privatebank-jpmorgan-com-8914 307 22 % % NN privatebank-jpmorgan-com-8914 307 23 80 80 CD privatebank-jpmorgan-com-8914 307 24 % % NN privatebank-jpmorgan-com-8914 307 25 100 100 CD privatebank-jpmorgan-com-8914 307 26 % % NN privatebank-jpmorgan-com-8914 307 27 0 0 CD privatebank-jpmorgan-com-8914 307 28 1 1 CD privatebank-jpmorgan-com-8914 307 29 2 2 CD privatebank-jpmorgan-com-8914 307 30 3 3 CD privatebank-jpmorgan-com-8914 307 31 4 4 CD privatebank-jpmorgan-com-8914 307 32 5 5 CD privatebank-jpmorgan-com-8914 307 33 6 6 CD privatebank-jpmorgan-com-8914 307 34 7 7 CD privatebank-jpmorgan-com-8914 307 35 8 8 CD privatebank-jpmorgan-com-8914 307 36 9 9 CD privatebank-jpmorgan-com-8914 307 37 10 10 CD privatebank-jpmorgan-com-8914 307 38 11 11 CD privatebank-jpmorgan-com-8914 307 39 12 12 CD privatebank-jpmorgan-com-8914 307 40 13 13 CD privatebank-jpmorgan-com-8914 307 41 14 14 CD privatebank-jpmorgan-com-8914 307 42 15 15 CD privatebank-jpmorgan-com-8914 307 43 90th 90th JJ privatebank-jpmorgan-com-8914 307 44 percentile percentile JJ privatebank-jpmorgan-com-8914 307 45 75th 75th JJ privatebank-jpmorgan-com-8914 307 46 percentile percentile JJ privatebank-jpmorgan-com-8914 307 47 Median median JJ privatebank-jpmorgan-com-8914 307 48 25th 25th NN privatebank-jpmorgan-com-8914 307 49 percentile percentile JJ privatebank-jpmorgan-com-8914 307 50 10th 10th JJ privatebank-jpmorgan-com-8914 307 51 percentile percentile JJ privatebank-jpmorgan-com-8914 307 52 Dispersion Dispersion NNP privatebank-jpmorgan-com-8914 307 53 of of IN privatebank-jpmorgan-com-8914 307 54 remaining remain VBG privatebank-jpmorgan-com-8914 307 55 buyout buyout NN privatebank-jpmorgan-com-8914 307 56 fund fund NN privatebank-jpmorgan-com-8914 307 57 performance performance NN privatebank-jpmorgan-com-8914 307 58 over over IN privatebank-jpmorgan-com-8914 307 59 fund fund NN privatebank-jpmorgan-com-8914 307 60 life life NN privatebank-jpmorgan-com-8914 307 61 , , , privatebank-jpmorgan-com-8914 307 62 Remaining remain VBG privatebank-jpmorgan-com-8914 307 63 direct direct JJ privatebank-jpmorgan-com-8914 307 64 alpha alpha NN privatebank-jpmorgan-com-8914 307 65 Source source NN privatebank-jpmorgan-com-8914 307 66 : : : privatebank-jpmorgan-com-8914 307 67 Burgiss burgiss NN privatebank-jpmorgan-com-8914 307 68 ; ; : privatebank-jpmorgan-com-8914 307 69 " " `` privatebank-jpmorgan-com-8914 307 70 Evolution Evolution NNP privatebank-jpmorgan-com-8914 307 71 of of IN privatebank-jpmorgan-com-8914 307 72 PE PE NNP privatebank-jpmorgan-com-8914 307 73 fund fund NN privatebank-jpmorgan-com-8914 307 74 value value NN privatebank-jpmorgan-com-8914 307 75 " " '' privatebank-jpmorgan-com-8914 307 76 , , , privatebank-jpmorgan-com-8914 307 77 Brown Brown NNP privatebank-jpmorgan-com-8914 307 78 et et NNP privatebank-jpmorgan-com-8914 307 79 al al NNP privatebank-jpmorgan-com-8914 307 80 . . . privatebank-jpmorgan-com-8914 308 1 June June NNP privatebank-jpmorgan-com-8914 308 2 2020 2020 CD privatebank-jpmorgan-com-8914 308 3 . . . privatebank-jpmorgan-com-8914 309 1 Fund fund NN privatebank-jpmorgan-com-8914 309 2 age age NN privatebank-jpmorgan-com-8914 309 3 ( ( -LRB- privatebank-jpmorgan-com-8914 309 4 years year NNS privatebank-jpmorgan-com-8914 309 5 ) ) -RRB- privatebank-jpmorgan-com-8914 309 6 0 0 CD privatebank-jpmorgan-com-8914 309 7 % % NN privatebank-jpmorgan-com-8914 309 8 5 5 CD privatebank-jpmorgan-com-8914 309 9 % % NN privatebank-jpmorgan-com-8914 309 10 10 10 CD privatebank-jpmorgan-com-8914 309 11 % % NN privatebank-jpmorgan-com-8914 309 12 15 15 CD privatebank-jpmorgan-com-8914 309 13 % % NN privatebank-jpmorgan-com-8914 309 14 20 20 CD privatebank-jpmorgan-com-8914 309 15 % % NN privatebank-jpmorgan-com-8914 309 16 25 25 CD privatebank-jpmorgan-com-8914 309 17 % % NN privatebank-jpmorgan-com-8914 309 18 30 30 CD privatebank-jpmorgan-com-8914 309 19 % % NN privatebank-jpmorgan-com-8914 309 20 35 35 CD privatebank-jpmorgan-com-8914 309 21 % % NN privatebank-jpmorgan-com-8914 309 22 40 40 CD privatebank-jpmorgan-com-8914 309 23 % % NN privatebank-jpmorgan-com-8914 309 24 45 45 CD privatebank-jpmorgan-com-8914 309 25 % % NN privatebank-jpmorgan-com-8914 309 26 Fastest Fastest NNP privatebank-jpmorgan-com-8914 309 27 exit exit NN privatebank-jpmorgan-com-8914 309 28 ( ( -LRB- privatebank-jpmorgan-com-8914 309 29 top top JJ privatebank-jpmorgan-com-8914 309 30 quartile quartile NN privatebank-jpmorgan-com-8914 309 31 ) ) -RRB- privatebank-jpmorgan-com-8914 309 32 Share share NN privatebank-jpmorgan-com-8914 309 33 sales sale NNS privatebank-jpmorgan-com-8914 309 34 equally equally RB privatebank-jpmorgan-com-8914 309 35 spaced space VBN privatebank-jpmorgan-com-8914 309 36 over over IN privatebank-jpmorgan-com-8914 309 37 3yrs 3yrs NNP privatebank-jpmorgan-com-8914 309 38 Actual Actual NNP privatebank-jpmorgan-com-8914 309 39 Slowest slow JJS privatebank-jpmorgan-com-8914 309 40 exit exit NN privatebank-jpmorgan-com-8914 309 41 ( ( -LRB- privatebank-jpmorgan-com-8914 309 42 bottom bottom JJ privatebank-jpmorgan-com-8914 309 43 quartile quartile NN privatebank-jpmorgan-com-8914 309 44 ) ) -RRB- privatebank-jpmorgan-com-8914 309 45 Faster Faster NNP privatebank-jpmorgan-com-8914 309 46 exits exit VBZ privatebank-jpmorgan-com-8914 309 47 post post JJ privatebank-jpmorgan-com-8914 309 48 - - JJ privatebank-jpmorgan-com-8914 309 49 IPO IPO NNP privatebank-jpmorgan-com-8914 309 50 improve improve VBP privatebank-jpmorgan-com-8914 309 51 buyout buyout NN privatebank-jpmorgan-com-8914 309 52 fund fund NN privatebank-jpmorgan-com-8914 309 53 performance performance NN privatebank-jpmorgan-com-8914 309 54 Net Net NNP privatebank-jpmorgan-com-8914 309 55 IRR IRR NNP privatebank-jpmorgan-com-8914 309 56 of of IN privatebank-jpmorgan-com-8914 309 57 median median JJ privatebank-jpmorgan-com-8914 309 58 deal deal NN privatebank-jpmorgan-com-8914 309 59 Source source NN privatebank-jpmorgan-com-8914 309 60 : : : privatebank-jpmorgan-com-8914 309 61 Jenkinson Jenkinson NNP privatebank-jpmorgan-com-8914 309 62 et et FW privatebank-jpmorgan-com-8914 309 63 al al NNP privatebank-jpmorgan-com-8914 309 64 . . . privatebank-jpmorgan-com-8914 310 1 ( ( -LRB- privatebank-jpmorgan-com-8914 310 2 Oxford Oxford NNP privatebank-jpmorgan-com-8914 310 3 ) ) -RRB- privatebank-jpmorgan-com-8914 310 4 . . . privatebank-jpmorgan-com-8914 311 1 February February NNP privatebank-jpmorgan-com-8914 311 2 2021 2021 CD privatebank-jpmorgan-com-8914 311 3 . . . privatebank-jpmorgan-com-8914 311 4 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ '' privatebank-jpmorgan-com-8914 311 5 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 311 6 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 311 7 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 311 8 E e NN privatebank-jpmorgan-com-8914 311 9 Y y NN privatebank-jpmorgan-com-8914 311 10 E e NN privatebank-jpmorgan-com-8914 311 11 O o NN privatebank-jpmorgan-com-8914 311 12 N n NN privatebank-jpmorgan-com-8914 311 13 T t NN privatebank-jpmorgan-com-8914 311 14 H h NN privatebank-jpmorgan-com-8914 311 15 E e NN privatebank-jpmorgan-com-8914 311 16 M m NN privatebank-jpmorgan-com-8914 311 17 A a NN privatebank-jpmorgan-com-8914 311 18 R r NN privatebank-jpmorgan-com-8914 311 19 K k NN privatebank-jpmorgan-com-8914 311 20 E e NN privatebank-jpmorgan-com-8914 311 21 T t NN privatebank-jpmorgan-com-8914 311 22 • • NN privatebank-jpmorgan-com-8914 311 23 M m NN privatebank-jpmorgan-com-8914 311 24 I i NN privatebank-jpmorgan-com-8914 311 25 C c NN privatebank-jpmorgan-com-8914 311 26 H h NN privatebank-jpmorgan-com-8914 311 27 A a NN privatebank-jpmorgan-com-8914 311 28 E e NN privatebank-jpmorgan-com-8914 311 29 L l NN privatebank-jpmorgan-com-8914 311 30 C c NN privatebank-jpmorgan-com-8914 311 31 E e NN privatebank-jpmorgan-com-8914 311 32 M m NN privatebank-jpmorgan-com-8914 311 33 B B NNP privatebank-jpmorgan-com-8914 311 34 A A NNP privatebank-jpmorgan-com-8914 311 35 L l NN privatebank-jpmorgan-com-8914 311 36 E e NN privatebank-jpmorgan-com-8914 311 37 S s NN privatebank-jpmorgan-com-8914 311 38 T t NN privatebank-jpmorgan-com-8914 311 39 • • NN privatebank-jpmorgan-com-8914 311 40 J J NNP privatebank-jpmorgan-com-8914 311 41 . . . privatebank-jpmorgan-com-8914 312 1 P p NN privatebank-jpmorgan-com-8914 312 2 . . . privatebank-jpmorgan-com-8914 313 1 M M NNP privatebank-jpmorgan-com-8914 313 2 O o NN privatebank-jpmorgan-com-8914 313 3 R r NN privatebank-jpmorgan-com-8914 313 4 G g NN privatebank-jpmorgan-com-8914 313 5 A a NN privatebank-jpmorgan-com-8914 313 6 N n NN privatebank-jpmorgan-com-8914 313 7 A a NN privatebank-jpmorgan-com-8914 313 8 c c NN privatebank-jpmorgan-com-8914 313 9 c c NN privatebank-jpmorgan-com-8914 313 10 e e NNP privatebank-jpmorgan-com-8914 313 11 s s NNP privatebank-jpmorgan-com-8914 313 12 s s NNP privatebank-jpmorgan-com-8914 313 13 o o NNP privatebank-jpmorgan-com-8914 313 14 u u NNP privatebank-jpmorgan-com-8914 313 15 r r NNP privatebank-jpmorgan-com-8914 313 16 f f NNP privatebank-jpmorgan-com-8914 313 17 u u NNP privatebank-jpmorgan-com-8914 313 18 l l NNP privatebank-jpmorgan-com-8914 313 19 l l NNP privatebank-jpmorgan-com-8914 313 20 c c NNP privatebank-jpmorgan-com-8914 313 21 o o NN privatebank-jpmorgan-com-8914 313 22 r r NN privatebank-jpmorgan-com-8914 313 23 o o NN privatebank-jpmorgan-com-8914 313 24 n n CC privatebank-jpmorgan-com-8914 313 25 a a NN privatebank-jpmorgan-com-8914 313 26 v v NN privatebank-jpmorgan-com-8914 313 27 i i NN privatebank-jpmorgan-com-8914 313 28 r r NNP privatebank-jpmorgan-com-8914 313 29 u u NNP privatebank-jpmorgan-com-8914 313 30 s s NNP privatebank-jpmorgan-com-8914 313 31 a a NNP privatebank-jpmorgan-com-8914 313 32 n n NNP privatebank-jpmorgan-com-8914 313 33 a a DT privatebank-jpmorgan-com-8914 313 34 l l NN privatebank-jpmorgan-com-8914 313 35 y y NNP privatebank-jpmorgan-com-8914 313 36 s s NNP privatebank-jpmorgan-com-8914 313 37 i i NNP privatebank-jpmorgan-com-8914 313 38 s s NNP privatebank-jpmorgan-com-8914 313 39 w w NNP privatebank-jpmorgan-com-8914 313 40 e e NNP privatebank-jpmorgan-com-8914 313 41 b b NNP privatebank-jpmorgan-com-8914 313 42 p p NN privatebank-jpmorgan-com-8914 313 43 o o NN privatebank-jpmorgan-com-8914 313 44 r r NN privatebank-jpmorgan-com-8914 313 45 t t NN privatebank-jpmorgan-com-8914 313 46 a a DT privatebank-jpmorgan-com-8914 313 47 l l NN privatebank-jpmorgan-com-8914 313 48 h h NN privatebank-jpmorgan-com-8914 313 49 e e NN privatebank-jpmorgan-com-8914 313 50 r r NN privatebank-jpmorgan-com-8914 313 51 e e NNP privatebank-jpmorgan-com-8914 313 52 J J NNP privatebank-jpmorgan-com-8914 313 53 u u NNP privatebank-jpmorgan-com-8914 313 54 n n NNP privatebank-jpmorgan-com-8914 313 55 e e NNP privatebank-jpmorgan-com-8914 313 56 2 2 CD privatebank-jpmorgan-com-8914 313 57 8 8 CD privatebank-jpmorgan-com-8914 313 58 , , , privatebank-jpmorgan-com-8914 313 59 2 2 CD privatebank-jpmorgan-com-8914 313 60 0 0 CD privatebank-jpmorgan-com-8914 313 61 2 2 CD privatebank-jpmorgan-com-8914 313 62 1 1 CD privatebank-jpmorgan-com-8914 313 63 19 19 CD privatebank-jpmorgan-com-8914 313 64 Appendix Appendix NNP privatebank-jpmorgan-com-8914 313 65 I -PRON- PRP privatebank-jpmorgan-com-8914 313 66 : : : privatebank-jpmorgan-com-8914 313 67 Other other JJ privatebank-jpmorgan-com-8914 313 68 industry industry NN privatebank-jpmorgan-com-8914 313 69 data datum NNS privatebank-jpmorgan-com-8914 313 70 • • VBP privatebank-jpmorgan-com-8914 313 71 The the DT privatebank-jpmorgan-com-8914 313 72 number number NN privatebank-jpmorgan-com-8914 313 73 of of IN privatebank-jpmorgan-com-8914 313 74 private private JJ privatebank-jpmorgan-com-8914 313 75 equity equity NN privatebank-jpmorgan-com-8914 313 76 funds fund NNS privatebank-jpmorgan-com-8914 313 77 has have VBZ privatebank-jpmorgan-com-8914 313 78 now now RB privatebank-jpmorgan-com-8914 313 79 surpassed surpass VBN privatebank-jpmorgan-com-8914 313 80 the the DT privatebank-jpmorgan-com-8914 313 81 number number NN privatebank-jpmorgan-com-8914 313 82 of of IN privatebank-jpmorgan-com-8914 313 83 hedge hedge NN privatebank-jpmorgan-com-8914 313 84 funds fund NNS privatebank-jpmorgan-com-8914 313 85 , , , privatebank-jpmorgan-com-8914 313 86 which which WDT privatebank-jpmorgan-com-8914 313 87 is be VBZ privatebank-jpmorgan-com-8914 313 88 perhaps perhaps RB privatebank-jpmorgan-com-8914 313 89 an an DT privatebank-jpmorgan-com-8914 313 90 ominous ominous JJ privatebank-jpmorgan-com-8914 313 91 development development NN privatebank-jpmorgan-com-8914 313 92 given give VBN privatebank-jpmorgan-com-8914 313 93 what what WDT privatebank-jpmorgan-com-8914 313 94 excess excess JJ privatebank-jpmorgan-com-8914 313 95 proliferation proliferation NN privatebank-jpmorgan-com-8914 313 96 of of IN privatebank-jpmorgan-com-8914 313 97 hedge hedge NN privatebank-jpmorgan-com-8914 313 98 funds fund NNS privatebank-jpmorgan-com-8914 313 99 did do VBD privatebank-jpmorgan-com-8914 313 100 to to TO privatebank-jpmorgan-com-8914 313 101 hedge hedge VB privatebank-jpmorgan-com-8914 313 102 fund fund NN privatebank-jpmorgan-com-8914 313 103 returns return NNS privatebank-jpmorgan-com-8914 313 104 • • VBP privatebank-jpmorgan-com-8914 313 105 Since since IN privatebank-jpmorgan-com-8914 313 106 2014 2014 CD privatebank-jpmorgan-com-8914 313 107 , , , privatebank-jpmorgan-com-8914 313 108 sponsor sponsor NN privatebank-jpmorgan-com-8914 313 109 - - HYPH privatebank-jpmorgan-com-8914 313 110 to to IN privatebank-jpmorgan-com-8914 313 111 - - HYPH privatebank-jpmorgan-com-8914 313 112 sponsor sponsor NN privatebank-jpmorgan-com-8914 313 113 buyouts buyout NNS privatebank-jpmorgan-com-8914 313 114 have have VBP privatebank-jpmorgan-com-8914 313 115 been be VBN privatebank-jpmorgan-com-8914 313 116 declining decline VBG privatebank-jpmorgan-com-8914 313 117 as as IN privatebank-jpmorgan-com-8914 313 118 a a DT privatebank-jpmorgan-com-8914 313 119 % % NN privatebank-jpmorgan-com-8914 313 120 of of IN privatebank-jpmorgan-com-8914 313 121 overall overall JJ privatebank-jpmorgan-com-8914 313 122 US US NNP privatebank-jpmorgan-com-8914 313 123 deals deal NNS privatebank-jpmorgan-com-8914 313 124 relative relative JJ privatebank-jpmorgan-com-8914 313 125 to to IN privatebank-jpmorgan-com-8914 313 126 public public JJ privatebank-jpmorgan-com-8914 313 127 - - HYPH privatebank-jpmorgan-com-8914 313 128 to- to- NN privatebank-jpmorgan-com-8914 313 129 private private JJ privatebank-jpmorgan-com-8914 313 130 buyouts buyout NNS privatebank-jpmorgan-com-8914 313 131 and and CC privatebank-jpmorgan-com-8914 313 132 corporate corporate JJ privatebank-jpmorgan-com-8914 313 133 divestitures divestiture NNS privatebank-jpmorgan-com-8914 313 134 • • VBP privatebank-jpmorgan-com-8914 313 135 While while IN privatebank-jpmorgan-com-8914 313 136 acquisitions acquisition NNS privatebank-jpmorgan-com-8914 313 137 account account VBP privatebank-jpmorgan-com-8914 313 138 for for IN privatebank-jpmorgan-com-8914 313 139 the the DT privatebank-jpmorgan-com-8914 313 140 highest high JJS privatebank-jpmorgan-com-8914 313 141 number number NN privatebank-jpmorgan-com-8914 313 142 of of IN privatebank-jpmorgan-com-8914 313 143 VC VC NNP privatebank-jpmorgan-com-8914 313 144 deal deal NN privatebank-jpmorgan-com-8914 313 145 exits exit NNS privatebank-jpmorgan-com-8914 313 146 ( ( -LRB- privatebank-jpmorgan-com-8914 313 147 65 65 CD privatebank-jpmorgan-com-8914 313 148 % % NN privatebank-jpmorgan-com-8914 313 149 in in IN privatebank-jpmorgan-com-8914 313 150 2021 2021 CD privatebank-jpmorgan-com-8914 313 151 ) ) -RRB- privatebank-jpmorgan-com-8914 313 152 , , , privatebank-jpmorgan-com-8914 313 153 public public JJ privatebank-jpmorgan-com-8914 313 154 listings listing NNS privatebank-jpmorgan-com-8914 313 155 account account VBP privatebank-jpmorgan-com-8914 313 156 for for IN privatebank-jpmorgan-com-8914 313 157 90 90 CD privatebank-jpmorgan-com-8914 313 158 % % NN privatebank-jpmorgan-com-8914 313 159 of of IN privatebank-jpmorgan-com-8914 313 160 the the DT privatebank-jpmorgan-com-8914 313 161 total total JJ privatebank-jpmorgan-com-8914 313 162 exit exit NN privatebank-jpmorgan-com-8914 313 163 value value NN privatebank-jpmorgan-com-8914 313 164 • • VBP privatebank-jpmorgan-com-8914 313 165 Over over IN privatebank-jpmorgan-com-8914 313 166 the the DT privatebank-jpmorgan-com-8914 313 167 last last JJ privatebank-jpmorgan-com-8914 313 168 decade decade NN privatebank-jpmorgan-com-8914 313 169 , , , privatebank-jpmorgan-com-8914 313 170 institutional institutional JJ privatebank-jpmorgan-com-8914 313 171 investors investor NNS privatebank-jpmorgan-com-8914 313 172 have have VBP privatebank-jpmorgan-com-8914 313 173 incrementally incrementally RB privatebank-jpmorgan-com-8914 313 174 rotated rotate VBN privatebank-jpmorgan-com-8914 313 175 away away RB privatebank-jpmorgan-com-8914 313 176 from from IN privatebank-jpmorgan-com-8914 313 177 public public JJ privatebank-jpmorgan-com-8914 313 178 equities equity NNS privatebank-jpmorgan-com-8914 313 179 into into IN privatebank-jpmorgan-com-8914 313 180 bonds bond NNS privatebank-jpmorgan-com-8914 313 181 , , , privatebank-jpmorgan-com-8914 313 182 private private JJ privatebank-jpmorgan-com-8914 313 183 equity equity NN privatebank-jpmorgan-com-8914 313 184 and and CC privatebank-jpmorgan-com-8914 313 185 other other JJ privatebank-jpmorgan-com-8914 313 186 alternatives alternative NNS privatebank-jpmorgan-com-8914 313 187 • • VBP privatebank-jpmorgan-com-8914 313 188 Buyouts Buyouts NNP privatebank-jpmorgan-com-8914 313 189 saw see VBD privatebank-jpmorgan-com-8914 313 190 fewer few JJR privatebank-jpmorgan-com-8914 313 191 poorly poorly RB privatebank-jpmorgan-com-8914 313 192 - - HYPH privatebank-jpmorgan-com-8914 313 193 performing perform VBG privatebank-jpmorgan-com-8914 313 194 investments investment NNS privatebank-jpmorgan-com-8914 313 195 in in IN privatebank-jpmorgan-com-8914 313 196 2020 2020 CD privatebank-jpmorgan-com-8914 313 197 vs vs IN privatebank-jpmorgan-com-8914 313 198 the the DT privatebank-jpmorgan-com-8914 313 199 GFC GFC NNP privatebank-jpmorgan-com-8914 313 200 due due IN privatebank-jpmorgan-com-8914 313 201 to to IN privatebank-jpmorgan-com-8914 313 202 rapid rapid JJ privatebank-jpmorgan-com-8914 313 203 central central JJ privatebank-jpmorgan-com-8914 313 204 bank bank NN privatebank-jpmorgan-com-8914 313 205 response response NNP privatebank-jpmorgan-com-8914 313 206 0 0 CD privatebank-jpmorgan-com-8914 313 207 2,000 2,000 CD privatebank-jpmorgan-com-8914 313 208 4,000 4,000 CD privatebank-jpmorgan-com-8914 313 209 6,000 6,000 CD privatebank-jpmorgan-com-8914 313 210 8,000 8,000 CD privatebank-jpmorgan-com-8914 313 211 10,000 10,000 CD privatebank-jpmorgan-com-8914 313 212 12,000 12,000 CD privatebank-jpmorgan-com-8914 313 213 ' ' CD privatebank-jpmorgan-com-8914 313 214 90 90 CD privatebank-jpmorgan-com-8914 313 215 ' ' CD privatebank-jpmorgan-com-8914 313 216 92 92 CD privatebank-jpmorgan-com-8914 313 217 ' ' CD privatebank-jpmorgan-com-8914 313 218 94 94 CD privatebank-jpmorgan-com-8914 313 219 ' ' CD privatebank-jpmorgan-com-8914 313 220 96 96 CD privatebank-jpmorgan-com-8914 313 221 ' ' CD privatebank-jpmorgan-com-8914 313 222 98 98 CD privatebank-jpmorgan-com-8914 313 223 ' ' CD privatebank-jpmorgan-com-8914 313 224 00 00 CD privatebank-jpmorgan-com-8914 313 225 ' ' CD privatebank-jpmorgan-com-8914 313 226 02 02 CD privatebank-jpmorgan-com-8914 313 227 ' ' CD privatebank-jpmorgan-com-8914 313 228 04 04 CD privatebank-jpmorgan-com-8914 313 229 ' ' CD privatebank-jpmorgan-com-8914 313 230 06 06 CD privatebank-jpmorgan-com-8914 313 231 ' ' CD privatebank-jpmorgan-com-8914 313 232 08 08 CD privatebank-jpmorgan-com-8914 313 233 ' ' CD privatebank-jpmorgan-com-8914 313 234 10 10 CD privatebank-jpmorgan-com-8914 313 235 ' ' CD privatebank-jpmorgan-com-8914 313 236 12 12 CD privatebank-jpmorgan-com-8914 313 237 ' ' CD privatebank-jpmorgan-com-8914 313 238 14 14 CD privatebank-jpmorgan-com-8914 313 239 ' ' CD privatebank-jpmorgan-com-8914 313 240 16 16 CD privatebank-jpmorgan-com-8914 313 241 ' ' CD privatebank-jpmorgan-com-8914 313 242 18 18 CD privatebank-jpmorgan-com-8914 313 243 ' ' CD privatebank-jpmorgan-com-8914 313 244 20 20 CD privatebank-jpmorgan-com-8914 313 245 Private private JJ privatebank-jpmorgan-com-8914 313 246 markets market NNS privatebank-jpmorgan-com-8914 313 247 overall overall JJ privatebank-jpmorgan-com-8914 313 248 Hedge Hedge NNP privatebank-jpmorgan-com-8914 313 249 funds fund NNS privatebank-jpmorgan-com-8914 313 250 Private private JJ privatebank-jpmorgan-com-8914 313 251 equity equity NN privatebank-jpmorgan-com-8914 313 252 Real real JJ privatebank-jpmorgan-com-8914 313 253 Estate Estate NNP privatebank-jpmorgan-com-8914 313 254 Natural Natural NNP privatebank-jpmorgan-com-8914 313 255 Resrouces resrouce VBZ privatebank-jpmorgan-com-8914 313 256 Private private JJ privatebank-jpmorgan-com-8914 313 257 debt debt NN privatebank-jpmorgan-com-8914 313 258 Infrastructure infrastructure NN privatebank-jpmorgan-com-8914 313 259 Global global JJ privatebank-jpmorgan-com-8914 313 260 active active JJ privatebank-jpmorgan-com-8914 313 261 private private JJ privatebank-jpmorgan-com-8914 313 262 capital capital NN privatebank-jpmorgan-com-8914 313 263 firms firm NNS privatebank-jpmorgan-com-8914 313 264 by by IN privatebank-jpmorgan-com-8914 313 265 asset asset NN privatebank-jpmorgan-com-8914 313 266 class class NN privatebank-jpmorgan-com-8914 313 267 Number number NN privatebank-jpmorgan-com-8914 313 268 of of IN privatebank-jpmorgan-com-8914 313 269 firms firm NNS privatebank-jpmorgan-com-8914 313 270 Source source NN privatebank-jpmorgan-com-8914 313 271 : : : privatebank-jpmorgan-com-8914 313 272 McKinsey McKinsey NNP privatebank-jpmorgan-com-8914 313 273 . . . privatebank-jpmorgan-com-8914 314 1 2020 2020 CD privatebank-jpmorgan-com-8914 314 2 . . . privatebank-jpmorgan-com-8914 315 1 0 0 CD privatebank-jpmorgan-com-8914 315 2 % % NN privatebank-jpmorgan-com-8914 315 3 20 20 CD privatebank-jpmorgan-com-8914 315 4 % % NN privatebank-jpmorgan-com-8914 315 5 40 40 CD privatebank-jpmorgan-com-8914 315 6 % % NN privatebank-jpmorgan-com-8914 315 7 60 60 CD privatebank-jpmorgan-com-8914 315 8 % % NN privatebank-jpmorgan-com-8914 315 9 80 80 CD privatebank-jpmorgan-com-8914 315 10 % % NN privatebank-jpmorgan-com-8914 315 11 100 100 CD privatebank-jpmorgan-com-8914 315 12 % % NN privatebank-jpmorgan-com-8914 315 13 20 20 CD privatebank-jpmorgan-com-8914 315 14 02 02 CD privatebank-jpmorgan-com-8914 315 15 20 20 CD privatebank-jpmorgan-com-8914 315 16 03 03 CD privatebank-jpmorgan-com-8914 315 17 20 20 CD privatebank-jpmorgan-com-8914 315 18 04 04 CD privatebank-jpmorgan-com-8914 315 19 20 20 CD privatebank-jpmorgan-com-8914 315 20 05 05 CD privatebank-jpmorgan-com-8914 315 21 20 20 CD privatebank-jpmorgan-com-8914 315 22 06 06 CD privatebank-jpmorgan-com-8914 315 23 20 20 CD privatebank-jpmorgan-com-8914 315 24 07 07 CD privatebank-jpmorgan-com-8914 315 25 20 20 CD privatebank-jpmorgan-com-8914 315 26 08 08 CD privatebank-jpmorgan-com-8914 315 27 20 20 CD privatebank-jpmorgan-com-8914 315 28 09 09 CD privatebank-jpmorgan-com-8914 315 29 20 20 CD privatebank-jpmorgan-com-8914 315 30 10 10 CD privatebank-jpmorgan-com-8914 315 31 20 20 CD privatebank-jpmorgan-com-8914 315 32 11 11 CD privatebank-jpmorgan-com-8914 315 33 20 20 CD privatebank-jpmorgan-com-8914 315 34 12 12 CD privatebank-jpmorgan-com-8914 315 35 20 20 CD privatebank-jpmorgan-com-8914 315 36 13 13 CD privatebank-jpmorgan-com-8914 315 37 20 20 CD privatebank-jpmorgan-com-8914 315 38 14 14 CD privatebank-jpmorgan-com-8914 315 39 20 20 CD privatebank-jpmorgan-com-8914 315 40 15 15 CD privatebank-jpmorgan-com-8914 315 41 20 20 CD privatebank-jpmorgan-com-8914 315 42 16 16 CD privatebank-jpmorgan-com-8914 315 43 20 20 CD privatebank-jpmorgan-com-8914 315 44 17 17 CD privatebank-jpmorgan-com-8914 315 45 20 20 CD privatebank-jpmorgan-com-8914 315 46 18 18 CD privatebank-jpmorgan-com-8914 315 47 20 20 CD privatebank-jpmorgan-com-8914 315 48 19 19 CD privatebank-jpmorgan-com-8914 315 49 20 20 CD privatebank-jpmorgan-com-8914 315 50 20 20 CD privatebank-jpmorgan-com-8914 315 51 1Q 1q CD privatebank-jpmorgan-com-8914 315 52 20 20 CD privatebank-jpmorgan-com-8914 315 53 1Q 1q CD privatebank-jpmorgan-com-8914 315 54 21 21 CD privatebank-jpmorgan-com-8914 315 55 Source source NN privatebank-jpmorgan-com-8914 315 56 : : : privatebank-jpmorgan-com-8914 315 57 S&P S&P NNP privatebank-jpmorgan-com-8914 315 58 Global Global NNP privatebank-jpmorgan-com-8914 315 59 . . . privatebank-jpmorgan-com-8914 316 1 2021 2021 CD privatebank-jpmorgan-com-8914 316 2 . . . privatebank-jpmorgan-com-8914 317 1 Distribution distribution NN privatebank-jpmorgan-com-8914 317 2 of of IN privatebank-jpmorgan-com-8914 317 3 US US NNP privatebank-jpmorgan-com-8914 317 4 LBOs lbo NNS privatebank-jpmorgan-com-8914 317 5 by by IN privatebank-jpmorgan-com-8914 317 6 type type NN privatebank-jpmorgan-com-8914 317 7 Share share NN privatebank-jpmorgan-com-8914 317 8 of of IN privatebank-jpmorgan-com-8914 317 9 overall overall JJ privatebank-jpmorgan-com-8914 317 10 transaction transaction NN privatebank-jpmorgan-com-8914 317 11 volume volume NN privatebank-jpmorgan-com-8914 317 12 Sponsor sponsor NN privatebank-jpmorgan-com-8914 317 13 - - HYPH privatebank-jpmorgan-com-8914 317 14 to to IN privatebank-jpmorgan-com-8914 317 15 - - HYPH privatebank-jpmorgan-com-8914 317 16 sponsor sponsor NN privatebank-jpmorgan-com-8914 317 17 Public public NN privatebank-jpmorgan-com-8914 317 18 - - HYPH privatebank-jpmorgan-com-8914 317 19 to to IN privatebank-jpmorgan-com-8914 317 20 - - HYPH privatebank-jpmorgan-com-8914 317 21 private private JJ privatebank-jpmorgan-com-8914 317 22 Corporate corporate JJ privatebank-jpmorgan-com-8914 317 23 division division NN privatebank-jpmorgan-com-8914 317 24 divestitures divestiture VBZ privatebank-jpmorgan-com-8914 317 25 Other other JJ privatebank-jpmorgan-com-8914 317 26 0 0 CD privatebank-jpmorgan-com-8914 317 27 200 200 CD privatebank-jpmorgan-com-8914 317 28 400 400 CD privatebank-jpmorgan-com-8914 317 29 600 600 CD privatebank-jpmorgan-com-8914 317 30 800 800 CD privatebank-jpmorgan-com-8914 317 31 1,000 1,000 CD privatebank-jpmorgan-com-8914 317 32 1,200 1,200 CD privatebank-jpmorgan-com-8914 317 33 1,400 1,400 CD privatebank-jpmorgan-com-8914 317 34 ' ' CD privatebank-jpmorgan-com-8914 317 35 06 06 CD privatebank-jpmorgan-com-8914 317 36 ' ' CD privatebank-jpmorgan-com-8914 317 37 07 07 CD privatebank-jpmorgan-com-8914 317 38 ' ' CD privatebank-jpmorgan-com-8914 317 39 08 08 CD privatebank-jpmorgan-com-8914 317 40 ' ' CD privatebank-jpmorgan-com-8914 317 41 09 09 CD privatebank-jpmorgan-com-8914 317 42 ' ' CD privatebank-jpmorgan-com-8914 317 43 10 10 CD privatebank-jpmorgan-com-8914 317 44 ' ' CD privatebank-jpmorgan-com-8914 317 45 11 11 CD privatebank-jpmorgan-com-8914 317 46 ' ' CD privatebank-jpmorgan-com-8914 317 47 12 12 CD privatebank-jpmorgan-com-8914 317 48 ' ' CD privatebank-jpmorgan-com-8914 317 49 13 13 CD privatebank-jpmorgan-com-8914 317 50 ' ' CD privatebank-jpmorgan-com-8914 317 51 14 14 CD privatebank-jpmorgan-com-8914 317 52 ' ' CD privatebank-jpmorgan-com-8914 317 53 15 15 CD privatebank-jpmorgan-com-8914 317 54 ' ' CD privatebank-jpmorgan-com-8914 317 55 16 16 CD privatebank-jpmorgan-com-8914 317 56 ' ' POS privatebank-jpmorgan-com-8914 317 57 17 17 CD privatebank-jpmorgan-com-8914 317 58 ' ' CD privatebank-jpmorgan-com-8914 317 59 18 18 CD privatebank-jpmorgan-com-8914 317 60 ' ' CD privatebank-jpmorgan-com-8914 317 61 19 19 CD privatebank-jpmorgan-com-8914 317 62 ' ' CD privatebank-jpmorgan-com-8914 317 63 20 20 CD privatebank-jpmorgan-com-8914 317 64 ' ' CD privatebank-jpmorgan-com-8914 317 65 21 21 CD privatebank-jpmorgan-com-8914 317 66 Buyout Buyout NNP privatebank-jpmorgan-com-8914 317 67 Public Public NNP privatebank-jpmorgan-com-8914 317 68 Listing Listing NNP privatebank-jpmorgan-com-8914 317 69 Acquisition Acquisition NNP privatebank-jpmorgan-com-8914 317 70 US US NNP privatebank-jpmorgan-com-8914 317 71 venture venture NN privatebank-jpmorgan-com-8914 317 72 capital capital NN privatebank-jpmorgan-com-8914 317 73 exits exit NNS privatebank-jpmorgan-com-8914 317 74 by by IN privatebank-jpmorgan-com-8914 317 75 type type NN privatebank-jpmorgan-com-8914 317 76 Number number NN privatebank-jpmorgan-com-8914 317 77 of of IN privatebank-jpmorgan-com-8914 317 78 exits exit NNS privatebank-jpmorgan-com-8914 317 79 Source source NN privatebank-jpmorgan-com-8914 317 80 : : : privatebank-jpmorgan-com-8914 317 81 Pitchbook Pitchbook NNP privatebank-jpmorgan-com-8914 317 82 . . . privatebank-jpmorgan-com-8914 318 1 Q1 Q1 NNP privatebank-jpmorgan-com-8914 318 2 2021 2021 CD privatebank-jpmorgan-com-8914 318 3 . . . privatebank-jpmorgan-com-8914 319 1 $ $ $ privatebank-jpmorgan-com-8914 319 2 0 0 CD privatebank-jpmorgan-com-8914 319 3 $ $ $ privatebank-jpmorgan-com-8914 319 4 50 50 CD privatebank-jpmorgan-com-8914 319 5 $ $ $ privatebank-jpmorgan-com-8914 319 6 100 100 CD privatebank-jpmorgan-com-8914 319 7 $ $ $ privatebank-jpmorgan-com-8914 319 8 150 150 CD privatebank-jpmorgan-com-8914 319 9 $ $ $ privatebank-jpmorgan-com-8914 319 10 200 200 CD privatebank-jpmorgan-com-8914 319 11 $ $ $ privatebank-jpmorgan-com-8914 319 12 250 250 CD privatebank-jpmorgan-com-8914 319 13 $ $ $ privatebank-jpmorgan-com-8914 319 14 300 300 CD privatebank-jpmorgan-com-8914 319 15 ' ' CD privatebank-jpmorgan-com-8914 319 16 06 06 CD privatebank-jpmorgan-com-8914 319 17 ' ' CD privatebank-jpmorgan-com-8914 319 18 07 07 CD privatebank-jpmorgan-com-8914 319 19 ' ' CD privatebank-jpmorgan-com-8914 319 20 08 08 CD privatebank-jpmorgan-com-8914 319 21 ' ' CD privatebank-jpmorgan-com-8914 319 22 09 09 CD privatebank-jpmorgan-com-8914 319 23 ' ' CD privatebank-jpmorgan-com-8914 319 24 10 10 CD privatebank-jpmorgan-com-8914 319 25 ' ' CD privatebank-jpmorgan-com-8914 319 26 11 11 CD privatebank-jpmorgan-com-8914 319 27 ' ' CD privatebank-jpmorgan-com-8914 319 28 12 12 CD privatebank-jpmorgan-com-8914 319 29 ' ' CD privatebank-jpmorgan-com-8914 319 30 13 13 CD privatebank-jpmorgan-com-8914 319 31 ' ' CD privatebank-jpmorgan-com-8914 319 32 14 14 CD privatebank-jpmorgan-com-8914 319 33 ' ' CD privatebank-jpmorgan-com-8914 319 34 15 15 CD privatebank-jpmorgan-com-8914 319 35 ' ' CD privatebank-jpmorgan-com-8914 319 36 16 16 CD privatebank-jpmorgan-com-8914 319 37 ' ' POS privatebank-jpmorgan-com-8914 319 38 17 17 CD privatebank-jpmorgan-com-8914 319 39 ' ' CD privatebank-jpmorgan-com-8914 319 40 18 18 CD privatebank-jpmorgan-com-8914 319 41 ' ' CD privatebank-jpmorgan-com-8914 319 42 19 19 CD privatebank-jpmorgan-com-8914 319 43 ' ' CD privatebank-jpmorgan-com-8914 319 44 20 20 CD privatebank-jpmorgan-com-8914 319 45 ' ' CD privatebank-jpmorgan-com-8914 319 46 21 21 CD privatebank-jpmorgan-com-8914 319 47 Buyout Buyout NNP privatebank-jpmorgan-com-8914 319 48 Public public JJ privatebank-jpmorgan-com-8914 319 49 listing list VBG privatebank-jpmorgan-com-8914 319 50 Acquisition Acquisition NNP privatebank-jpmorgan-com-8914 319 51 US US NNP privatebank-jpmorgan-com-8914 319 52 venture venture NN privatebank-jpmorgan-com-8914 319 53 capital capital NN privatebank-jpmorgan-com-8914 319 54 exits exit NNS privatebank-jpmorgan-com-8914 319 55 by by IN privatebank-jpmorgan-com-8914 319 56 type type NN privatebank-jpmorgan-com-8914 319 57 US$ US$ NNS privatebank-jpmorgan-com-8914 319 58 , , , privatebank-jpmorgan-com-8914 319 59 billions billion NNS privatebank-jpmorgan-com-8914 319 60 Source source NN privatebank-jpmorgan-com-8914 319 61 : : : privatebank-jpmorgan-com-8914 319 62 Pitchbook Pitchbook NNP privatebank-jpmorgan-com-8914 319 63 . . . privatebank-jpmorgan-com-8914 320 1 Q1 Q1 NNP privatebank-jpmorgan-com-8914 320 2 2021 2021 CD privatebank-jpmorgan-com-8914 320 3 . . . privatebank-jpmorgan-com-8914 321 1 0 0 CD privatebank-jpmorgan-com-8914 321 2 % % NN privatebank-jpmorgan-com-8914 321 3 10 10 CD privatebank-jpmorgan-com-8914 321 4 % % NN privatebank-jpmorgan-com-8914 321 5 20 20 CD privatebank-jpmorgan-com-8914 321 6 % % NN privatebank-jpmorgan-com-8914 321 7 30 30 CD privatebank-jpmorgan-com-8914 321 8 % % NN privatebank-jpmorgan-com-8914 321 9 40 40 CD privatebank-jpmorgan-com-8914 321 10 % % NN privatebank-jpmorgan-com-8914 321 11 50 50 CD privatebank-jpmorgan-com-8914 321 12 % % NN privatebank-jpmorgan-com-8914 321 13 60 60 CD privatebank-jpmorgan-com-8914 321 14 % % NN privatebank-jpmorgan-com-8914 321 15 70 70 CD privatebank-jpmorgan-com-8914 321 16 % % NN privatebank-jpmorgan-com-8914 321 17 80 80 CD privatebank-jpmorgan-com-8914 321 18 % % NN privatebank-jpmorgan-com-8914 321 19 90 90 CD privatebank-jpmorgan-com-8914 321 20 % % NN privatebank-jpmorgan-com-8914 321 21 100 100 CD privatebank-jpmorgan-com-8914 321 22 % % NN privatebank-jpmorgan-com-8914 321 23 ' ' CD privatebank-jpmorgan-com-8914 321 24 08 08 CD privatebank-jpmorgan-com-8914 321 25 ' ' CD privatebank-jpmorgan-com-8914 321 26 09 09 CD privatebank-jpmorgan-com-8914 321 27 ' ' CD privatebank-jpmorgan-com-8914 321 28 10 10 CD privatebank-jpmorgan-com-8914 321 29 ' ' CD privatebank-jpmorgan-com-8914 321 30 11 11 CD privatebank-jpmorgan-com-8914 321 31 ' ' CD privatebank-jpmorgan-com-8914 321 32 12 12 CD privatebank-jpmorgan-com-8914 321 33 ' ' CD privatebank-jpmorgan-com-8914 321 34 13 13 CD privatebank-jpmorgan-com-8914 321 35 ' ' CD privatebank-jpmorgan-com-8914 321 36 14 14 CD privatebank-jpmorgan-com-8914 321 37 ' ' CD privatebank-jpmorgan-com-8914 321 38 15 15 CD privatebank-jpmorgan-com-8914 321 39 ' ' CD privatebank-jpmorgan-com-8914 321 40 16 16 CD privatebank-jpmorgan-com-8914 321 41 ' ' POS privatebank-jpmorgan-com-8914 321 42 17 17 CD privatebank-jpmorgan-com-8914 321 43 ' ' CD privatebank-jpmorgan-com-8914 321 44 18 18 CD privatebank-jpmorgan-com-8914 321 45 ' ' CD privatebank-jpmorgan-com-8914 321 46 19 19 CD privatebank-jpmorgan-com-8914 321 47 Other other JJ privatebank-jpmorgan-com-8914 321 48 alts alt NNS privatebank-jpmorgan-com-8914 321 49 Infra Infra NNP privatebank-jpmorgan-com-8914 321 50 . . . privatebank-jpmorgan-com-8914 322 1 PE PE NNP privatebank-jpmorgan-com-8914 322 2 RE RE NNP privatebank-jpmorgan-com-8914 322 3 Bonds bond NNS privatebank-jpmorgan-com-8914 322 4 Stocks stock NNS privatebank-jpmorgan-com-8914 322 5 Institutional institutional JJ privatebank-jpmorgan-com-8914 322 6 investors investor NNS privatebank-jpmorgan-com-8914 322 7 ' ' POS privatebank-jpmorgan-com-8914 322 8 portfolio portfolio NN privatebank-jpmorgan-com-8914 322 9 allocation allocation NN privatebank-jpmorgan-com-8914 322 10 Source Source NNP privatebank-jpmorgan-com-8914 322 11 : : : privatebank-jpmorgan-com-8914 322 12 McKinsey McKinsey NNP privatebank-jpmorgan-com-8914 322 13 . . . privatebank-jpmorgan-com-8914 323 1 2021 2021 CD privatebank-jpmorgan-com-8914 323 2 . . . privatebank-jpmorgan-com-8914 324 1 0 0 CD privatebank-jpmorgan-com-8914 324 2 % % NN privatebank-jpmorgan-com-8914 324 3 5 5 CD privatebank-jpmorgan-com-8914 324 4 % % NN privatebank-jpmorgan-com-8914 324 5 10 10 CD privatebank-jpmorgan-com-8914 324 6 % % NN privatebank-jpmorgan-com-8914 324 7 15 15 CD privatebank-jpmorgan-com-8914 324 8 % % NN privatebank-jpmorgan-com-8914 324 9 20 20 CD privatebank-jpmorgan-com-8914 324 10 % % NN privatebank-jpmorgan-com-8914 324 11 25 25 CD privatebank-jpmorgan-com-8914 324 12 % % NN privatebank-jpmorgan-com-8914 324 13 30 30 CD privatebank-jpmorgan-com-8914 324 14 % % NN privatebank-jpmorgan-com-8914 324 15 35 35 CD privatebank-jpmorgan-com-8914 324 16 % % NN privatebank-jpmorgan-com-8914 324 17 ' ' CD privatebank-jpmorgan-com-8914 324 18 05 05 CD privatebank-jpmorgan-com-8914 324 19 ' ' CD privatebank-jpmorgan-com-8914 324 20 06 06 CD privatebank-jpmorgan-com-8914 324 21 ' ' CD privatebank-jpmorgan-com-8914 324 22 07 07 CD privatebank-jpmorgan-com-8914 324 23 ' ' CD privatebank-jpmorgan-com-8914 324 24 08 08 CD privatebank-jpmorgan-com-8914 324 25 ' ' CD privatebank-jpmorgan-com-8914 324 26 09 09 CD privatebank-jpmorgan-com-8914 324 27 ' ' CD privatebank-jpmorgan-com-8914 324 28 10 10 CD privatebank-jpmorgan-com-8914 324 29 ' ' CD privatebank-jpmorgan-com-8914 324 30 11 11 CD privatebank-jpmorgan-com-8914 324 31 ' ' CD privatebank-jpmorgan-com-8914 324 32 12 12 CD privatebank-jpmorgan-com-8914 324 33 ' ' CD privatebank-jpmorgan-com-8914 324 34 13 13 CD privatebank-jpmorgan-com-8914 324 35 ' ' CD privatebank-jpmorgan-com-8914 324 36 14 14 CD privatebank-jpmorgan-com-8914 324 37 ' ' CD privatebank-jpmorgan-com-8914 324 38 15 15 CD privatebank-jpmorgan-com-8914 324 39 ' ' CD privatebank-jpmorgan-com-8914 324 40 16 16 CD privatebank-jpmorgan-com-8914 324 41 ' ' POS privatebank-jpmorgan-com-8914 324 42 17 17 CD privatebank-jpmorgan-com-8914 324 43 ' ' CD privatebank-jpmorgan-com-8914 324 44 18 18 CD privatebank-jpmorgan-com-8914 324 45 ' ' CD privatebank-jpmorgan-com-8914 324 46 19 19 CD privatebank-jpmorgan-com-8914 324 47 ' ' CD privatebank-jpmorgan-com-8914 324 48 20 20 CD privatebank-jpmorgan-com-8914 324 49 Impact impact NN privatebank-jpmorgan-com-8914 324 50 of of IN privatebank-jpmorgan-com-8914 324 51 rapid rapid JJ privatebank-jpmorgan-com-8914 324 52 central central JJ privatebank-jpmorgan-com-8914 324 53 bank bank NN privatebank-jpmorgan-com-8914 324 54 response response NN privatebank-jpmorgan-com-8914 324 55 % % NN privatebank-jpmorgan-com-8914 324 56 , , , privatebank-jpmorgan-com-8914 324 57 loss loss NN privatebank-jpmorgan-com-8914 324 58 rate rate NN privatebank-jpmorgan-com-8914 324 59 for for IN privatebank-jpmorgan-com-8914 324 60 buyout buyout NN privatebank-jpmorgan-com-8914 324 61 deals deal NNS privatebank-jpmorgan-com-8914 324 62 by by IN privatebank-jpmorgan-com-8914 324 63 year year NN privatebank-jpmorgan-com-8914 324 64 of of IN privatebank-jpmorgan-com-8914 324 65 exit exit NN privatebank-jpmorgan-com-8914 324 66 Source Source NNP privatebank-jpmorgan-com-8914 324 67 : : : privatebank-jpmorgan-com-8914 324 68 Bain Bain NNP privatebank-jpmorgan-com-8914 324 69 Global Global NNP privatebank-jpmorgan-com-8914 324 70 Private Private NNP privatebank-jpmorgan-com-8914 324 71 Equity Equity NNP privatebank-jpmorgan-com-8914 324 72 Report Report NNP privatebank-jpmorgan-com-8914 324 73 . . . privatebank-jpmorgan-com-8914 325 1 2021 2021 CD privatebank-jpmorgan-com-8914 325 2 . . . privatebank-jpmorgan-com-8914 326 1 Financial financial JJ privatebank-jpmorgan-com-8914 326 2 crisis crisis NN privatebank-jpmorgan-com-8914 326 3 COVID COVID NNP privatebank-jpmorgan-com-8914 326 4 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/j-p-morgan-chase-eye-market/dp/b07l4swcyl/ WP privatebank-jpmorgan-com-8914 326 5 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 326 6 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 326 7 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 326 8 E e NN privatebank-jpmorgan-com-8914 326 9 Y y NN privatebank-jpmorgan-com-8914 326 10 E e NN privatebank-jpmorgan-com-8914 326 11 O o NN privatebank-jpmorgan-com-8914 326 12 N n NN privatebank-jpmorgan-com-8914 326 13 T t NN privatebank-jpmorgan-com-8914 326 14 H h NN privatebank-jpmorgan-com-8914 326 15 E e NN privatebank-jpmorgan-com-8914 326 16 M m NN privatebank-jpmorgan-com-8914 326 17 A a NN privatebank-jpmorgan-com-8914 326 18 R r NN privatebank-jpmorgan-com-8914 326 19 K k NN privatebank-jpmorgan-com-8914 326 20 E e NN privatebank-jpmorgan-com-8914 326 21 T t NN privatebank-jpmorgan-com-8914 326 22 • • NN privatebank-jpmorgan-com-8914 326 23 M m NN privatebank-jpmorgan-com-8914 326 24 I i NN privatebank-jpmorgan-com-8914 326 25 C c NN privatebank-jpmorgan-com-8914 326 26 H h NN privatebank-jpmorgan-com-8914 326 27 A a NN privatebank-jpmorgan-com-8914 326 28 E e NN privatebank-jpmorgan-com-8914 326 29 L l NN privatebank-jpmorgan-com-8914 326 30 C c NN privatebank-jpmorgan-com-8914 326 31 E e NN privatebank-jpmorgan-com-8914 326 32 M m NN privatebank-jpmorgan-com-8914 326 33 B B NNP privatebank-jpmorgan-com-8914 326 34 A A NNP privatebank-jpmorgan-com-8914 326 35 L l NN privatebank-jpmorgan-com-8914 326 36 E e NN privatebank-jpmorgan-com-8914 326 37 S s NN privatebank-jpmorgan-com-8914 326 38 T t NN privatebank-jpmorgan-com-8914 326 39 • • NN privatebank-jpmorgan-com-8914 326 40 J J NNP privatebank-jpmorgan-com-8914 326 41 . . . privatebank-jpmorgan-com-8914 327 1 P p NN privatebank-jpmorgan-com-8914 327 2 . . . privatebank-jpmorgan-com-8914 328 1 M M NNP privatebank-jpmorgan-com-8914 328 2 O o NN privatebank-jpmorgan-com-8914 328 3 R r NN privatebank-jpmorgan-com-8914 328 4 G g NN privatebank-jpmorgan-com-8914 328 5 A a NN privatebank-jpmorgan-com-8914 328 6 N n NN privatebank-jpmorgan-com-8914 328 7 A a NN privatebank-jpmorgan-com-8914 328 8 c c NN privatebank-jpmorgan-com-8914 328 9 c c NN privatebank-jpmorgan-com-8914 328 10 e e NNP privatebank-jpmorgan-com-8914 328 11 s s NNP privatebank-jpmorgan-com-8914 328 12 s s NNP privatebank-jpmorgan-com-8914 328 13 o o NNP privatebank-jpmorgan-com-8914 328 14 u u NNP privatebank-jpmorgan-com-8914 328 15 r r NNP privatebank-jpmorgan-com-8914 328 16 f f NNP privatebank-jpmorgan-com-8914 328 17 u u NNP privatebank-jpmorgan-com-8914 328 18 l l NNP privatebank-jpmorgan-com-8914 328 19 l l NNP privatebank-jpmorgan-com-8914 328 20 c c NNP privatebank-jpmorgan-com-8914 328 21 o o NN privatebank-jpmorgan-com-8914 328 22 r r NN privatebank-jpmorgan-com-8914 328 23 o o NN privatebank-jpmorgan-com-8914 328 24 n n CC privatebank-jpmorgan-com-8914 328 25 a a NN privatebank-jpmorgan-com-8914 328 26 v v NN privatebank-jpmorgan-com-8914 328 27 i i NN privatebank-jpmorgan-com-8914 328 28 r r NNP privatebank-jpmorgan-com-8914 328 29 u u NNP privatebank-jpmorgan-com-8914 328 30 s s NNP privatebank-jpmorgan-com-8914 328 31 a a NNP privatebank-jpmorgan-com-8914 328 32 n n NNP privatebank-jpmorgan-com-8914 328 33 a a DT privatebank-jpmorgan-com-8914 328 34 l l NN privatebank-jpmorgan-com-8914 328 35 y y NNP privatebank-jpmorgan-com-8914 328 36 s s NNP privatebank-jpmorgan-com-8914 328 37 i i NNP privatebank-jpmorgan-com-8914 328 38 s s NNP privatebank-jpmorgan-com-8914 328 39 w w NNP privatebank-jpmorgan-com-8914 328 40 e e NNP privatebank-jpmorgan-com-8914 328 41 b b NNP privatebank-jpmorgan-com-8914 328 42 p p NN privatebank-jpmorgan-com-8914 328 43 o o NN privatebank-jpmorgan-com-8914 328 44 r r NN privatebank-jpmorgan-com-8914 328 45 t t NN privatebank-jpmorgan-com-8914 328 46 a a DT privatebank-jpmorgan-com-8914 328 47 l l NN privatebank-jpmorgan-com-8914 328 48 h h NN privatebank-jpmorgan-com-8914 328 49 e e NN privatebank-jpmorgan-com-8914 328 50 r r NN privatebank-jpmorgan-com-8914 328 51 e e NNP privatebank-jpmorgan-com-8914 328 52 J J NNP privatebank-jpmorgan-com-8914 328 53 u u NNP privatebank-jpmorgan-com-8914 328 54 n n NNP privatebank-jpmorgan-com-8914 328 55 e e NNP privatebank-jpmorgan-com-8914 328 56 2 2 CD privatebank-jpmorgan-com-8914 328 57 8 8 CD privatebank-jpmorgan-com-8914 328 58 , , , privatebank-jpmorgan-com-8914 328 59 2 2 CD privatebank-jpmorgan-com-8914 328 60 0 0 CD privatebank-jpmorgan-com-8914 328 61 2 2 CD privatebank-jpmorgan-com-8914 328 62 1 1 CD privatebank-jpmorgan-com-8914 328 63 20 20 CD privatebank-jpmorgan-com-8914 328 64 Appendix Appendix NNP privatebank-jpmorgan-com-8914 328 65 II II NNP privatebank-jpmorgan-com-8914 328 66 : : : privatebank-jpmorgan-com-8914 328 67 Return return NN privatebank-jpmorgan-com-8914 328 68 dispersion dispersion NN privatebank-jpmorgan-com-8914 328 69 on on IN privatebank-jpmorgan-com-8914 328 70 buyout buyout NN privatebank-jpmorgan-com-8914 328 71 and and CC privatebank-jpmorgan-com-8914 328 72 venture venture NN privatebank-jpmorgan-com-8914 328 73 transactions transaction NNS privatebank-jpmorgan-com-8914 328 74 within within IN privatebank-jpmorgan-com-8914 328 75 commingled commingle VBN privatebank-jpmorgan-com-8914 328 76 funds fund NNS privatebank-jpmorgan-com-8914 328 77 Our -PRON- PRP$ privatebank-jpmorgan-com-8914 328 78 biennial biennial JJ privatebank-jpmorgan-com-8914 328 79 private private JJ privatebank-jpmorgan-com-8914 328 80 equity equity NN privatebank-jpmorgan-com-8914 328 81 analysis analysis NN privatebank-jpmorgan-com-8914 328 82 is be VBZ privatebank-jpmorgan-com-8914 328 83 primarily primarily RB privatebank-jpmorgan-com-8914 328 84 focused focused JJ privatebank-jpmorgan-com-8914 328 85 on on IN privatebank-jpmorgan-com-8914 328 86 the the DT privatebank-jpmorgan-com-8914 328 87 performance performance NN privatebank-jpmorgan-com-8914 328 88 of of IN privatebank-jpmorgan-com-8914 328 89 commingled commingle VBN privatebank-jpmorgan-com-8914 328 90 buyout buyout NN privatebank-jpmorgan-com-8914 328 91 and and CC privatebank-jpmorgan-com-8914 328 92 venture venture VB privatebank-jpmorgan-com-8914 328 93 capital capital NN privatebank-jpmorgan-com-8914 328 94 funds fund NNS privatebank-jpmorgan-com-8914 328 95 that that WDT privatebank-jpmorgan-com-8914 328 96 our -PRON- PRP$ privatebank-jpmorgan-com-8914 328 97 institutional institutional JJ privatebank-jpmorgan-com-8914 328 98 and and CC privatebank-jpmorgan-com-8914 328 99 high high JJ privatebank-jpmorgan-com-8914 328 100 net net JJ privatebank-jpmorgan-com-8914 328 101 worth worth JJ privatebank-jpmorgan-com-8914 328 102 clients client NNS privatebank-jpmorgan-com-8914 328 103 invest invest VBP privatebank-jpmorgan-com-8914 328 104 in in RB privatebank-jpmorgan-com-8914 328 105 . . . privatebank-jpmorgan-com-8914 329 1 From from IN privatebank-jpmorgan-com-8914 329 2 time time NN privatebank-jpmorgan-com-8914 329 3 to to IN privatebank-jpmorgan-com-8914 329 4 time time NN privatebank-jpmorgan-com-8914 329 5 , , , privatebank-jpmorgan-com-8914 329 6 clients client NNS privatebank-jpmorgan-com-8914 329 7 will will MD privatebank-jpmorgan-com-8914 329 8 ask ask VB privatebank-jpmorgan-com-8914 329 9 about about IN privatebank-jpmorgan-com-8914 329 10 performance performance NN privatebank-jpmorgan-com-8914 329 11 dispersion dispersion NN privatebank-jpmorgan-com-8914 329 12 within within IN privatebank-jpmorgan-com-8914 329 13 these these DT privatebank-jpmorgan-com-8914 329 14 funds fund NNS privatebank-jpmorgan-com-8914 329 15 , , , privatebank-jpmorgan-com-8914 329 16 on on IN privatebank-jpmorgan-com-8914 329 17 the the DT privatebank-jpmorgan-com-8914 329 18 companies company NNS privatebank-jpmorgan-com-8914 329 19 they -PRON- PRP privatebank-jpmorgan-com-8914 329 20 invest invest VBP privatebank-jpmorgan-com-8914 329 21 in in IN privatebank-jpmorgan-com-8914 329 22 . . . privatebank-jpmorgan-com-8914 330 1 The the DT privatebank-jpmorgan-com-8914 330 2 data datum NNS privatebank-jpmorgan-com-8914 330 3 source source NN privatebank-jpmorgan-com-8914 330 4 used use VBN privatebank-jpmorgan-com-8914 330 5 to to TO privatebank-jpmorgan-com-8914 330 6 obtain obtain VB privatebank-jpmorgan-com-8914 330 7 fund fund NN privatebank-jpmorgan-com-8914 330 8 performance performance NN privatebank-jpmorgan-com-8914 330 9 can can MD privatebank-jpmorgan-com-8914 330 10 now now RB privatebank-jpmorgan-com-8914 330 11 also also RB privatebank-jpmorgan-com-8914 330 12 be be VB privatebank-jpmorgan-com-8914 330 13 used use VBN privatebank-jpmorgan-com-8914 330 14 to to TO privatebank-jpmorgan-com-8914 330 15 analyze analyze VB privatebank-jpmorgan-com-8914 330 16 returns return NNS privatebank-jpmorgan-com-8914 330 17 on on IN privatebank-jpmorgan-com-8914 330 18 individual individual JJ privatebank-jpmorgan-com-8914 330 19 private private JJ privatebank-jpmorgan-com-8914 330 20 equity equity NN privatebank-jpmorgan-com-8914 330 21 transactions16 transactions16 NNS privatebank-jpmorgan-com-8914 330 22 . . . privatebank-jpmorgan-com-8914 331 1 This this DT privatebank-jpmorgan-com-8914 331 2 particular particular JJ privatebank-jpmorgan-com-8914 331 3 database database NN privatebank-jpmorgan-com-8914 331 4 covers cover VBZ privatebank-jpmorgan-com-8914 331 5 transactions transaction NNS privatebank-jpmorgan-com-8914 331 6 from from IN privatebank-jpmorgan-com-8914 331 7 the the DT privatebank-jpmorgan-com-8914 331 8 mid mid NNP privatebank-jpmorgan-com-8914 331 9 1990 1990 CD privatebank-jpmorgan-com-8914 331 10 ’s ’ VBZ privatebank-jpmorgan-com-8914 331 11 to to IN privatebank-jpmorgan-com-8914 331 12 2018 2018 CD privatebank-jpmorgan-com-8914 331 13 . . . privatebank-jpmorgan-com-8914 332 1 As as IN privatebank-jpmorgan-com-8914 332 2 you -PRON- PRP privatebank-jpmorgan-com-8914 332 3 might may MD privatebank-jpmorgan-com-8914 332 4 imagine imagine VB privatebank-jpmorgan-com-8914 332 5 , , , privatebank-jpmorgan-com-8914 332 6 there there EX privatebank-jpmorgan-com-8914 332 7 is be VBZ privatebank-jpmorgan-com-8914 332 8 a a DT privatebank-jpmorgan-com-8914 332 9 wide wide JJ privatebank-jpmorgan-com-8914 332 10 range range NN privatebank-jpmorgan-com-8914 332 11 of of IN privatebank-jpmorgan-com-8914 332 12 dispersion dispersion NN privatebank-jpmorgan-com-8914 332 13 on on IN privatebank-jpmorgan-com-8914 332 14 individual individual JJ privatebank-jpmorgan-com-8914 332 15 buyout buyout NN privatebank-jpmorgan-com-8914 332 16 and and CC privatebank-jpmorgan-com-8914 332 17 venture venture NN privatebank-jpmorgan-com-8914 332 18 investment investment NN privatebank-jpmorgan-com-8914 332 19 returns return NNS privatebank-jpmorgan-com-8914 332 20 , , , privatebank-jpmorgan-com-8914 332 21 which which WDT privatebank-jpmorgan-com-8914 332 22 is be VBZ privatebank-jpmorgan-com-8914 332 23 why why WRB privatebank-jpmorgan-com-8914 332 24 we -PRON- PRP privatebank-jpmorgan-com-8914 332 25 typically typically RB privatebank-jpmorgan-com-8914 332 26 advocate advocate VBP privatebank-jpmorgan-com-8914 332 27 diversified diversify VBD privatebank-jpmorgan-com-8914 332 28 private private JJ privatebank-jpmorgan-com-8914 332 29 equity equity NN privatebank-jpmorgan-com-8914 332 30 funds fund NNS privatebank-jpmorgan-com-8914 332 31 . . . privatebank-jpmorgan-com-8914 333 1 As as IN privatebank-jpmorgan-com-8914 333 2 an an DT privatebank-jpmorgan-com-8914 333 3 example example NN privatebank-jpmorgan-com-8914 333 4 , , , privatebank-jpmorgan-com-8914 333 5 look look VB privatebank-jpmorgan-com-8914 333 6 at at IN privatebank-jpmorgan-com-8914 333 7 the the DT privatebank-jpmorgan-com-8914 333 8 last last JJ privatebank-jpmorgan-com-8914 333 9 column column NN privatebank-jpmorgan-com-8914 333 10 : : : privatebank-jpmorgan-com-8914 333 11 More More JJR privatebank-jpmorgan-com-8914 333 12 than than IN privatebank-jpmorgan-com-8914 333 13 60 60 CD privatebank-jpmorgan-com-8914 333 14 % % NN privatebank-jpmorgan-com-8914 333 15 of of IN privatebank-jpmorgan-com-8914 333 16 all all DT privatebank-jpmorgan-com-8914 333 17 venture venture NN privatebank-jpmorgan-com-8914 333 18 capital capital NN privatebank-jpmorgan-com-8914 333 19 transactions transaction NNS privatebank-jpmorgan-com-8914 333 20 entered enter VBN privatebank-jpmorgan-com-8914 333 21 into into IN privatebank-jpmorgan-com-8914 333 22 by by IN privatebank-jpmorgan-com-8914 333 23 private private JJ privatebank-jpmorgan-com-8914 333 24 equity equity NN privatebank-jpmorgan-com-8914 333 25 managers manager NNS privatebank-jpmorgan-com-8914 333 26 ended end VBD privatebank-jpmorgan-com-8914 333 27 up up RP privatebank-jpmorgan-com-8914 333 28 losing lose VBG privatebank-jpmorgan-com-8914 333 29 money money NN privatebank-jpmorgan-com-8914 333 30 ( ( -LRB- privatebank-jpmorgan-com-8914 333 31 this this DT privatebank-jpmorgan-com-8914 333 32 outcome outcome NN privatebank-jpmorgan-com-8914 333 33 incorporates incorporate VBZ privatebank-jpmorgan-com-8914 333 34 a a DT privatebank-jpmorgan-com-8914 333 35 lot lot NN privatebank-jpmorgan-com-8914 333 36 of of IN privatebank-jpmorgan-com-8914 333 37 the the DT privatebank-jpmorgan-com-8914 333 38 failed fail VBN privatebank-jpmorgan-com-8914 333 39 deals deal NNS privatebank-jpmorgan-com-8914 333 40 during during IN privatebank-jpmorgan-com-8914 333 41 the the DT privatebank-jpmorgan-com-8914 333 42 dotcom dotcom NN privatebank-jpmorgan-com-8914 333 43 boom boom NN privatebank-jpmorgan-com-8914 333 44 at at IN privatebank-jpmorgan-com-8914 333 45 the the DT privatebank-jpmorgan-com-8914 333 46 end end NN privatebank-jpmorgan-com-8914 333 47 of of IN privatebank-jpmorgan-com-8914 333 48 the the DT privatebank-jpmorgan-com-8914 333 49 1990 1990 CD privatebank-jpmorgan-com-8914 333 50 ’s ’s POS privatebank-jpmorgan-com-8914 333 51 ) ) -RRB- privatebank-jpmorgan-com-8914 333 52 . . . privatebank-jpmorgan-com-8914 334 1 And and CC privatebank-jpmorgan-com-8914 334 2 yet yet RB privatebank-jpmorgan-com-8914 334 3 the the DT privatebank-jpmorgan-com-8914 334 4 average average JJ privatebank-jpmorgan-com-8914 334 5 venture venture NN privatebank-jpmorgan-com-8914 334 6 capital capital NN privatebank-jpmorgan-com-8914 334 7 return return NN privatebank-jpmorgan-com-8914 334 8 was be VBD privatebank-jpmorgan-com-8914 334 9 still still RB privatebank-jpmorgan-com-8914 334 10 positive positive JJ privatebank-jpmorgan-com-8914 334 11 , , , privatebank-jpmorgan-com-8914 334 12 which which WDT privatebank-jpmorgan-com-8914 334 13 indicates indicate VBZ privatebank-jpmorgan-com-8914 334 14 that that IN privatebank-jpmorgan-com-8914 334 15 some some DT privatebank-jpmorgan-com-8914 334 16 mega mega NNS privatebank-jpmorgan-com-8914 334 17 - - NNS privatebank-jpmorgan-com-8914 334 18 winners winner NNS privatebank-jpmorgan-com-8914 334 19 ended end VBD privatebank-jpmorgan-com-8914 334 20 up up RP privatebank-jpmorgan-com-8914 334 21 offsetting offset VBG privatebank-jpmorgan-com-8914 334 22 a a DT privatebank-jpmorgan-com-8914 334 23 lot lot NN privatebank-jpmorgan-com-8914 334 24 of of IN privatebank-jpmorgan-com-8914 334 25 the the DT privatebank-jpmorgan-com-8914 334 26 losing lose VBG privatebank-jpmorgan-com-8914 334 27 transactions transaction NNS privatebank-jpmorgan-com-8914 334 28 . . . privatebank-jpmorgan-com-8914 335 1 The the DT privatebank-jpmorgan-com-8914 335 2 last last JJ privatebank-jpmorgan-com-8914 335 3 chart chart NN privatebank-jpmorgan-com-8914 335 4 shows show VBZ privatebank-jpmorgan-com-8914 335 5 the the DT privatebank-jpmorgan-com-8914 335 6 cumulative cumulative JJ privatebank-jpmorgan-com-8914 335 7 dollar dollar NN privatebank-jpmorgan-com-8914 335 8 value value NN privatebank-jpmorgan-com-8914 335 9 resulting result VBG privatebank-jpmorgan-com-8914 335 10 from from IN privatebank-jpmorgan-com-8914 335 11 a a DT privatebank-jpmorgan-com-8914 335 12 given give VBN privatebank-jpmorgan-com-8914 335 13 percentage percentage NN privatebank-jpmorgan-com-8914 335 14 of of IN privatebank-jpmorgan-com-8914 335 15 transactions transaction NNS privatebank-jpmorgan-com-8914 335 16 ; ; : privatebank-jpmorgan-com-8914 335 17 the the DT privatebank-jpmorgan-com-8914 335 18 reliance reliance NN privatebank-jpmorgan-com-8914 335 19 of of IN privatebank-jpmorgan-com-8914 335 20 VC VC NNP privatebank-jpmorgan-com-8914 335 21 managers manager NNS privatebank-jpmorgan-com-8914 335 22 on on IN privatebank-jpmorgan-com-8914 335 23 around around IN privatebank-jpmorgan-com-8914 335 24 20 20 CD privatebank-jpmorgan-com-8914 335 25 % % NN privatebank-jpmorgan-com-8914 335 26 of of IN privatebank-jpmorgan-com-8914 335 27 transactions transaction NNS privatebank-jpmorgan-com-8914 335 28 to to TO privatebank-jpmorgan-com-8914 335 29 drive drive VB privatebank-jpmorgan-com-8914 335 30 overall overall JJ privatebank-jpmorgan-com-8914 335 31 fund fund NN privatebank-jpmorgan-com-8914 335 32 returns return NNS privatebank-jpmorgan-com-8914 335 33 is be VBZ privatebank-jpmorgan-com-8914 335 34 striking striking JJ privatebank-jpmorgan-com-8914 335 35 , , , privatebank-jpmorgan-com-8914 335 36 particularly particularly RB privatebank-jpmorgan-com-8914 335 37 when when WRB privatebank-jpmorgan-com-8914 335 38 compared compare VBN privatebank-jpmorgan-com-8914 335 39 to to IN privatebank-jpmorgan-com-8914 335 40 buyout buyout NN privatebank-jpmorgan-com-8914 335 41 . . . privatebank-jpmorgan-com-8914 336 1 As as IN privatebank-jpmorgan-com-8914 336 2 a a DT privatebank-jpmorgan-com-8914 336 3 reminder reminder NN privatebank-jpmorgan-com-8914 336 4 , , , privatebank-jpmorgan-com-8914 336 5 Total Total NNP privatebank-jpmorgan-com-8914 336 6 Value Value NNP privatebank-jpmorgan-com-8914 336 7 to to IN privatebank-jpmorgan-com-8914 336 8 Paid Paid NNP privatebank-jpmorgan-com-8914 336 9 - - HYPH privatebank-jpmorgan-com-8914 336 10 in in RP privatebank-jpmorgan-com-8914 336 11 Capital Capital NNP privatebank-jpmorgan-com-8914 336 12 is be VBZ privatebank-jpmorgan-com-8914 336 13 the the DT privatebank-jpmorgan-com-8914 336 14 same same JJ privatebank-jpmorgan-com-8914 336 15 as as IN privatebank-jpmorgan-com-8914 336 16 Multiple Multiple NNP privatebank-jpmorgan-com-8914 336 17 on on IN privatebank-jpmorgan-com-8914 336 18 Invested Invested NNP privatebank-jpmorgan-com-8914 336 19 Capital Capital NNP privatebank-jpmorgan-com-8914 336 20 . . . privatebank-jpmorgan-com-8914 337 1 Deal deal VB privatebank-jpmorgan-com-8914 337 2 specific specific JJ privatebank-jpmorgan-com-8914 337 3 performance performance NN privatebank-jpmorgan-com-8914 337 4 data datum NNS privatebank-jpmorgan-com-8914 337 5 ( ( -LRB- privatebank-jpmorgan-com-8914 337 6 mid mid NNP privatebank-jpmorgan-com-8914 337 7 1990 1990 NNP privatebank-jpmorgan-com-8914 337 8 's 's POS privatebank-jpmorgan-com-8914 337 9 to to IN privatebank-jpmorgan-com-8914 337 10 2018 2018 CD privatebank-jpmorgan-com-8914 337 11 ) ) -RRB- privatebank-jpmorgan-com-8914 337 12 Mean Mean NNP privatebank-jpmorgan-com-8914 337 13 ( ( -LRB- privatebank-jpmorgan-com-8914 337 14 value- value- NNP privatebank-jpmorgan-com-8914 337 15 weighted weight VBD privatebank-jpmorgan-com-8914 337 16 ) ) -RRB- privatebank-jpmorgan-com-8914 337 17 Mean Mean NNP privatebank-jpmorgan-com-8914 337 18 ( ( -LRB- privatebank-jpmorgan-com-8914 337 19 equal- equal- NNP privatebank-jpmorgan-com-8914 337 20 weighted weight VBD privatebank-jpmorgan-com-8914 337 21 ) ) -RRB- privatebank-jpmorgan-com-8914 337 22 Standard standard JJ privatebank-jpmorgan-com-8914 337 23 deviation deviation NN privatebank-jpmorgan-com-8914 337 24 25th 25th NN privatebank-jpmorgan-com-8914 337 25 percentile percentile JJ privatebank-jpmorgan-com-8914 337 26 50th 50th JJ privatebank-jpmorgan-com-8914 337 27 percentile percentile JJ privatebank-jpmorgan-com-8914 337 28 75th 75th JJ privatebank-jpmorgan-com-8914 337 29 percentile percentile JJ privatebank-jpmorgan-com-8914 337 30 Percent percent NN privatebank-jpmorgan-com-8914 337 31 of of IN privatebank-jpmorgan-com-8914 337 32 transactions transaction NNS privatebank-jpmorgan-com-8914 337 33 with with IN privatebank-jpmorgan-com-8914 337 34 TVPI TVPI NNP privatebank-jpmorgan-com-8914 337 35 < < XX privatebank-jpmorgan-com-8914 337 36 0.5x 0.5x NFP privatebank-jpmorgan-com-8914 337 37 Percent percent NN privatebank-jpmorgan-com-8914 337 38 of of IN privatebank-jpmorgan-com-8914 337 39 transactions transaction NNS privatebank-jpmorgan-com-8914 337 40 with with IN privatebank-jpmorgan-com-8914 337 41 TVPI TVPI NNP privatebank-jpmorgan-com-8914 337 42 < < XX privatebank-jpmorgan-com-8914 337 43 1.0x 1.0x NN privatebank-jpmorgan-com-8914 337 44 Buyout buyout IN privatebank-jpmorgan-com-8914 337 45 TVPI TVPI NNP privatebank-jpmorgan-com-8914 337 46 1.9 1.9 CD privatebank-jpmorgan-com-8914 337 47 2.1 2.1 CD privatebank-jpmorgan-com-8914 337 48 2.8 2.8 CD privatebank-jpmorgan-com-8914 337 49 1.0 1.0 CD privatebank-jpmorgan-com-8914 337 50 1.6 1.6 CD privatebank-jpmorgan-com-8914 337 51 2.7 2.7 CD privatebank-jpmorgan-com-8914 337 52 21 21 CD privatebank-jpmorgan-com-8914 337 53 % % NN privatebank-jpmorgan-com-8914 337 54 27 27 CD privatebank-jpmorgan-com-8914 337 55 % % NN privatebank-jpmorgan-com-8914 337 56 PME PME NNP privatebank-jpmorgan-com-8914 337 57 1.2 1.2 CD privatebank-jpmorgan-com-8914 337 58 1.5 1.5 CD privatebank-jpmorgan-com-8914 337 59 2.1 2.1 CD privatebank-jpmorgan-com-8914 337 60 0.6 0.6 CD privatebank-jpmorgan-com-8914 337 61 1.1 1.1 CD privatebank-jpmorgan-com-8914 337 62 1.7 1.7 CD privatebank-jpmorgan-com-8914 337 63 Venture Venture NNP privatebank-jpmorgan-com-8914 337 64 capital capital NN privatebank-jpmorgan-com-8914 337 65 TVPI TVPI NNP privatebank-jpmorgan-com-8914 337 66 2.2 2.2 CD privatebank-jpmorgan-com-8914 337 67 2.1 2.1 CD privatebank-jpmorgan-com-8914 337 68 6.9 6.9 CD privatebank-jpmorgan-com-8914 337 69 0.1 0.1 CD privatebank-jpmorgan-com-8914 337 70 1.0 1.0 CD privatebank-jpmorgan-com-8914 337 71 2.0 2.0 CD privatebank-jpmorgan-com-8914 337 72 54 54 CD privatebank-jpmorgan-com-8914 337 73 % % NN privatebank-jpmorgan-com-8914 337 74 61 61 CD privatebank-jpmorgan-com-8914 337 75 % % NN privatebank-jpmorgan-com-8914 337 76 PME PME NNP privatebank-jpmorgan-com-8914 337 77 1.3 1.3 CD privatebank-jpmorgan-com-8914 337 78 1.4 1.4 CD privatebank-jpmorgan-com-8914 337 79 4.2 4.2 CD privatebank-jpmorgan-com-8914 337 80 0.1 0.1 CD privatebank-jpmorgan-com-8914 337 81 0.7 0.7 CD privatebank-jpmorgan-com-8914 337 82 1.3 1.3 CD privatebank-jpmorgan-com-8914 337 83 Source source NN privatebank-jpmorgan-com-8914 337 84 : : : privatebank-jpmorgan-com-8914 337 85 " " `` privatebank-jpmorgan-com-8914 337 86 A a DT privatebank-jpmorgan-com-8914 337 87 first first JJ privatebank-jpmorgan-com-8914 337 88 look look NN privatebank-jpmorgan-com-8914 337 89 at at IN privatebank-jpmorgan-com-8914 337 90 Burgiss burgiss JJ privatebank-jpmorgan-com-8914 337 91 holdings holding NNS privatebank-jpmorgan-com-8914 337 92 data datum NNS privatebank-jpmorgan-com-8914 337 93 " " '' privatebank-jpmorgan-com-8914 337 94 , , , privatebank-jpmorgan-com-8914 337 95 Brow Brow NNP privatebank-jpmorgan-com-8914 337 96 n n NNP privatebank-jpmorgan-com-8914 337 97 et et NNP privatebank-jpmorgan-com-8914 337 98 al al NNP privatebank-jpmorgan-com-8914 337 99 . . . privatebank-jpmorgan-com-8914 338 1 2020 2020 CD privatebank-jpmorgan-com-8914 338 2 . . . privatebank-jpmorgan-com-8914 339 1 0 0 CD privatebank-jpmorgan-com-8914 339 2 % % NN privatebank-jpmorgan-com-8914 339 3 10 10 CD privatebank-jpmorgan-com-8914 339 4 % % NN privatebank-jpmorgan-com-8914 339 5 20 20 CD privatebank-jpmorgan-com-8914 339 6 % % NN privatebank-jpmorgan-com-8914 339 7 30 30 CD privatebank-jpmorgan-com-8914 339 8 % % NN privatebank-jpmorgan-com-8914 339 9 40 40 CD privatebank-jpmorgan-com-8914 339 10 % % NN privatebank-jpmorgan-com-8914 339 11 50 50 CD privatebank-jpmorgan-com-8914 339 12 % % NN privatebank-jpmorgan-com-8914 339 13 60 60 CD privatebank-jpmorgan-com-8914 339 14 % % NN privatebank-jpmorgan-com-8914 339 15 70 70 CD privatebank-jpmorgan-com-8914 339 16 % % NN privatebank-jpmorgan-com-8914 339 17 80 80 CD privatebank-jpmorgan-com-8914 339 18 % % NN privatebank-jpmorgan-com-8914 339 19 90 90 CD privatebank-jpmorgan-com-8914 339 20 % % NN privatebank-jpmorgan-com-8914 339 21 100 100 CD privatebank-jpmorgan-com-8914 339 22 % % NN privatebank-jpmorgan-com-8914 339 23 0 0 CD privatebank-jpmorgan-com-8914 339 24 % % NN privatebank-jpmorgan-com-8914 339 25 20 20 CD privatebank-jpmorgan-com-8914 339 26 % % NN privatebank-jpmorgan-com-8914 339 27 40 40 CD privatebank-jpmorgan-com-8914 339 28 % % NN privatebank-jpmorgan-com-8914 339 29 60 60 CD privatebank-jpmorgan-com-8914 339 30 % % NN privatebank-jpmorgan-com-8914 339 31 80 80 CD privatebank-jpmorgan-com-8914 339 32 % % NN privatebank-jpmorgan-com-8914 339 33 100 100 CD privatebank-jpmorgan-com-8914 339 34 % % NN privatebank-jpmorgan-com-8914 339 35 VC vc NN privatebank-jpmorgan-com-8914 339 36 and and CC privatebank-jpmorgan-com-8914 339 37 buyout buyout NN privatebank-jpmorgan-com-8914 339 38 reliance reliance NN privatebank-jpmorgan-com-8914 339 39 on on IN privatebank-jpmorgan-com-8914 339 40 a a DT privatebank-jpmorgan-com-8914 339 41 subset subset NN privatebank-jpmorgan-com-8914 339 42 of of IN privatebank-jpmorgan-com-8914 339 43 transactions transaction NNS privatebank-jpmorgan-com-8914 339 44 Cumulative cumulative JJ privatebank-jpmorgan-com-8914 339 45 % % NN privatebank-jpmorgan-com-8914 339 46 of of IN privatebank-jpmorgan-com-8914 339 47 value value NN privatebank-jpmorgan-com-8914 339 48 creation creation NN privatebank-jpmorgan-com-8914 339 49 Source Source NNP privatebank-jpmorgan-com-8914 339 50 : : : privatebank-jpmorgan-com-8914 339 51 Brown Brown NNP privatebank-jpmorgan-com-8914 339 52 ( ( -LRB- privatebank-jpmorgan-com-8914 339 53 UNC UNC NNP privatebank-jpmorgan-com-8914 339 54 ) ) -RRB- privatebank-jpmorgan-com-8914 339 55 et et NNP privatebank-jpmorgan-com-8914 339 56 al al NNP privatebank-jpmorgan-com-8914 339 57 . . . privatebank-jpmorgan-com-8914 340 1 2020 2020 CD privatebank-jpmorgan-com-8914 340 2 . . . privatebank-jpmorgan-com-8914 341 1 Transaction transaction NN privatebank-jpmorgan-com-8914 341 2 data datum NNS privatebank-jpmorgan-com-8914 341 3 from from IN privatebank-jpmorgan-com-8914 341 4 mid mid NNP privatebank-jpmorgan-com-8914 341 5 1990 1990 CD privatebank-jpmorgan-com-8914 341 6 's 's POS privatebank-jpmorgan-com-8914 341 7 - - SYM privatebank-jpmorgan-com-8914 341 8 2018 2018 CD privatebank-jpmorgan-com-8914 341 9 . . . privatebank-jpmorgan-com-8914 342 1 Cumulative cumulative JJ privatebank-jpmorgan-com-8914 342 2 % % NN privatebank-jpmorgan-com-8914 342 3 of of IN privatebank-jpmorgan-com-8914 342 4 all all DT privatebank-jpmorgan-com-8914 342 5 transactions transaction NNS privatebank-jpmorgan-com-8914 342 6 Each each DT privatebank-jpmorgan-com-8914 342 7 deal deal NN privatebank-jpmorgan-com-8914 342 8 contributes contribute VBZ privatebank-jpmorgan-com-8914 342 9 equally equally RB privatebank-jpmorgan-com-8914 342 10 to to TO privatebank-jpmorgan-com-8914 342 11 return return VB privatebank-jpmorgan-com-8914 342 12 Buyout Buyout NNP privatebank-jpmorgan-com-8914 342 13 Venture Venture NNP privatebank-jpmorgan-com-8914 342 14 capital capital NN privatebank-jpmorgan-com-8914 342 15 16 16 CD privatebank-jpmorgan-com-8914 342 16 “ " `` privatebank-jpmorgan-com-8914 342 17 Private private JJ privatebank-jpmorgan-com-8914 342 18 equity equity NN privatebank-jpmorgan-com-8914 342 19 portfolio portfolio NN privatebank-jpmorgan-com-8914 342 20 companies company NNS privatebank-jpmorgan-com-8914 342 21 : : : privatebank-jpmorgan-com-8914 342 22 A a DT privatebank-jpmorgan-com-8914 342 23 first first JJ privatebank-jpmorgan-com-8914 342 24 look look NN privatebank-jpmorgan-com-8914 342 25 at at IN privatebank-jpmorgan-com-8914 342 26 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 342 27 holdings holding NNS privatebank-jpmorgan-com-8914 342 28 data datum NNS privatebank-jpmorgan-com-8914 342 29 ” " '' privatebank-jpmorgan-com-8914 342 30 , , , privatebank-jpmorgan-com-8914 342 31 Brown Brown NNP privatebank-jpmorgan-com-8914 342 32 , , , privatebank-jpmorgan-com-8914 342 33 Harris Harris NNP privatebank-jpmorgan-com-8914 342 34 , , , privatebank-jpmorgan-com-8914 342 35 Hu Hu NNP privatebank-jpmorgan-com-8914 342 36 , , , privatebank-jpmorgan-com-8914 342 37 Jenkinson Jenkinson NNP privatebank-jpmorgan-com-8914 342 38 , , , privatebank-jpmorgan-com-8914 342 39 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 342 40 and and CC privatebank-jpmorgan-com-8914 342 41 Robinson Robinson NNP privatebank-jpmorgan-com-8914 342 42 , , , privatebank-jpmorgan-com-8914 342 43 January January NNP privatebank-jpmorgan-com-8914 342 44 2020 2020 CD privatebank-jpmorgan-com-8914 342 45 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/j-p-morgan-chase-eye-market/dp/b07l4swcyl/ WP privatebank-jpmorgan-com-8914 342 46 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 342 47 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 342 48 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 342 49 E e NN privatebank-jpmorgan-com-8914 342 50 Y y NN privatebank-jpmorgan-com-8914 342 51 E e NN privatebank-jpmorgan-com-8914 342 52 O o NN privatebank-jpmorgan-com-8914 342 53 N n NN privatebank-jpmorgan-com-8914 342 54 T t NN privatebank-jpmorgan-com-8914 342 55 H h NN privatebank-jpmorgan-com-8914 342 56 E e NN privatebank-jpmorgan-com-8914 342 57 M m NN privatebank-jpmorgan-com-8914 342 58 A a NN privatebank-jpmorgan-com-8914 342 59 R r NN privatebank-jpmorgan-com-8914 342 60 K k NN privatebank-jpmorgan-com-8914 342 61 E e NN privatebank-jpmorgan-com-8914 342 62 T t NN privatebank-jpmorgan-com-8914 342 63 • • NN privatebank-jpmorgan-com-8914 342 64 M m NN privatebank-jpmorgan-com-8914 342 65 I i NN privatebank-jpmorgan-com-8914 342 66 C c NN privatebank-jpmorgan-com-8914 342 67 H h NN privatebank-jpmorgan-com-8914 342 68 A a NN privatebank-jpmorgan-com-8914 342 69 E e NN privatebank-jpmorgan-com-8914 342 70 L l NN privatebank-jpmorgan-com-8914 342 71 C c NN privatebank-jpmorgan-com-8914 342 72 E e NN privatebank-jpmorgan-com-8914 342 73 M m NN privatebank-jpmorgan-com-8914 342 74 B B NNP privatebank-jpmorgan-com-8914 342 75 A A NNP privatebank-jpmorgan-com-8914 342 76 L l NN privatebank-jpmorgan-com-8914 342 77 E e NN privatebank-jpmorgan-com-8914 342 78 S s NN privatebank-jpmorgan-com-8914 342 79 T t NN privatebank-jpmorgan-com-8914 342 80 • • NN privatebank-jpmorgan-com-8914 342 81 J J NNP privatebank-jpmorgan-com-8914 342 82 . . . privatebank-jpmorgan-com-8914 343 1 P p NN privatebank-jpmorgan-com-8914 343 2 . . . privatebank-jpmorgan-com-8914 344 1 M M NNP privatebank-jpmorgan-com-8914 344 2 O o NN privatebank-jpmorgan-com-8914 344 3 R r NN privatebank-jpmorgan-com-8914 344 4 G g NN privatebank-jpmorgan-com-8914 344 5 A a NN privatebank-jpmorgan-com-8914 344 6 N n NN privatebank-jpmorgan-com-8914 344 7 A a NN privatebank-jpmorgan-com-8914 344 8 c c NN privatebank-jpmorgan-com-8914 344 9 c c NN privatebank-jpmorgan-com-8914 344 10 e e NNP privatebank-jpmorgan-com-8914 344 11 s s NNP privatebank-jpmorgan-com-8914 344 12 s s NNP privatebank-jpmorgan-com-8914 344 13 o o NNP privatebank-jpmorgan-com-8914 344 14 u u NNP privatebank-jpmorgan-com-8914 344 15 r r NNP privatebank-jpmorgan-com-8914 344 16 f f NNP privatebank-jpmorgan-com-8914 344 17 u u NNP privatebank-jpmorgan-com-8914 344 18 l l NNP privatebank-jpmorgan-com-8914 344 19 l l NNP privatebank-jpmorgan-com-8914 344 20 c c NNP privatebank-jpmorgan-com-8914 344 21 o o NN privatebank-jpmorgan-com-8914 344 22 r r NN privatebank-jpmorgan-com-8914 344 23 o o NN privatebank-jpmorgan-com-8914 344 24 n n CC privatebank-jpmorgan-com-8914 344 25 a a NN privatebank-jpmorgan-com-8914 344 26 v v NN privatebank-jpmorgan-com-8914 344 27 i i NN privatebank-jpmorgan-com-8914 344 28 r r NNP privatebank-jpmorgan-com-8914 344 29 u u NNP privatebank-jpmorgan-com-8914 344 30 s s NNP privatebank-jpmorgan-com-8914 344 31 a a NNP privatebank-jpmorgan-com-8914 344 32 n n NNP privatebank-jpmorgan-com-8914 344 33 a a DT privatebank-jpmorgan-com-8914 344 34 l l NN privatebank-jpmorgan-com-8914 344 35 y y NNP privatebank-jpmorgan-com-8914 344 36 s s NNP privatebank-jpmorgan-com-8914 344 37 i i NNP privatebank-jpmorgan-com-8914 344 38 s s NNP privatebank-jpmorgan-com-8914 344 39 w w NNP privatebank-jpmorgan-com-8914 344 40 e e NNP privatebank-jpmorgan-com-8914 344 41 b b NNP privatebank-jpmorgan-com-8914 344 42 p p NN privatebank-jpmorgan-com-8914 344 43 o o NN privatebank-jpmorgan-com-8914 344 44 r r NN privatebank-jpmorgan-com-8914 344 45 t t NN privatebank-jpmorgan-com-8914 344 46 a a DT privatebank-jpmorgan-com-8914 344 47 l l NN privatebank-jpmorgan-com-8914 344 48 h h NN privatebank-jpmorgan-com-8914 344 49 e e NN privatebank-jpmorgan-com-8914 344 50 r r NN privatebank-jpmorgan-com-8914 344 51 e e NNP privatebank-jpmorgan-com-8914 344 52 J J NNP privatebank-jpmorgan-com-8914 344 53 u u NNP privatebank-jpmorgan-com-8914 344 54 n n NNP privatebank-jpmorgan-com-8914 344 55 e e NNP privatebank-jpmorgan-com-8914 344 56 2 2 CD privatebank-jpmorgan-com-8914 344 57 8 8 CD privatebank-jpmorgan-com-8914 344 58 , , , privatebank-jpmorgan-com-8914 344 59 2 2 CD privatebank-jpmorgan-com-8914 344 60 0 0 CD privatebank-jpmorgan-com-8914 344 61 2 2 CD privatebank-jpmorgan-com-8914 344 62 1 1 CD privatebank-jpmorgan-com-8914 344 63 21 21 CD privatebank-jpmorgan-com-8914 344 64 Appendix Appendix NNP privatebank-jpmorgan-com-8914 344 65 III III NNP privatebank-jpmorgan-com-8914 344 66 : : : privatebank-jpmorgan-com-8914 344 67 Sources source NNS privatebank-jpmorgan-com-8914 344 68 for for IN privatebank-jpmorgan-com-8914 344 69 private private JJ privatebank-jpmorgan-com-8914 344 70 equity equity NN privatebank-jpmorgan-com-8914 344 71 manager manager NN privatebank-jpmorgan-com-8914 344 72 performance performance NN privatebank-jpmorgan-com-8914 344 73 For for IN privatebank-jpmorgan-com-8914 344 74 many many JJ privatebank-jpmorgan-com-8914 344 75 years year NNS privatebank-jpmorgan-com-8914 344 76 , , , privatebank-jpmorgan-com-8914 344 77 data datum NNS privatebank-jpmorgan-com-8914 344 78 aggregators aggregator NNS privatebank-jpmorgan-com-8914 344 79 such such JJ privatebank-jpmorgan-com-8914 344 80 as as IN privatebank-jpmorgan-com-8914 344 81 Venture Venture NNP privatebank-jpmorgan-com-8914 344 82 Economics Economics NNP privatebank-jpmorgan-com-8914 344 83 were be VBD privatebank-jpmorgan-com-8914 344 84 the the DT privatebank-jpmorgan-com-8914 344 85 primary primary JJ privatebank-jpmorgan-com-8914 344 86 sources source NNS privatebank-jpmorgan-com-8914 344 87 for for IN privatebank-jpmorgan-com-8914 344 88 academics academic NNS privatebank-jpmorgan-com-8914 344 89 , , , privatebank-jpmorgan-com-8914 344 90 analysts analyst NNS privatebank-jpmorgan-com-8914 344 91 , , , privatebank-jpmorgan-com-8914 344 92 asset asset NN privatebank-jpmorgan-com-8914 344 93 allocators allocator NNS privatebank-jpmorgan-com-8914 344 94 and and CC privatebank-jpmorgan-com-8914 344 95 others other NNS privatebank-jpmorgan-com-8914 344 96 trying try VBG privatebank-jpmorgan-com-8914 344 97 to to TO privatebank-jpmorgan-com-8914 344 98 figure figure VB privatebank-jpmorgan-com-8914 344 99 out out RP privatebank-jpmorgan-com-8914 344 100 how how WRB privatebank-jpmorgan-com-8914 344 101 diversified diversified JJ privatebank-jpmorgan-com-8914 344 102 private private JJ privatebank-jpmorgan-com-8914 344 103 equity equity NN privatebank-jpmorgan-com-8914 344 104 portfolios portfolio NNS privatebank-jpmorgan-com-8914 344 105 were be VBD privatebank-jpmorgan-com-8914 344 106 performing perform VBG privatebank-jpmorgan-com-8914 344 107 vs vs IN privatebank-jpmorgan-com-8914 344 108 the the DT privatebank-jpmorgan-com-8914 344 109 public public JJ privatebank-jpmorgan-com-8914 344 110 equity equity NN privatebank-jpmorgan-com-8914 344 111 market market NN privatebank-jpmorgan-com-8914 344 112 . . . privatebank-jpmorgan-com-8914 345 1 However however RB privatebank-jpmorgan-com-8914 345 2 , , , privatebank-jpmorgan-com-8914 345 3 as as IN privatebank-jpmorgan-com-8914 345 4 explained explain VBN privatebank-jpmorgan-com-8914 345 5 in in IN privatebank-jpmorgan-com-8914 345 6 a a DT privatebank-jpmorgan-com-8914 345 7 2013 2013 CD privatebank-jpmorgan-com-8914 345 8 paper paper NN privatebank-jpmorgan-com-8914 345 9 from from IN privatebank-jpmorgan-com-8914 345 10 the the DT privatebank-jpmorgan-com-8914 345 11 University University NNP privatebank-jpmorgan-com-8914 345 12 of of IN privatebank-jpmorgan-com-8914 345 13 Oxford Oxford NNP privatebank-jpmorgan-com-8914 345 14 , , , privatebank-jpmorgan-com-8914 345 15 Venture Venture NNP privatebank-jpmorgan-com-8914 345 16 Economics Economics NNP privatebank-jpmorgan-com-8914 345 17 databases database NNS privatebank-jpmorgan-com-8914 345 18 had have VBD privatebank-jpmorgan-com-8914 345 19 substantial substantial JJ privatebank-jpmorgan-com-8914 345 20 problems problem NNS privatebank-jpmorgan-com-8914 345 21 such such JJ privatebank-jpmorgan-com-8914 345 22 as as IN privatebank-jpmorgan-com-8914 345 23 survivorship survivorship NN privatebank-jpmorgan-com-8914 345 24 bias bias NN privatebank-jpmorgan-com-8914 345 25 ( ( -LRB- privatebank-jpmorgan-com-8914 345 26 selective selective JJ privatebank-jpmorgan-com-8914 345 27 reporting reporting NN privatebank-jpmorgan-com-8914 345 28 by by IN privatebank-jpmorgan-com-8914 345 29 funds fund NNS privatebank-jpmorgan-com-8914 345 30 ) ) -RRB- privatebank-jpmorgan-com-8914 345 31 and and CC privatebank-jpmorgan-com-8914 345 32 incomplete incomplete JJ privatebank-jpmorgan-com-8914 345 33 data datum NNS privatebank-jpmorgan-com-8914 345 34 : : : privatebank-jpmorgan-com-8914 345 35 “ " `` privatebank-jpmorgan-com-8914 345 36 A a DT privatebank-jpmorgan-com-8914 345 37 detailed detailed JJ privatebank-jpmorgan-com-8914 345 38 analysis analysis NN privatebank-jpmorgan-com-8914 345 39 of of IN privatebank-jpmorgan-com-8914 345 40 its -PRON- PRP$ privatebank-jpmorgan-com-8914 345 41 aggregate aggregate JJ privatebank-jpmorgan-com-8914 345 42 and and CC privatebank-jpmorgan-com-8914 345 43 individual individual JJ privatebank-jpmorgan-com-8914 345 44 numbers number NNS privatebank-jpmorgan-com-8914 345 45 , , , privatebank-jpmorgan-com-8914 345 46 however however RB privatebank-jpmorgan-com-8914 345 47 , , , privatebank-jpmorgan-com-8914 345 48 reveals reveal VBZ privatebank-jpmorgan-com-8914 345 49 severe severe JJ privatebank-jpmorgan-com-8914 345 50 anomalies anomaly NNS privatebank-jpmorgan-com-8914 345 51 . . . privatebank-jpmorgan-com-8914 346 1 Over over IN privatebank-jpmorgan-com-8914 346 2 40 40 CD privatebank-jpmorgan-com-8914 346 3 % % NN privatebank-jpmorgan-com-8914 346 4 of of IN privatebank-jpmorgan-com-8914 346 5 the the DT privatebank-jpmorgan-com-8914 346 6 funds fund NNS privatebank-jpmorgan-com-8914 346 7 in in IN privatebank-jpmorgan-com-8914 346 8 the the DT privatebank-jpmorgan-com-8914 346 9 database database NN privatebank-jpmorgan-com-8914 346 10 stopped stop VBD privatebank-jpmorgan-com-8914 346 11 being be VBG privatebank-jpmorgan-com-8914 346 12 updated update VBN privatebank-jpmorgan-com-8914 346 13 during during IN privatebank-jpmorgan-com-8914 346 14 their -PRON- PRP$ privatebank-jpmorgan-com-8914 346 15 active active JJ privatebank-jpmorgan-com-8914 346 16 lifetime lifetime NN privatebank-jpmorgan-com-8914 346 17 . . . privatebank-jpmorgan-com-8914 347 1 Incomplete incomplete JJ privatebank-jpmorgan-com-8914 347 2 funds fund NNS privatebank-jpmorgan-com-8914 347 3 are be VBP privatebank-jpmorgan-com-8914 347 4 missing miss VBG privatebank-jpmorgan-com-8914 347 5 over over IN privatebank-jpmorgan-com-8914 347 6 60 60 CD privatebank-jpmorgan-com-8914 347 7 % % NN privatebank-jpmorgan-com-8914 347 8 of of IN privatebank-jpmorgan-com-8914 347 9 their -PRON- PRP$ privatebank-jpmorgan-com-8914 347 10 cash cash NN privatebank-jpmorgan-com-8914 347 11 distributions distribution NNS privatebank-jpmorgan-com-8914 347 12 . . . privatebank-jpmorgan-com-8914 348 1 The the DT privatebank-jpmorgan-com-8914 348 2 result result NN privatebank-jpmorgan-com-8914 348 3 is be VBZ privatebank-jpmorgan-com-8914 348 4 a a DT privatebank-jpmorgan-com-8914 348 5 significant significant JJ privatebank-jpmorgan-com-8914 348 6 downward downward JJ privatebank-jpmorgan-com-8914 348 7 bias bias NN privatebank-jpmorgan-com-8914 348 8 of of IN privatebank-jpmorgan-com-8914 348 9 the the DT privatebank-jpmorgan-com-8914 348 10 whole whole JJ privatebank-jpmorgan-com-8914 348 11 benchmark benchmark NN privatebank-jpmorgan-com-8914 348 12 with with IN privatebank-jpmorgan-com-8914 348 13 major major JJ privatebank-jpmorgan-com-8914 348 14 implications implication NNS privatebank-jpmorgan-com-8914 348 15 for for IN privatebank-jpmorgan-com-8914 348 16 a a DT privatebank-jpmorgan-com-8914 348 17 large large JJ privatebank-jpmorgan-com-8914 348 18 fraction fraction NN privatebank-jpmorgan-com-8914 348 19 of of IN privatebank-jpmorgan-com-8914 348 20 the the DT privatebank-jpmorgan-com-8914 348 21 established established JJ privatebank-jpmorgan-com-8914 348 22 literature literature NN privatebank-jpmorgan-com-8914 348 23 on on IN privatebank-jpmorgan-com-8914 348 24 private private JJ privatebank-jpmorgan-com-8914 348 25 equity” equity” NN privatebank-jpmorgan-com-8914 348 26 … … NFP privatebank-jpmorgan-com-8914 348 27 and and CC privatebank-jpmorgan-com-8914 348 28 “ " `` privatebank-jpmorgan-com-8914 348 29 Reengineering reengineere VBG privatebank-jpmorgan-com-8914 348 30 the the DT privatebank-jpmorgan-com-8914 348 31 findings finding NNS privatebank-jpmorgan-com-8914 348 32 of of IN privatebank-jpmorgan-com-8914 348 33 some some DT privatebank-jpmorgan-com-8914 348 34 earlier early JJR privatebank-jpmorgan-com-8914 348 35 studies study NNS privatebank-jpmorgan-com-8914 348 36 turns turn VBZ privatebank-jpmorgan-com-8914 348 37 the the DT privatebank-jpmorgan-com-8914 348 38 previously previously RB privatebank-jpmorgan-com-8914 348 39 estimated estimate VBN privatebank-jpmorgan-com-8914 348 40 underperformance underperformance NN privatebank-jpmorgan-com-8914 348 41 of of IN privatebank-jpmorgan-com-8914 348 42 3 3 CD privatebank-jpmorgan-com-8914 348 43 - - SYM privatebank-jpmorgan-com-8914 348 44 6 6 CD privatebank-jpmorgan-com-8914 348 45 % % NN privatebank-jpmorgan-com-8914 348 46 against against IN privatebank-jpmorgan-com-8914 348 47 the the DT privatebank-jpmorgan-com-8914 348 48 S&P S&P NNP privatebank-jpmorgan-com-8914 348 49 500 500 CD privatebank-jpmorgan-com-8914 348 50 into into IN privatebank-jpmorgan-com-8914 348 51 an an DT privatebank-jpmorgan-com-8914 348 52 outperformance outperformance NN privatebank-jpmorgan-com-8914 348 53 by by IN privatebank-jpmorgan-com-8914 348 54 4 4 CD privatebank-jpmorgan-com-8914 348 55 % % NN privatebank-jpmorgan-com-8914 348 56 per per IN privatebank-jpmorgan-com-8914 348 57 annum annum FW privatebank-jpmorgan-com-8914 348 58 . . . privatebank-jpmorgan-com-8914 348 59 ”17 ”17 '' privatebank-jpmorgan-com-8914 348 60 To to TO privatebank-jpmorgan-com-8914 348 61 compound compound VB privatebank-jpmorgan-com-8914 348 62 the the DT privatebank-jpmorgan-com-8914 348 63 problem problem NN privatebank-jpmorgan-com-8914 348 64 , , , privatebank-jpmorgan-com-8914 348 65 some some DT privatebank-jpmorgan-com-8914 348 66 analysts analyst NNS privatebank-jpmorgan-com-8914 348 67 assumed assume VBD privatebank-jpmorgan-com-8914 348 68 that that IN privatebank-jpmorgan-com-8914 348 69 constant constant JJ privatebank-jpmorgan-com-8914 348 70 residual residual JJ privatebank-jpmorgan-com-8914 348 71 values value NNS privatebank-jpmorgan-com-8914 348 72 were be VBD privatebank-jpmorgan-com-8914 348 73 in in IN privatebank-jpmorgan-com-8914 348 74 effect effect NN privatebank-jpmorgan-com-8914 348 75 “ " `` privatebank-jpmorgan-com-8914 348 76 living live VBG privatebank-jpmorgan-com-8914 348 77 dead dead JJ privatebank-jpmorgan-com-8914 348 78 investments investment NNS privatebank-jpmorgan-com-8914 348 79 ” " '' privatebank-jpmorgan-com-8914 348 80 and and CC privatebank-jpmorgan-com-8914 348 81 that that IN privatebank-jpmorgan-com-8914 348 82 they -PRON- PRP privatebank-jpmorgan-com-8914 348 83 were be VBD privatebank-jpmorgan-com-8914 348 84 worthless worthless JJ privatebank-jpmorgan-com-8914 348 85 for for IN privatebank-jpmorgan-com-8914 348 86 purposes purpose NNS privatebank-jpmorgan-com-8914 348 87 of of IN privatebank-jpmorgan-com-8914 348 88 computing compute VBG privatebank-jpmorgan-com-8914 348 89 fund fund NN privatebank-jpmorgan-com-8914 348 90 returns return NNS privatebank-jpmorgan-com-8914 348 91 . . . privatebank-jpmorgan-com-8914 349 1 The the DT privatebank-jpmorgan-com-8914 349 2 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 349 3 database database NN privatebank-jpmorgan-com-8914 349 4 . . . privatebank-jpmorgan-com-8914 350 1 A a DT privatebank-jpmorgan-com-8914 350 2 few few JJ privatebank-jpmorgan-com-8914 350 3 years year NNS privatebank-jpmorgan-com-8914 350 4 ago ago RB privatebank-jpmorgan-com-8914 350 5 , , , privatebank-jpmorgan-com-8914 350 6 a a DT privatebank-jpmorgan-com-8914 350 7 new new JJ privatebank-jpmorgan-com-8914 350 8 approach approach NN privatebank-jpmorgan-com-8914 350 9 was be VBD privatebank-jpmorgan-com-8914 350 10 devised devise VBN privatebank-jpmorgan-com-8914 350 11 that that IN privatebank-jpmorgan-com-8914 350 12 sources source NNS privatebank-jpmorgan-com-8914 350 13 private private JJ privatebank-jpmorgan-com-8914 350 14 equity equity NN privatebank-jpmorgan-com-8914 350 15 cash cash NN privatebank-jpmorgan-com-8914 350 16 flow flow NN privatebank-jpmorgan-com-8914 350 17 data datum NNS privatebank-jpmorgan-com-8914 350 18 directly directly RB privatebank-jpmorgan-com-8914 350 19 from from IN privatebank-jpmorgan-com-8914 350 20 limited limited JJ privatebank-jpmorgan-com-8914 350 21 partners partner NNS privatebank-jpmorgan-com-8914 350 22 via via IN privatebank-jpmorgan-com-8914 350 23 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 350 24 , , , privatebank-jpmorgan-com-8914 350 25 a a DT privatebank-jpmorgan-com-8914 350 26 global global JJ privatebank-jpmorgan-com-8914 350 27 provider provider NN privatebank-jpmorgan-com-8914 350 28 of of IN privatebank-jpmorgan-com-8914 350 29 analytics analytic NNS privatebank-jpmorgan-com-8914 350 30 to to IN privatebank-jpmorgan-com-8914 350 31 investors investor NNS privatebank-jpmorgan-com-8914 350 32 in in IN privatebank-jpmorgan-com-8914 350 33 private private JJ privatebank-jpmorgan-com-8914 350 34 equity equity NN privatebank-jpmorgan-com-8914 350 35 . . . privatebank-jpmorgan-com-8914 351 1 The the DT privatebank-jpmorgan-com-8914 351 2 Burgiss burgiss JJ privatebank-jpmorgan-com-8914 351 3 investor investor NN privatebank-jpmorgan-com-8914 351 4 universe universe NN privatebank-jpmorgan-com-8914 351 5 includes include VBZ privatebank-jpmorgan-com-8914 351 6 300 300 CD privatebank-jpmorgan-com-8914 351 7 state state NN privatebank-jpmorgan-com-8914 351 8 and and CC privatebank-jpmorgan-com-8914 351 9 corporate corporate JJ privatebank-jpmorgan-com-8914 351 10 pension pension NN privatebank-jpmorgan-com-8914 351 11 fund fund NN privatebank-jpmorgan-com-8914 351 12 , , , privatebank-jpmorgan-com-8914 351 13 endowment endowment NN privatebank-jpmorgan-com-8914 351 14 and and CC privatebank-jpmorgan-com-8914 351 15 foundation foundation NN privatebank-jpmorgan-com-8914 351 16 limited limit VBN privatebank-jpmorgan-com-8914 351 17 partner partner NN privatebank-jpmorgan-com-8914 351 18 investors investor NNS privatebank-jpmorgan-com-8914 351 19 in in IN privatebank-jpmorgan-com-8914 351 20 1,400 1,400 CD privatebank-jpmorgan-com-8914 351 21 private private JJ privatebank-jpmorgan-com-8914 351 22 equity equity NN privatebank-jpmorgan-com-8914 351 23 funds fund NNS privatebank-jpmorgan-com-8914 351 24 , , , privatebank-jpmorgan-com-8914 351 25 and and CC privatebank-jpmorgan-com-8914 351 26 contains contain VBZ privatebank-jpmorgan-com-8914 351 27 net net JJ privatebank-jpmorgan-com-8914 351 28 - - HYPH privatebank-jpmorgan-com-8914 351 29 of of IN privatebank-jpmorgan-com-8914 351 30 - - HYPH privatebank-jpmorgan-com-8914 351 31 fee fee NN privatebank-jpmorgan-com-8914 351 32 cash cash NN privatebank-jpmorgan-com-8914 351 33 flow flow NN privatebank-jpmorgan-com-8914 351 34 data datum NNS privatebank-jpmorgan-com-8914 351 35 . . . privatebank-jpmorgan-com-8914 352 1 Burgiss Burgiss NNP privatebank-jpmorgan-com-8914 352 2 believes believe VBZ privatebank-jpmorgan-com-8914 352 3 its -PRON- PRP$ privatebank-jpmorgan-com-8914 352 4 universe universe NN privatebank-jpmorgan-com-8914 352 5 represents represent VBZ privatebank-jpmorgan-com-8914 352 6 at at RB privatebank-jpmorgan-com-8914 352 7 least least RBS privatebank-jpmorgan-com-8914 352 8 70 70 CD privatebank-jpmorgan-com-8914 352 9 % % NN privatebank-jpmorgan-com-8914 352 10 of of IN privatebank-jpmorgan-com-8914 352 11 all all DT privatebank-jpmorgan-com-8914 352 12 private private JJ privatebank-jpmorgan-com-8914 352 13 equity equity NN privatebank-jpmorgan-com-8914 352 14 funds fund NNS privatebank-jpmorgan-com-8914 352 15 ever ever RB privatebank-jpmorgan-com-8914 352 16 raised18 raised18 VBP privatebank-jpmorgan-com-8914 352 17 . . . privatebank-jpmorgan-com-8914 353 1 As as IN privatebank-jpmorgan-com-8914 353 2 a a DT privatebank-jpmorgan-com-8914 353 3 result result NN privatebank-jpmorgan-com-8914 353 4 , , , privatebank-jpmorgan-com-8914 353 5 I -PRON- PRP privatebank-jpmorgan-com-8914 353 6 have have VBP privatebank-jpmorgan-com-8914 353 7 not not RB privatebank-jpmorgan-com-8914 353 8 looked look VBN privatebank-jpmorgan-com-8914 353 9 at at IN privatebank-jpmorgan-com-8914 353 10 any any DT privatebank-jpmorgan-com-8914 353 11 self self NN privatebank-jpmorgan-com-8914 353 12 - - HYPH privatebank-jpmorgan-com-8914 353 13 reported report VBN privatebank-jpmorgan-com-8914 353 14 performance performance NN privatebank-jpmorgan-com-8914 353 15 data datum NNS privatebank-jpmorgan-com-8914 353 16 in in IN privatebank-jpmorgan-com-8914 353 17 years year NNS privatebank-jpmorgan-com-8914 353 18 . . . privatebank-jpmorgan-com-8914 354 1 17 17 CD privatebank-jpmorgan-com-8914 354 2 “ " `` privatebank-jpmorgan-com-8914 354 3 Updating update VBG privatebank-jpmorgan-com-8914 354 4 History History NNP privatebank-jpmorgan-com-8914 354 5 ” " '' privatebank-jpmorgan-com-8914 354 6 , , , privatebank-jpmorgan-com-8914 354 7 Rudiger Rudiger NNP privatebank-jpmorgan-com-8914 354 8 Stucke Stucke NNP privatebank-jpmorgan-com-8914 354 9 , , , privatebank-jpmorgan-com-8914 354 10 Oxford Oxford NNP privatebank-jpmorgan-com-8914 354 11 , , , privatebank-jpmorgan-com-8914 354 12 2013 2013 CD privatebank-jpmorgan-com-8914 354 13 . . . privatebank-jpmorgan-com-8914 355 1 18 18 CD privatebank-jpmorgan-com-8914 355 2 " " `` privatebank-jpmorgan-com-8914 355 3 Private Private NNP privatebank-jpmorgan-com-8914 355 4 Equity Equity NNP privatebank-jpmorgan-com-8914 355 5 , , , privatebank-jpmorgan-com-8914 355 6 Buyouts Buyouts NNP privatebank-jpmorgan-com-8914 355 7 and and CC privatebank-jpmorgan-com-8914 355 8 Venture Venture NNP privatebank-jpmorgan-com-8914 355 9 Capital Capital NNP privatebank-jpmorgan-com-8914 355 10 : : : privatebank-jpmorgan-com-8914 355 11 Past past NN privatebank-jpmorgan-com-8914 355 12 , , , privatebank-jpmorgan-com-8914 355 13 Present Present NNP privatebank-jpmorgan-com-8914 355 14 and and CC privatebank-jpmorgan-com-8914 355 15 Future Future NNP privatebank-jpmorgan-com-8914 355 16 " " '' privatebank-jpmorgan-com-8914 355 17 , , , privatebank-jpmorgan-com-8914 355 18 Steve Steve NNP privatebank-jpmorgan-com-8914 355 19 Kaplan Kaplan NNP privatebank-jpmorgan-com-8914 355 20 ( ( -LRB- privatebank-jpmorgan-com-8914 355 21 Chicago Chicago NNP privatebank-jpmorgan-com-8914 355 22 Booth Booth NNP privatebank-jpmorgan-com-8914 355 23 ) ) -RRB- privatebank-jpmorgan-com-8914 355 24 , , , privatebank-jpmorgan-com-8914 355 25 June June NNP privatebank-jpmorgan-com-8914 355 26 2018 2018 CD privatebank-jpmorgan-com-8914 355 27 . . . privatebank-jpmorgan-com-8914 355 28 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ '' privatebank-jpmorgan-com-8914 355 29 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 355 30 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 355 31 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 355 32 E e NN privatebank-jpmorgan-com-8914 355 33 Y y NN privatebank-jpmorgan-com-8914 355 34 E e NN privatebank-jpmorgan-com-8914 355 35 O o NN privatebank-jpmorgan-com-8914 355 36 N n NN privatebank-jpmorgan-com-8914 355 37 T t NN privatebank-jpmorgan-com-8914 355 38 H h NN privatebank-jpmorgan-com-8914 355 39 E e NN privatebank-jpmorgan-com-8914 355 40 M m NN privatebank-jpmorgan-com-8914 355 41 A a NN privatebank-jpmorgan-com-8914 355 42 R r NN privatebank-jpmorgan-com-8914 355 43 K k NN privatebank-jpmorgan-com-8914 355 44 E e NN privatebank-jpmorgan-com-8914 355 45 T t NN privatebank-jpmorgan-com-8914 355 46 • • NN privatebank-jpmorgan-com-8914 355 47 M m NN privatebank-jpmorgan-com-8914 355 48 I i NN privatebank-jpmorgan-com-8914 355 49 C c NN privatebank-jpmorgan-com-8914 355 50 H h NN privatebank-jpmorgan-com-8914 355 51 A a NN privatebank-jpmorgan-com-8914 355 52 E e NN privatebank-jpmorgan-com-8914 355 53 L l NN privatebank-jpmorgan-com-8914 355 54 C c NN privatebank-jpmorgan-com-8914 355 55 E e NN privatebank-jpmorgan-com-8914 355 56 M m NN privatebank-jpmorgan-com-8914 355 57 B B NNP privatebank-jpmorgan-com-8914 355 58 A A NNP privatebank-jpmorgan-com-8914 355 59 L l NN privatebank-jpmorgan-com-8914 355 60 E e NN privatebank-jpmorgan-com-8914 355 61 S s NN privatebank-jpmorgan-com-8914 355 62 T t NN privatebank-jpmorgan-com-8914 355 63 • • NN privatebank-jpmorgan-com-8914 355 64 J J NNP privatebank-jpmorgan-com-8914 355 65 . . . privatebank-jpmorgan-com-8914 356 1 P p NN privatebank-jpmorgan-com-8914 356 2 . . . privatebank-jpmorgan-com-8914 357 1 M M NNP privatebank-jpmorgan-com-8914 357 2 O o NN privatebank-jpmorgan-com-8914 357 3 R r NN privatebank-jpmorgan-com-8914 357 4 G g NN privatebank-jpmorgan-com-8914 357 5 A a NN privatebank-jpmorgan-com-8914 357 6 N n NN privatebank-jpmorgan-com-8914 357 7 A a NN privatebank-jpmorgan-com-8914 357 8 c c NN privatebank-jpmorgan-com-8914 357 9 c c NN privatebank-jpmorgan-com-8914 357 10 e e NNP privatebank-jpmorgan-com-8914 357 11 s s NNP privatebank-jpmorgan-com-8914 357 12 s s NNP privatebank-jpmorgan-com-8914 357 13 o o NNP privatebank-jpmorgan-com-8914 357 14 u u NNP privatebank-jpmorgan-com-8914 357 15 r r NNP privatebank-jpmorgan-com-8914 357 16 f f NNP privatebank-jpmorgan-com-8914 357 17 u u NNP privatebank-jpmorgan-com-8914 357 18 l l NNP privatebank-jpmorgan-com-8914 357 19 l l NNP privatebank-jpmorgan-com-8914 357 20 c c NNP privatebank-jpmorgan-com-8914 357 21 o o NN privatebank-jpmorgan-com-8914 357 22 r r NN privatebank-jpmorgan-com-8914 357 23 o o NN privatebank-jpmorgan-com-8914 357 24 n n CC privatebank-jpmorgan-com-8914 357 25 a a NN privatebank-jpmorgan-com-8914 357 26 v v NN privatebank-jpmorgan-com-8914 357 27 i i NN privatebank-jpmorgan-com-8914 357 28 r r NNP privatebank-jpmorgan-com-8914 357 29 u u NNP privatebank-jpmorgan-com-8914 357 30 s s NNP privatebank-jpmorgan-com-8914 357 31 a a NNP privatebank-jpmorgan-com-8914 357 32 n n NNP privatebank-jpmorgan-com-8914 357 33 a a DT privatebank-jpmorgan-com-8914 357 34 l l NN privatebank-jpmorgan-com-8914 357 35 y y NNP privatebank-jpmorgan-com-8914 357 36 s s NNP privatebank-jpmorgan-com-8914 357 37 i i NNP privatebank-jpmorgan-com-8914 357 38 s s NNP privatebank-jpmorgan-com-8914 357 39 w w NNP privatebank-jpmorgan-com-8914 357 40 e e NNP privatebank-jpmorgan-com-8914 357 41 b b NNP privatebank-jpmorgan-com-8914 357 42 p p NN privatebank-jpmorgan-com-8914 357 43 o o NN privatebank-jpmorgan-com-8914 357 44 r r NN privatebank-jpmorgan-com-8914 357 45 t t NN privatebank-jpmorgan-com-8914 357 46 a a DT privatebank-jpmorgan-com-8914 357 47 l l NN privatebank-jpmorgan-com-8914 357 48 h h NN privatebank-jpmorgan-com-8914 357 49 e e NN privatebank-jpmorgan-com-8914 357 50 r r NN privatebank-jpmorgan-com-8914 357 51 e e NNP privatebank-jpmorgan-com-8914 357 52 J J NNP privatebank-jpmorgan-com-8914 357 53 u u NNP privatebank-jpmorgan-com-8914 357 54 n n NNP privatebank-jpmorgan-com-8914 357 55 e e NNP privatebank-jpmorgan-com-8914 357 56 2 2 CD privatebank-jpmorgan-com-8914 357 57 8 8 CD privatebank-jpmorgan-com-8914 357 58 , , , privatebank-jpmorgan-com-8914 357 59 2 2 CD privatebank-jpmorgan-com-8914 357 60 0 0 CD privatebank-jpmorgan-com-8914 357 61 2 2 CD privatebank-jpmorgan-com-8914 357 62 1 1 CD privatebank-jpmorgan-com-8914 357 63 22 22 CD privatebank-jpmorgan-com-8914 357 64 Appendix Appendix NNP privatebank-jpmorgan-com-8914 357 65 IV IV NNP privatebank-jpmorgan-com-8914 357 66 : : : privatebank-jpmorgan-com-8914 357 67 On on IN privatebank-jpmorgan-com-8914 357 68 IRR IRR NNP privatebank-jpmorgan-com-8914 357 69 , , , privatebank-jpmorgan-com-8914 357 70 Direct direct JJ privatebank-jpmorgan-com-8914 357 71 Alpha Alpha NNP privatebank-jpmorgan-com-8914 357 72 , , , privatebank-jpmorgan-com-8914 357 73 cash cash NN privatebank-jpmorgan-com-8914 357 74 flow flow NN privatebank-jpmorgan-com-8914 357 75 timing timing NN privatebank-jpmorgan-com-8914 357 76 and and CC privatebank-jpmorgan-com-8914 357 77 subscription subscription NN privatebank-jpmorgan-com-8914 357 78 lines line NNS privatebank-jpmorgan-com-8914 357 79 Scenario scenario NN privatebank-jpmorgan-com-8914 357 80 analyses analysis NNS privatebank-jpmorgan-com-8914 357 81 can can MD privatebank-jpmorgan-com-8914 357 82 be be VB privatebank-jpmorgan-com-8914 357 83 useful useful JJ privatebank-jpmorgan-com-8914 357 84 in in IN privatebank-jpmorgan-com-8914 357 85 understanding understand VBG privatebank-jpmorgan-com-8914 357 86 the the DT privatebank-jpmorgan-com-8914 357 87 drivers driver NNS privatebank-jpmorgan-com-8914 357 88 of of IN privatebank-jpmorgan-com-8914 357 89 IRR IRR NNP privatebank-jpmorgan-com-8914 357 90 and and CC privatebank-jpmorgan-com-8914 357 91 Direct Direct NNP privatebank-jpmorgan-com-8914 357 92 Alpha alpha NN privatebank-jpmorgan-com-8914 357 93 . . . privatebank-jpmorgan-com-8914 358 1 We -PRON- PRP privatebank-jpmorgan-com-8914 358 2 assume assume VBP privatebank-jpmorgan-com-8914 358 3 a a DT privatebank-jpmorgan-com-8914 358 4 Base Base NNP privatebank-jpmorgan-com-8914 358 5 Case Case NNP privatebank-jpmorgan-com-8914 358 6 for for IN privatebank-jpmorgan-com-8914 358 7 commitments commitment NNS privatebank-jpmorgan-com-8914 358 8 and and CC privatebank-jpmorgan-com-8914 358 9 distributions distribution NNS privatebank-jpmorgan-com-8914 358 10 , , , privatebank-jpmorgan-com-8914 358 11 and and CC privatebank-jpmorgan-com-8914 358 12 also also RB privatebank-jpmorgan-com-8914 358 13 assume assume VBP privatebank-jpmorgan-com-8914 358 14 more more JJR privatebank-jpmorgan-com-8914 358 15 front front RB privatebank-jpmorgan-com-8914 358 16 - - HYPH privatebank-jpmorgan-com-8914 358 17 loaded loaded JJ privatebank-jpmorgan-com-8914 358 18 and and CC privatebank-jpmorgan-com-8914 358 19 back back RB privatebank-jpmorgan-com-8914 358 20 - - HYPH privatebank-jpmorgan-com-8914 358 21 loaded loaded JJ privatebank-jpmorgan-com-8914 358 22 outcomes outcome NNS privatebank-jpmorgan-com-8914 358 23 . . . privatebank-jpmorgan-com-8914 359 1 We -PRON- PRP privatebank-jpmorgan-com-8914 359 2 use use VBP privatebank-jpmorgan-com-8914 359 3 an an DT privatebank-jpmorgan-com-8914 359 4 extreme extreme JJ privatebank-jpmorgan-com-8914 359 5 case case NN privatebank-jpmorgan-com-8914 359 6 for for IN privatebank-jpmorgan-com-8914 359 7 subscription subscription NN privatebank-jpmorgan-com-8914 359 8 lines line NNS privatebank-jpmorgan-com-8914 359 9 : : : privatebank-jpmorgan-com-8914 359 10 every every DT privatebank-jpmorgan-com-8914 359 11 dollar dollar NN privatebank-jpmorgan-com-8914 359 12 called call VBD privatebank-jpmorgan-com-8914 359 13 is be VBZ privatebank-jpmorgan-com-8914 359 14 funded fund VBN privatebank-jpmorgan-com-8914 359 15 by by IN privatebank-jpmorgan-com-8914 359 16 the the DT privatebank-jpmorgan-com-8914 359 17 line line NN privatebank-jpmorgan-com-8914 359 18 and and CC privatebank-jpmorgan-com-8914 359 19 is be VBZ privatebank-jpmorgan-com-8914 359 20 not not RB privatebank-jpmorgan-com-8914 359 21 paid pay VBN privatebank-jpmorgan-com-8914 359 22 back back RB privatebank-jpmorgan-com-8914 359 23 until until IN privatebank-jpmorgan-com-8914 359 24 the the DT privatebank-jpmorgan-com-8914 359 25 end end NN privatebank-jpmorgan-com-8914 359 26 of of IN privatebank-jpmorgan-com-8914 359 27 the the DT privatebank-jpmorgan-com-8914 359 28 investment investment NN privatebank-jpmorgan-com-8914 359 29 period period NN privatebank-jpmorgan-com-8914 359 30 . . . privatebank-jpmorgan-com-8914 360 1 We -PRON- PRP privatebank-jpmorgan-com-8914 360 2 assume assume VBP privatebank-jpmorgan-com-8914 360 3 a a DT privatebank-jpmorgan-com-8914 360 4 hypothetical hypothetical JJ privatebank-jpmorgan-com-8914 360 5 2010 2010 CD privatebank-jpmorgan-com-8914 360 6 fund fund NN privatebank-jpmorgan-com-8914 360 7 with with IN privatebank-jpmorgan-com-8914 360 8 a a DT privatebank-jpmorgan-com-8914 360 9 4 4 CD privatebank-jpmorgan-com-8914 360 10 year year NN privatebank-jpmorgan-com-8914 360 11 investment investment NN privatebank-jpmorgan-com-8914 360 12 period period NN privatebank-jpmorgan-com-8914 360 13 and and CC privatebank-jpmorgan-com-8914 360 14 a a DT privatebank-jpmorgan-com-8914 360 15 7 7 CD privatebank-jpmorgan-com-8914 360 16 year year NN privatebank-jpmorgan-com-8914 360 17 harvesting harvesting NN privatebank-jpmorgan-com-8914 360 18 period period NN privatebank-jpmorgan-com-8914 360 19 that that WDT privatebank-jpmorgan-com-8914 360 20 distributes distribute VBZ privatebank-jpmorgan-com-8914 360 21 2x 2x CD privatebank-jpmorgan-com-8914 360 22 committed commit VBN privatebank-jpmorgan-com-8914 360 23 capital capital NN privatebank-jpmorgan-com-8914 360 24 . . . privatebank-jpmorgan-com-8914 361 1 Relative relative JJ privatebank-jpmorgan-com-8914 361 2 performance performance NN privatebank-jpmorgan-com-8914 361 3 metrics metric NNS privatebank-jpmorgan-com-8914 361 4 are be VBP privatebank-jpmorgan-com-8914 361 5 benchmarked benchmarke VBN privatebank-jpmorgan-com-8914 361 6 to to IN privatebank-jpmorgan-com-8914 361 7 the the DT privatebank-jpmorgan-com-8914 361 8 S&P S&P NNP privatebank-jpmorgan-com-8914 361 9 500 500 CD privatebank-jpmorgan-com-8914 361 10 Index Index NNP privatebank-jpmorgan-com-8914 361 11 . . . privatebank-jpmorgan-com-8914 362 1 -40 -40 : privatebank-jpmorgan-com-8914 362 2 % % NN privatebank-jpmorgan-com-8914 362 3 -30 -30 NNP privatebank-jpmorgan-com-8914 362 4 % % NN privatebank-jpmorgan-com-8914 362 5 -20 -20 HYPH privatebank-jpmorgan-com-8914 362 6 % % NN privatebank-jpmorgan-com-8914 362 7 -10 -10 NNP privatebank-jpmorgan-com-8914 362 8 % % NN privatebank-jpmorgan-com-8914 362 9 0 0 CD privatebank-jpmorgan-com-8914 362 10 % % NN privatebank-jpmorgan-com-8914 362 11 10 10 CD privatebank-jpmorgan-com-8914 362 12 % % NN privatebank-jpmorgan-com-8914 362 13 20 20 CD privatebank-jpmorgan-com-8914 362 14 % % NN privatebank-jpmorgan-com-8914 362 15 30 30 CD privatebank-jpmorgan-com-8914 362 16 % % NN privatebank-jpmorgan-com-8914 362 17 40 40 CD privatebank-jpmorgan-com-8914 362 18 % % NN privatebank-jpmorgan-com-8914 362 19 50 50 CD privatebank-jpmorgan-com-8914 362 20 % % NN privatebank-jpmorgan-com-8914 362 21 2010 2010 CD privatebank-jpmorgan-com-8914 362 22 2012 2012 CD privatebank-jpmorgan-com-8914 362 23 2014 2014 CD privatebank-jpmorgan-com-8914 362 24 2016 2016 CD privatebank-jpmorgan-com-8914 362 25 2018 2018 CD privatebank-jpmorgan-com-8914 362 26 2020 2020 CD privatebank-jpmorgan-com-8914 362 27 Base Base NNP privatebank-jpmorgan-com-8914 362 28 Case Case NNP privatebank-jpmorgan-com-8914 362 29 Front front NN privatebank-jpmorgan-com-8914 362 30 Loaded load VBN privatebank-jpmorgan-com-8914 362 31 Back back RP privatebank-jpmorgan-com-8914 362 32 Loaded loaded JJ privatebank-jpmorgan-com-8914 362 33 Illustrative illustrative JJ privatebank-jpmorgan-com-8914 362 34 net net JJ privatebank-jpmorgan-com-8914 362 35 cash cash NN privatebank-jpmorgan-com-8914 362 36 flows flow VBZ privatebank-jpmorgan-com-8914 362 37 % % NN privatebank-jpmorgan-com-8914 362 38 of of IN privatebank-jpmorgan-com-8914 362 39 committed committed JJ privatebank-jpmorgan-com-8914 362 40 capital capital NN privatebank-jpmorgan-com-8914 362 41 Source Source NNP privatebank-jpmorgan-com-8914 362 42 : : : privatebank-jpmorgan-com-8914 362 43 JPMAM JPMAM NNP privatebank-jpmorgan-com-8914 362 44 . . . privatebank-jpmorgan-com-8914 363 1 2021 2021 CD privatebank-jpmorgan-com-8914 363 2 . . . privatebank-jpmorgan-com-8914 364 1 End end NN privatebank-jpmorgan-com-8914 364 2 of of IN privatebank-jpmorgan-com-8914 364 3 investment investment NN privatebank-jpmorgan-com-8914 364 4 period period NN privatebank-jpmorgan-com-8914 364 5 The the DT privatebank-jpmorgan-com-8914 364 6 tables table NNS privatebank-jpmorgan-com-8914 364 7 illustrate illustrate VBP privatebank-jpmorgan-com-8914 364 8 the the DT privatebank-jpmorgan-com-8914 364 9 sensitivity sensitivity NN privatebank-jpmorgan-com-8914 364 10 of of IN privatebank-jpmorgan-com-8914 364 11 IRR IRR NNP privatebank-jpmorgan-com-8914 364 12 and and CC privatebank-jpmorgan-com-8914 364 13 Direct Direct NNP privatebank-jpmorgan-com-8914 364 14 Alpha alpha NN privatebank-jpmorgan-com-8914 364 15 to to IN privatebank-jpmorgan-com-8914 364 16 changes change NNS privatebank-jpmorgan-com-8914 364 17 in in IN privatebank-jpmorgan-com-8914 364 18 cash cash NN privatebank-jpmorgan-com-8914 364 19 flow flow NN privatebank-jpmorgan-com-8914 364 20 timing timing NN privatebank-jpmorgan-com-8914 364 21 , , , privatebank-jpmorgan-com-8914 364 22 and and CC privatebank-jpmorgan-com-8914 364 23 to to IN privatebank-jpmorgan-com-8914 364 24 the the DT privatebank-jpmorgan-com-8914 364 25 use use NN privatebank-jpmorgan-com-8914 364 26 of of IN privatebank-jpmorgan-com-8914 364 27 a a DT privatebank-jpmorgan-com-8914 364 28 subscription subscription NN privatebank-jpmorgan-com-8914 364 29 line line NN privatebank-jpmorgan-com-8914 364 30 as as IN privatebank-jpmorgan-com-8914 364 31 described describe VBN privatebank-jpmorgan-com-8914 364 32 above above RB privatebank-jpmorgan-com-8914 364 33 . . . privatebank-jpmorgan-com-8914 365 1 For for IN privatebank-jpmorgan-com-8914 365 2 example example NN privatebank-jpmorgan-com-8914 365 3 , , , privatebank-jpmorgan-com-8914 365 4 subscription subscription NN privatebank-jpmorgan-com-8914 365 5 lines line NNS privatebank-jpmorgan-com-8914 365 6 have have VBP privatebank-jpmorgan-com-8914 365 7 a a DT privatebank-jpmorgan-com-8914 365 8 much much RB privatebank-jpmorgan-com-8914 365 9 bigger big JJR privatebank-jpmorgan-com-8914 365 10 impact impact NN privatebank-jpmorgan-com-8914 365 11 when when WRB privatebank-jpmorgan-com-8914 365 12 distributions distribution NNS privatebank-jpmorgan-com-8914 365 13 are be VBP privatebank-jpmorgan-com-8914 365 14 front front RB privatebank-jpmorgan-com-8914 365 15 - - HYPH privatebank-jpmorgan-com-8914 365 16 loaded loaded JJ privatebank-jpmorgan-com-8914 365 17 vs vs IN privatebank-jpmorgan-com-8914 365 18 when when WRB privatebank-jpmorgan-com-8914 365 19 they -PRON- PRP privatebank-jpmorgan-com-8914 365 20 are be VBP privatebank-jpmorgan-com-8914 365 21 back back RB privatebank-jpmorgan-com-8914 365 22 - - HYPH privatebank-jpmorgan-com-8914 365 23 loaded loaded JJ privatebank-jpmorgan-com-8914 365 24 . . . privatebank-jpmorgan-com-8914 366 1 Base Base NNP privatebank-jpmorgan-com-8914 366 2 Case Case NNP privatebank-jpmorgan-com-8914 366 3 Front front NN privatebank-jpmorgan-com-8914 366 4 Loaded load VBN privatebank-jpmorgan-com-8914 366 5 Back back RP privatebank-jpmorgan-com-8914 366 6 Loaded Loaded NNP privatebank-jpmorgan-com-8914 366 7 Base Base NNP privatebank-jpmorgan-com-8914 366 8 Case Case NNP privatebank-jpmorgan-com-8914 366 9 15 15 CD privatebank-jpmorgan-com-8914 366 10 % % NN privatebank-jpmorgan-com-8914 366 11 13 13 CD privatebank-jpmorgan-com-8914 366 12 % % NN privatebank-jpmorgan-com-8914 366 13 18 18 CD privatebank-jpmorgan-com-8914 366 14 % % NN privatebank-jpmorgan-com-8914 366 15 Front front NN privatebank-jpmorgan-com-8914 366 16 Loaded load VBN privatebank-jpmorgan-com-8914 366 17 20 20 CD privatebank-jpmorgan-com-8914 366 18 % % NN privatebank-jpmorgan-com-8914 366 19 16 16 CD privatebank-jpmorgan-com-8914 366 20 % % NN privatebank-jpmorgan-com-8914 366 21 26 26 CD privatebank-jpmorgan-com-8914 366 22 % % NN privatebank-jpmorgan-com-8914 366 23 Back back RB privatebank-jpmorgan-com-8914 366 24 Loaded load VBN privatebank-jpmorgan-com-8914 366 25 10 10 CD privatebank-jpmorgan-com-8914 366 26 % % NN privatebank-jpmorgan-com-8914 366 27 9 9 CD privatebank-jpmorgan-com-8914 366 28 % % NN privatebank-jpmorgan-com-8914 366 29 12 12 CD privatebank-jpmorgan-com-8914 366 30 % % NN privatebank-jpmorgan-com-8914 366 31 Source source NN privatebank-jpmorgan-com-8914 366 32 : : : privatebank-jpmorgan-com-8914 366 33 JPMAM JPMAM NNP privatebank-jpmorgan-com-8914 366 34 . . . privatebank-jpmorgan-com-8914 367 1 2021 2021 CD privatebank-jpmorgan-com-8914 367 2 . . . privatebank-jpmorgan-com-8914 368 1 Commitment commitment NN privatebank-jpmorgan-com-8914 368 2 schedule schedule NN privatebank-jpmorgan-com-8914 368 3 IRR IRR NNP privatebank-jpmorgan-com-8914 368 4 based base VBN privatebank-jpmorgan-com-8914 368 5 on on IN privatebank-jpmorgan-com-8914 368 6 commitment commitment NN privatebank-jpmorgan-com-8914 368 7 and and CC privatebank-jpmorgan-com-8914 368 8 distribution distribution NN privatebank-jpmorgan-com-8914 368 9 timing timing NN privatebank-jpmorgan-com-8914 368 10 ( ( -LRB- privatebank-jpmorgan-com-8914 368 11 without without IN privatebank-jpmorgan-com-8914 368 12 subscription subscription NN privatebank-jpmorgan-com-8914 368 13 line line NN privatebank-jpmorgan-com-8914 368 14 ) ) -RRB- privatebank-jpmorgan-com-8914 368 15 Distribution distribution NN privatebank-jpmorgan-com-8914 368 16 schedule schedule NN privatebank-jpmorgan-com-8914 368 17 Base Base NNP privatebank-jpmorgan-com-8914 368 18 Case Case NNP privatebank-jpmorgan-com-8914 368 19 Front front NN privatebank-jpmorgan-com-8914 368 20 Loaded load VBN privatebank-jpmorgan-com-8914 368 21 Back back RP privatebank-jpmorgan-com-8914 368 22 Loaded Loaded NNP privatebank-jpmorgan-com-8914 368 23 Base Base NNP privatebank-jpmorgan-com-8914 368 24 Case Case NNP privatebank-jpmorgan-com-8914 368 25 2 2 CD privatebank-jpmorgan-com-8914 368 26 % % NN privatebank-jpmorgan-com-8914 368 27 -1 -1 . privatebank-jpmorgan-com-8914 368 28 % % NN privatebank-jpmorgan-com-8914 368 29 4 4 CD privatebank-jpmorgan-com-8914 368 30 % % NN privatebank-jpmorgan-com-8914 368 31 Front front NN privatebank-jpmorgan-com-8914 368 32 Loaded load VBN privatebank-jpmorgan-com-8914 368 33 6 6 CD privatebank-jpmorgan-com-8914 368 34 % % NN privatebank-jpmorgan-com-8914 368 35 2 2 CD privatebank-jpmorgan-com-8914 368 36 % % NN privatebank-jpmorgan-com-8914 368 37 10 10 CD privatebank-jpmorgan-com-8914 368 38 % % NN privatebank-jpmorgan-com-8914 368 39 Back back RB privatebank-jpmorgan-com-8914 368 40 Loaded load VBN privatebank-jpmorgan-com-8914 368 41 -2 -2 . privatebank-jpmorgan-com-8914 368 42 % % NN privatebank-jpmorgan-com-8914 368 43 -4 -4 HYPH privatebank-jpmorgan-com-8914 368 44 % % NN privatebank-jpmorgan-com-8914 368 45 -2 -2 HYPH privatebank-jpmorgan-com-8914 368 46 % % NN privatebank-jpmorgan-com-8914 368 47 Source source NN privatebank-jpmorgan-com-8914 368 48 : : : privatebank-jpmorgan-com-8914 368 49 JPMAM JPMAM NNP privatebank-jpmorgan-com-8914 368 50 . . . privatebank-jpmorgan-com-8914 369 1 2021 2021 CD privatebank-jpmorgan-com-8914 369 2 . . . privatebank-jpmorgan-com-8914 370 1 Direct direct JJ privatebank-jpmorgan-com-8914 370 2 Alpha alpha NN privatebank-jpmorgan-com-8914 370 3 based base VBN privatebank-jpmorgan-com-8914 370 4 on on IN privatebank-jpmorgan-com-8914 370 5 commitment commitment NN privatebank-jpmorgan-com-8914 370 6 and and CC privatebank-jpmorgan-com-8914 370 7 distribution distribution NN privatebank-jpmorgan-com-8914 370 8 timing timing NN privatebank-jpmorgan-com-8914 370 9 ( ( -LRB- privatebank-jpmorgan-com-8914 370 10 without without IN privatebank-jpmorgan-com-8914 370 11 subscription subscription NN privatebank-jpmorgan-com-8914 370 12 line line NN privatebank-jpmorgan-com-8914 370 13 ) ) -RRB- privatebank-jpmorgan-com-8914 370 14 Distribution distribution NN privatebank-jpmorgan-com-8914 370 15 schedule schedule NN privatebank-jpmorgan-com-8914 370 16 Commitment Commitment NNP privatebank-jpmorgan-com-8914 370 17 schedule schedule NN privatebank-jpmorgan-com-8914 370 18 Base Base NNP privatebank-jpmorgan-com-8914 370 19 Case Case NNP privatebank-jpmorgan-com-8914 370 20 Front front NN privatebank-jpmorgan-com-8914 370 21 Loaded load VBN privatebank-jpmorgan-com-8914 370 22 Back back RP privatebank-jpmorgan-com-8914 370 23 Loaded Loaded NNP privatebank-jpmorgan-com-8914 370 24 Base Base NNP privatebank-jpmorgan-com-8914 370 25 Case Case NNP privatebank-jpmorgan-com-8914 370 26 22 22 CD privatebank-jpmorgan-com-8914 370 27 % % NN privatebank-jpmorgan-com-8914 370 28 21 21 CD privatebank-jpmorgan-com-8914 370 29 % % NN privatebank-jpmorgan-com-8914 370 30 24 24 CD privatebank-jpmorgan-com-8914 370 31 % % NN privatebank-jpmorgan-com-8914 370 32 Front front NN privatebank-jpmorgan-com-8914 370 33 Loaded load VBN privatebank-jpmorgan-com-8914 370 34 40 40 CD privatebank-jpmorgan-com-8914 370 35 % % NN privatebank-jpmorgan-com-8914 370 36 37 37 CD privatebank-jpmorgan-com-8914 370 37 % % NN privatebank-jpmorgan-com-8914 370 38 43 43 CD privatebank-jpmorgan-com-8914 370 39 % % NN privatebank-jpmorgan-com-8914 370 40 Back back RB privatebank-jpmorgan-com-8914 370 41 Loaded load VBN privatebank-jpmorgan-com-8914 370 42 12 12 CD privatebank-jpmorgan-com-8914 370 43 % % NN privatebank-jpmorgan-com-8914 370 44 11 11 CD privatebank-jpmorgan-com-8914 370 45 % % NN privatebank-jpmorgan-com-8914 370 46 13 13 CD privatebank-jpmorgan-com-8914 370 47 % % NN privatebank-jpmorgan-com-8914 370 48 Source source NN privatebank-jpmorgan-com-8914 370 49 : : : privatebank-jpmorgan-com-8914 370 50 JPMAM JPMAM NNP privatebank-jpmorgan-com-8914 370 51 . . . privatebank-jpmorgan-com-8914 371 1 2021 2021 CD privatebank-jpmorgan-com-8914 371 2 . . . privatebank-jpmorgan-com-8914 372 1 Commitment commitment NN privatebank-jpmorgan-com-8914 372 2 schedule schedule NN privatebank-jpmorgan-com-8914 372 3 Distribution distribution NN privatebank-jpmorgan-com-8914 372 4 schedule schedule NN privatebank-jpmorgan-com-8914 372 5 IRR IRR NNP privatebank-jpmorgan-com-8914 372 6 based base VBN privatebank-jpmorgan-com-8914 372 7 on on IN privatebank-jpmorgan-com-8914 372 8 commitment commitment NN privatebank-jpmorgan-com-8914 372 9 and and CC privatebank-jpmorgan-com-8914 372 10 distribution distribution NN privatebank-jpmorgan-com-8914 372 11 timing timing NN privatebank-jpmorgan-com-8914 372 12 ( ( -LRB- privatebank-jpmorgan-com-8914 372 13 with with IN privatebank-jpmorgan-com-8914 372 14 subscription subscription NN privatebank-jpmorgan-com-8914 372 15 line line NN privatebank-jpmorgan-com-8914 372 16 ) ) -RRB- privatebank-jpmorgan-com-8914 372 17 Base Base NNP privatebank-jpmorgan-com-8914 372 18 Case Case NNP privatebank-jpmorgan-com-8914 372 19 Front front NN privatebank-jpmorgan-com-8914 372 20 Loaded load VBN privatebank-jpmorgan-com-8914 372 21 Back back RP privatebank-jpmorgan-com-8914 372 22 Loaded Loaded NNP privatebank-jpmorgan-com-8914 372 23 Base Base NNP privatebank-jpmorgan-com-8914 372 24 Case Case NNP privatebank-jpmorgan-com-8914 372 25 11 11 CD privatebank-jpmorgan-com-8914 372 26 % % NN privatebank-jpmorgan-com-8914 372 27 10 10 CD privatebank-jpmorgan-com-8914 372 28 % % NN privatebank-jpmorgan-com-8914 372 29 13 13 CD privatebank-jpmorgan-com-8914 372 30 % % NN privatebank-jpmorgan-com-8914 372 31 Front front NN privatebank-jpmorgan-com-8914 372 32 Loaded load VBN privatebank-jpmorgan-com-8914 372 33 29 29 CD privatebank-jpmorgan-com-8914 372 34 % % NN privatebank-jpmorgan-com-8914 372 35 26 26 CD privatebank-jpmorgan-com-8914 372 36 % % NN privatebank-jpmorgan-com-8914 372 37 32 32 CD privatebank-jpmorgan-com-8914 372 38 % % NN privatebank-jpmorgan-com-8914 372 39 Back back RB privatebank-jpmorgan-com-8914 372 40 Loaded loaded JJ privatebank-jpmorgan-com-8914 372 41 1 1 CD privatebank-jpmorgan-com-8914 372 42 % % NN privatebank-jpmorgan-com-8914 372 43 0 0 CD privatebank-jpmorgan-com-8914 372 44 % % NN privatebank-jpmorgan-com-8914 372 45 1 1 CD privatebank-jpmorgan-com-8914 372 46 % % NN privatebank-jpmorgan-com-8914 372 47 Source source NN privatebank-jpmorgan-com-8914 372 48 : : : privatebank-jpmorgan-com-8914 372 49 JPMAM JPMAM NNP privatebank-jpmorgan-com-8914 372 50 . . . privatebank-jpmorgan-com-8914 373 1 2021 2021 CD privatebank-jpmorgan-com-8914 373 2 . . . privatebank-jpmorgan-com-8914 374 1 Direct direct JJ privatebank-jpmorgan-com-8914 374 2 Alpha alpha NN privatebank-jpmorgan-com-8914 374 3 based base VBN privatebank-jpmorgan-com-8914 374 4 on on IN privatebank-jpmorgan-com-8914 374 5 commitment commitment NN privatebank-jpmorgan-com-8914 374 6 and and CC privatebank-jpmorgan-com-8914 374 7 distribution distribution NN privatebank-jpmorgan-com-8914 374 8 timing timing NN privatebank-jpmorgan-com-8914 374 9 ( ( -LRB- privatebank-jpmorgan-com-8914 374 10 with with IN privatebank-jpmorgan-com-8914 374 11 subscription subscription NN privatebank-jpmorgan-com-8914 374 12 line line NN privatebank-jpmorgan-com-8914 374 13 ) ) -RRB- privatebank-jpmorgan-com-8914 374 14 Distribution distribution NN privatebank-jpmorgan-com-8914 374 15 schedule schedule NN privatebank-jpmorgan-com-8914 374 16 Commitment commitment JJ privatebank-jpmorgan-com-8914 374 17 schedule schedule NN privatebank-jpmorgan-com-8914 374 18 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/j-p-morgan-chase-eye-market/dp/b07l4swcyl/ WP privatebank-jpmorgan-com-8914 374 19 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 374 20 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 374 21 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NN privatebank-jpmorgan-com-8914 374 22 E e NN privatebank-jpmorgan-com-8914 374 23 Y y NN privatebank-jpmorgan-com-8914 374 24 E e NN privatebank-jpmorgan-com-8914 374 25 O o NN privatebank-jpmorgan-com-8914 374 26 N n NN privatebank-jpmorgan-com-8914 374 27 T t NN privatebank-jpmorgan-com-8914 374 28 H h NN privatebank-jpmorgan-com-8914 374 29 E e NN privatebank-jpmorgan-com-8914 374 30 M m NN privatebank-jpmorgan-com-8914 374 31 A a NN privatebank-jpmorgan-com-8914 374 32 R r NN privatebank-jpmorgan-com-8914 374 33 K k NN privatebank-jpmorgan-com-8914 374 34 E e NN privatebank-jpmorgan-com-8914 374 35 T t NN privatebank-jpmorgan-com-8914 374 36 • • NN privatebank-jpmorgan-com-8914 374 37 M m NN privatebank-jpmorgan-com-8914 374 38 I i NN privatebank-jpmorgan-com-8914 374 39 C c NN privatebank-jpmorgan-com-8914 374 40 H h NN privatebank-jpmorgan-com-8914 374 41 A a NN privatebank-jpmorgan-com-8914 374 42 E e NN privatebank-jpmorgan-com-8914 374 43 L l NN privatebank-jpmorgan-com-8914 374 44 C c NN privatebank-jpmorgan-com-8914 374 45 E e NN privatebank-jpmorgan-com-8914 374 46 M m NN privatebank-jpmorgan-com-8914 374 47 B B NNP privatebank-jpmorgan-com-8914 374 48 A A NNP privatebank-jpmorgan-com-8914 374 49 L l NN privatebank-jpmorgan-com-8914 374 50 E e NN privatebank-jpmorgan-com-8914 374 51 S s NN privatebank-jpmorgan-com-8914 374 52 T t NN privatebank-jpmorgan-com-8914 374 53 • • NN privatebank-jpmorgan-com-8914 374 54 J J NNP privatebank-jpmorgan-com-8914 374 55 . . . privatebank-jpmorgan-com-8914 375 1 P p NN privatebank-jpmorgan-com-8914 375 2 . . . privatebank-jpmorgan-com-8914 376 1 M M NNP privatebank-jpmorgan-com-8914 376 2 O o NN privatebank-jpmorgan-com-8914 376 3 R r NN privatebank-jpmorgan-com-8914 376 4 G g NN privatebank-jpmorgan-com-8914 376 5 A a NN privatebank-jpmorgan-com-8914 376 6 N n NN privatebank-jpmorgan-com-8914 376 7 A a NN privatebank-jpmorgan-com-8914 376 8 c c NN privatebank-jpmorgan-com-8914 376 9 c c NN privatebank-jpmorgan-com-8914 376 10 e e NNP privatebank-jpmorgan-com-8914 376 11 s s NNP privatebank-jpmorgan-com-8914 376 12 s s NNP privatebank-jpmorgan-com-8914 376 13 o o NNP privatebank-jpmorgan-com-8914 376 14 u u NNP privatebank-jpmorgan-com-8914 376 15 r r NNP privatebank-jpmorgan-com-8914 376 16 f f NNP privatebank-jpmorgan-com-8914 376 17 u u NNP privatebank-jpmorgan-com-8914 376 18 l l NNP privatebank-jpmorgan-com-8914 376 19 l l NNP privatebank-jpmorgan-com-8914 376 20 c c NNP privatebank-jpmorgan-com-8914 376 21 o o NN privatebank-jpmorgan-com-8914 376 22 r r NN privatebank-jpmorgan-com-8914 376 23 o o NN privatebank-jpmorgan-com-8914 376 24 n n CC privatebank-jpmorgan-com-8914 376 25 a a NN privatebank-jpmorgan-com-8914 376 26 v v NN privatebank-jpmorgan-com-8914 376 27 i i NN privatebank-jpmorgan-com-8914 376 28 r r NNP privatebank-jpmorgan-com-8914 376 29 u u NNP privatebank-jpmorgan-com-8914 376 30 s s NNP privatebank-jpmorgan-com-8914 376 31 a a NNP privatebank-jpmorgan-com-8914 376 32 n n NNP privatebank-jpmorgan-com-8914 376 33 a a DT privatebank-jpmorgan-com-8914 376 34 l l NN privatebank-jpmorgan-com-8914 376 35 y y NNP privatebank-jpmorgan-com-8914 376 36 s s NNP privatebank-jpmorgan-com-8914 376 37 i i NNP privatebank-jpmorgan-com-8914 376 38 s s NNP privatebank-jpmorgan-com-8914 376 39 w w NNP privatebank-jpmorgan-com-8914 376 40 e e NNP privatebank-jpmorgan-com-8914 376 41 b b NNP privatebank-jpmorgan-com-8914 376 42 p p NN privatebank-jpmorgan-com-8914 376 43 o o NN privatebank-jpmorgan-com-8914 376 44 r r NN privatebank-jpmorgan-com-8914 376 45 t t NN privatebank-jpmorgan-com-8914 376 46 a a DT privatebank-jpmorgan-com-8914 376 47 l l NN privatebank-jpmorgan-com-8914 376 48 h h NN privatebank-jpmorgan-com-8914 376 49 e e NN privatebank-jpmorgan-com-8914 376 50 r r NN privatebank-jpmorgan-com-8914 376 51 e e NNP privatebank-jpmorgan-com-8914 376 52 J J NNP privatebank-jpmorgan-com-8914 376 53 u u NNP privatebank-jpmorgan-com-8914 376 54 n n NNP privatebank-jpmorgan-com-8914 376 55 e e NNP privatebank-jpmorgan-com-8914 376 56 2 2 CD privatebank-jpmorgan-com-8914 376 57 8 8 CD privatebank-jpmorgan-com-8914 376 58 , , , privatebank-jpmorgan-com-8914 376 59 2 2 CD privatebank-jpmorgan-com-8914 376 60 0 0 CD privatebank-jpmorgan-com-8914 376 61 2 2 CD privatebank-jpmorgan-com-8914 376 62 1 1 CD privatebank-jpmorgan-com-8914 376 63 23 23 CD privatebank-jpmorgan-com-8914 376 64 IMPORTANT IMPORTANT NNP privatebank-jpmorgan-com-8914 376 65 INFORMATION INFORMATION VBN privatebank-jpmorgan-com-8914 376 66 This this DT privatebank-jpmorgan-com-8914 376 67 report report NN privatebank-jpmorgan-com-8914 376 68 uses use VBZ privatebank-jpmorgan-com-8914 376 69 rigorous rigorous JJ privatebank-jpmorgan-com-8914 376 70 security security NN privatebank-jpmorgan-com-8914 376 71 protocols protocol NNS privatebank-jpmorgan-com-8914 376 72 for for IN privatebank-jpmorgan-com-8914 376 73 selected select VBN privatebank-jpmorgan-com-8914 376 74 data datum NNS privatebank-jpmorgan-com-8914 376 75 sourced source VBN privatebank-jpmorgan-com-8914 376 76 from from IN privatebank-jpmorgan-com-8914 376 77 Chase Chase NNP privatebank-jpmorgan-com-8914 376 78 credit credit NN privatebank-jpmorgan-com-8914 376 79 and and CC privatebank-jpmorgan-com-8914 376 80 debit debit NN privatebank-jpmorgan-com-8914 376 81 card card NN privatebank-jpmorgan-com-8914 376 82 transactions transaction NNS privatebank-jpmorgan-com-8914 376 83 to to TO privatebank-jpmorgan-com-8914 376 84 ensure ensure VB privatebank-jpmorgan-com-8914 376 85 all all DT privatebank-jpmorgan-com-8914 376 86 information information NN privatebank-jpmorgan-com-8914 376 87 is be VBZ privatebank-jpmorgan-com-8914 376 88 kept keep VBN privatebank-jpmorgan-com-8914 376 89 confidential confidential JJ privatebank-jpmorgan-com-8914 376 90 and and CC privatebank-jpmorgan-com-8914 376 91 secure secure JJ privatebank-jpmorgan-com-8914 376 92 . . . privatebank-jpmorgan-com-8914 377 1 All all DT privatebank-jpmorgan-com-8914 377 2 selected select VBN privatebank-jpmorgan-com-8914 377 3 data datum NNS privatebank-jpmorgan-com-8914 377 4 is be VBZ privatebank-jpmorgan-com-8914 377 5 highly highly RB privatebank-jpmorgan-com-8914 377 6 aggregated aggregated JJ privatebank-jpmorgan-com-8914 377 7 and and CC privatebank-jpmorgan-com-8914 377 8 all all DT privatebank-jpmorgan-com-8914 377 9 unique unique JJ privatebank-jpmorgan-com-8914 377 10 identifiable identifiable JJ privatebank-jpmorgan-com-8914 377 11 information information NN privatebank-jpmorgan-com-8914 377 12 , , , privatebank-jpmorgan-com-8914 377 13 including include VBG privatebank-jpmorgan-com-8914 377 14 names name NNS privatebank-jpmorgan-com-8914 377 15 , , , privatebank-jpmorgan-com-8914 377 16 account account NN privatebank-jpmorgan-com-8914 377 17 numbers number NNS privatebank-jpmorgan-com-8914 377 18 , , , privatebank-jpmorgan-com-8914 377 19 addresses address NNS privatebank-jpmorgan-com-8914 377 20 , , , privatebank-jpmorgan-com-8914 377 21 dates date NNS privatebank-jpmorgan-com-8914 377 22 of of IN privatebank-jpmorgan-com-8914 377 23 birth birth NN privatebank-jpmorgan-com-8914 377 24 , , , privatebank-jpmorgan-com-8914 377 25 and and CC privatebank-jpmorgan-com-8914 377 26 Social Social NNP privatebank-jpmorgan-com-8914 377 27 Security Security NNP privatebank-jpmorgan-com-8914 377 28 Numbers Numbers NNP privatebank-jpmorgan-com-8914 377 29 , , , privatebank-jpmorgan-com-8914 377 30 is be VBZ privatebank-jpmorgan-com-8914 377 31 removed remove VBN privatebank-jpmorgan-com-8914 377 32 from from IN privatebank-jpmorgan-com-8914 377 33 the the DT privatebank-jpmorgan-com-8914 377 34 data datum NNS privatebank-jpmorgan-com-8914 377 35 before before IN privatebank-jpmorgan-com-8914 377 36 the the DT privatebank-jpmorgan-com-8914 377 37 report report NN privatebank-jpmorgan-com-8914 377 38 ’s ’s POS privatebank-jpmorgan-com-8914 377 39 author author NN privatebank-jpmorgan-com-8914 377 40 receives receive VBZ privatebank-jpmorgan-com-8914 377 41 it -PRON- PRP privatebank-jpmorgan-com-8914 377 42 . . . privatebank-jpmorgan-com-8914 378 1 The the DT privatebank-jpmorgan-com-8914 378 2 data datum NNS privatebank-jpmorgan-com-8914 378 3 in in IN privatebank-jpmorgan-com-8914 378 4 this this DT privatebank-jpmorgan-com-8914 378 5 report report NN privatebank-jpmorgan-com-8914 378 6 is be VBZ privatebank-jpmorgan-com-8914 378 7 not not RB privatebank-jpmorgan-com-8914 378 8 representative representative JJ privatebank-jpmorgan-com-8914 378 9 of of IN privatebank-jpmorgan-com-8914 378 10 Chase Chase NNP privatebank-jpmorgan-com-8914 378 11 ’s ’s POS privatebank-jpmorgan-com-8914 378 12 overall overall JJ privatebank-jpmorgan-com-8914 378 13 credit credit NN privatebank-jpmorgan-com-8914 378 14 and and CC privatebank-jpmorgan-com-8914 378 15 debit debit NN privatebank-jpmorgan-com-8914 378 16 cardholder cardholder NN privatebank-jpmorgan-com-8914 378 17 population population NN privatebank-jpmorgan-com-8914 378 18 . . . privatebank-jpmorgan-com-8914 379 1 The the DT privatebank-jpmorgan-com-8914 379 2 views view NNS privatebank-jpmorgan-com-8914 379 3 , , , privatebank-jpmorgan-com-8914 379 4 opinions opinion NNS privatebank-jpmorgan-com-8914 379 5 and and CC privatebank-jpmorgan-com-8914 379 6 estimates estimate NNS privatebank-jpmorgan-com-8914 379 7 expressed express VBD privatebank-jpmorgan-com-8914 379 8 herein herein NNP privatebank-jpmorgan-com-8914 379 9 constitute constitute VB privatebank-jpmorgan-com-8914 379 10 Michael Michael NNP privatebank-jpmorgan-com-8914 379 11 Cembalest Cembalest NNP privatebank-jpmorgan-com-8914 379 12 ’s ’s POS privatebank-jpmorgan-com-8914 379 13 judgment judgment NN privatebank-jpmorgan-com-8914 379 14 based base VBN privatebank-jpmorgan-com-8914 379 15 on on IN privatebank-jpmorgan-com-8914 379 16 current current JJ privatebank-jpmorgan-com-8914 379 17 market market NN privatebank-jpmorgan-com-8914 379 18 conditions condition NNS privatebank-jpmorgan-com-8914 379 19 and and CC privatebank-jpmorgan-com-8914 379 20 are be VBP privatebank-jpmorgan-com-8914 379 21 subject subject JJ privatebank-jpmorgan-com-8914 379 22 to to IN privatebank-jpmorgan-com-8914 379 23 change change NN privatebank-jpmorgan-com-8914 379 24 without without IN privatebank-jpmorgan-com-8914 379 25 notice notice NN privatebank-jpmorgan-com-8914 379 26 . . . privatebank-jpmorgan-com-8914 380 1 Information Information NNP privatebank-jpmorgan-com-8914 380 2 herein herein NNP privatebank-jpmorgan-com-8914 380 3 may may MD privatebank-jpmorgan-com-8914 380 4 differ differ VB privatebank-jpmorgan-com-8914 380 5 from from IN privatebank-jpmorgan-com-8914 380 6 those those DT privatebank-jpmorgan-com-8914 380 7 expressed express VBN privatebank-jpmorgan-com-8914 380 8 by by IN privatebank-jpmorgan-com-8914 380 9 other other JJ privatebank-jpmorgan-com-8914 380 10 areas area NNS privatebank-jpmorgan-com-8914 380 11 of of IN privatebank-jpmorgan-com-8914 380 12 J.P. J.P. NNP privatebank-jpmorgan-com-8914 380 13 Morgan Morgan NNP privatebank-jpmorgan-com-8914 380 14 . . . privatebank-jpmorgan-com-8914 381 1 This this DT privatebank-jpmorgan-com-8914 381 2 information information NN privatebank-jpmorgan-com-8914 381 3 in in IN privatebank-jpmorgan-com-8914 381 4 no no DT privatebank-jpmorgan-com-8914 381 5 way way NN privatebank-jpmorgan-com-8914 381 6 constitutes constitute VBZ privatebank-jpmorgan-com-8914 381 7 J.P. J.P. NNP privatebank-jpmorgan-com-8914 381 8 Morgan Morgan NNP privatebank-jpmorgan-com-8914 381 9 Research Research NNP privatebank-jpmorgan-com-8914 381 10 and and CC privatebank-jpmorgan-com-8914 381 11 should should MD privatebank-jpmorgan-com-8914 381 12 not not RB privatebank-jpmorgan-com-8914 381 13 be be VB privatebank-jpmorgan-com-8914 381 14 treated treat VBN privatebank-jpmorgan-com-8914 381 15 as as IN privatebank-jpmorgan-com-8914 381 16 such such JJ privatebank-jpmorgan-com-8914 381 17 . . . privatebank-jpmorgan-com-8914 382 1 The the DT privatebank-jpmorgan-com-8914 382 2 views view NNS privatebank-jpmorgan-com-8914 382 3 contained contain VBD privatebank-jpmorgan-com-8914 382 4 herein herein NNP privatebank-jpmorgan-com-8914 382 5 are be VBP privatebank-jpmorgan-com-8914 382 6 not not RB privatebank-jpmorgan-com-8914 382 7 to to TO privatebank-jpmorgan-com-8914 382 8 be be VB privatebank-jpmorgan-com-8914 382 9 taken take VBN privatebank-jpmorgan-com-8914 382 10 as as IN privatebank-jpmorgan-com-8914 382 11 advice advice NN privatebank-jpmorgan-com-8914 382 12 or or CC privatebank-jpmorgan-com-8914 382 13 a a DT privatebank-jpmorgan-com-8914 382 14 recommendation recommendation NN privatebank-jpmorgan-com-8914 382 15 to to TO privatebank-jpmorgan-com-8914 382 16 buy buy VB privatebank-jpmorgan-com-8914 382 17 or or CC privatebank-jpmorgan-com-8914 382 18 sell sell VB privatebank-jpmorgan-com-8914 382 19 any any DT privatebank-jpmorgan-com-8914 382 20 investment investment NN privatebank-jpmorgan-com-8914 382 21 in in IN privatebank-jpmorgan-com-8914 382 22 any any DT privatebank-jpmorgan-com-8914 382 23 jurisdiction jurisdiction NN privatebank-jpmorgan-com-8914 382 24 , , , privatebank-jpmorgan-com-8914 382 25 nor nor CC privatebank-jpmorgan-com-8914 382 26 is be VBZ privatebank-jpmorgan-com-8914 382 27 it -PRON- PRP privatebank-jpmorgan-com-8914 382 28 a a DT privatebank-jpmorgan-com-8914 382 29 commitment commitment NN privatebank-jpmorgan-com-8914 382 30 from from IN privatebank-jpmorgan-com-8914 382 31 J.P. J.P. NNP privatebank-jpmorgan-com-8914 382 32 Morgan Morgan NNP privatebank-jpmorgan-com-8914 382 33 or or CC privatebank-jpmorgan-com-8914 382 34 any any DT privatebank-jpmorgan-com-8914 382 35 of of IN privatebank-jpmorgan-com-8914 382 36 its -PRON- PRP$ privatebank-jpmorgan-com-8914 382 37 subsidiaries subsidiary NNS privatebank-jpmorgan-com-8914 382 38 to to TO privatebank-jpmorgan-com-8914 382 39 participate participate VB privatebank-jpmorgan-com-8914 382 40 in in IN privatebank-jpmorgan-com-8914 382 41 any any DT privatebank-jpmorgan-com-8914 382 42 of of IN privatebank-jpmorgan-com-8914 382 43 the the DT privatebank-jpmorgan-com-8914 382 44 transactions transaction NNS privatebank-jpmorgan-com-8914 382 45 mentioned mention VBD privatebank-jpmorgan-com-8914 382 46 herein herein NNP privatebank-jpmorgan-com-8914 382 47 . . . privatebank-jpmorgan-com-8914 383 1 Any any DT privatebank-jpmorgan-com-8914 383 2 forecasts forecast NNS privatebank-jpmorgan-com-8914 383 3 , , , privatebank-jpmorgan-com-8914 383 4 figures figure NNS privatebank-jpmorgan-com-8914 383 5 , , , privatebank-jpmorgan-com-8914 383 6 opinions opinion NNS privatebank-jpmorgan-com-8914 383 7 or or CC privatebank-jpmorgan-com-8914 383 8 investment investment NN privatebank-jpmorgan-com-8914 383 9 techniques technique NNS privatebank-jpmorgan-com-8914 383 10 and and CC privatebank-jpmorgan-com-8914 383 11 strategies strategy NNS privatebank-jpmorgan-com-8914 383 12 set set VBN privatebank-jpmorgan-com-8914 383 13 out out RP privatebank-jpmorgan-com-8914 383 14 are be VBP privatebank-jpmorgan-com-8914 383 15 for for IN privatebank-jpmorgan-com-8914 383 16 information information NN privatebank-jpmorgan-com-8914 383 17 purposes purpose NNS privatebank-jpmorgan-com-8914 383 18 only only RB privatebank-jpmorgan-com-8914 383 19 , , , privatebank-jpmorgan-com-8914 383 20 based base VBN privatebank-jpmorgan-com-8914 383 21 on on IN privatebank-jpmorgan-com-8914 383 22 certain certain JJ privatebank-jpmorgan-com-8914 383 23 assumptions assumption NNS privatebank-jpmorgan-com-8914 383 24 and and CC privatebank-jpmorgan-com-8914 383 25 current current JJ privatebank-jpmorgan-com-8914 383 26 market market NN privatebank-jpmorgan-com-8914 383 27 conditions condition NNS privatebank-jpmorgan-com-8914 383 28 and and CC privatebank-jpmorgan-com-8914 383 29 are be VBP privatebank-jpmorgan-com-8914 383 30 subject subject JJ privatebank-jpmorgan-com-8914 383 31 to to IN privatebank-jpmorgan-com-8914 383 32 change change NN privatebank-jpmorgan-com-8914 383 33 without without IN privatebank-jpmorgan-com-8914 383 34 prior prior JJ privatebank-jpmorgan-com-8914 383 35 notice notice NN privatebank-jpmorgan-com-8914 383 36 . . . privatebank-jpmorgan-com-8914 384 1 All all DT privatebank-jpmorgan-com-8914 384 2 information information NN privatebank-jpmorgan-com-8914 384 3 presented present VBD privatebank-jpmorgan-com-8914 384 4 herein herein NNP privatebank-jpmorgan-com-8914 384 5 is be VBZ privatebank-jpmorgan-com-8914 384 6 considered consider VBN privatebank-jpmorgan-com-8914 384 7 to to TO privatebank-jpmorgan-com-8914 384 8 be be VB privatebank-jpmorgan-com-8914 384 9 accurate accurate JJ privatebank-jpmorgan-com-8914 384 10 at at IN privatebank-jpmorgan-com-8914 384 11 the the DT privatebank-jpmorgan-com-8914 384 12 time time NN privatebank-jpmorgan-com-8914 384 13 of of IN privatebank-jpmorgan-com-8914 384 14 production production NN privatebank-jpmorgan-com-8914 384 15 . . . privatebank-jpmorgan-com-8914 385 1 This this DT privatebank-jpmorgan-com-8914 385 2 material material NN privatebank-jpmorgan-com-8914 385 3 does do VBZ privatebank-jpmorgan-com-8914 385 4 not not RB privatebank-jpmorgan-com-8914 385 5 contain contain VB privatebank-jpmorgan-com-8914 385 6 sufficient sufficient JJ privatebank-jpmorgan-com-8914 385 7 information information NN privatebank-jpmorgan-com-8914 385 8 to to TO privatebank-jpmorgan-com-8914 385 9 support support VB privatebank-jpmorgan-com-8914 385 10 an an DT privatebank-jpmorgan-com-8914 385 11 investment investment NN privatebank-jpmorgan-com-8914 385 12 decision decision NN privatebank-jpmorgan-com-8914 385 13 and and CC privatebank-jpmorgan-com-8914 385 14 it -PRON- PRP privatebank-jpmorgan-com-8914 385 15 should should MD privatebank-jpmorgan-com-8914 385 16 not not RB privatebank-jpmorgan-com-8914 385 17 be be VB privatebank-jpmorgan-com-8914 385 18 relied rely VBN privatebank-jpmorgan-com-8914 385 19 upon upon IN privatebank-jpmorgan-com-8914 385 20 by by IN privatebank-jpmorgan-com-8914 385 21 you -PRON- PRP privatebank-jpmorgan-com-8914 385 22 in in IN privatebank-jpmorgan-com-8914 385 23 evaluating evaluate VBG privatebank-jpmorgan-com-8914 385 24 the the DT privatebank-jpmorgan-com-8914 385 25 merits merit NNS privatebank-jpmorgan-com-8914 385 26 of of IN privatebank-jpmorgan-com-8914 385 27 investing invest VBG privatebank-jpmorgan-com-8914 385 28 in in IN privatebank-jpmorgan-com-8914 385 29 any any DT privatebank-jpmorgan-com-8914 385 30 securities security NNS privatebank-jpmorgan-com-8914 385 31 or or CC privatebank-jpmorgan-com-8914 385 32 products product NNS privatebank-jpmorgan-com-8914 385 33 . . . privatebank-jpmorgan-com-8914 386 1 In in IN privatebank-jpmorgan-com-8914 386 2 addition addition NN privatebank-jpmorgan-com-8914 386 3 , , , privatebank-jpmorgan-com-8914 386 4 users user NNS privatebank-jpmorgan-com-8914 386 5 should should MD privatebank-jpmorgan-com-8914 386 6 make make VB privatebank-jpmorgan-com-8914 386 7 an an DT privatebank-jpmorgan-com-8914 386 8 independent independent JJ privatebank-jpmorgan-com-8914 386 9 assessment assessment NN privatebank-jpmorgan-com-8914 386 10 of of IN privatebank-jpmorgan-com-8914 386 11 the the DT privatebank-jpmorgan-com-8914 386 12 legal legal JJ privatebank-jpmorgan-com-8914 386 13 , , , privatebank-jpmorgan-com-8914 386 14 regulatory regulatory JJ privatebank-jpmorgan-com-8914 386 15 , , , privatebank-jpmorgan-com-8914 386 16 tax tax NN privatebank-jpmorgan-com-8914 386 17 , , , privatebank-jpmorgan-com-8914 386 18 credit credit NN privatebank-jpmorgan-com-8914 386 19 and and CC privatebank-jpmorgan-com-8914 386 20 accounting accounting NN privatebank-jpmorgan-com-8914 386 21 implications implication NNS privatebank-jpmorgan-com-8914 386 22 and and CC privatebank-jpmorgan-com-8914 386 23 determine determine NN privatebank-jpmorgan-com-8914 386 24 , , , privatebank-jpmorgan-com-8914 386 25 together together RB privatebank-jpmorgan-com-8914 386 26 with with IN privatebank-jpmorgan-com-8914 386 27 their -PRON- PRP$ privatebank-jpmorgan-com-8914 386 28 own own JJ privatebank-jpmorgan-com-8914 386 29 professional professional JJ privatebank-jpmorgan-com-8914 386 30 advisers adviser NNS privatebank-jpmorgan-com-8914 386 31 , , , privatebank-jpmorgan-com-8914 386 32 if if IN privatebank-jpmorgan-com-8914 386 33 any any DT privatebank-jpmorgan-com-8914 386 34 investment investment NN privatebank-jpmorgan-com-8914 386 35 mentioned mention VBD privatebank-jpmorgan-com-8914 386 36 herein herein NNP privatebank-jpmorgan-com-8914 386 37 is be VBZ privatebank-jpmorgan-com-8914 386 38 believed believe VBN privatebank-jpmorgan-com-8914 386 39 to to TO privatebank-jpmorgan-com-8914 386 40 be be VB privatebank-jpmorgan-com-8914 386 41 suitable suitable JJ privatebank-jpmorgan-com-8914 386 42 to to IN privatebank-jpmorgan-com-8914 386 43 their -PRON- PRP$ privatebank-jpmorgan-com-8914 386 44 personal personal JJ privatebank-jpmorgan-com-8914 386 45 goals goal NNS privatebank-jpmorgan-com-8914 386 46 . . . privatebank-jpmorgan-com-8914 387 1 Investors investor NNS privatebank-jpmorgan-com-8914 387 2 should should MD privatebank-jpmorgan-com-8914 387 3 ensure ensure VB privatebank-jpmorgan-com-8914 387 4 that that IN privatebank-jpmorgan-com-8914 387 5 they -PRON- PRP privatebank-jpmorgan-com-8914 387 6 obtain obtain VBP privatebank-jpmorgan-com-8914 387 7 all all DT privatebank-jpmorgan-com-8914 387 8 available available JJ privatebank-jpmorgan-com-8914 387 9 relevant relevant JJ privatebank-jpmorgan-com-8914 387 10 information information NN privatebank-jpmorgan-com-8914 387 11 before before IN privatebank-jpmorgan-com-8914 387 12 making make VBG privatebank-jpmorgan-com-8914 387 13 any any DT privatebank-jpmorgan-com-8914 387 14 investment investment NN privatebank-jpmorgan-com-8914 387 15 . . . privatebank-jpmorgan-com-8914 388 1 It -PRON- PRP privatebank-jpmorgan-com-8914 388 2 should should MD privatebank-jpmorgan-com-8914 388 3 be be VB privatebank-jpmorgan-com-8914 388 4 noted note VBN privatebank-jpmorgan-com-8914 388 5 that that IN privatebank-jpmorgan-com-8914 388 6 investment investment NN privatebank-jpmorgan-com-8914 388 7 involves involve VBZ privatebank-jpmorgan-com-8914 388 8 risks risk NNS privatebank-jpmorgan-com-8914 388 9 , , , privatebank-jpmorgan-com-8914 388 10 the the DT privatebank-jpmorgan-com-8914 388 11 value value NN privatebank-jpmorgan-com-8914 388 12 of of IN privatebank-jpmorgan-com-8914 388 13 investments investment NNS privatebank-jpmorgan-com-8914 388 14 and and CC privatebank-jpmorgan-com-8914 388 15 the the DT privatebank-jpmorgan-com-8914 388 16 income income NN privatebank-jpmorgan-com-8914 388 17 from from IN privatebank-jpmorgan-com-8914 388 18 them -PRON- PRP privatebank-jpmorgan-com-8914 388 19 may may MD privatebank-jpmorgan-com-8914 388 20 fluctuate fluctuate VB privatebank-jpmorgan-com-8914 388 21 in in IN privatebank-jpmorgan-com-8914 388 22 accordance accordance NN privatebank-jpmorgan-com-8914 388 23 with with IN privatebank-jpmorgan-com-8914 388 24 market market NN privatebank-jpmorgan-com-8914 388 25 conditions condition NNS privatebank-jpmorgan-com-8914 388 26 and and CC privatebank-jpmorgan-com-8914 388 27 taxation taxation NN privatebank-jpmorgan-com-8914 388 28 agreements agreement NNS privatebank-jpmorgan-com-8914 388 29 and and CC privatebank-jpmorgan-com-8914 388 30 investors investor NNS privatebank-jpmorgan-com-8914 388 31 may may MD privatebank-jpmorgan-com-8914 388 32 not not RB privatebank-jpmorgan-com-8914 388 33 get get VB privatebank-jpmorgan-com-8914 388 34 back back RB privatebank-jpmorgan-com-8914 388 35 the the DT privatebank-jpmorgan-com-8914 388 36 full full JJ privatebank-jpmorgan-com-8914 388 37 amount amount NN privatebank-jpmorgan-com-8914 388 38 invested invest VBN privatebank-jpmorgan-com-8914 388 39 . . . privatebank-jpmorgan-com-8914 389 1 Both both DT privatebank-jpmorgan-com-8914 389 2 past past JJ privatebank-jpmorgan-com-8914 389 3 performance performance NN privatebank-jpmorgan-com-8914 389 4 and and CC privatebank-jpmorgan-com-8914 389 5 yields yield NNS privatebank-jpmorgan-com-8914 389 6 are be VBP privatebank-jpmorgan-com-8914 389 7 not not RB privatebank-jpmorgan-com-8914 389 8 reliable reliable JJ privatebank-jpmorgan-com-8914 389 9 indicators indicator NNS privatebank-jpmorgan-com-8914 389 10 of of IN privatebank-jpmorgan-com-8914 389 11 current current JJ privatebank-jpmorgan-com-8914 389 12 and and CC privatebank-jpmorgan-com-8914 389 13 future future JJ privatebank-jpmorgan-com-8914 389 14 results result NNS privatebank-jpmorgan-com-8914 389 15 . . . privatebank-jpmorgan-com-8914 390 1 Non non JJ privatebank-jpmorgan-com-8914 390 2 - - JJ privatebank-jpmorgan-com-8914 390 3 affiliated affiliated JJ privatebank-jpmorgan-com-8914 390 4 entities entity NNS privatebank-jpmorgan-com-8914 390 5 mentioned mention VBN privatebank-jpmorgan-com-8914 390 6 are be VBP privatebank-jpmorgan-com-8914 390 7 for for IN privatebank-jpmorgan-com-8914 390 8 informational informational JJ privatebank-jpmorgan-com-8914 390 9 purposes purpose NNS privatebank-jpmorgan-com-8914 390 10 only only RB privatebank-jpmorgan-com-8914 390 11 and and CC privatebank-jpmorgan-com-8914 390 12 should should MD privatebank-jpmorgan-com-8914 390 13 not not RB privatebank-jpmorgan-com-8914 390 14 be be VB privatebank-jpmorgan-com-8914 390 15 construed construe VBN privatebank-jpmorgan-com-8914 390 16 as as IN privatebank-jpmorgan-com-8914 390 17 an an DT privatebank-jpmorgan-com-8914 390 18 endorsement endorsement NN privatebank-jpmorgan-com-8914 390 19 or or CC privatebank-jpmorgan-com-8914 390 20 sponsorship sponsorship NN privatebank-jpmorgan-com-8914 390 21 of of IN privatebank-jpmorgan-com-8914 390 22 J.P. J.P. NNP privatebank-jpmorgan-com-8914 390 23 Morgan Morgan NNP privatebank-jpmorgan-com-8914 390 24 Chase Chase NNP privatebank-jpmorgan-com-8914 390 25 & & CC privatebank-jpmorgan-com-8914 390 26 Co. Co. NNP privatebank-jpmorgan-com-8914 390 27 or or CC privatebank-jpmorgan-com-8914 390 28 its -PRON- PRP$ privatebank-jpmorgan-com-8914 390 29 affiliates affiliate NNS privatebank-jpmorgan-com-8914 390 30 . . . privatebank-jpmorgan-com-8914 391 1 For for IN privatebank-jpmorgan-com-8914 391 2 J.P. J.P. NNP privatebank-jpmorgan-com-8914 391 3 Morgan Morgan NNP privatebank-jpmorgan-com-8914 391 4 Asset Asset NNP privatebank-jpmorgan-com-8914 391 5 Management Management NNP privatebank-jpmorgan-com-8914 391 6 Clients Clients NNPS privatebank-jpmorgan-com-8914 391 7 : : : privatebank-jpmorgan-com-8914 391 8 J.P. J.P. NNP privatebank-jpmorgan-com-8914 391 9 Morgan Morgan NNP privatebank-jpmorgan-com-8914 391 10 Asset Asset NNP privatebank-jpmorgan-com-8914 391 11 Management Management NNP privatebank-jpmorgan-com-8914 391 12 is be VBZ privatebank-jpmorgan-com-8914 391 13 the the DT privatebank-jpmorgan-com-8914 391 14 brand brand NN privatebank-jpmorgan-com-8914 391 15 for for IN privatebank-jpmorgan-com-8914 391 16 the the DT privatebank-jpmorgan-com-8914 391 17 asset asset NN privatebank-jpmorgan-com-8914 391 18 management management NN privatebank-jpmorgan-com-8914 391 19 business business NN privatebank-jpmorgan-com-8914 391 20 of of IN privatebank-jpmorgan-com-8914 391 21 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 391 22 Chase Chase NNP privatebank-jpmorgan-com-8914 391 23 & & CC privatebank-jpmorgan-com-8914 391 24 Co. Co. NNP privatebank-jpmorgan-com-8914 391 25 and and CC privatebank-jpmorgan-com-8914 391 26 its -PRON- PRP$ privatebank-jpmorgan-com-8914 391 27 affiliates affiliate NNS privatebank-jpmorgan-com-8914 391 28 worldwide worldwide RB privatebank-jpmorgan-com-8914 391 29 . . . privatebank-jpmorgan-com-8914 392 1 To to IN privatebank-jpmorgan-com-8914 392 2 the the DT privatebank-jpmorgan-com-8914 392 3 extent extent NN privatebank-jpmorgan-com-8914 392 4 permitted permit VBN privatebank-jpmorgan-com-8914 392 5 by by IN privatebank-jpmorgan-com-8914 392 6 applicable applicable JJ privatebank-jpmorgan-com-8914 392 7 law law NN privatebank-jpmorgan-com-8914 392 8 , , , privatebank-jpmorgan-com-8914 392 9 we -PRON- PRP privatebank-jpmorgan-com-8914 392 10 may may MD privatebank-jpmorgan-com-8914 392 11 record record VB privatebank-jpmorgan-com-8914 392 12 telephone telephone NN privatebank-jpmorgan-com-8914 392 13 calls call NNS privatebank-jpmorgan-com-8914 392 14 and and CC privatebank-jpmorgan-com-8914 392 15 monitor monitor VB privatebank-jpmorgan-com-8914 392 16 electronic electronic JJ privatebank-jpmorgan-com-8914 392 17 communications communication NNS privatebank-jpmorgan-com-8914 392 18 to to TO privatebank-jpmorgan-com-8914 392 19 comply comply VB privatebank-jpmorgan-com-8914 392 20 with with IN privatebank-jpmorgan-com-8914 392 21 our -PRON- PRP$ privatebank-jpmorgan-com-8914 392 22 legal legal JJ privatebank-jpmorgan-com-8914 392 23 and and CC privatebank-jpmorgan-com-8914 392 24 regulatory regulatory JJ privatebank-jpmorgan-com-8914 392 25 obligations obligation NNS privatebank-jpmorgan-com-8914 392 26 and and CC privatebank-jpmorgan-com-8914 392 27 internal internal JJ privatebank-jpmorgan-com-8914 392 28 policies policy NNS privatebank-jpmorgan-com-8914 392 29 . . . privatebank-jpmorgan-com-8914 393 1 Personal personal JJ privatebank-jpmorgan-com-8914 393 2 data datum NNS privatebank-jpmorgan-com-8914 393 3 will will MD privatebank-jpmorgan-com-8914 393 4 be be VB privatebank-jpmorgan-com-8914 393 5 collected collect VBN privatebank-jpmorgan-com-8914 393 6 , , , privatebank-jpmorgan-com-8914 393 7 stored store VBN privatebank-jpmorgan-com-8914 393 8 and and CC privatebank-jpmorgan-com-8914 393 9 processed process VBN privatebank-jpmorgan-com-8914 393 10 by by IN privatebank-jpmorgan-com-8914 393 11 J.P. J.P. NNP privatebank-jpmorgan-com-8914 393 12 Morgan Morgan NNP privatebank-jpmorgan-com-8914 393 13 Asset Asset NNP privatebank-jpmorgan-com-8914 393 14 Management Management NNP privatebank-jpmorgan-com-8914 393 15 in in IN privatebank-jpmorgan-com-8914 393 16 accordance accordance NN privatebank-jpmorgan-com-8914 393 17 with with IN privatebank-jpmorgan-com-8914 393 18 our -PRON- PRP$ privatebank-jpmorgan-com-8914 393 19 privacy privacy NN privatebank-jpmorgan-com-8914 393 20 policies policy NNS privatebank-jpmorgan-com-8914 393 21 at at IN privatebank-jpmorgan-com-8914 393 22 https://am.jpmorgan.com/global/privacy https://am.jpmorgan.com/global/privacy NN privatebank-jpmorgan-com-8914 393 23 . . . privatebank-jpmorgan-com-8914 394 1 ACCESSIBILITY ACCESSIBILITY NNP privatebank-jpmorgan-com-8914 394 2 For for IN privatebank-jpmorgan-com-8914 394 3 U.S. U.S. NNP privatebank-jpmorgan-com-8914 394 4 only only RB privatebank-jpmorgan-com-8914 394 5 : : : privatebank-jpmorgan-com-8914 394 6 If if IN privatebank-jpmorgan-com-8914 394 7 you -PRON- PRP privatebank-jpmorgan-com-8914 394 8 are be VBP privatebank-jpmorgan-com-8914 394 9 a a DT privatebank-jpmorgan-com-8914 394 10 person person NN privatebank-jpmorgan-com-8914 394 11 with with IN privatebank-jpmorgan-com-8914 394 12 a a DT privatebank-jpmorgan-com-8914 394 13 disability disability NN privatebank-jpmorgan-com-8914 394 14 and and CC privatebank-jpmorgan-com-8914 394 15 need need VB privatebank-jpmorgan-com-8914 394 16 additional additional JJ privatebank-jpmorgan-com-8914 394 17 support support NN privatebank-jpmorgan-com-8914 394 18 in in IN privatebank-jpmorgan-com-8914 394 19 viewing view VBG privatebank-jpmorgan-com-8914 394 20 the the DT privatebank-jpmorgan-com-8914 394 21 material material NN privatebank-jpmorgan-com-8914 394 22 , , , privatebank-jpmorgan-com-8914 394 23 please please UH privatebank-jpmorgan-com-8914 394 24 call call VB privatebank-jpmorgan-com-8914 394 25 us -PRON- PRP privatebank-jpmorgan-com-8914 394 26 at at IN privatebank-jpmorgan-com-8914 394 27 1 1 CD privatebank-jpmorgan-com-8914 394 28 - - HYPH privatebank-jpmorgan-com-8914 394 29 800 800 CD privatebank-jpmorgan-com-8914 394 30 - - CD privatebank-jpmorgan-com-8914 394 31 343 343 CD privatebank-jpmorgan-com-8914 394 32 - - HYPH privatebank-jpmorgan-com-8914 394 33 1113 1113 CD privatebank-jpmorgan-com-8914 394 34 for for IN privatebank-jpmorgan-com-8914 394 35 assistance assistance NN privatebank-jpmorgan-com-8914 394 36 . . . privatebank-jpmorgan-com-8914 395 1 This this DT privatebank-jpmorgan-com-8914 395 2 communication communication NN privatebank-jpmorgan-com-8914 395 3 is be VBZ privatebank-jpmorgan-com-8914 395 4 issued issue VBN privatebank-jpmorgan-com-8914 395 5 by by IN privatebank-jpmorgan-com-8914 395 6 the the DT privatebank-jpmorgan-com-8914 395 7 following following JJ privatebank-jpmorgan-com-8914 395 8 entities entity NNS privatebank-jpmorgan-com-8914 395 9 : : : privatebank-jpmorgan-com-8914 395 10 In in IN privatebank-jpmorgan-com-8914 395 11 the the DT privatebank-jpmorgan-com-8914 395 12 United United NNP privatebank-jpmorgan-com-8914 395 13 States States NNP privatebank-jpmorgan-com-8914 395 14 , , , privatebank-jpmorgan-com-8914 395 15 by by IN privatebank-jpmorgan-com-8914 395 16 J.P. J.P. NNP privatebank-jpmorgan-com-8914 395 17 Morgan Morgan NNP privatebank-jpmorgan-com-8914 395 18 Investment Investment NNP privatebank-jpmorgan-com-8914 395 19 Management Management NNP privatebank-jpmorgan-com-8914 395 20 Inc. Inc. NNP privatebank-jpmorgan-com-8914 395 21 or or CC privatebank-jpmorgan-com-8914 395 22 J.P. J.P. NNP privatebank-jpmorgan-com-8914 395 23 Morgan Morgan NNP privatebank-jpmorgan-com-8914 395 24 Alternative Alternative NNP privatebank-jpmorgan-com-8914 395 25 Asset Asset NNP privatebank-jpmorgan-com-8914 395 26 Management Management NNP privatebank-jpmorgan-com-8914 395 27 , , , privatebank-jpmorgan-com-8914 395 28 Inc. Inc. NNP privatebank-jpmorgan-com-8914 395 29 , , , privatebank-jpmorgan-com-8914 395 30 both both DT privatebank-jpmorgan-com-8914 395 31 regulated regulate VBN privatebank-jpmorgan-com-8914 395 32 by by IN privatebank-jpmorgan-com-8914 395 33 the the DT privatebank-jpmorgan-com-8914 395 34 Securities Securities NNPS privatebank-jpmorgan-com-8914 395 35 and and CC privatebank-jpmorgan-com-8914 395 36 Exchange Exchange NNP privatebank-jpmorgan-com-8914 395 37 Commission Commission NNP privatebank-jpmorgan-com-8914 395 38 ; ; : privatebank-jpmorgan-com-8914 395 39 in in IN privatebank-jpmorgan-com-8914 395 40 Latin Latin NNP privatebank-jpmorgan-com-8914 395 41 America America NNP privatebank-jpmorgan-com-8914 395 42 , , , privatebank-jpmorgan-com-8914 395 43 for for IN privatebank-jpmorgan-com-8914 395 44 intended intended JJ privatebank-jpmorgan-com-8914 395 45 recipients recipient NNS privatebank-jpmorgan-com-8914 395 46 ’ ’ POS privatebank-jpmorgan-com-8914 395 47 use use VBP privatebank-jpmorgan-com-8914 395 48 only only RB privatebank-jpmorgan-com-8914 395 49 , , , privatebank-jpmorgan-com-8914 395 50 by by IN privatebank-jpmorgan-com-8914 395 51 local local JJ privatebank-jpmorgan-com-8914 395 52 J.P. J.P. NNP privatebank-jpmorgan-com-8914 395 53 Morgan Morgan NNP privatebank-jpmorgan-com-8914 395 54 entities entity NNS privatebank-jpmorgan-com-8914 395 55 , , , privatebank-jpmorgan-com-8914 395 56 as as IN privatebank-jpmorgan-com-8914 395 57 the the DT privatebank-jpmorgan-com-8914 395 58 case case NN privatebank-jpmorgan-com-8914 395 59 may may MD privatebank-jpmorgan-com-8914 395 60 be be VB privatebank-jpmorgan-com-8914 395 61 . . . privatebank-jpmorgan-com-8914 396 1 ; ; : privatebank-jpmorgan-com-8914 396 2 in in IN privatebank-jpmorgan-com-8914 396 3 Canada Canada NNP privatebank-jpmorgan-com-8914 396 4 , , , privatebank-jpmorgan-com-8914 396 5 for for IN privatebank-jpmorgan-com-8914 396 6 institutional institutional JJ privatebank-jpmorgan-com-8914 396 7 clients client NNS privatebank-jpmorgan-com-8914 396 8 ’ ' '' privatebank-jpmorgan-com-8914 396 9 use use VBP privatebank-jpmorgan-com-8914 396 10 only only RB privatebank-jpmorgan-com-8914 396 11 , , , privatebank-jpmorgan-com-8914 396 12 by by IN privatebank-jpmorgan-com-8914 396 13 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 396 14 Asset Asset NNP privatebank-jpmorgan-com-8914 396 15 Management Management NNP privatebank-jpmorgan-com-8914 396 16 ( ( -LRB- privatebank-jpmorgan-com-8914 396 17 Canada Canada NNP privatebank-jpmorgan-com-8914 396 18 ) ) -RRB- privatebank-jpmorgan-com-8914 396 19 Inc. Inc. NNP privatebank-jpmorgan-com-8914 396 20 , , , privatebank-jpmorgan-com-8914 396 21 which which WDT privatebank-jpmorgan-com-8914 396 22 is be VBZ privatebank-jpmorgan-com-8914 396 23 a a DT privatebank-jpmorgan-com-8914 396 24 registered registered JJ privatebank-jpmorgan-com-8914 396 25 Portfolio Portfolio NNP privatebank-jpmorgan-com-8914 396 26 Manager Manager NNP privatebank-jpmorgan-com-8914 396 27 and and CC privatebank-jpmorgan-com-8914 396 28 Exempt Exempt NNP privatebank-jpmorgan-com-8914 396 29 Market Market NNP privatebank-jpmorgan-com-8914 396 30 Dealer dealer NN privatebank-jpmorgan-com-8914 396 31 in in IN privatebank-jpmorgan-com-8914 396 32 all all DT privatebank-jpmorgan-com-8914 396 33 Canadian canadian JJ privatebank-jpmorgan-com-8914 396 34 provinces province NNS privatebank-jpmorgan-com-8914 396 35 and and CC privatebank-jpmorgan-com-8914 396 36 territories territory NNS privatebank-jpmorgan-com-8914 396 37 except except IN privatebank-jpmorgan-com-8914 396 38 the the DT privatebank-jpmorgan-com-8914 396 39 Yukon Yukon NNP privatebank-jpmorgan-com-8914 396 40 and and CC privatebank-jpmorgan-com-8914 396 41 is be VBZ privatebank-jpmorgan-com-8914 396 42 also also RB privatebank-jpmorgan-com-8914 396 43 registered register VBN privatebank-jpmorgan-com-8914 396 44 as as IN privatebank-jpmorgan-com-8914 396 45 an an DT privatebank-jpmorgan-com-8914 396 46 Investment Investment NNP privatebank-jpmorgan-com-8914 396 47 Fund Fund NNP privatebank-jpmorgan-com-8914 396 48 Manager Manager NNP privatebank-jpmorgan-com-8914 396 49 in in IN privatebank-jpmorgan-com-8914 396 50 British British NNP privatebank-jpmorgan-com-8914 396 51 Columbia Columbia NNP privatebank-jpmorgan-com-8914 396 52 , , , privatebank-jpmorgan-com-8914 396 53 Ontario Ontario NNP privatebank-jpmorgan-com-8914 396 54 , , , privatebank-jpmorgan-com-8914 396 55 Quebec Quebec NNP privatebank-jpmorgan-com-8914 396 56 and and CC privatebank-jpmorgan-com-8914 396 57 Newfoundland Newfoundland NNP privatebank-jpmorgan-com-8914 396 58 and and CC privatebank-jpmorgan-com-8914 396 59 Labrador Labrador NNP privatebank-jpmorgan-com-8914 396 60 . . . privatebank-jpmorgan-com-8914 397 1 In in IN privatebank-jpmorgan-com-8914 397 2 the the DT privatebank-jpmorgan-com-8914 397 3 United United NNP privatebank-jpmorgan-com-8914 397 4 Kingdom Kingdom NNP privatebank-jpmorgan-com-8914 397 5 , , , privatebank-jpmorgan-com-8914 397 6 by by IN privatebank-jpmorgan-com-8914 397 7 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 397 8 Asset Asset NNP privatebank-jpmorgan-com-8914 397 9 Management Management NNP privatebank-jpmorgan-com-8914 397 10 ( ( -LRB- privatebank-jpmorgan-com-8914 397 11 UK UK NNP privatebank-jpmorgan-com-8914 397 12 ) ) -RRB- privatebank-jpmorgan-com-8914 397 13 Limited Limited NNP privatebank-jpmorgan-com-8914 397 14 , , , privatebank-jpmorgan-com-8914 397 15 which which WDT privatebank-jpmorgan-com-8914 397 16 is be VBZ privatebank-jpmorgan-com-8914 397 17 authorized authorize VBN privatebank-jpmorgan-com-8914 397 18 and and CC privatebank-jpmorgan-com-8914 397 19 regulated regulate VBN privatebank-jpmorgan-com-8914 397 20 by by IN privatebank-jpmorgan-com-8914 397 21 the the DT privatebank-jpmorgan-com-8914 397 22 Financial Financial NNP privatebank-jpmorgan-com-8914 397 23 Conduct Conduct NNP privatebank-jpmorgan-com-8914 397 24 Authority Authority NNP privatebank-jpmorgan-com-8914 397 25 ; ; : privatebank-jpmorgan-com-8914 397 26 in in IN privatebank-jpmorgan-com-8914 397 27 other other JJ privatebank-jpmorgan-com-8914 397 28 European european JJ privatebank-jpmorgan-com-8914 397 29 jurisdictions jurisdiction NNS privatebank-jpmorgan-com-8914 397 30 , , , privatebank-jpmorgan-com-8914 397 31 by by IN privatebank-jpmorgan-com-8914 397 32 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 397 33 Asset Asset NNP privatebank-jpmorgan-com-8914 397 34 Management Management NNP privatebank-jpmorgan-com-8914 397 35 ( ( -LRB- privatebank-jpmorgan-com-8914 397 36 Europe Europe NNP privatebank-jpmorgan-com-8914 397 37 ) ) -RRB- privatebank-jpmorgan-com-8914 397 38 S.à S.à NNP privatebank-jpmorgan-com-8914 397 39 r.l r.l NNP privatebank-jpmorgan-com-8914 397 40 . . . privatebank-jpmorgan-com-8914 398 1 In in IN privatebank-jpmorgan-com-8914 398 2 Asia Asia NNP privatebank-jpmorgan-com-8914 398 3 Pacific Pacific NNP privatebank-jpmorgan-com-8914 398 4 ( ( -LRB- privatebank-jpmorgan-com-8914 398 5 “ " `` privatebank-jpmorgan-com-8914 398 6 APAC APAC NNP privatebank-jpmorgan-com-8914 398 7 ” " '' privatebank-jpmorgan-com-8914 398 8 ) ) -RRB- privatebank-jpmorgan-com-8914 398 9 , , , privatebank-jpmorgan-com-8914 398 10 by by IN privatebank-jpmorgan-com-8914 398 11 the the DT privatebank-jpmorgan-com-8914 398 12 following follow VBG privatebank-jpmorgan-com-8914 398 13 issuing issuing NN privatebank-jpmorgan-com-8914 398 14 entities entity NNS privatebank-jpmorgan-com-8914 398 15 and and CC privatebank-jpmorgan-com-8914 398 16 in in IN privatebank-jpmorgan-com-8914 398 17 the the DT privatebank-jpmorgan-com-8914 398 18 respective respective JJ privatebank-jpmorgan-com-8914 398 19 jurisdictions jurisdiction NNS privatebank-jpmorgan-com-8914 398 20 in in IN privatebank-jpmorgan-com-8914 398 21 which which WDT privatebank-jpmorgan-com-8914 398 22 they -PRON- PRP privatebank-jpmorgan-com-8914 398 23 are be VBP privatebank-jpmorgan-com-8914 398 24 primarily primarily RB privatebank-jpmorgan-com-8914 398 25 regulated regulate VBN privatebank-jpmorgan-com-8914 398 26 : : : privatebank-jpmorgan-com-8914 398 27 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 398 28 Asset Asset NNP privatebank-jpmorgan-com-8914 398 29 Management Management NNP privatebank-jpmorgan-com-8914 398 30 ( ( -LRB- privatebank-jpmorgan-com-8914 398 31 Asia Asia NNP privatebank-jpmorgan-com-8914 398 32 Pacific Pacific NNP privatebank-jpmorgan-com-8914 398 33 ) ) -RRB- privatebank-jpmorgan-com-8914 398 34 Limited Limited NNP privatebank-jpmorgan-com-8914 398 35 , , , privatebank-jpmorgan-com-8914 398 36 or or CC privatebank-jpmorgan-com-8914 398 37 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 398 38 Funds Funds NNP privatebank-jpmorgan-com-8914 398 39 ( ( -LRB- privatebank-jpmorgan-com-8914 398 40 Asia Asia NNP privatebank-jpmorgan-com-8914 398 41 ) ) -RRB- privatebank-jpmorgan-com-8914 398 42 Limited Limited NNP privatebank-jpmorgan-com-8914 398 43 , , , privatebank-jpmorgan-com-8914 398 44 or or CC privatebank-jpmorgan-com-8914 398 45 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 398 46 Asset Asset NNP privatebank-jpmorgan-com-8914 398 47 Management Management NNP privatebank-jpmorgan-com-8914 398 48 Real Real NNP privatebank-jpmorgan-com-8914 398 49 Assets Assets NNPS privatebank-jpmorgan-com-8914 398 50 ( ( -LRB- privatebank-jpmorgan-com-8914 398 51 Asia Asia NNP privatebank-jpmorgan-com-8914 398 52 ) ) -RRB- privatebank-jpmorgan-com-8914 398 53 Limited Limited NNP privatebank-jpmorgan-com-8914 398 54 , , , privatebank-jpmorgan-com-8914 398 55 each each DT privatebank-jpmorgan-com-8914 398 56 of of IN privatebank-jpmorgan-com-8914 398 57 which which WDT privatebank-jpmorgan-com-8914 398 58 is be VBZ privatebank-jpmorgan-com-8914 398 59 regulated regulate VBN privatebank-jpmorgan-com-8914 398 60 by by IN privatebank-jpmorgan-com-8914 398 61 the the DT privatebank-jpmorgan-com-8914 398 62 Securities Securities NNPS privatebank-jpmorgan-com-8914 398 63 and and CC privatebank-jpmorgan-com-8914 398 64 Futures Futures NNPS privatebank-jpmorgan-com-8914 398 65 Commission Commission NNP privatebank-jpmorgan-com-8914 398 66 of of IN privatebank-jpmorgan-com-8914 398 67 Hong Hong NNP privatebank-jpmorgan-com-8914 398 68 Kong Kong NNP privatebank-jpmorgan-com-8914 398 69 ; ; : privatebank-jpmorgan-com-8914 398 70 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 398 71 Asset Asset NNP privatebank-jpmorgan-com-8914 398 72 Management Management NNP privatebank-jpmorgan-com-8914 398 73 ( ( -LRB- privatebank-jpmorgan-com-8914 398 74 Singapore Singapore NNP privatebank-jpmorgan-com-8914 398 75 ) ) -RRB- privatebank-jpmorgan-com-8914 398 76 Limited Limited NNP privatebank-jpmorgan-com-8914 398 77 ( ( -LRB- privatebank-jpmorgan-com-8914 398 78 Co. Co. NNP privatebank-jpmorgan-com-8914 398 79 Reg Reg NNP privatebank-jpmorgan-com-8914 398 80 . . . privatebank-jpmorgan-com-8914 399 1 No no UH privatebank-jpmorgan-com-8914 399 2 . . . privatebank-jpmorgan-com-8914 400 1 197601586 197601586 CD privatebank-jpmorgan-com-8914 400 2 K K NNP privatebank-jpmorgan-com-8914 400 3 ) ) -RRB- privatebank-jpmorgan-com-8914 400 4 , , , privatebank-jpmorgan-com-8914 400 5 which which WDT privatebank-jpmorgan-com-8914 400 6 this this DT privatebank-jpmorgan-com-8914 400 7 advertisement advertisement NN privatebank-jpmorgan-com-8914 400 8 or or CC privatebank-jpmorgan-com-8914 400 9 publication publication NN privatebank-jpmorgan-com-8914 400 10 has have VBZ privatebank-jpmorgan-com-8914 400 11 not not RB privatebank-jpmorgan-com-8914 400 12 been be VBN privatebank-jpmorgan-com-8914 400 13 reviewed review VBN privatebank-jpmorgan-com-8914 400 14 by by IN privatebank-jpmorgan-com-8914 400 15 the the DT privatebank-jpmorgan-com-8914 400 16 Monetary Monetary NNP privatebank-jpmorgan-com-8914 400 17 Authority Authority NNP privatebank-jpmorgan-com-8914 400 18 of of IN privatebank-jpmorgan-com-8914 400 19 Singapore Singapore NNP privatebank-jpmorgan-com-8914 400 20 ; ; : privatebank-jpmorgan-com-8914 400 21 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 400 22 Asset Asset NNP privatebank-jpmorgan-com-8914 400 23 Management Management NNP privatebank-jpmorgan-com-8914 400 24 ( ( -LRB- privatebank-jpmorgan-com-8914 400 25 Taiwan Taiwan NNP privatebank-jpmorgan-com-8914 400 26 ) ) -RRB- privatebank-jpmorgan-com-8914 400 27 Limited limit VBN privatebank-jpmorgan-com-8914 400 28 ; ; : privatebank-jpmorgan-com-8914 400 29 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 400 30 Asset Asset NNP privatebank-jpmorgan-com-8914 400 31 Management Management NNP privatebank-jpmorgan-com-8914 400 32 ( ( -LRB- privatebank-jpmorgan-com-8914 400 33 Japan Japan NNP privatebank-jpmorgan-com-8914 400 34 ) ) -RRB- privatebank-jpmorgan-com-8914 400 35 Limited Limited NNP privatebank-jpmorgan-com-8914 400 36 , , , privatebank-jpmorgan-com-8914 400 37 which which WDT privatebank-jpmorgan-com-8914 400 38 is be VBZ privatebank-jpmorgan-com-8914 400 39 a a DT privatebank-jpmorgan-com-8914 400 40 member member NN privatebank-jpmorgan-com-8914 400 41 of of IN privatebank-jpmorgan-com-8914 400 42 the the DT privatebank-jpmorgan-com-8914 400 43 Investment Investment NNP privatebank-jpmorgan-com-8914 400 44 Trusts Trusts NNPS privatebank-jpmorgan-com-8914 400 45 Association Association NNP privatebank-jpmorgan-com-8914 400 46 , , , privatebank-jpmorgan-com-8914 400 47 Japan Japan NNP privatebank-jpmorgan-com-8914 400 48 , , , privatebank-jpmorgan-com-8914 400 49 the the DT privatebank-jpmorgan-com-8914 400 50 Japan Japan NNP privatebank-jpmorgan-com-8914 400 51 Investment Investment NNP privatebank-jpmorgan-com-8914 400 52 Advisers Advisers NNPS privatebank-jpmorgan-com-8914 400 53 Association Association NNP privatebank-jpmorgan-com-8914 400 54 , , , privatebank-jpmorgan-com-8914 400 55 Type Type NNP privatebank-jpmorgan-com-8914 400 56 II II NNP privatebank-jpmorgan-com-8914 400 57 Financial Financial NNP privatebank-jpmorgan-com-8914 400 58 Instruments Instruments NNPS privatebank-jpmorgan-com-8914 400 59 Firms Firms NNPS privatebank-jpmorgan-com-8914 400 60 Association Association NNP privatebank-jpmorgan-com-8914 400 61 and and CC privatebank-jpmorgan-com-8914 400 62 the the DT privatebank-jpmorgan-com-8914 400 63 Japan Japan NNP privatebank-jpmorgan-com-8914 400 64 Securities Securities NNPS privatebank-jpmorgan-com-8914 400 65 Dealers Dealers NNPS privatebank-jpmorgan-com-8914 400 66 Association Association NNP privatebank-jpmorgan-com-8914 400 67 and and CC privatebank-jpmorgan-com-8914 400 68 is be VBZ privatebank-jpmorgan-com-8914 400 69 regulated regulate VBN privatebank-jpmorgan-com-8914 400 70 by by IN privatebank-jpmorgan-com-8914 400 71 the the DT privatebank-jpmorgan-com-8914 400 72 Financial Financial NNP privatebank-jpmorgan-com-8914 400 73 Services Services NNPS privatebank-jpmorgan-com-8914 400 74 Agency Agency NNP privatebank-jpmorgan-com-8914 400 75 ( ( -LRB- privatebank-jpmorgan-com-8914 400 76 registration registration NN privatebank-jpmorgan-com-8914 400 77 number number NN privatebank-jpmorgan-com-8914 400 78 “ " `` privatebank-jpmorgan-com-8914 400 79 Kanto Kanto NNP privatebank-jpmorgan-com-8914 400 80 Local Local NNP privatebank-jpmorgan-com-8914 400 81 Finance Finance NNP privatebank-jpmorgan-com-8914 400 82 Bureau Bureau NNP privatebank-jpmorgan-com-8914 400 83 ( ( -LRB- privatebank-jpmorgan-com-8914 400 84 Financial Financial NNP privatebank-jpmorgan-com-8914 400 85 Instruments Instruments NNPS privatebank-jpmorgan-com-8914 400 86 Firm firm NN privatebank-jpmorgan-com-8914 400 87 ) ) -RRB- privatebank-jpmorgan-com-8914 400 88 No no UH privatebank-jpmorgan-com-8914 400 89 . . . privatebank-jpmorgan-com-8914 401 1 330 330 CD privatebank-jpmorgan-com-8914 401 2 ” " '' privatebank-jpmorgan-com-8914 401 3 ) ) -RRB- privatebank-jpmorgan-com-8914 401 4 ; ; : privatebank-jpmorgan-com-8914 401 5 in in IN privatebank-jpmorgan-com-8914 401 6 Australia Australia NNP privatebank-jpmorgan-com-8914 401 7 , , , privatebank-jpmorgan-com-8914 401 8 to to IN privatebank-jpmorgan-com-8914 401 9 wholesale wholesale JJ privatebank-jpmorgan-com-8914 401 10 clients client NNS privatebank-jpmorgan-com-8914 401 11 only only RB privatebank-jpmorgan-com-8914 401 12 as as IN privatebank-jpmorgan-com-8914 401 13 defined define VBN privatebank-jpmorgan-com-8914 401 14 in in IN privatebank-jpmorgan-com-8914 401 15 section section NN privatebank-jpmorgan-com-8914 401 16 761A 761a CD privatebank-jpmorgan-com-8914 401 17 and and CC privatebank-jpmorgan-com-8914 401 18 761 761 CD privatebank-jpmorgan-com-8914 401 19 G g NN privatebank-jpmorgan-com-8914 401 20 of of IN privatebank-jpmorgan-com-8914 401 21 the the DT privatebank-jpmorgan-com-8914 401 22 Corporations Corporations NNPS privatebank-jpmorgan-com-8914 401 23 Act Act NNP privatebank-jpmorgan-com-8914 401 24 2001 2001 CD privatebank-jpmorgan-com-8914 401 25 ( ( -LRB- privatebank-jpmorgan-com-8914 401 26 Commonwealth Commonwealth NNP privatebank-jpmorgan-com-8914 401 27 ) ) -RRB- privatebank-jpmorgan-com-8914 401 28 , , , privatebank-jpmorgan-com-8914 401 29 by by IN privatebank-jpmorgan-com-8914 401 30 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 401 31 Asset Asset NNP privatebank-jpmorgan-com-8914 401 32 Management Management NNP privatebank-jpmorgan-com-8914 401 33 ( ( -LRB- privatebank-jpmorgan-com-8914 401 34 Australia Australia NNP privatebank-jpmorgan-com-8914 401 35 ) ) -RRB- privatebank-jpmorgan-com-8914 401 36 Limited Limited NNP privatebank-jpmorgan-com-8914 401 37 ( ( -LRB- privatebank-jpmorgan-com-8914 401 38 ABN ABN NNP privatebank-jpmorgan-com-8914 401 39 55143832080 55143832080 CD privatebank-jpmorgan-com-8914 401 40 ) ) -RRB- privatebank-jpmorgan-com-8914 401 41 ( ( -LRB- privatebank-jpmorgan-com-8914 401 42 AFSL AFSL NNP privatebank-jpmorgan-com-8914 401 43 376919 376919 CD privatebank-jpmorgan-com-8914 401 44 ) ) -RRB- privatebank-jpmorgan-com-8914 401 45 . . . privatebank-jpmorgan-com-8914 402 1 For for IN privatebank-jpmorgan-com-8914 402 2 all all DT privatebank-jpmorgan-com-8914 402 3 other other JJ privatebank-jpmorgan-com-8914 402 4 markets market NNS privatebank-jpmorgan-com-8914 402 5 in in IN privatebank-jpmorgan-com-8914 402 6 APAC APAC NNP privatebank-jpmorgan-com-8914 402 7 , , , privatebank-jpmorgan-com-8914 402 8 to to IN privatebank-jpmorgan-com-8914 402 9 intended intended JJ privatebank-jpmorgan-com-8914 402 10 recipients recipient NNS privatebank-jpmorgan-com-8914 402 11 only only RB privatebank-jpmorgan-com-8914 402 12 . . . privatebank-jpmorgan-com-8914 403 1 For for IN privatebank-jpmorgan-com-8914 403 2 J.P. J.P. NNP privatebank-jpmorgan-com-8914 403 3 Morgan Morgan NNP privatebank-jpmorgan-com-8914 403 4 Private Private NNP privatebank-jpmorgan-com-8914 403 5 Bank Bank NNP privatebank-jpmorgan-com-8914 403 6 Clients client NNS privatebank-jpmorgan-com-8914 403 7 : : : privatebank-jpmorgan-com-8914 403 8 ACCESSIBILITY ACCESSIBILITY NNP privatebank-jpmorgan-com-8914 403 9 J.P. J.P. NNP privatebank-jpmorgan-com-8914 403 10 Morgan Morgan NNP privatebank-jpmorgan-com-8914 403 11 is be VBZ privatebank-jpmorgan-com-8914 403 12 committed commit VBN privatebank-jpmorgan-com-8914 403 13 to to IN privatebank-jpmorgan-com-8914 403 14 making make VBG privatebank-jpmorgan-com-8914 403 15 our -PRON- PRP$ privatebank-jpmorgan-com-8914 403 16 products product NNS privatebank-jpmorgan-com-8914 403 17 and and CC privatebank-jpmorgan-com-8914 403 18 services service NNS privatebank-jpmorgan-com-8914 403 19 accessible accessible JJ privatebank-jpmorgan-com-8914 403 20 to to TO privatebank-jpmorgan-com-8914 403 21 meet meet VB privatebank-jpmorgan-com-8914 403 22 the the DT privatebank-jpmorgan-com-8914 403 23 financial financial JJ privatebank-jpmorgan-com-8914 403 24 services service NNS privatebank-jpmorgan-com-8914 403 25 needs need NNS privatebank-jpmorgan-com-8914 403 26 of of IN privatebank-jpmorgan-com-8914 403 27 all all DT privatebank-jpmorgan-com-8914 403 28 our -PRON- PRP$ privatebank-jpmorgan-com-8914 403 29 clients client NNS privatebank-jpmorgan-com-8914 403 30 . . . privatebank-jpmorgan-com-8914 404 1 Please please UH privatebank-jpmorgan-com-8914 404 2 direct direct VB privatebank-jpmorgan-com-8914 404 3 any any DT privatebank-jpmorgan-com-8914 404 4 accessibility accessibility NN privatebank-jpmorgan-com-8914 404 5 issues issue NNS privatebank-jpmorgan-com-8914 404 6 to to IN privatebank-jpmorgan-com-8914 404 7 the the DT privatebank-jpmorgan-com-8914 404 8 Private Private NNP privatebank-jpmorgan-com-8914 404 9 Bank Bank NNP privatebank-jpmorgan-com-8914 404 10 Client Client NNP privatebank-jpmorgan-com-8914 404 11 Service Service NNP privatebank-jpmorgan-com-8914 404 12 Center Center NNP privatebank-jpmorgan-com-8914 404 13 at at IN privatebank-jpmorgan-com-8914 404 14 1 1 CD privatebank-jpmorgan-com-8914 404 15 - - HYPH privatebank-jpmorgan-com-8914 404 16 866 866 CD privatebank-jpmorgan-com-8914 404 17 - - HYPH privatebank-jpmorgan-com-8914 404 18 265 265 CD privatebank-jpmorgan-com-8914 404 19 - - HYPH privatebank-jpmorgan-com-8914 404 20 1727 1727 CD privatebank-jpmorgan-com-8914 404 21 . . . privatebank-jpmorgan-com-8914 405 1 LEGAL LEGAL NNP privatebank-jpmorgan-com-8914 405 2 ENTITY ENTITY NNP privatebank-jpmorgan-com-8914 405 3 , , , privatebank-jpmorgan-com-8914 405 4 BRAND BRAND NNP privatebank-jpmorgan-com-8914 405 5 & & CC privatebank-jpmorgan-com-8914 405 6 REGULATORY REGULATORY NNP privatebank-jpmorgan-com-8914 405 7 INFORMATION INFORMATION NNP privatebank-jpmorgan-com-8914 405 8 In in IN privatebank-jpmorgan-com-8914 405 9 the the DT privatebank-jpmorgan-com-8914 405 10 United United NNP privatebank-jpmorgan-com-8914 405 11 States States NNP privatebank-jpmorgan-com-8914 405 12 , , , privatebank-jpmorgan-com-8914 405 13 bank bank NN privatebank-jpmorgan-com-8914 405 14 deposit deposit NN privatebank-jpmorgan-com-8914 405 15 accounts account NNS privatebank-jpmorgan-com-8914 405 16 and and CC privatebank-jpmorgan-com-8914 405 17 related related JJ privatebank-jpmorgan-com-8914 405 18 services service NNS privatebank-jpmorgan-com-8914 405 19 , , , privatebank-jpmorgan-com-8914 405 20 such such JJ privatebank-jpmorgan-com-8914 405 21 as as IN privatebank-jpmorgan-com-8914 405 22 checking checking NN privatebank-jpmorgan-com-8914 405 23 , , , privatebank-jpmorgan-com-8914 405 24 savings saving NNS privatebank-jpmorgan-com-8914 405 25 and and CC privatebank-jpmorgan-com-8914 405 26 bank bank NN privatebank-jpmorgan-com-8914 405 27 lending lending NN privatebank-jpmorgan-com-8914 405 28 , , , privatebank-jpmorgan-com-8914 405 29 are be VBP privatebank-jpmorgan-com-8914 405 30 offered offer VBN privatebank-jpmorgan-com-8914 405 31 by by IN privatebank-jpmorgan-com-8914 405 32 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 405 33 Chase Chase NNP privatebank-jpmorgan-com-8914 405 34 Bank Bank NNP privatebank-jpmorgan-com-8914 405 35 , , , privatebank-jpmorgan-com-8914 405 36 N.A. N.A. NNP privatebank-jpmorgan-com-8914 406 1 Member Member NNP privatebank-jpmorgan-com-8914 406 2 FDIC FDIC NNP privatebank-jpmorgan-com-8914 406 3 . . . privatebank-jpmorgan-com-8914 407 1 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 407 2 Chase Chase NNP privatebank-jpmorgan-com-8914 407 3 Bank Bank NNP privatebank-jpmorgan-com-8914 407 4 , , , privatebank-jpmorgan-com-8914 407 5 N.A. N.A. NNP privatebank-jpmorgan-com-8914 408 1 and and CC privatebank-jpmorgan-com-8914 408 2 its -PRON- PRP$ privatebank-jpmorgan-com-8914 408 3 affiliates affiliate NNS privatebank-jpmorgan-com-8914 408 4 ( ( -LRB- privatebank-jpmorgan-com-8914 408 5 collectively collectively RB privatebank-jpmorgan-com-8914 408 6 “ " `` privatebank-jpmorgan-com-8914 408 7 JPMCB JPMCB NNP privatebank-jpmorgan-com-8914 408 8 ” " '' privatebank-jpmorgan-com-8914 408 9 ) ) -RRB- privatebank-jpmorgan-com-8914 408 10 offer offer VBP privatebank-jpmorgan-com-8914 408 11 investment investment NN privatebank-jpmorgan-com-8914 408 12 products product NNS privatebank-jpmorgan-com-8914 408 13 , , , privatebank-jpmorgan-com-8914 408 14 which which WDT privatebank-jpmorgan-com-8914 408 15 may may MD privatebank-jpmorgan-com-8914 408 16 include include VB privatebank-jpmorgan-com-8914 408 17 bank bank NN privatebank-jpmorgan-com-8914 408 18 - - HYPH privatebank-jpmorgan-com-8914 408 19 managed manage VBN privatebank-jpmorgan-com-8914 408 20 investment investment NN privatebank-jpmorgan-com-8914 408 21 accounts account NNS privatebank-jpmorgan-com-8914 408 22 and and CC privatebank-jpmorgan-com-8914 408 23 custody custody NN privatebank-jpmorgan-com-8914 408 24 , , , privatebank-jpmorgan-com-8914 408 25 as as IN privatebank-jpmorgan-com-8914 408 26 part part NN privatebank-jpmorgan-com-8914 408 27 of of IN privatebank-jpmorgan-com-8914 408 28 its -PRON- PRP$ privatebank-jpmorgan-com-8914 408 29 trust trust NN privatebank-jpmorgan-com-8914 408 30 and and CC privatebank-jpmorgan-com-8914 408 31 fiduciary fiduciary JJ privatebank-jpmorgan-com-8914 408 32 services service NNS privatebank-jpmorgan-com-8914 408 33 . . . privatebank-jpmorgan-com-8914 409 1 Other other JJ privatebank-jpmorgan-com-8914 409 2 investment investment NN privatebank-jpmorgan-com-8914 409 3 products product NNS privatebank-jpmorgan-com-8914 409 4 and and CC privatebank-jpmorgan-com-8914 409 5 services service NNS privatebank-jpmorgan-com-8914 409 6 , , , privatebank-jpmorgan-com-8914 409 7 such such JJ privatebank-jpmorgan-com-8914 409 8 as as IN privatebank-jpmorgan-com-8914 409 9 brokerage brokerage NN privatebank-jpmorgan-com-8914 409 10 and and CC privatebank-jpmorgan-com-8914 409 11 advisory advisory JJ privatebank-jpmorgan-com-8914 409 12 accounts account NNS privatebank-jpmorgan-com-8914 409 13 , , , privatebank-jpmorgan-com-8914 409 14 are be VBP privatebank-jpmorgan-com-8914 409 15 offered offer VBN privatebank-jpmorgan-com-8914 409 16 through through IN privatebank-jpmorgan-com-8914 409 17 J.P. J.P. NNP privatebank-jpmorgan-com-8914 409 18 Morgan Morgan NNP privatebank-jpmorgan-com-8914 409 19 Securities Securities NNP privatebank-jpmorgan-com-8914 409 20 LLC LLC NNP privatebank-jpmorgan-com-8914 409 21 ( ( -LRB- privatebank-jpmorgan-com-8914 409 22 “ " `` privatebank-jpmorgan-com-8914 409 23 JPMS JPMS NNP privatebank-jpmorgan-com-8914 409 24 ” " '' privatebank-jpmorgan-com-8914 409 25 ) ) -RRB- privatebank-jpmorgan-com-8914 409 26 , , , privatebank-jpmorgan-com-8914 409 27 a a DT privatebank-jpmorgan-com-8914 409 28 member member NN privatebank-jpmorgan-com-8914 409 29 of of IN privatebank-jpmorgan-com-8914 409 30 FINRA FINRA NNP privatebank-jpmorgan-com-8914 409 31 and and CC privatebank-jpmorgan-com-8914 409 32 SIPC SIPC NNP privatebank-jpmorgan-com-8914 409 33 . . . privatebank-jpmorgan-com-8914 410 1 Annuities annuity NNS privatebank-jpmorgan-com-8914 410 2 are be VBP privatebank-jpmorgan-com-8914 410 3 made make VBN privatebank-jpmorgan-com-8914 410 4 available available JJ privatebank-jpmorgan-com-8914 410 5 through through IN privatebank-jpmorgan-com-8914 410 6 Chase Chase NNP privatebank-jpmorgan-com-8914 410 7 Insurance Insurance NNP privatebank-jpmorgan-com-8914 410 8 Agency Agency NNP privatebank-jpmorgan-com-8914 410 9 , , , privatebank-jpmorgan-com-8914 410 10 Inc. Inc. NNP privatebank-jpmorgan-com-8914 410 11 ( ( -LRB- privatebank-jpmorgan-com-8914 410 12 CIA CIA NNP privatebank-jpmorgan-com-8914 410 13 ) ) -RRB- privatebank-jpmorgan-com-8914 410 14 , , , privatebank-jpmorgan-com-8914 410 15 a a DT privatebank-jpmorgan-com-8914 410 16 licensed license VBN privatebank-jpmorgan-com-8914 410 17 insurance insurance NN privatebank-jpmorgan-com-8914 410 18 agency agency NN privatebank-jpmorgan-com-8914 410 19 , , , privatebank-jpmorgan-com-8914 410 20 doing do VBG privatebank-jpmorgan-com-8914 410 21 business business NN privatebank-jpmorgan-com-8914 410 22 as as IN privatebank-jpmorgan-com-8914 410 23 Chase Chase NNP privatebank-jpmorgan-com-8914 410 24 Insurance Insurance NNP privatebank-jpmorgan-com-8914 410 25 Agency Agency NNP privatebank-jpmorgan-com-8914 410 26 Services Services NNPS privatebank-jpmorgan-com-8914 410 27 , , , privatebank-jpmorgan-com-8914 410 28 Inc. Inc. NNP privatebank-jpmorgan-com-8914 410 29 in in IN privatebank-jpmorgan-com-8914 410 30 Florida Florida NNP privatebank-jpmorgan-com-8914 410 31 . . . privatebank-jpmorgan-com-8914 411 1 JPMCB JPMCB NNP privatebank-jpmorgan-com-8914 411 2 , , , privatebank-jpmorgan-com-8914 411 3 JPMS JPMS NNP privatebank-jpmorgan-com-8914 411 4 and and CC privatebank-jpmorgan-com-8914 411 5 CIA CIA NNP privatebank-jpmorgan-com-8914 411 6 are be VBP privatebank-jpmorgan-com-8914 411 7 affiliated affiliate VBN privatebank-jpmorgan-com-8914 411 8 companies company NNS privatebank-jpmorgan-com-8914 411 9 under under IN privatebank-jpmorgan-com-8914 411 10 the the DT privatebank-jpmorgan-com-8914 411 11 common common JJ privatebank-jpmorgan-com-8914 411 12 control control NN privatebank-jpmorgan-com-8914 411 13 of of IN privatebank-jpmorgan-com-8914 411 14 JPM JPM NNP privatebank-jpmorgan-com-8914 411 15 . . . privatebank-jpmorgan-com-8914 412 1 Products product NNS privatebank-jpmorgan-com-8914 412 2 not not RB privatebank-jpmorgan-com-8914 412 3 available available JJ privatebank-jpmorgan-com-8914 412 4 in in IN privatebank-jpmorgan-com-8914 412 5 all all DT privatebank-jpmorgan-com-8914 412 6 states state NNS privatebank-jpmorgan-com-8914 412 7 . . . privatebank-jpmorgan-com-8914 413 1 In in IN privatebank-jpmorgan-com-8914 413 2 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 413 3 , , , privatebank-jpmorgan-com-8914 413 4 this this DT privatebank-jpmorgan-com-8914 413 5 material material NN privatebank-jpmorgan-com-8914 413 6 is be VBZ privatebank-jpmorgan-com-8914 413 7 issued issue VBN privatebank-jpmorgan-com-8914 413 8 by by IN privatebank-jpmorgan-com-8914 413 9 J.P. J.P. NNP privatebank-jpmorgan-com-8914 413 10 Morgan Morgan NNP privatebank-jpmorgan-com-8914 413 11 Bank Bank NNP privatebank-jpmorgan-com-8914 413 12 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 413 13 S.A. S.A. NNP privatebank-jpmorgan-com-8914 413 14 ( ( -LRB- privatebank-jpmorgan-com-8914 413 15 JPMBL JPMBL NNP privatebank-jpmorgan-com-8914 413 16 ) ) -RRB- privatebank-jpmorgan-com-8914 413 17 , , , privatebank-jpmorgan-com-8914 413 18 with with IN privatebank-jpmorgan-com-8914 413 19 registered register VBN privatebank-jpmorgan-com-8914 413 20 office office NN privatebank-jpmorgan-com-8914 413 21 at at IN privatebank-jpmorgan-com-8914 413 22 European European NNP privatebank-jpmorgan-com-8914 413 23 Bank Bank NNP privatebank-jpmorgan-com-8914 413 24 and and CC privatebank-jpmorgan-com-8914 413 25 Business Business NNP privatebank-jpmorgan-com-8914 413 26 Centre Centre NNP privatebank-jpmorgan-com-8914 413 27 , , , privatebank-jpmorgan-com-8914 413 28 6 6 CD privatebank-jpmorgan-com-8914 413 29 route route NN privatebank-jpmorgan-com-8914 413 30 de de IN privatebank-jpmorgan-com-8914 413 31 Treves Treves NNP privatebank-jpmorgan-com-8914 413 32 , , , privatebank-jpmorgan-com-8914 413 33 L-2633 L-2633 NNP privatebank-jpmorgan-com-8914 413 34 , , , privatebank-jpmorgan-com-8914 413 35 Senningerberg Senningerberg NNP privatebank-jpmorgan-com-8914 413 36 , , , privatebank-jpmorgan-com-8914 413 37 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 413 38 . . . privatebank-jpmorgan-com-8914 414 1 R.C.S R.C.S NNP privatebank-jpmorgan-com-8914 414 2 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 414 3 B10.958 B10.958 VBZ privatebank-jpmorgan-com-8914 414 4 . . . privatebank-jpmorgan-com-8914 415 1 Authorized authorize VBN privatebank-jpmorgan-com-8914 415 2 and and CC privatebank-jpmorgan-com-8914 415 3 regulated regulate VBN privatebank-jpmorgan-com-8914 415 4 by by IN privatebank-jpmorgan-com-8914 415 5 Commission Commission NNP privatebank-jpmorgan-com-8914 415 6 de de NNP privatebank-jpmorgan-com-8914 415 7 Surveillance Surveillance NNP privatebank-jpmorgan-com-8914 415 8 du du NNP privatebank-jpmorgan-com-8914 415 9 Secteur Secteur NNP privatebank-jpmorgan-com-8914 415 10 Financier Financier NNP privatebank-jpmorgan-com-8914 415 11 ( ( -LRB- privatebank-jpmorgan-com-8914 415 12 CSSF CSSF NNP privatebank-jpmorgan-com-8914 415 13 ) ) -RRB- privatebank-jpmorgan-com-8914 415 14 and and CC privatebank-jpmorgan-com-8914 415 15 jointly jointly RB privatebank-jpmorgan-com-8914 415 16 supervised supervise VBN privatebank-jpmorgan-com-8914 415 17 by by IN privatebank-jpmorgan-com-8914 415 18 the the DT privatebank-jpmorgan-com-8914 415 19 European European NNP privatebank-jpmorgan-com-8914 415 20 Central Central NNP privatebank-jpmorgan-com-8914 415 21 Bank Bank NNP privatebank-jpmorgan-com-8914 415 22 ( ( -LRB- privatebank-jpmorgan-com-8914 415 23 ECB ECB NNP privatebank-jpmorgan-com-8914 415 24 ) ) -RRB- privatebank-jpmorgan-com-8914 415 25 and and CC privatebank-jpmorgan-com-8914 415 26 the the DT privatebank-jpmorgan-com-8914 415 27 CSSF CSSF NNP privatebank-jpmorgan-com-8914 415 28 . . . privatebank-jpmorgan-com-8914 416 1 J.P. J.P. NNP privatebank-jpmorgan-com-8914 416 2 Morgan Morgan NNP privatebank-jpmorgan-com-8914 416 3 Bank Bank NNP privatebank-jpmorgan-com-8914 416 4 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 416 5 S.A. S.A. NNP privatebank-jpmorgan-com-8914 416 6 is be VBZ privatebank-jpmorgan-com-8914 416 7 authorized authorize VBN privatebank-jpmorgan-com-8914 416 8 as as IN privatebank-jpmorgan-com-8914 416 9 a a DT privatebank-jpmorgan-com-8914 416 10 credit credit NN privatebank-jpmorgan-com-8914 416 11 institution institution NN privatebank-jpmorgan-com-8914 416 12 in in IN privatebank-jpmorgan-com-8914 416 13 accordance accordance NN privatebank-jpmorgan-com-8914 416 14 with with IN privatebank-jpmorgan-com-8914 416 15 the the DT privatebank-jpmorgan-com-8914 416 16 Law Law NNP privatebank-jpmorgan-com-8914 416 17 of of IN privatebank-jpmorgan-com-8914 416 18 5th 5th JJ privatebank-jpmorgan-com-8914 416 19 April April NNP privatebank-jpmorgan-com-8914 416 20 1993 1993 CD privatebank-jpmorgan-com-8914 416 21 . . . privatebank-jpmorgan-com-8914 417 1 In in IN privatebank-jpmorgan-com-8914 417 2 the the DT privatebank-jpmorgan-com-8914 417 3 United United NNP privatebank-jpmorgan-com-8914 417 4 Kingdom Kingdom NNP privatebank-jpmorgan-com-8914 417 5 , , , privatebank-jpmorgan-com-8914 417 6 this this DT privatebank-jpmorgan-com-8914 417 7 material material NN privatebank-jpmorgan-com-8914 417 8 is be VBZ privatebank-jpmorgan-com-8914 417 9 issued issue VBN privatebank-jpmorgan-com-8914 417 10 by by IN privatebank-jpmorgan-com-8914 417 11 J.P. J.P. NNP privatebank-jpmorgan-com-8914 417 12 Morgan Morgan NNP privatebank-jpmorgan-com-8914 417 13 Bank Bank NNP privatebank-jpmorgan-com-8914 417 14 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 417 15 S.A. S.A. NNP privatebank-jpmorgan-com-8914 417 16 , , , privatebank-jpmorgan-com-8914 417 17 London London NNP privatebank-jpmorgan-com-8914 417 18 Branch Branch NNP privatebank-jpmorgan-com-8914 417 19 , , , privatebank-jpmorgan-com-8914 417 20 registered registered JJ privatebank-jpmorgan-com-8914 417 21 office office NN privatebank-jpmorgan-com-8914 417 22 at at IN privatebank-jpmorgan-com-8914 417 23 25 25 CD privatebank-jpmorgan-com-8914 417 24 Bank Bank NNP privatebank-jpmorgan-com-8914 417 25 Street Street NNP privatebank-jpmorgan-com-8914 417 26 , , , privatebank-jpmorgan-com-8914 417 27 Canary Canary NNP privatebank-jpmorgan-com-8914 417 28 Wharf Wharf NNP privatebank-jpmorgan-com-8914 417 29 , , , privatebank-jpmorgan-com-8914 417 30 London London NNP privatebank-jpmorgan-com-8914 417 31 E14 E14 NNP privatebank-jpmorgan-com-8914 417 32 5JP 5JP NNP privatebank-jpmorgan-com-8914 417 33 . . . privatebank-jpmorgan-com-8914 418 1 Authorised authorise VBN privatebank-jpmorgan-com-8914 418 2 and and CC privatebank-jpmorgan-com-8914 418 3 regulated regulate VBN privatebank-jpmorgan-com-8914 418 4 by by IN privatebank-jpmorgan-com-8914 418 5 Commission Commission NNP privatebank-jpmorgan-com-8914 418 6 de de NNP privatebank-jpmorgan-com-8914 418 7 Surveillance Surveillance NNP privatebank-jpmorgan-com-8914 418 8 du du NNP privatebank-jpmorgan-com-8914 418 9 Secteur Secteur NNP privatebank-jpmorgan-com-8914 418 10 Financier Financier NNP privatebank-jpmorgan-com-8914 418 11 ( ( -LRB- privatebank-jpmorgan-com-8914 418 12 CSSF CSSF NNP privatebank-jpmorgan-com-8914 418 13 ) ) -RRB- privatebank-jpmorgan-com-8914 418 14 and and CC privatebank-jpmorgan-com-8914 418 15 jointly jointly RB privatebank-jpmorgan-com-8914 418 16 supervised supervise VBN privatebank-jpmorgan-com-8914 418 17 by by IN privatebank-jpmorgan-com-8914 418 18 the the DT privatebank-jpmorgan-com-8914 418 19 European European NNP privatebank-jpmorgan-com-8914 418 20 Central Central NNP privatebank-jpmorgan-com-8914 418 21 Bank Bank NNP privatebank-jpmorgan-com-8914 418 22 ( ( -LRB- privatebank-jpmorgan-com-8914 418 23 ECB ECB NNP privatebank-jpmorgan-com-8914 418 24 ) ) -RRB- privatebank-jpmorgan-com-8914 418 25 and and CC privatebank-jpmorgan-com-8914 418 26 the the DT privatebank-jpmorgan-com-8914 418 27 CSSF CSSF NNP privatebank-jpmorgan-com-8914 418 28 . . . privatebank-jpmorgan-com-8914 419 1 Deemed deem VBN privatebank-jpmorgan-com-8914 419 2 authorised authorise VBN privatebank-jpmorgan-com-8914 419 3 by by IN privatebank-jpmorgan-com-8914 419 4 the the DT privatebank-jpmorgan-com-8914 419 5 Prudential Prudential NNP privatebank-jpmorgan-com-8914 419 6 Regulation Regulation NNP privatebank-jpmorgan-com-8914 419 7 Authority Authority NNP privatebank-jpmorgan-com-8914 419 8 . . . privatebank-jpmorgan-com-8914 420 1 Subject subject JJ privatebank-jpmorgan-com-8914 420 2 to to IN privatebank-jpmorgan-com-8914 420 3 regulation regulation NN privatebank-jpmorgan-com-8914 420 4 by by IN privatebank-jpmorgan-com-8914 420 5 the the DT privatebank-jpmorgan-com-8914 420 6 Financial Financial NNP privatebank-jpmorgan-com-8914 420 7 Conduct Conduct NNP privatebank-jpmorgan-com-8914 420 8 Authority Authority NNP privatebank-jpmorgan-com-8914 420 9 and and CC privatebank-jpmorgan-com-8914 420 10 limited limited JJ privatebank-jpmorgan-com-8914 420 11 regulation regulation NN privatebank-jpmorgan-com-8914 420 12 by by IN privatebank-jpmorgan-com-8914 420 13 the the DT privatebank-jpmorgan-com-8914 420 14 Prudential Prudential NNP privatebank-jpmorgan-com-8914 420 15 Regulation Regulation NNP privatebank-jpmorgan-com-8914 420 16 Authority Authority NNP privatebank-jpmorgan-com-8914 420 17 . . . privatebank-jpmorgan-com-8914 421 1 Details detail NNS privatebank-jpmorgan-com-8914 421 2 of of IN privatebank-jpmorgan-com-8914 421 3 the the DT privatebank-jpmorgan-com-8914 421 4 Temporary Temporary NNP privatebank-jpmorgan-com-8914 421 5 Permissions Permissions NNPS privatebank-jpmorgan-com-8914 421 6 Regime Regime NNP privatebank-jpmorgan-com-8914 421 7 , , , privatebank-jpmorgan-com-8914 421 8 which which WDT privatebank-jpmorgan-com-8914 421 9 allows allow VBZ privatebank-jpmorgan-com-8914 421 10 EEA EEA NNP privatebank-jpmorgan-com-8914 421 11 - - HYPH privatebank-jpmorgan-com-8914 421 12 based base VBN privatebank-jpmorgan-com-8914 421 13 firms firm NNS privatebank-jpmorgan-com-8914 421 14 to to TO privatebank-jpmorgan-com-8914 421 15 operate operate VB privatebank-jpmorgan-com-8914 421 16 in in IN privatebank-jpmorgan-com-8914 421 17 the the DT privatebank-jpmorgan-com-8914 421 18 UK UK NNP privatebank-jpmorgan-com-8914 421 19 for for IN privatebank-jpmorgan-com-8914 421 20 a a DT privatebank-jpmorgan-com-8914 421 21 limited limited JJ privatebank-jpmorgan-com-8914 421 22 period period NN privatebank-jpmorgan-com-8914 421 23 while while IN privatebank-jpmorgan-com-8914 421 24 seeking seek VBG privatebank-jpmorgan-com-8914 421 25 full full JJ privatebank-jpmorgan-com-8914 421 26 authorisation authorisation NN privatebank-jpmorgan-com-8914 421 27 , , , privatebank-jpmorgan-com-8914 421 28 are be VBP privatebank-jpmorgan-com-8914 421 29 available available JJ privatebank-jpmorgan-com-8914 421 30 on on IN privatebank-jpmorgan-com-8914 421 31 the the DT privatebank-jpmorgan-com-8914 421 32 Financial Financial NNP privatebank-jpmorgan-com-8914 421 33 Conduct Conduct NNP privatebank-jpmorgan-com-8914 421 34 Authority Authority NNP privatebank-jpmorgan-com-8914 421 35 ’s ’s POS privatebank-jpmorgan-com-8914 421 36 website website NN privatebank-jpmorgan-com-8914 421 37 . . . privatebank-jpmorgan-com-8914 422 1 In in IN privatebank-jpmorgan-com-8914 422 2 Spain Spain NNP privatebank-jpmorgan-com-8914 422 3 , , , privatebank-jpmorgan-com-8914 422 4 this this DT privatebank-jpmorgan-com-8914 422 5 material material NN privatebank-jpmorgan-com-8914 422 6 is be VBZ privatebank-jpmorgan-com-8914 422 7 distributed distribute VBN privatebank-jpmorgan-com-8914 422 8 by by IN privatebank-jpmorgan-com-8914 422 9 J.P. J.P. NNP privatebank-jpmorgan-com-8914 422 10 Morgan Morgan NNP privatebank-jpmorgan-com-8914 422 11 Bank Bank NNP privatebank-jpmorgan-com-8914 422 12 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 422 13 S.A. S.A. NNP privatebank-jpmorgan-com-8914 422 14 , , , privatebank-jpmorgan-com-8914 422 15 Sucursal Sucursal NNP privatebank-jpmorgan-com-8914 422 16 en en IN privatebank-jpmorgan-com-8914 422 17 España España NNP privatebank-jpmorgan-com-8914 422 18 , , , privatebank-jpmorgan-com-8914 422 19 with with IN privatebank-jpmorgan-com-8914 422 20 registered register VBN privatebank-jpmorgan-com-8914 422 21 office office NN privatebank-jpmorgan-com-8914 422 22 at at IN privatebank-jpmorgan-com-8914 422 23 Paseo Paseo NNP privatebank-jpmorgan-com-8914 422 24 de de NNP privatebank-jpmorgan-com-8914 422 25 la la NNP privatebank-jpmorgan-com-8914 422 26 Castellana Castellana NNP privatebank-jpmorgan-com-8914 422 27 , , , privatebank-jpmorgan-com-8914 422 28 31 31 CD privatebank-jpmorgan-com-8914 422 29 , , , privatebank-jpmorgan-com-8914 422 30 28046 28046 CD privatebank-jpmorgan-com-8914 422 31 Madrid Madrid NNP privatebank-jpmorgan-com-8914 422 32 , , , privatebank-jpmorgan-com-8914 422 33 Spain Spain NNP privatebank-jpmorgan-com-8914 422 34 . . . privatebank-jpmorgan-com-8914 423 1 J.P. J.P. NNP privatebank-jpmorgan-com-8914 423 2 Morgan Morgan NNP privatebank-jpmorgan-com-8914 423 3 Bank Bank NNP privatebank-jpmorgan-com-8914 423 4 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 423 5 S.A. S.A. NNP privatebank-jpmorgan-com-8914 423 6 , , , privatebank-jpmorgan-com-8914 423 7 Sucursal Sucursal NNP privatebank-jpmorgan-com-8914 423 8 en en NNP privatebank-jpmorgan-com-8914 423 9 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ HYPH privatebank-jpmorgan-com-8914 423 10 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 423 11 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 423 12 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NNP privatebank-jpmorgan-com-8914 423 13 https://am.jpmorgan.com/global/privacy https://am.jpmorgan.com/global/privacy NN privatebank-jpmorgan-com-8914 423 14 http://www.finra.org/ http://www.finra.org/ NN privatebank-jpmorgan-com-8914 423 15 http://www.sipc.org/ http://www.sipc.org/ NN privatebank-jpmorgan-com-8914 423 16 E e NN privatebank-jpmorgan-com-8914 423 17 Y y NN privatebank-jpmorgan-com-8914 423 18 E e NN privatebank-jpmorgan-com-8914 423 19 O o NN privatebank-jpmorgan-com-8914 423 20 N n NN privatebank-jpmorgan-com-8914 423 21 T t NN privatebank-jpmorgan-com-8914 423 22 H h NN privatebank-jpmorgan-com-8914 423 23 E e NN privatebank-jpmorgan-com-8914 423 24 M m NN privatebank-jpmorgan-com-8914 423 25 A a NN privatebank-jpmorgan-com-8914 423 26 R r NN privatebank-jpmorgan-com-8914 423 27 K k NN privatebank-jpmorgan-com-8914 423 28 E e NN privatebank-jpmorgan-com-8914 423 29 T t NN privatebank-jpmorgan-com-8914 423 30 • • NN privatebank-jpmorgan-com-8914 423 31 M m NN privatebank-jpmorgan-com-8914 423 32 I i NN privatebank-jpmorgan-com-8914 423 33 C c NN privatebank-jpmorgan-com-8914 423 34 H h NN privatebank-jpmorgan-com-8914 423 35 A a NN privatebank-jpmorgan-com-8914 423 36 E e NN privatebank-jpmorgan-com-8914 423 37 L l NN privatebank-jpmorgan-com-8914 423 38 C c NN privatebank-jpmorgan-com-8914 423 39 E e NN privatebank-jpmorgan-com-8914 423 40 M m NN privatebank-jpmorgan-com-8914 423 41 B B NNP privatebank-jpmorgan-com-8914 423 42 A A NNP privatebank-jpmorgan-com-8914 423 43 L l NN privatebank-jpmorgan-com-8914 423 44 E e NN privatebank-jpmorgan-com-8914 423 45 S s NN privatebank-jpmorgan-com-8914 423 46 T t NN privatebank-jpmorgan-com-8914 423 47 • • NN privatebank-jpmorgan-com-8914 423 48 J J NNP privatebank-jpmorgan-com-8914 423 49 . . . privatebank-jpmorgan-com-8914 424 1 P p NN privatebank-jpmorgan-com-8914 424 2 . . . privatebank-jpmorgan-com-8914 425 1 M M NNP privatebank-jpmorgan-com-8914 425 2 O o NN privatebank-jpmorgan-com-8914 425 3 R r NN privatebank-jpmorgan-com-8914 425 4 G g NN privatebank-jpmorgan-com-8914 425 5 A a NN privatebank-jpmorgan-com-8914 425 6 N n NN privatebank-jpmorgan-com-8914 425 7 A a NN privatebank-jpmorgan-com-8914 425 8 c c NN privatebank-jpmorgan-com-8914 425 9 c c NN privatebank-jpmorgan-com-8914 425 10 e e NNP privatebank-jpmorgan-com-8914 425 11 s s NNP privatebank-jpmorgan-com-8914 425 12 s s NNP privatebank-jpmorgan-com-8914 425 13 o o NNP privatebank-jpmorgan-com-8914 425 14 u u NNP privatebank-jpmorgan-com-8914 425 15 r r NNP privatebank-jpmorgan-com-8914 425 16 f f NNP privatebank-jpmorgan-com-8914 425 17 u u NNP privatebank-jpmorgan-com-8914 425 18 l l NNP privatebank-jpmorgan-com-8914 425 19 l l NNP privatebank-jpmorgan-com-8914 425 20 c c NNP privatebank-jpmorgan-com-8914 425 21 o o NN privatebank-jpmorgan-com-8914 425 22 r r NN privatebank-jpmorgan-com-8914 425 23 o o NN privatebank-jpmorgan-com-8914 425 24 n n CC privatebank-jpmorgan-com-8914 425 25 a a NN privatebank-jpmorgan-com-8914 425 26 v v NN privatebank-jpmorgan-com-8914 425 27 i i NN privatebank-jpmorgan-com-8914 425 28 r r NNP privatebank-jpmorgan-com-8914 425 29 u u NNP privatebank-jpmorgan-com-8914 425 30 s s NNP privatebank-jpmorgan-com-8914 425 31 a a NNP privatebank-jpmorgan-com-8914 425 32 n n NNP privatebank-jpmorgan-com-8914 425 33 a a DT privatebank-jpmorgan-com-8914 425 34 l l NN privatebank-jpmorgan-com-8914 425 35 y y NNP privatebank-jpmorgan-com-8914 425 36 s s NNP privatebank-jpmorgan-com-8914 425 37 i i NNP privatebank-jpmorgan-com-8914 425 38 s s NNP privatebank-jpmorgan-com-8914 425 39 w w NNP privatebank-jpmorgan-com-8914 425 40 e e NNP privatebank-jpmorgan-com-8914 425 41 b b NNP privatebank-jpmorgan-com-8914 425 42 p p NN privatebank-jpmorgan-com-8914 425 43 o o NN privatebank-jpmorgan-com-8914 425 44 r r NN privatebank-jpmorgan-com-8914 425 45 t t NN privatebank-jpmorgan-com-8914 425 46 a a DT privatebank-jpmorgan-com-8914 425 47 l l NN privatebank-jpmorgan-com-8914 425 48 h h NN privatebank-jpmorgan-com-8914 425 49 e e NN privatebank-jpmorgan-com-8914 425 50 r r NN privatebank-jpmorgan-com-8914 425 51 e e NNP privatebank-jpmorgan-com-8914 425 52 J J NNP privatebank-jpmorgan-com-8914 425 53 u u NNP privatebank-jpmorgan-com-8914 425 54 n n NNP privatebank-jpmorgan-com-8914 425 55 e e NNP privatebank-jpmorgan-com-8914 425 56 2 2 CD privatebank-jpmorgan-com-8914 425 57 8 8 CD privatebank-jpmorgan-com-8914 425 58 , , , privatebank-jpmorgan-com-8914 425 59 2 2 CD privatebank-jpmorgan-com-8914 425 60 0 0 CD privatebank-jpmorgan-com-8914 425 61 2 2 CD privatebank-jpmorgan-com-8914 425 62 1 1 CD privatebank-jpmorgan-com-8914 425 63 24 24 CD privatebank-jpmorgan-com-8914 425 64 España España NNP privatebank-jpmorgan-com-8914 425 65 is be VBZ privatebank-jpmorgan-com-8914 425 66 registered register VBN privatebank-jpmorgan-com-8914 425 67 under under IN privatebank-jpmorgan-com-8914 425 68 number number NN privatebank-jpmorgan-com-8914 425 69 1516 1516 CD privatebank-jpmorgan-com-8914 425 70 within within IN privatebank-jpmorgan-com-8914 425 71 the the DT privatebank-jpmorgan-com-8914 425 72 administrative administrative JJ privatebank-jpmorgan-com-8914 425 73 registry registry NN privatebank-jpmorgan-com-8914 425 74 of of IN privatebank-jpmorgan-com-8914 425 75 the the DT privatebank-jpmorgan-com-8914 425 76 Bank Bank NNP privatebank-jpmorgan-com-8914 425 77 of of IN privatebank-jpmorgan-com-8914 425 78 Spain Spain NNP privatebank-jpmorgan-com-8914 425 79 and and CC privatebank-jpmorgan-com-8914 425 80 supervised supervise VBN privatebank-jpmorgan-com-8914 425 81 by by IN privatebank-jpmorgan-com-8914 425 82 the the DT privatebank-jpmorgan-com-8914 425 83 Spanish Spanish NNP privatebank-jpmorgan-com-8914 425 84 Securities Securities NNPS privatebank-jpmorgan-com-8914 425 85 Market Market NNP privatebank-jpmorgan-com-8914 425 86 Commission Commission NNP privatebank-jpmorgan-com-8914 425 87 ( ( -LRB- privatebank-jpmorgan-com-8914 425 88 CNMV CNMV NNP privatebank-jpmorgan-com-8914 425 89 ) ) -RRB- privatebank-jpmorgan-com-8914 425 90 . . . privatebank-jpmorgan-com-8914 426 1 In in IN privatebank-jpmorgan-com-8914 426 2 Germany Germany NNP privatebank-jpmorgan-com-8914 426 3 , , , privatebank-jpmorgan-com-8914 426 4 this this DT privatebank-jpmorgan-com-8914 426 5 material material NN privatebank-jpmorgan-com-8914 426 6 is be VBZ privatebank-jpmorgan-com-8914 426 7 distributed distribute VBN privatebank-jpmorgan-com-8914 426 8 by by IN privatebank-jpmorgan-com-8914 426 9 J.P. J.P. NNP privatebank-jpmorgan-com-8914 426 10 Morgan Morgan NNP privatebank-jpmorgan-com-8914 426 11 Bank Bank NNP privatebank-jpmorgan-com-8914 426 12 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 426 13 S.A. S.A. NNP privatebank-jpmorgan-com-8914 426 14 , , , privatebank-jpmorgan-com-8914 426 15 Frankfurt Frankfurt NNP privatebank-jpmorgan-com-8914 426 16 Branch Branch NNP privatebank-jpmorgan-com-8914 426 17 , , , privatebank-jpmorgan-com-8914 426 18 registered register VBN privatebank-jpmorgan-com-8914 426 19 office office NN privatebank-jpmorgan-com-8914 426 20 at at IN privatebank-jpmorgan-com-8914 426 21 Taunustor Taunustor NNP privatebank-jpmorgan-com-8914 426 22 1 1 CD privatebank-jpmorgan-com-8914 426 23 ( ( -LRB- privatebank-jpmorgan-com-8914 426 24 TaunusTurm TaunusTurm NNP privatebank-jpmorgan-com-8914 426 25 ) ) -RRB- privatebank-jpmorgan-com-8914 426 26 , , , privatebank-jpmorgan-com-8914 426 27 60310 60310 CD privatebank-jpmorgan-com-8914 426 28 Frankfurt Frankfurt NNP privatebank-jpmorgan-com-8914 426 29 , , , privatebank-jpmorgan-com-8914 426 30 Germany Germany NNP privatebank-jpmorgan-com-8914 426 31 , , , privatebank-jpmorgan-com-8914 426 32 jointly jointly RB privatebank-jpmorgan-com-8914 426 33 supervised supervise VBN privatebank-jpmorgan-com-8914 426 34 by by IN privatebank-jpmorgan-com-8914 426 35 the the DT privatebank-jpmorgan-com-8914 426 36 Commission Commission NNP privatebank-jpmorgan-com-8914 426 37 de de IN privatebank-jpmorgan-com-8914 426 38 Surveillance Surveillance NNP privatebank-jpmorgan-com-8914 426 39 du du NNP privatebank-jpmorgan-com-8914 426 40 Secteur Secteur NNP privatebank-jpmorgan-com-8914 426 41 Financier Financier NNP privatebank-jpmorgan-com-8914 426 42 ( ( -LRB- privatebank-jpmorgan-com-8914 426 43 CSSF CSSF NNP privatebank-jpmorgan-com-8914 426 44 ) ) -RRB- privatebank-jpmorgan-com-8914 426 45 and and CC privatebank-jpmorgan-com-8914 426 46 the the DT privatebank-jpmorgan-com-8914 426 47 European European NNP privatebank-jpmorgan-com-8914 426 48 Central Central NNP privatebank-jpmorgan-com-8914 426 49 Bank Bank NNP privatebank-jpmorgan-com-8914 426 50 ( ( -LRB- privatebank-jpmorgan-com-8914 426 51 ECB ECB NNP privatebank-jpmorgan-com-8914 426 52 ) ) -RRB- privatebank-jpmorgan-com-8914 426 53 , , , privatebank-jpmorgan-com-8914 426 54 and and CC privatebank-jpmorgan-com-8914 426 55 in in IN privatebank-jpmorgan-com-8914 426 56 certain certain JJ privatebank-jpmorgan-com-8914 426 57 areas area NNS privatebank-jpmorgan-com-8914 426 58 also also RB privatebank-jpmorgan-com-8914 426 59 supervised supervise VBN privatebank-jpmorgan-com-8914 426 60 by by IN privatebank-jpmorgan-com-8914 426 61 the the DT privatebank-jpmorgan-com-8914 426 62 Bundesanstalt Bundesanstalt NNP privatebank-jpmorgan-com-8914 426 63 für für NN privatebank-jpmorgan-com-8914 426 64 Finanzdienstleistungsaufsicht Finanzdienstleistungsaufsicht NNP privatebank-jpmorgan-com-8914 426 65 ( ( -LRB- privatebank-jpmorgan-com-8914 426 66 BaFin BaFin NNP privatebank-jpmorgan-com-8914 426 67 ) ) -RRB- privatebank-jpmorgan-com-8914 426 68 . . . privatebank-jpmorgan-com-8914 427 1 In in IN privatebank-jpmorgan-com-8914 427 2 Italy Italy NNP privatebank-jpmorgan-com-8914 427 3 , , , privatebank-jpmorgan-com-8914 427 4 this this DT privatebank-jpmorgan-com-8914 427 5 material material NN privatebank-jpmorgan-com-8914 427 6 is be VBZ privatebank-jpmorgan-com-8914 427 7 distributed distribute VBN privatebank-jpmorgan-com-8914 427 8 by by IN privatebank-jpmorgan-com-8914 427 9 J.P. J.P. NNP privatebank-jpmorgan-com-8914 427 10 Morgan Morgan NNP privatebank-jpmorgan-com-8914 427 11 Bank Bank NNP privatebank-jpmorgan-com-8914 427 12 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 427 13 S.A S.A NNP privatebank-jpmorgan-com-8914 427 14 – – : privatebank-jpmorgan-com-8914 427 15 Milan Milan NNP privatebank-jpmorgan-com-8914 427 16 Branch Branch NNP privatebank-jpmorgan-com-8914 427 17 , , , privatebank-jpmorgan-com-8914 427 18 registered register VBN privatebank-jpmorgan-com-8914 427 19 office office NN privatebank-jpmorgan-com-8914 427 20 at at IN privatebank-jpmorgan-com-8914 427 21 Via Via NNP privatebank-jpmorgan-com-8914 427 22 Cordusio Cordusio NNP privatebank-jpmorgan-com-8914 427 23 3 3 CD privatebank-jpmorgan-com-8914 427 24 , , , privatebank-jpmorgan-com-8914 427 25 20123 20123 CD privatebank-jpmorgan-com-8914 427 26 Milano Milano NNP privatebank-jpmorgan-com-8914 427 27 , , , privatebank-jpmorgan-com-8914 427 28 Italy Italy NNP privatebank-jpmorgan-com-8914 427 29 and and CC privatebank-jpmorgan-com-8914 427 30 regulated regulate VBN privatebank-jpmorgan-com-8914 427 31 by by IN privatebank-jpmorgan-com-8914 427 32 Bank Bank NNP privatebank-jpmorgan-com-8914 427 33 of of IN privatebank-jpmorgan-com-8914 427 34 Italy Italy NNP privatebank-jpmorgan-com-8914 427 35 and and CC privatebank-jpmorgan-com-8914 427 36 the the DT privatebank-jpmorgan-com-8914 427 37 Commissione Commissione NNP privatebank-jpmorgan-com-8914 427 38 Nazionale Nazionale NNP privatebank-jpmorgan-com-8914 427 39 per per IN privatebank-jpmorgan-com-8914 427 40 le le FW privatebank-jpmorgan-com-8914 427 41 Società Società VBN privatebank-jpmorgan-com-8914 427 42 e e NN privatebank-jpmorgan-com-8914 427 43 la la NNP privatebank-jpmorgan-com-8914 427 44 Borsa Borsa NNP privatebank-jpmorgan-com-8914 427 45 ( ( -LRB- privatebank-jpmorgan-com-8914 427 46 CONSOB CONSOB NNP privatebank-jpmorgan-com-8914 427 47 ) ) -RRB- privatebank-jpmorgan-com-8914 427 48 . . . privatebank-jpmorgan-com-8914 428 1 In in IN privatebank-jpmorgan-com-8914 428 2 the the DT privatebank-jpmorgan-com-8914 428 3 Netherlands Netherlands NNP privatebank-jpmorgan-com-8914 428 4 , , , privatebank-jpmorgan-com-8914 428 5 this this DT privatebank-jpmorgan-com-8914 428 6 material material NN privatebank-jpmorgan-com-8914 428 7 is be VBZ privatebank-jpmorgan-com-8914 428 8 distributed distribute VBN privatebank-jpmorgan-com-8914 428 9 by by IN privatebank-jpmorgan-com-8914 428 10 J.P. J.P. NNP privatebank-jpmorgan-com-8914 428 11 Morgan Morgan NNP privatebank-jpmorgan-com-8914 428 12 Bank Bank NNP privatebank-jpmorgan-com-8914 428 13 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 428 14 S.A. S.A. NNP privatebank-jpmorgan-com-8914 428 15 , , , privatebank-jpmorgan-com-8914 428 16 Amsterdam Amsterdam NNP privatebank-jpmorgan-com-8914 428 17 Branch Branch NNP privatebank-jpmorgan-com-8914 428 18 , , , privatebank-jpmorgan-com-8914 428 19 with with IN privatebank-jpmorgan-com-8914 428 20 registered register VBN privatebank-jpmorgan-com-8914 428 21 office office NN privatebank-jpmorgan-com-8914 428 22 at at IN privatebank-jpmorgan-com-8914 428 23 World World NNP privatebank-jpmorgan-com-8914 428 24 Trade Trade NNP privatebank-jpmorgan-com-8914 428 25 Centre Centre NNP privatebank-jpmorgan-com-8914 428 26 , , , privatebank-jpmorgan-com-8914 428 27 Tower Tower NNP privatebank-jpmorgan-com-8914 428 28 B B NNP privatebank-jpmorgan-com-8914 428 29 , , , privatebank-jpmorgan-com-8914 428 30 Strawinskylaan Strawinskylaan NNP privatebank-jpmorgan-com-8914 428 31 1135 1135 CD privatebank-jpmorgan-com-8914 428 32 , , , privatebank-jpmorgan-com-8914 428 33 1077 1077 CD privatebank-jpmorgan-com-8914 428 34 XX XX NNP privatebank-jpmorgan-com-8914 428 35 , , , privatebank-jpmorgan-com-8914 428 36 Amsterdam Amsterdam NNP privatebank-jpmorgan-com-8914 428 37 , , , privatebank-jpmorgan-com-8914 428 38 The the DT privatebank-jpmorgan-com-8914 428 39 Netherlands Netherlands NNP privatebank-jpmorgan-com-8914 428 40 . . . privatebank-jpmorgan-com-8914 429 1 J.P. J.P. NNP privatebank-jpmorgan-com-8914 429 2 Morgan Morgan NNP privatebank-jpmorgan-com-8914 429 3 Bank Bank NNP privatebank-jpmorgan-com-8914 429 4 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 429 5 S.A. S.A. NNP privatebank-jpmorgan-com-8914 429 6 , , , privatebank-jpmorgan-com-8914 429 7 Amsterdam Amsterdam NNP privatebank-jpmorgan-com-8914 429 8 Branch Branch NNP privatebank-jpmorgan-com-8914 429 9 is be VBZ privatebank-jpmorgan-com-8914 429 10 authorized authorize VBN privatebank-jpmorgan-com-8914 429 11 and and CC privatebank-jpmorgan-com-8914 429 12 regulated regulate VBN privatebank-jpmorgan-com-8914 429 13 by by IN privatebank-jpmorgan-com-8914 429 14 the the DT privatebank-jpmorgan-com-8914 429 15 Commission Commission NNP privatebank-jpmorgan-com-8914 429 16 de de IN privatebank-jpmorgan-com-8914 429 17 Surveillance Surveillance NNP privatebank-jpmorgan-com-8914 429 18 du du NNP privatebank-jpmorgan-com-8914 429 19 Secteur Secteur NNP privatebank-jpmorgan-com-8914 429 20 Financier Financier NNP privatebank-jpmorgan-com-8914 429 21 ( ( -LRB- privatebank-jpmorgan-com-8914 429 22 CSSF CSSF NNP privatebank-jpmorgan-com-8914 429 23 ) ) -RRB- privatebank-jpmorgan-com-8914 429 24 and and CC privatebank-jpmorgan-com-8914 429 25 jointly jointly RB privatebank-jpmorgan-com-8914 429 26 supervised supervise VBN privatebank-jpmorgan-com-8914 429 27 by by IN privatebank-jpmorgan-com-8914 429 28 the the DT privatebank-jpmorgan-com-8914 429 29 European European NNP privatebank-jpmorgan-com-8914 429 30 Central Central NNP privatebank-jpmorgan-com-8914 429 31 Bank Bank NNP privatebank-jpmorgan-com-8914 429 32 ( ( -LRB- privatebank-jpmorgan-com-8914 429 33 ECB ECB NNP privatebank-jpmorgan-com-8914 429 34 ) ) -RRB- privatebank-jpmorgan-com-8914 429 35 and and CC privatebank-jpmorgan-com-8914 429 36 the the DT privatebank-jpmorgan-com-8914 429 37 CSSF CSSF NNP privatebank-jpmorgan-com-8914 429 38 in in IN privatebank-jpmorgan-com-8914 429 39 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 429 40 ; ; : privatebank-jpmorgan-com-8914 429 41 J.P. J.P. NNP privatebank-jpmorgan-com-8914 429 42 Morgan Morgan NNP privatebank-jpmorgan-com-8914 429 43 Bank Bank NNP privatebank-jpmorgan-com-8914 429 44 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 429 45 S.A. S.A. NNP privatebank-jpmorgan-com-8914 429 46 , , , privatebank-jpmorgan-com-8914 429 47 Amsterdam Amsterdam NNP privatebank-jpmorgan-com-8914 429 48 Branch Branch NNP privatebank-jpmorgan-com-8914 429 49 is be VBZ privatebank-jpmorgan-com-8914 429 50 also also RB privatebank-jpmorgan-com-8914 429 51 authorized authorize VBN privatebank-jpmorgan-com-8914 429 52 and and CC privatebank-jpmorgan-com-8914 429 53 supervised supervise VBN privatebank-jpmorgan-com-8914 429 54 by by IN privatebank-jpmorgan-com-8914 429 55 De De NNP privatebank-jpmorgan-com-8914 429 56 Nederlandsche Nederlandsche NNP privatebank-jpmorgan-com-8914 429 57 Bank Bank NNP privatebank-jpmorgan-com-8914 429 58 ( ( -LRB- privatebank-jpmorgan-com-8914 429 59 DNB DNB NNP privatebank-jpmorgan-com-8914 429 60 ) ) -RRB- privatebank-jpmorgan-com-8914 429 61 and and CC privatebank-jpmorgan-com-8914 429 62 the the DT privatebank-jpmorgan-com-8914 429 63 Autoriteit Autoriteit NNP privatebank-jpmorgan-com-8914 429 64 Financiële Financiële NNPS privatebank-jpmorgan-com-8914 429 65 Markten Markten NNP privatebank-jpmorgan-com-8914 429 66 ( ( -LRB- privatebank-jpmorgan-com-8914 429 67 AFM AFM NNP privatebank-jpmorgan-com-8914 429 68 ) ) -RRB- privatebank-jpmorgan-com-8914 429 69 in in IN privatebank-jpmorgan-com-8914 429 70 the the DT privatebank-jpmorgan-com-8914 429 71 Netherlands Netherlands NNP privatebank-jpmorgan-com-8914 429 72 . . . privatebank-jpmorgan-com-8914 430 1 Registered register VBN privatebank-jpmorgan-com-8914 430 2 with with IN privatebank-jpmorgan-com-8914 430 3 the the DT privatebank-jpmorgan-com-8914 430 4 Kamer Kamer NNP privatebank-jpmorgan-com-8914 430 5 van van NNP privatebank-jpmorgan-com-8914 430 6 Koophandel Koophandel NNP privatebank-jpmorgan-com-8914 430 7 as as IN privatebank-jpmorgan-com-8914 430 8 a a DT privatebank-jpmorgan-com-8914 430 9 branch branch NN privatebank-jpmorgan-com-8914 430 10 of of IN privatebank-jpmorgan-com-8914 430 11 J.P. J.P. NNP privatebank-jpmorgan-com-8914 430 12 Morgan Morgan NNP privatebank-jpmorgan-com-8914 430 13 Bank Bank NNP privatebank-jpmorgan-com-8914 430 14 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 430 15 S.A. S.A. NNP privatebank-jpmorgan-com-8914 430 16 under under IN privatebank-jpmorgan-com-8914 430 17 registration registration NN privatebank-jpmorgan-com-8914 430 18 number number NN privatebank-jpmorgan-com-8914 430 19 71651845 71651845 CD privatebank-jpmorgan-com-8914 430 20 . . . privatebank-jpmorgan-com-8914 431 1 In in IN privatebank-jpmorgan-com-8914 431 2 Denmark Denmark NNP privatebank-jpmorgan-com-8914 431 3 , , , privatebank-jpmorgan-com-8914 431 4 this this DT privatebank-jpmorgan-com-8914 431 5 material material NN privatebank-jpmorgan-com-8914 431 6 is be VBZ privatebank-jpmorgan-com-8914 431 7 distributed distribute VBN privatebank-jpmorgan-com-8914 431 8 by by IN privatebank-jpmorgan-com-8914 431 9 J.P. J.P. NNP privatebank-jpmorgan-com-8914 431 10 Morgan Morgan NNP privatebank-jpmorgan-com-8914 431 11 Bank Bank NNP privatebank-jpmorgan-com-8914 431 12 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 431 13 , , , privatebank-jpmorgan-com-8914 431 14 Copenhagen Copenhagen NNP privatebank-jpmorgan-com-8914 431 15 Br Br NNP privatebank-jpmorgan-com-8914 431 16 , , , privatebank-jpmorgan-com-8914 431 17 filial filial JJ privatebank-jpmorgan-com-8914 431 18 af af IN privatebank-jpmorgan-com-8914 431 19 J.P. J.P. NNP privatebank-jpmorgan-com-8914 431 20 Morgan Morgan NNP privatebank-jpmorgan-com-8914 431 21 Bank Bank NNP privatebank-jpmorgan-com-8914 431 22 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 431 23 S.A. S.A. NNP privatebank-jpmorgan-com-8914 431 24 with with IN privatebank-jpmorgan-com-8914 431 25 registered registered JJ privatebank-jpmorgan-com-8914 431 26 office office NN privatebank-jpmorgan-com-8914 431 27 at at IN privatebank-jpmorgan-com-8914 431 28 Kalvebod Kalvebod NNP privatebank-jpmorgan-com-8914 431 29 Brygge Brygge NNP privatebank-jpmorgan-com-8914 431 30 39 39 CD privatebank-jpmorgan-com-8914 431 31 - - SYM privatebank-jpmorgan-com-8914 431 32 41 41 CD privatebank-jpmorgan-com-8914 431 33 , , , privatebank-jpmorgan-com-8914 431 34 1560 1560 CD privatebank-jpmorgan-com-8914 431 35 København København NNP privatebank-jpmorgan-com-8914 431 36 V V NNP privatebank-jpmorgan-com-8914 431 37 , , , privatebank-jpmorgan-com-8914 431 38 Denmark Denmark NNP privatebank-jpmorgan-com-8914 431 39 . . . privatebank-jpmorgan-com-8914 432 1 J.P. J.P. NNP privatebank-jpmorgan-com-8914 432 2 Morgan Morgan NNP privatebank-jpmorgan-com-8914 432 3 Bank Bank NNP privatebank-jpmorgan-com-8914 432 4 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 432 5 , , , privatebank-jpmorgan-com-8914 432 6 Copenhagen Copenhagen NNP privatebank-jpmorgan-com-8914 432 7 Br Br NNP privatebank-jpmorgan-com-8914 432 8 , , , privatebank-jpmorgan-com-8914 432 9 filial filial JJ privatebank-jpmorgan-com-8914 432 10 af af IN privatebank-jpmorgan-com-8914 432 11 J.P. J.P. NNP privatebank-jpmorgan-com-8914 432 12 Morgan Morgan NNP privatebank-jpmorgan-com-8914 432 13 Bank Bank NNP privatebank-jpmorgan-com-8914 432 14 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 432 15 S.A. S.A. NNP privatebank-jpmorgan-com-8914 432 16 is be VBZ privatebank-jpmorgan-com-8914 432 17 authorized authorize VBN privatebank-jpmorgan-com-8914 432 18 and and CC privatebank-jpmorgan-com-8914 432 19 regulated regulate VBN privatebank-jpmorgan-com-8914 432 20 by by IN privatebank-jpmorgan-com-8914 432 21 Commission Commission NNP privatebank-jpmorgan-com-8914 432 22 de de NNP privatebank-jpmorgan-com-8914 432 23 Surveillance Surveillance NNP privatebank-jpmorgan-com-8914 432 24 du du NNP privatebank-jpmorgan-com-8914 432 25 Secteur Secteur NNP privatebank-jpmorgan-com-8914 432 26 Financier Financier NNP privatebank-jpmorgan-com-8914 432 27 ( ( -LRB- privatebank-jpmorgan-com-8914 432 28 CSSF CSSF NNP privatebank-jpmorgan-com-8914 432 29 ) ) -RRB- privatebank-jpmorgan-com-8914 432 30 and and CC privatebank-jpmorgan-com-8914 432 31 jointly jointly RB privatebank-jpmorgan-com-8914 432 32 supervised supervise VBN privatebank-jpmorgan-com-8914 432 33 by by IN privatebank-jpmorgan-com-8914 432 34 the the DT privatebank-jpmorgan-com-8914 432 35 European European NNP privatebank-jpmorgan-com-8914 432 36 Central Central NNP privatebank-jpmorgan-com-8914 432 37 Bank Bank NNP privatebank-jpmorgan-com-8914 432 38 ( ( -LRB- privatebank-jpmorgan-com-8914 432 39 ECB ECB NNP privatebank-jpmorgan-com-8914 432 40 ) ) -RRB- privatebank-jpmorgan-com-8914 432 41 and and CC privatebank-jpmorgan-com-8914 432 42 the the DT privatebank-jpmorgan-com-8914 432 43 CSSF CSSF NNP privatebank-jpmorgan-com-8914 432 44 . . . privatebank-jpmorgan-com-8914 433 1 J.P. J.P. NNP privatebank-jpmorgan-com-8914 433 2 Morgan Morgan NNP privatebank-jpmorgan-com-8914 433 3 Bank Bank NNP privatebank-jpmorgan-com-8914 433 4 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 433 5 , , , privatebank-jpmorgan-com-8914 433 6 Copenhagen Copenhagen NNP privatebank-jpmorgan-com-8914 433 7 Br Br NNP privatebank-jpmorgan-com-8914 433 8 , , , privatebank-jpmorgan-com-8914 433 9 filial filial JJ privatebank-jpmorgan-com-8914 433 10 af af IN privatebank-jpmorgan-com-8914 433 11 J.P. J.P. NNP privatebank-jpmorgan-com-8914 433 12 Morgan Morgan NNP privatebank-jpmorgan-com-8914 433 13 Bank Bank NNP privatebank-jpmorgan-com-8914 433 14 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 433 15 S.A. S.A. NNP privatebank-jpmorgan-com-8914 433 16 is be VBZ privatebank-jpmorgan-com-8914 433 17 also also RB privatebank-jpmorgan-com-8914 433 18 subject subject JJ privatebank-jpmorgan-com-8914 433 19 to to IN privatebank-jpmorgan-com-8914 433 20 the the DT privatebank-jpmorgan-com-8914 433 21 supervision supervision NN privatebank-jpmorgan-com-8914 433 22 of of IN privatebank-jpmorgan-com-8914 433 23 Finanstilsynet Finanstilsynet NNP privatebank-jpmorgan-com-8914 433 24 ( ( -LRB- privatebank-jpmorgan-com-8914 433 25 Danish Danish NNP privatebank-jpmorgan-com-8914 433 26 FSA FSA NNP privatebank-jpmorgan-com-8914 433 27 ) ) -RRB- privatebank-jpmorgan-com-8914 433 28 and and CC privatebank-jpmorgan-com-8914 433 29 registered register VBN privatebank-jpmorgan-com-8914 433 30 with with IN privatebank-jpmorgan-com-8914 433 31 Finanstilsynet Finanstilsynet NNP privatebank-jpmorgan-com-8914 433 32 as as IN privatebank-jpmorgan-com-8914 433 33 a a DT privatebank-jpmorgan-com-8914 433 34 branch branch NN privatebank-jpmorgan-com-8914 433 35 of of IN privatebank-jpmorgan-com-8914 433 36 J.P. J.P. NNP privatebank-jpmorgan-com-8914 433 37 Morgan Morgan NNP privatebank-jpmorgan-com-8914 433 38 Bank Bank NNP privatebank-jpmorgan-com-8914 433 39 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 433 40 S.A. S.A. NNP privatebank-jpmorgan-com-8914 433 41 under under IN privatebank-jpmorgan-com-8914 433 42 code code NN privatebank-jpmorgan-com-8914 433 43 29009 29009 CD privatebank-jpmorgan-com-8914 433 44 . . . privatebank-jpmorgan-com-8914 434 1 In in IN privatebank-jpmorgan-com-8914 434 2 Sweden Sweden NNP privatebank-jpmorgan-com-8914 434 3 , , , privatebank-jpmorgan-com-8914 434 4 this this DT privatebank-jpmorgan-com-8914 434 5 material material NN privatebank-jpmorgan-com-8914 434 6 is be VBZ privatebank-jpmorgan-com-8914 434 7 distributed distribute VBN privatebank-jpmorgan-com-8914 434 8 by by IN privatebank-jpmorgan-com-8914 434 9 J.P. J.P. NNP privatebank-jpmorgan-com-8914 434 10 Morgan Morgan NNP privatebank-jpmorgan-com-8914 434 11 Bank Bank NNP privatebank-jpmorgan-com-8914 434 12 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 434 13 S.A. S.A. NNP privatebank-jpmorgan-com-8914 434 14 , , , privatebank-jpmorgan-com-8914 434 15 Stockholm Stockholm NNP privatebank-jpmorgan-com-8914 434 16 Bankfilial Bankfilial NNP privatebank-jpmorgan-com-8914 434 17 , , , privatebank-jpmorgan-com-8914 434 18 with with IN privatebank-jpmorgan-com-8914 434 19 registered register VBN privatebank-jpmorgan-com-8914 434 20 office office NN privatebank-jpmorgan-com-8914 434 21 at at IN privatebank-jpmorgan-com-8914 434 22 Hamngatan Hamngatan NNP privatebank-jpmorgan-com-8914 434 23 15 15 CD privatebank-jpmorgan-com-8914 434 24 , , , privatebank-jpmorgan-com-8914 434 25 Stockholm Stockholm NNP privatebank-jpmorgan-com-8914 434 26 , , , privatebank-jpmorgan-com-8914 434 27 11147 11147 CD privatebank-jpmorgan-com-8914 434 28 , , , privatebank-jpmorgan-com-8914 434 29 Sweden Sweden NNP privatebank-jpmorgan-com-8914 434 30 . . . privatebank-jpmorgan-com-8914 435 1 J.P. J.P. NNP privatebank-jpmorgan-com-8914 435 2 Morgan Morgan NNP privatebank-jpmorgan-com-8914 435 3 Bank Bank NNP privatebank-jpmorgan-com-8914 435 4 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 435 5 S.A. S.A. NNP privatebank-jpmorgan-com-8914 435 6 , , , privatebank-jpmorgan-com-8914 435 7 Stockholm Stockholm NNP privatebank-jpmorgan-com-8914 435 8 Bankfilial Bankfilial NNP privatebank-jpmorgan-com-8914 435 9 is be VBZ privatebank-jpmorgan-com-8914 435 10 authorized authorize VBN privatebank-jpmorgan-com-8914 435 11 and and CC privatebank-jpmorgan-com-8914 435 12 regulated regulate VBN privatebank-jpmorgan-com-8914 435 13 by by IN privatebank-jpmorgan-com-8914 435 14 Commission Commission NNP privatebank-jpmorgan-com-8914 435 15 de de NNP privatebank-jpmorgan-com-8914 435 16 Surveillance Surveillance NNP privatebank-jpmorgan-com-8914 435 17 du du NNP privatebank-jpmorgan-com-8914 435 18 Secteur Secteur NNP privatebank-jpmorgan-com-8914 435 19 Financier Financier NNP privatebank-jpmorgan-com-8914 435 20 ( ( -LRB- privatebank-jpmorgan-com-8914 435 21 CSSF CSSF NNP privatebank-jpmorgan-com-8914 435 22 ) ) -RRB- privatebank-jpmorgan-com-8914 435 23 and and CC privatebank-jpmorgan-com-8914 435 24 jointly jointly RB privatebank-jpmorgan-com-8914 435 25 supervised supervise VBN privatebank-jpmorgan-com-8914 435 26 by by IN privatebank-jpmorgan-com-8914 435 27 the the DT privatebank-jpmorgan-com-8914 435 28 European European NNP privatebank-jpmorgan-com-8914 435 29 Central Central NNP privatebank-jpmorgan-com-8914 435 30 Bank Bank NNP privatebank-jpmorgan-com-8914 435 31 ( ( -LRB- privatebank-jpmorgan-com-8914 435 32 ECB ECB NNP privatebank-jpmorgan-com-8914 435 33 ) ) -RRB- privatebank-jpmorgan-com-8914 435 34 and and CC privatebank-jpmorgan-com-8914 435 35 the the DT privatebank-jpmorgan-com-8914 435 36 CSSF CSSF NNP privatebank-jpmorgan-com-8914 435 37 . . . privatebank-jpmorgan-com-8914 436 1 J.P. J.P. NNP privatebank-jpmorgan-com-8914 436 2 Morgan Morgan NNP privatebank-jpmorgan-com-8914 436 3 Bank Bank NNP privatebank-jpmorgan-com-8914 436 4 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 436 5 S.A. S.A. NNP privatebank-jpmorgan-com-8914 436 6 , , , privatebank-jpmorgan-com-8914 436 7 Stockholm Stockholm NNP privatebank-jpmorgan-com-8914 436 8 Bankfilial Bankfilial NNP privatebank-jpmorgan-com-8914 436 9 is be VBZ privatebank-jpmorgan-com-8914 436 10 also also RB privatebank-jpmorgan-com-8914 436 11 subject subject JJ privatebank-jpmorgan-com-8914 436 12 to to IN privatebank-jpmorgan-com-8914 436 13 the the DT privatebank-jpmorgan-com-8914 436 14 supervision supervision NN privatebank-jpmorgan-com-8914 436 15 of of IN privatebank-jpmorgan-com-8914 436 16 Finansinspektionen Finansinspektionen NNP privatebank-jpmorgan-com-8914 436 17 ( ( -LRB- privatebank-jpmorgan-com-8914 436 18 Swedish swedish JJ privatebank-jpmorgan-com-8914 436 19 FSA FSA NNP privatebank-jpmorgan-com-8914 436 20 ) ) -RRB- privatebank-jpmorgan-com-8914 436 21 . . . privatebank-jpmorgan-com-8914 437 1 Registered register VBN privatebank-jpmorgan-com-8914 437 2 with with IN privatebank-jpmorgan-com-8914 437 3 Finansinspektionen Finansinspektionen NNP privatebank-jpmorgan-com-8914 437 4 as as IN privatebank-jpmorgan-com-8914 437 5 a a DT privatebank-jpmorgan-com-8914 437 6 branch branch NN privatebank-jpmorgan-com-8914 437 7 of of IN privatebank-jpmorgan-com-8914 437 8 J.P. J.P. NNP privatebank-jpmorgan-com-8914 437 9 Morgan Morgan NNP privatebank-jpmorgan-com-8914 437 10 Bank Bank NNP privatebank-jpmorgan-com-8914 437 11 Luxembourg Luxembourg NNP privatebank-jpmorgan-com-8914 437 12 S.A. S.A. NNP privatebank-jpmorgan-com-8914 438 1 In in IN privatebank-jpmorgan-com-8914 438 2 France France NNP privatebank-jpmorgan-com-8914 438 3 , , , privatebank-jpmorgan-com-8914 438 4 this this DT privatebank-jpmorgan-com-8914 438 5 material material NN privatebank-jpmorgan-com-8914 438 6 is be VBZ privatebank-jpmorgan-com-8914 438 7 distributed distribute VBN privatebank-jpmorgan-com-8914 438 8 by by IN privatebank-jpmorgan-com-8914 438 9 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 438 10 Chase Chase NNP privatebank-jpmorgan-com-8914 438 11 Bank Bank NNP privatebank-jpmorgan-com-8914 438 12 , , , privatebank-jpmorgan-com-8914 438 13 N.A. N.A. NNP privatebank-jpmorgan-com-8914 439 1 ( ( -LRB- privatebank-jpmorgan-com-8914 439 2 “ " `` privatebank-jpmorgan-com-8914 439 3 JPMCB JPMCB NNP privatebank-jpmorgan-com-8914 439 4 ” " '' privatebank-jpmorgan-com-8914 439 5 ) ) -RRB- privatebank-jpmorgan-com-8914 439 6 , , , privatebank-jpmorgan-com-8914 439 7 Paris Paris NNP privatebank-jpmorgan-com-8914 439 8 branch branch NN privatebank-jpmorgan-com-8914 439 9 , , , privatebank-jpmorgan-com-8914 439 10 which which WDT privatebank-jpmorgan-com-8914 439 11 is be VBZ privatebank-jpmorgan-com-8914 439 12 regulated regulate VBN privatebank-jpmorgan-com-8914 439 13 by by IN privatebank-jpmorgan-com-8914 439 14 the the DT privatebank-jpmorgan-com-8914 439 15 French french JJ privatebank-jpmorgan-com-8914 439 16 banking banking NN privatebank-jpmorgan-com-8914 439 17 authorities authority NNS privatebank-jpmorgan-com-8914 439 18 Autorité Autorité NNP privatebank-jpmorgan-com-8914 439 19 de de IN privatebank-jpmorgan-com-8914 439 20 Contrôle Contrôle NNP privatebank-jpmorgan-com-8914 439 21 Prudentiel Prudentiel NNP privatebank-jpmorgan-com-8914 439 22 et et FW privatebank-jpmorgan-com-8914 439 23 de de FW privatebank-jpmorgan-com-8914 439 24 Résolution Résolution NNP privatebank-jpmorgan-com-8914 439 25 and and CC privatebank-jpmorgan-com-8914 439 26 Autorité Autorité NNP privatebank-jpmorgan-com-8914 439 27 des des NNP privatebank-jpmorgan-com-8914 439 28 Marchés Marchés NNP privatebank-jpmorgan-com-8914 439 29 Financiers Financiers NNPS privatebank-jpmorgan-com-8914 439 30 . . . privatebank-jpmorgan-com-8914 440 1 In in IN privatebank-jpmorgan-com-8914 440 2 Switzerland Switzerland NNP privatebank-jpmorgan-com-8914 440 3 , , , privatebank-jpmorgan-com-8914 440 4 this this DT privatebank-jpmorgan-com-8914 440 5 material material NN privatebank-jpmorgan-com-8914 440 6 is be VBZ privatebank-jpmorgan-com-8914 440 7 distributed distribute VBN privatebank-jpmorgan-com-8914 440 8 by by IN privatebank-jpmorgan-com-8914 440 9 J.P. J.P. NNP privatebank-jpmorgan-com-8914 440 10 Morgan Morgan NNP privatebank-jpmorgan-com-8914 440 11 ( ( -LRB- privatebank-jpmorgan-com-8914 440 12 Suisse Suisse NNP privatebank-jpmorgan-com-8914 440 13 ) ) -RRB- privatebank-jpmorgan-com-8914 440 14 SA SA NNP privatebank-jpmorgan-com-8914 440 15 , , , privatebank-jpmorgan-com-8914 440 16 which which WDT privatebank-jpmorgan-com-8914 440 17 is be VBZ privatebank-jpmorgan-com-8914 440 18 regulated regulate VBN privatebank-jpmorgan-com-8914 440 19 in in IN privatebank-jpmorgan-com-8914 440 20 Switzerland Switzerland NNP privatebank-jpmorgan-com-8914 440 21 by by IN privatebank-jpmorgan-com-8914 440 22 the the DT privatebank-jpmorgan-com-8914 440 23 Swiss swiss JJ privatebank-jpmorgan-com-8914 440 24 Financial Financial NNP privatebank-jpmorgan-com-8914 440 25 Market Market NNP privatebank-jpmorgan-com-8914 440 26 Supervisory Supervisory NNP privatebank-jpmorgan-com-8914 440 27 Authority Authority NNP privatebank-jpmorgan-com-8914 440 28 ( ( -LRB- privatebank-jpmorgan-com-8914 440 29 FINMA FINMA NNP privatebank-jpmorgan-com-8914 440 30 ) ) -RRB- privatebank-jpmorgan-com-8914 440 31 . . . privatebank-jpmorgan-com-8914 441 1 In in IN privatebank-jpmorgan-com-8914 441 2 Hong Hong NNP privatebank-jpmorgan-com-8914 441 3 Kong Kong NNP privatebank-jpmorgan-com-8914 441 4 , , , privatebank-jpmorgan-com-8914 441 5 this this DT privatebank-jpmorgan-com-8914 441 6 material material NN privatebank-jpmorgan-com-8914 441 7 is be VBZ privatebank-jpmorgan-com-8914 441 8 distributed distribute VBN privatebank-jpmorgan-com-8914 441 9 by by IN privatebank-jpmorgan-com-8914 441 10 JPMCB JPMCB NNP privatebank-jpmorgan-com-8914 441 11 , , , privatebank-jpmorgan-com-8914 441 12 Hong Hong NNP privatebank-jpmorgan-com-8914 441 13 Kong Kong NNP privatebank-jpmorgan-com-8914 441 14 branch branch NN privatebank-jpmorgan-com-8914 441 15 . . . privatebank-jpmorgan-com-8914 442 1 JPMCB JPMCB NNP privatebank-jpmorgan-com-8914 442 2 , , , privatebank-jpmorgan-com-8914 442 3 Hong Hong NNP privatebank-jpmorgan-com-8914 442 4 Kong Kong NNP privatebank-jpmorgan-com-8914 442 5 branch branch NN privatebank-jpmorgan-com-8914 442 6 is be VBZ privatebank-jpmorgan-com-8914 442 7 regulated regulate VBN privatebank-jpmorgan-com-8914 442 8 by by IN privatebank-jpmorgan-com-8914 442 9 the the DT privatebank-jpmorgan-com-8914 442 10 Hong Hong NNP privatebank-jpmorgan-com-8914 442 11 Kong Kong NNP privatebank-jpmorgan-com-8914 442 12 Monetary Monetary NNP privatebank-jpmorgan-com-8914 442 13 Authority Authority NNP privatebank-jpmorgan-com-8914 442 14 and and CC privatebank-jpmorgan-com-8914 442 15 the the DT privatebank-jpmorgan-com-8914 442 16 Securities Securities NNPS privatebank-jpmorgan-com-8914 442 17 and and CC privatebank-jpmorgan-com-8914 442 18 Futures Futures NNPS privatebank-jpmorgan-com-8914 442 19 Commission Commission NNP privatebank-jpmorgan-com-8914 442 20 of of IN privatebank-jpmorgan-com-8914 442 21 Hong Hong NNP privatebank-jpmorgan-com-8914 442 22 Kong Kong NNP privatebank-jpmorgan-com-8914 442 23 . . . privatebank-jpmorgan-com-8914 443 1 In in IN privatebank-jpmorgan-com-8914 443 2 Hong Hong NNP privatebank-jpmorgan-com-8914 443 3 Kong Kong NNP privatebank-jpmorgan-com-8914 443 4 , , , privatebank-jpmorgan-com-8914 443 5 we -PRON- PRP privatebank-jpmorgan-com-8914 443 6 will will MD privatebank-jpmorgan-com-8914 443 7 cease cease VB privatebank-jpmorgan-com-8914 443 8 to to TO privatebank-jpmorgan-com-8914 443 9 use use VB privatebank-jpmorgan-com-8914 443 10 your -PRON- PRP$ privatebank-jpmorgan-com-8914 443 11 personal personal JJ privatebank-jpmorgan-com-8914 443 12 data datum NNS privatebank-jpmorgan-com-8914 443 13 for for IN privatebank-jpmorgan-com-8914 443 14 our -PRON- PRP$ privatebank-jpmorgan-com-8914 443 15 marketing marketing NN privatebank-jpmorgan-com-8914 443 16 purposes purpose NNS privatebank-jpmorgan-com-8914 443 17 without without IN privatebank-jpmorgan-com-8914 443 18 charge charge NN privatebank-jpmorgan-com-8914 443 19 if if IN privatebank-jpmorgan-com-8914 443 20 you -PRON- PRP privatebank-jpmorgan-com-8914 443 21 so so RB privatebank-jpmorgan-com-8914 443 22 request request VBP privatebank-jpmorgan-com-8914 443 23 . . . privatebank-jpmorgan-com-8914 444 1 In in IN privatebank-jpmorgan-com-8914 444 2 Singapore Singapore NNP privatebank-jpmorgan-com-8914 444 3 , , , privatebank-jpmorgan-com-8914 444 4 this this DT privatebank-jpmorgan-com-8914 444 5 material material NN privatebank-jpmorgan-com-8914 444 6 is be VBZ privatebank-jpmorgan-com-8914 444 7 distributed distribute VBN privatebank-jpmorgan-com-8914 444 8 by by IN privatebank-jpmorgan-com-8914 444 9 JPMCB JPMCB NNP privatebank-jpmorgan-com-8914 444 10 , , , privatebank-jpmorgan-com-8914 444 11 Singapore Singapore NNP privatebank-jpmorgan-com-8914 444 12 branch branch NN privatebank-jpmorgan-com-8914 444 13 . . . privatebank-jpmorgan-com-8914 445 1 JPMCB JPMCB NNP privatebank-jpmorgan-com-8914 445 2 , , , privatebank-jpmorgan-com-8914 445 3 Singapore Singapore NNP privatebank-jpmorgan-com-8914 445 4 branch branch NN privatebank-jpmorgan-com-8914 445 5 is be VBZ privatebank-jpmorgan-com-8914 445 6 regulated regulate VBN privatebank-jpmorgan-com-8914 445 7 by by IN privatebank-jpmorgan-com-8914 445 8 the the DT privatebank-jpmorgan-com-8914 445 9 Monetary Monetary NNP privatebank-jpmorgan-com-8914 445 10 Authority Authority NNP privatebank-jpmorgan-com-8914 445 11 of of IN privatebank-jpmorgan-com-8914 445 12 Singapore Singapore NNP privatebank-jpmorgan-com-8914 445 13 . . . privatebank-jpmorgan-com-8914 446 1 Dealing dealing NN privatebank-jpmorgan-com-8914 446 2 and and CC privatebank-jpmorgan-com-8914 446 3 advisory advisory JJ privatebank-jpmorgan-com-8914 446 4 services service NNS privatebank-jpmorgan-com-8914 446 5 and and CC privatebank-jpmorgan-com-8914 446 6 discretionary discretionary JJ privatebank-jpmorgan-com-8914 446 7 investment investment NN privatebank-jpmorgan-com-8914 446 8 management management NN privatebank-jpmorgan-com-8914 446 9 services service NNS privatebank-jpmorgan-com-8914 446 10 are be VBP privatebank-jpmorgan-com-8914 446 11 provided provide VBN privatebank-jpmorgan-com-8914 446 12 to to IN privatebank-jpmorgan-com-8914 446 13 you -PRON- PRP privatebank-jpmorgan-com-8914 446 14 by by IN privatebank-jpmorgan-com-8914 446 15 JPMCB JPMCB NNP privatebank-jpmorgan-com-8914 446 16 , , , privatebank-jpmorgan-com-8914 446 17 Hong Hong NNP privatebank-jpmorgan-com-8914 446 18 Kong Kong NNP privatebank-jpmorgan-com-8914 446 19 / / SYM privatebank-jpmorgan-com-8914 446 20 Singapore Singapore NNP privatebank-jpmorgan-com-8914 446 21 branch branch NN privatebank-jpmorgan-com-8914 446 22 ( ( -LRB- privatebank-jpmorgan-com-8914 446 23 as as IN privatebank-jpmorgan-com-8914 446 24 notified notify VBN privatebank-jpmorgan-com-8914 446 25 to to IN privatebank-jpmorgan-com-8914 446 26 you -PRON- PRP privatebank-jpmorgan-com-8914 446 27 ) ) -RRB- privatebank-jpmorgan-com-8914 446 28 . . . privatebank-jpmorgan-com-8914 447 1 Banking banking NN privatebank-jpmorgan-com-8914 447 2 and and CC privatebank-jpmorgan-com-8914 447 3 custody custody NN privatebank-jpmorgan-com-8914 447 4 services service NNS privatebank-jpmorgan-com-8914 447 5 are be VBP privatebank-jpmorgan-com-8914 447 6 provided provide VBN privatebank-jpmorgan-com-8914 447 7 to to IN privatebank-jpmorgan-com-8914 447 8 you -PRON- PRP privatebank-jpmorgan-com-8914 447 9 by by IN privatebank-jpmorgan-com-8914 447 10 JPMCB JPMCB NNP privatebank-jpmorgan-com-8914 447 11 Singapore Singapore NNP privatebank-jpmorgan-com-8914 447 12 Branch Branch NNP privatebank-jpmorgan-com-8914 447 13 . . . privatebank-jpmorgan-com-8914 448 1 The the DT privatebank-jpmorgan-com-8914 448 2 contents content NNS privatebank-jpmorgan-com-8914 448 3 of of IN privatebank-jpmorgan-com-8914 448 4 this this DT privatebank-jpmorgan-com-8914 448 5 document document NN privatebank-jpmorgan-com-8914 448 6 have have VBP privatebank-jpmorgan-com-8914 448 7 not not RB privatebank-jpmorgan-com-8914 448 8 been be VBN privatebank-jpmorgan-com-8914 448 9 reviewed review VBN privatebank-jpmorgan-com-8914 448 10 by by IN privatebank-jpmorgan-com-8914 448 11 any any DT privatebank-jpmorgan-com-8914 448 12 regulatory regulatory JJ privatebank-jpmorgan-com-8914 448 13 authority authority NN privatebank-jpmorgan-com-8914 448 14 in in IN privatebank-jpmorgan-com-8914 448 15 Hong Hong NNP privatebank-jpmorgan-com-8914 448 16 Kong Kong NNP privatebank-jpmorgan-com-8914 448 17 , , , privatebank-jpmorgan-com-8914 448 18 Singapore Singapore NNP privatebank-jpmorgan-com-8914 448 19 or or CC privatebank-jpmorgan-com-8914 448 20 any any DT privatebank-jpmorgan-com-8914 448 21 other other JJ privatebank-jpmorgan-com-8914 448 22 jurisdictions jurisdiction NNS privatebank-jpmorgan-com-8914 448 23 . . . privatebank-jpmorgan-com-8914 449 1 You -PRON- PRP privatebank-jpmorgan-com-8914 449 2 are be VBP privatebank-jpmorgan-com-8914 449 3 advised advise VBN privatebank-jpmorgan-com-8914 449 4 to to TO privatebank-jpmorgan-com-8914 449 5 exercise exercise VB privatebank-jpmorgan-com-8914 449 6 caution caution NN privatebank-jpmorgan-com-8914 449 7 in in IN privatebank-jpmorgan-com-8914 449 8 relation relation NN privatebank-jpmorgan-com-8914 449 9 to to IN privatebank-jpmorgan-com-8914 449 10 this this DT privatebank-jpmorgan-com-8914 449 11 document document NN privatebank-jpmorgan-com-8914 449 12 . . . privatebank-jpmorgan-com-8914 450 1 If if IN privatebank-jpmorgan-com-8914 450 2 you -PRON- PRP privatebank-jpmorgan-com-8914 450 3 are be VBP privatebank-jpmorgan-com-8914 450 4 in in IN privatebank-jpmorgan-com-8914 450 5 any any DT privatebank-jpmorgan-com-8914 450 6 doubt doubt NN privatebank-jpmorgan-com-8914 450 7 about about IN privatebank-jpmorgan-com-8914 450 8 any any DT privatebank-jpmorgan-com-8914 450 9 of of IN privatebank-jpmorgan-com-8914 450 10 the the DT privatebank-jpmorgan-com-8914 450 11 contents content NNS privatebank-jpmorgan-com-8914 450 12 of of IN privatebank-jpmorgan-com-8914 450 13 this this DT privatebank-jpmorgan-com-8914 450 14 document document NN privatebank-jpmorgan-com-8914 450 15 , , , privatebank-jpmorgan-com-8914 450 16 you -PRON- PRP privatebank-jpmorgan-com-8914 450 17 should should MD privatebank-jpmorgan-com-8914 450 18 obtain obtain VB privatebank-jpmorgan-com-8914 450 19 independent independent JJ privatebank-jpmorgan-com-8914 450 20 professional professional JJ privatebank-jpmorgan-com-8914 450 21 advice advice NN privatebank-jpmorgan-com-8914 450 22 . . . privatebank-jpmorgan-com-8914 451 1 For for IN privatebank-jpmorgan-com-8914 451 2 materials material NNS privatebank-jpmorgan-com-8914 451 3 which which WDT privatebank-jpmorgan-com-8914 451 4 constitute constitute VBP privatebank-jpmorgan-com-8914 451 5 product product NN privatebank-jpmorgan-com-8914 451 6 advertisement advertisement NN privatebank-jpmorgan-com-8914 451 7 under under IN privatebank-jpmorgan-com-8914 451 8 the the DT privatebank-jpmorgan-com-8914 451 9 Securities Securities NNPS privatebank-jpmorgan-com-8914 451 10 and and CC privatebank-jpmorgan-com-8914 451 11 Futures Futures NNPS privatebank-jpmorgan-com-8914 451 12 Act Act NNP privatebank-jpmorgan-com-8914 451 13 and and CC privatebank-jpmorgan-com-8914 451 14 the the DT privatebank-jpmorgan-com-8914 451 15 Financial Financial NNP privatebank-jpmorgan-com-8914 451 16 Advisers Advisers NNPS privatebank-jpmorgan-com-8914 451 17 Act Act NNP privatebank-jpmorgan-com-8914 451 18 , , , privatebank-jpmorgan-com-8914 451 19 this this DT privatebank-jpmorgan-com-8914 451 20 advertisement advertisement NN privatebank-jpmorgan-com-8914 451 21 has have VBZ privatebank-jpmorgan-com-8914 451 22 not not RB privatebank-jpmorgan-com-8914 451 23 been be VBN privatebank-jpmorgan-com-8914 451 24 reviewed review VBN privatebank-jpmorgan-com-8914 451 25 by by IN privatebank-jpmorgan-com-8914 451 26 the the DT privatebank-jpmorgan-com-8914 451 27 Monetary Monetary NNP privatebank-jpmorgan-com-8914 451 28 Authority Authority NNP privatebank-jpmorgan-com-8914 451 29 of of IN privatebank-jpmorgan-com-8914 451 30 Singapore Singapore NNP privatebank-jpmorgan-com-8914 451 31 . . . privatebank-jpmorgan-com-8914 452 1 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 452 2 Chase Chase NNP privatebank-jpmorgan-com-8914 452 3 Bank Bank NNP privatebank-jpmorgan-com-8914 452 4 , , , privatebank-jpmorgan-com-8914 452 5 N.A. N.A. NNP privatebank-jpmorgan-com-8914 453 1 is be VBZ privatebank-jpmorgan-com-8914 453 2 a a DT privatebank-jpmorgan-com-8914 453 3 national national JJ privatebank-jpmorgan-com-8914 453 4 banking banking NNP privatebank-jpmorgan-com-8914 453 5 association association NNP privatebank-jpmorgan-com-8914 453 6 chartered charter VBD privatebank-jpmorgan-com-8914 453 7 under under IN privatebank-jpmorgan-com-8914 453 8 the the DT privatebank-jpmorgan-com-8914 453 9 laws law NNS privatebank-jpmorgan-com-8914 453 10 of of IN privatebank-jpmorgan-com-8914 453 11 the the DT privatebank-jpmorgan-com-8914 453 12 United United NNP privatebank-jpmorgan-com-8914 453 13 States States NNP privatebank-jpmorgan-com-8914 453 14 , , , privatebank-jpmorgan-com-8914 453 15 and and CC privatebank-jpmorgan-com-8914 453 16 as as IN privatebank-jpmorgan-com-8914 453 17 a a DT privatebank-jpmorgan-com-8914 453 18 body body NN privatebank-jpmorgan-com-8914 453 19 corporate corporate JJ privatebank-jpmorgan-com-8914 453 20 , , , privatebank-jpmorgan-com-8914 453 21 its -PRON- PRP$ privatebank-jpmorgan-com-8914 453 22 shareholder shareholder NN privatebank-jpmorgan-com-8914 453 23 ’s ’s POS privatebank-jpmorgan-com-8914 453 24 liability liability NN privatebank-jpmorgan-com-8914 453 25 is be VBZ privatebank-jpmorgan-com-8914 453 26 limited limited JJ privatebank-jpmorgan-com-8914 453 27 . . . privatebank-jpmorgan-com-8914 454 1 With with IN privatebank-jpmorgan-com-8914 454 2 respect respect NN privatebank-jpmorgan-com-8914 454 3 to to IN privatebank-jpmorgan-com-8914 454 4 countries country NNS privatebank-jpmorgan-com-8914 454 5 in in IN privatebank-jpmorgan-com-8914 454 6 Latin Latin NNP privatebank-jpmorgan-com-8914 454 7 America America NNP privatebank-jpmorgan-com-8914 454 8 , , , privatebank-jpmorgan-com-8914 454 9 the the DT privatebank-jpmorgan-com-8914 454 10 distribution distribution NN privatebank-jpmorgan-com-8914 454 11 of of IN privatebank-jpmorgan-com-8914 454 12 this this DT privatebank-jpmorgan-com-8914 454 13 material material NN privatebank-jpmorgan-com-8914 454 14 may may MD privatebank-jpmorgan-com-8914 454 15 be be VB privatebank-jpmorgan-com-8914 454 16 restricted restrict VBN privatebank-jpmorgan-com-8914 454 17 in in IN privatebank-jpmorgan-com-8914 454 18 certain certain JJ privatebank-jpmorgan-com-8914 454 19 jurisdictions jurisdiction NNS privatebank-jpmorgan-com-8914 454 20 . . . privatebank-jpmorgan-com-8914 455 1 We -PRON- PRP privatebank-jpmorgan-com-8914 455 2 may may MD privatebank-jpmorgan-com-8914 455 3 offer offer VB privatebank-jpmorgan-com-8914 455 4 and/or and/or CC privatebank-jpmorgan-com-8914 455 5 sell sell VB privatebank-jpmorgan-com-8914 455 6 to to IN privatebank-jpmorgan-com-8914 455 7 you -PRON- PRP privatebank-jpmorgan-com-8914 455 8 securities security NNS privatebank-jpmorgan-com-8914 455 9 or or CC privatebank-jpmorgan-com-8914 455 10 other other JJ privatebank-jpmorgan-com-8914 455 11 financial financial JJ privatebank-jpmorgan-com-8914 455 12 instruments instrument NNS privatebank-jpmorgan-com-8914 455 13 which which WDT privatebank-jpmorgan-com-8914 455 14 may may MD privatebank-jpmorgan-com-8914 455 15 not not RB privatebank-jpmorgan-com-8914 455 16 be be VB privatebank-jpmorgan-com-8914 455 17 registered register VBN privatebank-jpmorgan-com-8914 455 18 under under IN privatebank-jpmorgan-com-8914 455 19 , , , privatebank-jpmorgan-com-8914 455 20 and and CC privatebank-jpmorgan-com-8914 455 21 are be VBP privatebank-jpmorgan-com-8914 455 22 not not RB privatebank-jpmorgan-com-8914 455 23 the the DT privatebank-jpmorgan-com-8914 455 24 subject subject NN privatebank-jpmorgan-com-8914 455 25 of of IN privatebank-jpmorgan-com-8914 455 26 a a DT privatebank-jpmorgan-com-8914 455 27 public public JJ privatebank-jpmorgan-com-8914 455 28 offering offering NN privatebank-jpmorgan-com-8914 455 29 under under IN privatebank-jpmorgan-com-8914 455 30 , , , privatebank-jpmorgan-com-8914 455 31 the the DT privatebank-jpmorgan-com-8914 455 32 securities security NNS privatebank-jpmorgan-com-8914 455 33 or or CC privatebank-jpmorgan-com-8914 455 34 other other JJ privatebank-jpmorgan-com-8914 455 35 financial financial JJ privatebank-jpmorgan-com-8914 455 36 regulatory regulatory JJ privatebank-jpmorgan-com-8914 455 37 laws law NNS privatebank-jpmorgan-com-8914 455 38 of of IN privatebank-jpmorgan-com-8914 455 39 your -PRON- PRP$ privatebank-jpmorgan-com-8914 455 40 home home NN privatebank-jpmorgan-com-8914 455 41 country country NN privatebank-jpmorgan-com-8914 455 42 . . . privatebank-jpmorgan-com-8914 456 1 Such such JJ privatebank-jpmorgan-com-8914 456 2 securities security NNS privatebank-jpmorgan-com-8914 456 3 or or CC privatebank-jpmorgan-com-8914 456 4 instruments instrument NNS privatebank-jpmorgan-com-8914 456 5 are be VBP privatebank-jpmorgan-com-8914 456 6 offered offer VBN privatebank-jpmorgan-com-8914 456 7 and/or and/or CC privatebank-jpmorgan-com-8914 456 8 sold sell VBN privatebank-jpmorgan-com-8914 456 9 to to IN privatebank-jpmorgan-com-8914 456 10 you -PRON- PRP privatebank-jpmorgan-com-8914 456 11 on on IN privatebank-jpmorgan-com-8914 456 12 a a DT privatebank-jpmorgan-com-8914 456 13 private private JJ privatebank-jpmorgan-com-8914 456 14 basis basis NN privatebank-jpmorgan-com-8914 456 15 only only RB privatebank-jpmorgan-com-8914 456 16 . . . privatebank-jpmorgan-com-8914 457 1 Any any DT privatebank-jpmorgan-com-8914 457 2 communication communication NN privatebank-jpmorgan-com-8914 457 3 by by IN privatebank-jpmorgan-com-8914 457 4 us -PRON- PRP privatebank-jpmorgan-com-8914 457 5 to to IN privatebank-jpmorgan-com-8914 457 6 you -PRON- PRP privatebank-jpmorgan-com-8914 457 7 regarding regard VBG privatebank-jpmorgan-com-8914 457 8 such such JJ privatebank-jpmorgan-com-8914 457 9 securities security NNS privatebank-jpmorgan-com-8914 457 10 or or CC privatebank-jpmorgan-com-8914 457 11 instruments instrument NNS privatebank-jpmorgan-com-8914 457 12 , , , privatebank-jpmorgan-com-8914 457 13 including include VBG privatebank-jpmorgan-com-8914 457 14 without without IN privatebank-jpmorgan-com-8914 457 15 limitation limitation NN privatebank-jpmorgan-com-8914 457 16 the the DT privatebank-jpmorgan-com-8914 457 17 delivery delivery NN privatebank-jpmorgan-com-8914 457 18 of of IN privatebank-jpmorgan-com-8914 457 19 a a DT privatebank-jpmorgan-com-8914 457 20 prospectus prospectus NN privatebank-jpmorgan-com-8914 457 21 , , , privatebank-jpmorgan-com-8914 457 22 term term NN privatebank-jpmorgan-com-8914 457 23 sheet sheet NN privatebank-jpmorgan-com-8914 457 24 or or CC privatebank-jpmorgan-com-8914 457 25 other other JJ privatebank-jpmorgan-com-8914 457 26 offering offering NN privatebank-jpmorgan-com-8914 457 27 document document NN privatebank-jpmorgan-com-8914 457 28 , , , privatebank-jpmorgan-com-8914 457 29 is be VBZ privatebank-jpmorgan-com-8914 457 30 not not RB privatebank-jpmorgan-com-8914 457 31 intended intend VBN privatebank-jpmorgan-com-8914 457 32 by by IN privatebank-jpmorgan-com-8914 457 33 us -PRON- PRP privatebank-jpmorgan-com-8914 457 34 as as IN privatebank-jpmorgan-com-8914 457 35 an an DT privatebank-jpmorgan-com-8914 457 36 offer offer NN privatebank-jpmorgan-com-8914 457 37 to to TO privatebank-jpmorgan-com-8914 457 38 sell sell VB privatebank-jpmorgan-com-8914 457 39 or or CC privatebank-jpmorgan-com-8914 457 40 a a DT privatebank-jpmorgan-com-8914 457 41 solicitation solicitation NN privatebank-jpmorgan-com-8914 457 42 of of IN privatebank-jpmorgan-com-8914 457 43 an an DT privatebank-jpmorgan-com-8914 457 44 offer offer NN privatebank-jpmorgan-com-8914 457 45 to to TO privatebank-jpmorgan-com-8914 457 46 buy buy VB privatebank-jpmorgan-com-8914 457 47 any any DT privatebank-jpmorgan-com-8914 457 48 securities security NNS privatebank-jpmorgan-com-8914 457 49 or or CC privatebank-jpmorgan-com-8914 457 50 instruments instrument NNS privatebank-jpmorgan-com-8914 457 51 in in IN privatebank-jpmorgan-com-8914 457 52 any any DT privatebank-jpmorgan-com-8914 457 53 jurisdiction jurisdiction NN privatebank-jpmorgan-com-8914 457 54 in in IN privatebank-jpmorgan-com-8914 457 55 which which WDT privatebank-jpmorgan-com-8914 457 56 such such PDT privatebank-jpmorgan-com-8914 457 57 an an DT privatebank-jpmorgan-com-8914 457 58 offer offer NN privatebank-jpmorgan-com-8914 457 59 or or CC privatebank-jpmorgan-com-8914 457 60 a a DT privatebank-jpmorgan-com-8914 457 61 solicitation solicitation NN privatebank-jpmorgan-com-8914 457 62 is be VBZ privatebank-jpmorgan-com-8914 457 63 unlawful unlawful JJ privatebank-jpmorgan-com-8914 457 64 . . . privatebank-jpmorgan-com-8914 458 1 Furthermore furthermore RB privatebank-jpmorgan-com-8914 458 2 , , , privatebank-jpmorgan-com-8914 458 3 such such JJ privatebank-jpmorgan-com-8914 458 4 securities security NNS privatebank-jpmorgan-com-8914 458 5 or or CC privatebank-jpmorgan-com-8914 458 6 instruments instrument NNS privatebank-jpmorgan-com-8914 458 7 may may MD privatebank-jpmorgan-com-8914 458 8 be be VB privatebank-jpmorgan-com-8914 458 9 subject subject JJ privatebank-jpmorgan-com-8914 458 10 to to IN privatebank-jpmorgan-com-8914 458 11 certain certain JJ privatebank-jpmorgan-com-8914 458 12 regulatory regulatory JJ privatebank-jpmorgan-com-8914 458 13 and/or and/or CC privatebank-jpmorgan-com-8914 458 14 contractual contractual JJ privatebank-jpmorgan-com-8914 458 15 restrictions restriction NNS privatebank-jpmorgan-com-8914 458 16 on on IN privatebank-jpmorgan-com-8914 458 17 subsequent subsequent JJ privatebank-jpmorgan-com-8914 458 18 transfer transfer NN privatebank-jpmorgan-com-8914 458 19 by by IN privatebank-jpmorgan-com-8914 458 20 you -PRON- PRP privatebank-jpmorgan-com-8914 458 21 , , , privatebank-jpmorgan-com-8914 458 22 and and CC privatebank-jpmorgan-com-8914 458 23 you -PRON- PRP privatebank-jpmorgan-com-8914 458 24 are be VBP privatebank-jpmorgan-com-8914 458 25 solely solely RB privatebank-jpmorgan-com-8914 458 26 responsible responsible JJ privatebank-jpmorgan-com-8914 458 27 for for IN privatebank-jpmorgan-com-8914 458 28 ascertaining ascertain VBG privatebank-jpmorgan-com-8914 458 29 and and CC privatebank-jpmorgan-com-8914 458 30 complying comply VBG privatebank-jpmorgan-com-8914 458 31 with with IN privatebank-jpmorgan-com-8914 458 32 such such JJ privatebank-jpmorgan-com-8914 458 33 restrictions restriction NNS privatebank-jpmorgan-com-8914 458 34 . . . privatebank-jpmorgan-com-8914 459 1 To to IN privatebank-jpmorgan-com-8914 459 2 the the DT privatebank-jpmorgan-com-8914 459 3 extent extent NN privatebank-jpmorgan-com-8914 459 4 this this DT privatebank-jpmorgan-com-8914 459 5 content content NN privatebank-jpmorgan-com-8914 459 6 makes make VBZ privatebank-jpmorgan-com-8914 459 7 reference reference NN privatebank-jpmorgan-com-8914 459 8 to to IN privatebank-jpmorgan-com-8914 459 9 a a DT privatebank-jpmorgan-com-8914 459 10 fund fund NN privatebank-jpmorgan-com-8914 459 11 , , , privatebank-jpmorgan-com-8914 459 12 the the DT privatebank-jpmorgan-com-8914 459 13 Fund Fund NNP privatebank-jpmorgan-com-8914 459 14 may may MD privatebank-jpmorgan-com-8914 459 15 not not RB privatebank-jpmorgan-com-8914 459 16 be be VB privatebank-jpmorgan-com-8914 459 17 publicly publicly RB privatebank-jpmorgan-com-8914 459 18 offered offer VBN privatebank-jpmorgan-com-8914 459 19 in in IN privatebank-jpmorgan-com-8914 459 20 any any DT privatebank-jpmorgan-com-8914 459 21 Latin latin JJ privatebank-jpmorgan-com-8914 459 22 American american JJ privatebank-jpmorgan-com-8914 459 23 country country NN privatebank-jpmorgan-com-8914 459 24 , , , privatebank-jpmorgan-com-8914 459 25 without without IN privatebank-jpmorgan-com-8914 459 26 previous previous JJ privatebank-jpmorgan-com-8914 459 27 registration registration NN privatebank-jpmorgan-com-8914 459 28 of of IN privatebank-jpmorgan-com-8914 459 29 such such JJ privatebank-jpmorgan-com-8914 459 30 fund fund NN privatebank-jpmorgan-com-8914 459 31 ’s ’s POS privatebank-jpmorgan-com-8914 459 32 securities security NNS privatebank-jpmorgan-com-8914 459 33 in in IN privatebank-jpmorgan-com-8914 459 34 compliance compliance NN privatebank-jpmorgan-com-8914 459 35 with with IN privatebank-jpmorgan-com-8914 459 36 the the DT privatebank-jpmorgan-com-8914 459 37 laws law NNS privatebank-jpmorgan-com-8914 459 38 of of IN privatebank-jpmorgan-com-8914 459 39 the the DT privatebank-jpmorgan-com-8914 459 40 corresponding corresponding JJ privatebank-jpmorgan-com-8914 459 41 jurisdiction jurisdiction NN privatebank-jpmorgan-com-8914 459 42 . . . privatebank-jpmorgan-com-8914 460 1 Public public JJ privatebank-jpmorgan-com-8914 460 2 offering offering NN privatebank-jpmorgan-com-8914 460 3 of of IN privatebank-jpmorgan-com-8914 460 4 any any DT privatebank-jpmorgan-com-8914 460 5 security security NN privatebank-jpmorgan-com-8914 460 6 , , , privatebank-jpmorgan-com-8914 460 7 including include VBG privatebank-jpmorgan-com-8914 460 8 the the DT privatebank-jpmorgan-com-8914 460 9 shares share NNS privatebank-jpmorgan-com-8914 460 10 of of IN privatebank-jpmorgan-com-8914 460 11 the the DT privatebank-jpmorgan-com-8914 460 12 Fund Fund NNP privatebank-jpmorgan-com-8914 460 13 , , , privatebank-jpmorgan-com-8914 460 14 without without IN privatebank-jpmorgan-com-8914 460 15 previous previous JJ privatebank-jpmorgan-com-8914 460 16 registration registration NN privatebank-jpmorgan-com-8914 460 17 at at IN privatebank-jpmorgan-com-8914 460 18 Brazilian Brazilian NNP privatebank-jpmorgan-com-8914 460 19 Securities Securities NNPS privatebank-jpmorgan-com-8914 460 20 and and CC privatebank-jpmorgan-com-8914 460 21 Exchange Exchange NNP privatebank-jpmorgan-com-8914 460 22 Commission Commission NNP privatebank-jpmorgan-com-8914 460 23 — — : privatebank-jpmorgan-com-8914 460 24 CVM CVM NNP privatebank-jpmorgan-com-8914 460 25 is be VBZ privatebank-jpmorgan-com-8914 460 26 completely completely RB privatebank-jpmorgan-com-8914 460 27 prohibited prohibit VBN privatebank-jpmorgan-com-8914 460 28 . . . privatebank-jpmorgan-com-8914 461 1 Some some DT privatebank-jpmorgan-com-8914 461 2 products product NNS privatebank-jpmorgan-com-8914 461 3 or or CC privatebank-jpmorgan-com-8914 461 4 services service NNS privatebank-jpmorgan-com-8914 461 5 contained contain VBN privatebank-jpmorgan-com-8914 461 6 in in IN privatebank-jpmorgan-com-8914 461 7 the the DT privatebank-jpmorgan-com-8914 461 8 materials material NNS privatebank-jpmorgan-com-8914 461 9 might may MD privatebank-jpmorgan-com-8914 461 10 not not RB privatebank-jpmorgan-com-8914 461 11 be be VB privatebank-jpmorgan-com-8914 461 12 currently currently RB privatebank-jpmorgan-com-8914 461 13 provided provide VBN privatebank-jpmorgan-com-8914 461 14 by by IN privatebank-jpmorgan-com-8914 461 15 the the DT privatebank-jpmorgan-com-8914 461 16 Brazilian brazilian JJ privatebank-jpmorgan-com-8914 461 17 and and CC privatebank-jpmorgan-com-8914 461 18 Mexican mexican JJ privatebank-jpmorgan-com-8914 461 19 platforms platform NNS privatebank-jpmorgan-com-8914 461 20 . . . privatebank-jpmorgan-com-8914 462 1 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 462 2 Chase Chase NNP privatebank-jpmorgan-com-8914 462 3 Bank Bank NNP privatebank-jpmorgan-com-8914 462 4 , , , privatebank-jpmorgan-com-8914 462 5 N.A. N.A. NNP privatebank-jpmorgan-com-8914 463 1 ( ( -LRB- privatebank-jpmorgan-com-8914 463 2 JPMCBNA JPMCBNA NNP privatebank-jpmorgan-com-8914 463 3 ) ) -RRB- privatebank-jpmorgan-com-8914 463 4 ( ( -LRB- privatebank-jpmorgan-com-8914 463 5 ABN ABN NNP privatebank-jpmorgan-com-8914 463 6 43 43 CD privatebank-jpmorgan-com-8914 463 7 074 074 CD privatebank-jpmorgan-com-8914 463 8 112 112 CD privatebank-jpmorgan-com-8914 463 9 011 011 CD privatebank-jpmorgan-com-8914 463 10 / / SYM privatebank-jpmorgan-com-8914 463 11 AFS AFS NNP privatebank-jpmorgan-com-8914 463 12 Licence Licence NNP privatebank-jpmorgan-com-8914 463 13 No no NN privatebank-jpmorgan-com-8914 463 14 : : : privatebank-jpmorgan-com-8914 463 15 238367 238367 CD privatebank-jpmorgan-com-8914 463 16 ) ) -RRB- privatebank-jpmorgan-com-8914 463 17 is be VBZ privatebank-jpmorgan-com-8914 463 18 regulated regulate VBN privatebank-jpmorgan-com-8914 463 19 by by IN privatebank-jpmorgan-com-8914 463 20 the the DT privatebank-jpmorgan-com-8914 463 21 Australian Australian NNP privatebank-jpmorgan-com-8914 463 22 Securities Securities NNPS privatebank-jpmorgan-com-8914 463 23 and and CC privatebank-jpmorgan-com-8914 463 24 Investment Investment NNP privatebank-jpmorgan-com-8914 463 25 Commission Commission NNP privatebank-jpmorgan-com-8914 463 26 and and CC privatebank-jpmorgan-com-8914 463 27 the the DT privatebank-jpmorgan-com-8914 463 28 Australian Australian NNP privatebank-jpmorgan-com-8914 463 29 Prudential Prudential NNP privatebank-jpmorgan-com-8914 463 30 Regulation Regulation NNP privatebank-jpmorgan-com-8914 463 31 Authority Authority NNP privatebank-jpmorgan-com-8914 463 32 . . . privatebank-jpmorgan-com-8914 464 1 Material material NN privatebank-jpmorgan-com-8914 464 2 provided provide VBN privatebank-jpmorgan-com-8914 464 3 by by IN privatebank-jpmorgan-com-8914 464 4 JPMCBNA JPMCBNA NNP privatebank-jpmorgan-com-8914 464 5 in in IN privatebank-jpmorgan-com-8914 464 6 Australia Australia NNP privatebank-jpmorgan-com-8914 464 7 is be VBZ privatebank-jpmorgan-com-8914 464 8 to to TO privatebank-jpmorgan-com-8914 464 9 “ " `` privatebank-jpmorgan-com-8914 464 10 wholesale wholesale JJ privatebank-jpmorgan-com-8914 464 11 clients client NNS privatebank-jpmorgan-com-8914 464 12 ” " '' privatebank-jpmorgan-com-8914 464 13 only only RB privatebank-jpmorgan-com-8914 464 14 . . . privatebank-jpmorgan-com-8914 465 1 For for IN privatebank-jpmorgan-com-8914 465 2 the the DT privatebank-jpmorgan-com-8914 465 3 purposes purpose NNS privatebank-jpmorgan-com-8914 465 4 of of IN privatebank-jpmorgan-com-8914 465 5 this this DT privatebank-jpmorgan-com-8914 465 6 paragraph paragraph NN privatebank-jpmorgan-com-8914 465 7 the the DT privatebank-jpmorgan-com-8914 465 8 term term NN privatebank-jpmorgan-com-8914 465 9 “ " `` privatebank-jpmorgan-com-8914 465 10 wholesale wholesale JJ privatebank-jpmorgan-com-8914 465 11 client client NN privatebank-jpmorgan-com-8914 465 12 ” " '' privatebank-jpmorgan-com-8914 465 13 has have VBZ privatebank-jpmorgan-com-8914 465 14 the the DT privatebank-jpmorgan-com-8914 465 15 meaning meaning NN privatebank-jpmorgan-com-8914 465 16 given give VBN privatebank-jpmorgan-com-8914 465 17 in in IN privatebank-jpmorgan-com-8914 465 18 section section NN privatebank-jpmorgan-com-8914 465 19 761 761 CD privatebank-jpmorgan-com-8914 465 20 G g NN privatebank-jpmorgan-com-8914 465 21 of of IN privatebank-jpmorgan-com-8914 465 22 the the DT privatebank-jpmorgan-com-8914 465 23 Corporations Corporations NNPS privatebank-jpmorgan-com-8914 465 24 Act Act NNP privatebank-jpmorgan-com-8914 465 25 2001 2001 CD privatebank-jpmorgan-com-8914 465 26 ( ( -LRB- privatebank-jpmorgan-com-8914 465 27 Cth Cth NNP privatebank-jpmorgan-com-8914 465 28 ) ) -RRB- privatebank-jpmorgan-com-8914 465 29 . . . privatebank-jpmorgan-com-8914 466 1 Please please UH privatebank-jpmorgan-com-8914 466 2 inform inform VB privatebank-jpmorgan-com-8914 466 3 us -PRON- PRP privatebank-jpmorgan-com-8914 466 4 if if IN privatebank-jpmorgan-com-8914 466 5 you -PRON- PRP privatebank-jpmorgan-com-8914 466 6 are be VBP privatebank-jpmorgan-com-8914 466 7 not not RB privatebank-jpmorgan-com-8914 466 8 a a DT privatebank-jpmorgan-com-8914 466 9 Wholesale Wholesale NNP privatebank-jpmorgan-com-8914 466 10 Client Client NNP privatebank-jpmorgan-com-8914 466 11 now now RB privatebank-jpmorgan-com-8914 466 12 or or CC privatebank-jpmorgan-com-8914 466 13 if if IN privatebank-jpmorgan-com-8914 466 14 you -PRON- PRP privatebank-jpmorgan-com-8914 466 15 cease cease VBP privatebank-jpmorgan-com-8914 466 16 to to TO privatebank-jpmorgan-com-8914 466 17 be be VB privatebank-jpmorgan-com-8914 466 18 a a DT privatebank-jpmorgan-com-8914 466 19 Wholesale Wholesale NNP privatebank-jpmorgan-com-8914 466 20 Client Client NNP privatebank-jpmorgan-com-8914 466 21 at at IN privatebank-jpmorgan-com-8914 466 22 any any DT privatebank-jpmorgan-com-8914 466 23 time time NN privatebank-jpmorgan-com-8914 466 24 in in IN privatebank-jpmorgan-com-8914 466 25 the the DT privatebank-jpmorgan-com-8914 466 26 future future NN privatebank-jpmorgan-com-8914 466 27 . . . privatebank-jpmorgan-com-8914 467 1 JPMorgan JPMorgan NNP privatebank-jpmorgan-com-8914 467 2 Chase Chase NNP privatebank-jpmorgan-com-8914 467 3 Bank Bank NNP privatebank-jpmorgan-com-8914 467 4 , , , privatebank-jpmorgan-com-8914 467 5 N.A. N.A. NNP privatebank-jpmorgan-com-8914 468 1 ( ( -LRB- privatebank-jpmorgan-com-8914 468 2 JPMCBNA JPMCBNA NNP privatebank-jpmorgan-com-8914 468 3 ) ) -RRB- privatebank-jpmorgan-com-8914 468 4 ( ( -LRB- privatebank-jpmorgan-com-8914 468 5 ABN ABN NNP privatebank-jpmorgan-com-8914 468 6 43 43 CD privatebank-jpmorgan-com-8914 468 7 074 074 CD privatebank-jpmorgan-com-8914 468 8 112 112 CD privatebank-jpmorgan-com-8914 468 9 011 011 CD privatebank-jpmorgan-com-8914 468 10 / / SYM privatebank-jpmorgan-com-8914 468 11 AFS AFS NNP privatebank-jpmorgan-com-8914 468 12 Licence Licence NNP privatebank-jpmorgan-com-8914 468 13 No no NN privatebank-jpmorgan-com-8914 468 14 : : : privatebank-jpmorgan-com-8914 468 15 238367 238367 CD privatebank-jpmorgan-com-8914 468 16 ) ) -RRB- privatebank-jpmorgan-com-8914 468 17 is be VBZ privatebank-jpmorgan-com-8914 468 18 regulated regulate VBN privatebank-jpmorgan-com-8914 468 19 by by IN privatebank-jpmorgan-com-8914 468 20 the the DT privatebank-jpmorgan-com-8914 468 21 Australian Australian NNP privatebank-jpmorgan-com-8914 468 22 Securities Securities NNPS privatebank-jpmorgan-com-8914 468 23 and and CC privatebank-jpmorgan-com-8914 468 24 Investment Investment NNP privatebank-jpmorgan-com-8914 468 25 Commission Commission NNP privatebank-jpmorgan-com-8914 468 26 and and CC privatebank-jpmorgan-com-8914 468 27 the the DT privatebank-jpmorgan-com-8914 468 28 Australian Australian NNP privatebank-jpmorgan-com-8914 468 29 Prudential Prudential NNP privatebank-jpmorgan-com-8914 468 30 Regulation Regulation NNP privatebank-jpmorgan-com-8914 468 31 Authority Authority NNP privatebank-jpmorgan-com-8914 468 32 . . . privatebank-jpmorgan-com-8914 469 1 Material material NN privatebank-jpmorgan-com-8914 469 2 provided provide VBN privatebank-jpmorgan-com-8914 469 3 by by IN privatebank-jpmorgan-com-8914 469 4 JPMCBNA JPMCBNA NNP privatebank-jpmorgan-com-8914 469 5 in in IN privatebank-jpmorgan-com-8914 469 6 Australia Australia NNP privatebank-jpmorgan-com-8914 469 7 is be VBZ privatebank-jpmorgan-com-8914 469 8 to to TO privatebank-jpmorgan-com-8914 469 9 “ " `` privatebank-jpmorgan-com-8914 469 10 wholesale wholesale JJ privatebank-jpmorgan-com-8914 469 11 clients client NNS privatebank-jpmorgan-com-8914 469 12 ” " '' privatebank-jpmorgan-com-8914 469 13 only only RB privatebank-jpmorgan-com-8914 469 14 . . . privatebank-jpmorgan-com-8914 470 1 For for IN privatebank-jpmorgan-com-8914 470 2 the the DT privatebank-jpmorgan-com-8914 470 3 purposes purpose NNS privatebank-jpmorgan-com-8914 470 4 of of IN privatebank-jpmorgan-com-8914 470 5 this this DT privatebank-jpmorgan-com-8914 470 6 paragraph paragraph NN privatebank-jpmorgan-com-8914 470 7 the the DT privatebank-jpmorgan-com-8914 470 8 term term NN privatebank-jpmorgan-com-8914 470 9 “ " `` privatebank-jpmorgan-com-8914 470 10 wholesale wholesale JJ privatebank-jpmorgan-com-8914 470 11 client client NN privatebank-jpmorgan-com-8914 470 12 ” " '' privatebank-jpmorgan-com-8914 470 13 has have VBZ privatebank-jpmorgan-com-8914 470 14 the the DT privatebank-jpmorgan-com-8914 470 15 meaning meaning NN privatebank-jpmorgan-com-8914 470 16 given give VBN privatebank-jpmorgan-com-8914 470 17 in in IN privatebank-jpmorgan-com-8914 470 18 section section NN privatebank-jpmorgan-com-8914 470 19 761 761 CD privatebank-jpmorgan-com-8914 470 20 G g NN privatebank-jpmorgan-com-8914 470 21 of of IN privatebank-jpmorgan-com-8914 470 22 the the DT privatebank-jpmorgan-com-8914 470 23 Corporations Corporations NNPS privatebank-jpmorgan-com-8914 470 24 Act Act NNP privatebank-jpmorgan-com-8914 470 25 2001 2001 CD privatebank-jpmorgan-com-8914 470 26 ( ( -LRB- privatebank-jpmorgan-com-8914 470 27 Cth Cth NNP privatebank-jpmorgan-com-8914 470 28 ) ) -RRB- privatebank-jpmorgan-com-8914 470 29 . . . privatebank-jpmorgan-com-8914 471 1 Please please UH privatebank-jpmorgan-com-8914 471 2 inform inform VB privatebank-jpmorgan-com-8914 471 3 us -PRON- PRP privatebank-jpmorgan-com-8914 471 4 if if IN privatebank-jpmorgan-com-8914 471 5 you -PRON- PRP privatebank-jpmorgan-com-8914 471 6 are be VBP privatebank-jpmorgan-com-8914 471 7 not not RB privatebank-jpmorgan-com-8914 471 8 a a DT privatebank-jpmorgan-com-8914 471 9 Wholesale Wholesale NNP privatebank-jpmorgan-com-8914 471 10 Client Client NNP privatebank-jpmorgan-com-8914 471 11 now now RB privatebank-jpmorgan-com-8914 471 12 or or CC privatebank-jpmorgan-com-8914 471 13 if if IN privatebank-jpmorgan-com-8914 471 14 you -PRON- PRP privatebank-jpmorgan-com-8914 471 15 cease cease VBP privatebank-jpmorgan-com-8914 471 16 to to TO privatebank-jpmorgan-com-8914 471 17 be be VB privatebank-jpmorgan-com-8914 471 18 a a DT privatebank-jpmorgan-com-8914 471 19 Wholesale Wholesale NNP privatebank-jpmorgan-com-8914 471 20 Client Client NNP privatebank-jpmorgan-com-8914 471 21 at at IN privatebank-jpmorgan-com-8914 471 22 any any DT privatebank-jpmorgan-com-8914 471 23 time time NN privatebank-jpmorgan-com-8914 471 24 in in IN privatebank-jpmorgan-com-8914 471 25 the the DT privatebank-jpmorgan-com-8914 471 26 future future NN privatebank-jpmorgan-com-8914 471 27 . . . privatebank-jpmorgan-com-8914 472 1 JPMS JPMS NNP privatebank-jpmorgan-com-8914 472 2 is be VBZ privatebank-jpmorgan-com-8914 472 3 a a DT privatebank-jpmorgan-com-8914 472 4 registered register VBN privatebank-jpmorgan-com-8914 472 5 foreign foreign JJ privatebank-jpmorgan-com-8914 472 6 company company NN privatebank-jpmorgan-com-8914 472 7 ( ( -LRB- privatebank-jpmorgan-com-8914 472 8 overseas overseas RB privatebank-jpmorgan-com-8914 472 9 ) ) -RRB- privatebank-jpmorgan-com-8914 472 10 ( ( -LRB- privatebank-jpmorgan-com-8914 472 11 ARBN ARBN NNP privatebank-jpmorgan-com-8914 472 12 109293610 109293610 CD privatebank-jpmorgan-com-8914 472 13 ) ) -RRB- privatebank-jpmorgan-com-8914 472 14 incorporated incorporate VBD privatebank-jpmorgan-com-8914 472 15 in in IN privatebank-jpmorgan-com-8914 472 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U.S.A. NNP privatebank-jpmorgan-com-8914 473 1 Under under IN privatebank-jpmorgan-com-8914 473 2 Australian australian JJ privatebank-jpmorgan-com-8914 473 3 financial financial JJ privatebank-jpmorgan-com-8914 473 4 services service NNS privatebank-jpmorgan-com-8914 473 5 licensing licensing NN privatebank-jpmorgan-com-8914 473 6 requirements requirement NNS privatebank-jpmorgan-com-8914 473 7 , , , privatebank-jpmorgan-com-8914 473 8 carrying carry VBG privatebank-jpmorgan-com-8914 473 9 on on IN privatebank-jpmorgan-com-8914 473 10 a a DT privatebank-jpmorgan-com-8914 473 11 financial financial JJ privatebank-jpmorgan-com-8914 473 12 services service NNS privatebank-jpmorgan-com-8914 473 13 business business NN privatebank-jpmorgan-com-8914 473 14 in in IN privatebank-jpmorgan-com-8914 473 15 Australia Australia NNP privatebank-jpmorgan-com-8914 473 16 requires require VBZ privatebank-jpmorgan-com-8914 473 17 a a DT privatebank-jpmorgan-com-8914 473 18 financial financial JJ privatebank-jpmorgan-com-8914 473 19 service service NN privatebank-jpmorgan-com-8914 473 20 provider provider NN privatebank-jpmorgan-com-8914 473 21 , , , privatebank-jpmorgan-com-8914 473 22 such such JJ privatebank-jpmorgan-com-8914 473 23 as as IN privatebank-jpmorgan-com-8914 473 24 J.P. J.P. NNP privatebank-jpmorgan-com-8914 473 25 Morgan Morgan NNP privatebank-jpmorgan-com-8914 473 26 Securities Securities NNP privatebank-jpmorgan-com-8914 473 27 LLC LLC NNP privatebank-jpmorgan-com-8914 473 28 ( ( -LRB- privatebank-jpmorgan-com-8914 473 29 JPMS JPMS NNP privatebank-jpmorgan-com-8914 473 30 ) ) -RRB- privatebank-jpmorgan-com-8914 473 31 , , , privatebank-jpmorgan-com-8914 473 32 to to TO privatebank-jpmorgan-com-8914 473 33 hold hold VB privatebank-jpmorgan-com-8914 473 34 an an DT privatebank-jpmorgan-com-8914 473 35 Australian Australian NNP privatebank-jpmorgan-com-8914 473 36 Financial Financial NNP privatebank-jpmorgan-com-8914 473 37 Services Services NNPS privatebank-jpmorgan-com-8914 473 38 Licence Licence NNP privatebank-jpmorgan-com-8914 473 39 ( ( -LRB- privatebank-jpmorgan-com-8914 473 40 AFSL AFSL NNP privatebank-jpmorgan-com-8914 473 41 ) ) -RRB- privatebank-jpmorgan-com-8914 473 42 , , , privatebank-jpmorgan-com-8914 473 43 unless unless IN privatebank-jpmorgan-com-8914 473 44 an an DT privatebank-jpmorgan-com-8914 473 45 exemption exemption NN privatebank-jpmorgan-com-8914 473 46 applies apply VBZ privatebank-jpmorgan-com-8914 473 47 . . . privatebank-jpmorgan-com-8914 474 1 JPMS JPMS NNP privatebank-jpmorgan-com-8914 474 2 is be VBZ privatebank-jpmorgan-com-8914 474 3 exempt exempt JJ privatebank-jpmorgan-com-8914 474 4 from from IN privatebank-jpmorgan-com-8914 474 5 the the DT privatebank-jpmorgan-com-8914 474 6 requirement requirement NN privatebank-jpmorgan-com-8914 474 7 to to TO privatebank-jpmorgan-com-8914 474 8 hold hold VB privatebank-jpmorgan-com-8914 474 9 an an DT privatebank-jpmorgan-com-8914 474 10 AFSL AFSL NNP privatebank-jpmorgan-com-8914 474 11 under under IN privatebank-jpmorgan-com-8914 474 12 the the DT privatebank-jpmorgan-com-8914 474 13 Corporations Corporations NNP privatebank-jpmorgan-com-8914 474 14 Act Act NNP privatebank-jpmorgan-com-8914 474 15 2001 2001 CD privatebank-jpmorgan-com-8914 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privatebank-jpmorgan-com-8914 474 36 the the DT privatebank-jpmorgan-com-8914 474 37 SEC SEC NNP privatebank-jpmorgan-com-8914 474 38 , , , privatebank-jpmorgan-com-8914 474 39 FINRA FINRA NNP privatebank-jpmorgan-com-8914 474 40 and and CC privatebank-jpmorgan-com-8914 474 41 CFTC CFTC NNP privatebank-jpmorgan-com-8914 474 42 under under IN privatebank-jpmorgan-com-8914 474 43 U.S. U.S. NNP privatebank-jpmorgan-com-8914 474 44 laws law NNS privatebank-jpmorgan-com-8914 474 45 , , , privatebank-jpmorgan-com-8914 474 46 which which WDT privatebank-jpmorgan-com-8914 474 47 differ differ VBP privatebank-jpmorgan-com-8914 474 48 from from IN privatebank-jpmorgan-com-8914 474 49 Australian australian JJ privatebank-jpmorgan-com-8914 474 50 laws law NNS privatebank-jpmorgan-com-8914 474 51 . . . privatebank-jpmorgan-com-8914 475 1 Material material NN privatebank-jpmorgan-com-8914 475 2 provided provide VBN privatebank-jpmorgan-com-8914 475 3 by by IN privatebank-jpmorgan-com-8914 475 4 JPMS JPMS NNP privatebank-jpmorgan-com-8914 475 5 in in IN privatebank-jpmorgan-com-8914 475 6 Australia Australia NNP privatebank-jpmorgan-com-8914 475 7 is be VBZ privatebank-jpmorgan-com-8914 475 8 to to TO privatebank-jpmorgan-com-8914 475 9 “ " `` privatebank-jpmorgan-com-8914 475 10 wholesale wholesale JJ privatebank-jpmorgan-com-8914 475 11 clients client NNS privatebank-jpmorgan-com-8914 475 12 ” " '' privatebank-jpmorgan-com-8914 475 13 only only RB privatebank-jpmorgan-com-8914 475 14 . . . privatebank-jpmorgan-com-8914 476 1 The the DT privatebank-jpmorgan-com-8914 476 2 information information NN privatebank-jpmorgan-com-8914 476 3 provided provide VBN privatebank-jpmorgan-com-8914 476 4 in in IN privatebank-jpmorgan-com-8914 476 5 this this DT privatebank-jpmorgan-com-8914 476 6 material material NN privatebank-jpmorgan-com-8914 476 7 is be VBZ privatebank-jpmorgan-com-8914 476 8 not not RB privatebank-jpmorgan-com-8914 476 9 intended intend VBN privatebank-jpmorgan-com-8914 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privatebank-jpmorgan-com-8914 476 31 of of IN privatebank-jpmorgan-com-8914 476 32 persons person NNS privatebank-jpmorgan-com-8914 476 33 in in IN privatebank-jpmorgan-com-8914 476 34 Australia Australia NNP privatebank-jpmorgan-com-8914 476 35 . . . privatebank-jpmorgan-com-8914 477 1 For for IN privatebank-jpmorgan-com-8914 477 2 the the DT privatebank-jpmorgan-com-8914 477 3 purposes purpose NNS privatebank-jpmorgan-com-8914 477 4 of of IN privatebank-jpmorgan-com-8914 477 5 this this DT privatebank-jpmorgan-com-8914 477 6 paragraph paragraph NN privatebank-jpmorgan-com-8914 477 7 the the DT privatebank-jpmorgan-com-8914 477 8 term term NN privatebank-jpmorgan-com-8914 477 9 “ " `` privatebank-jpmorgan-com-8914 477 10 wholesale wholesale JJ privatebank-jpmorgan-com-8914 477 11 client client NN privatebank-jpmorgan-com-8914 477 12 ” " '' privatebank-jpmorgan-com-8914 477 13 has have VBZ privatebank-jpmorgan-com-8914 477 14 the the DT privatebank-jpmorgan-com-8914 477 15 meaning meaning NN privatebank-jpmorgan-com-8914 477 16 given give VBN privatebank-jpmorgan-com-8914 477 17 in in IN privatebank-jpmorgan-com-8914 477 18 section section NN privatebank-jpmorgan-com-8914 477 19 761 761 CD privatebank-jpmorgan-com-8914 477 20 G g NN privatebank-jpmorgan-com-8914 477 21 of of IN privatebank-jpmorgan-com-8914 477 22 the the DT privatebank-jpmorgan-com-8914 477 23 Act Act NNP privatebank-jpmorgan-com-8914 477 24 . . . privatebank-jpmorgan-com-8914 478 1 Please please UH privatebank-jpmorgan-com-8914 478 2 inform inform VB privatebank-jpmorgan-com-8914 478 3 us -PRON- PRP privatebank-jpmorgan-com-8914 478 4 immediately immediately RB privatebank-jpmorgan-com-8914 478 5 if if IN privatebank-jpmorgan-com-8914 478 6 you -PRON- PRP privatebank-jpmorgan-com-8914 478 7 are be VBP privatebank-jpmorgan-com-8914 478 8 not not RB privatebank-jpmorgan-com-8914 478 9 a a DT privatebank-jpmorgan-com-8914 478 10 Wholesale Wholesale NNP privatebank-jpmorgan-com-8914 478 11 Client Client NNP privatebank-jpmorgan-com-8914 478 12 now now RB privatebank-jpmorgan-com-8914 478 13 or or CC privatebank-jpmorgan-com-8914 478 14 if if IN privatebank-jpmorgan-com-8914 478 15 you -PRON- PRP privatebank-jpmorgan-com-8914 478 16 cease cease VBP privatebank-jpmorgan-com-8914 478 17 to to TO privatebank-jpmorgan-com-8914 478 18 be be VB privatebank-jpmorgan-com-8914 478 19 a a DT privatebank-jpmorgan-com-8914 478 20 Wholesale Wholesale NNP privatebank-jpmorgan-com-8914 478 21 Client Client NNP privatebank-jpmorgan-com-8914 478 22 at at IN privatebank-jpmorgan-com-8914 478 23 any any DT privatebank-jpmorgan-com-8914 478 24 time time NN privatebank-jpmorgan-com-8914 478 25 in in IN privatebank-jpmorgan-com-8914 478 26 the the DT privatebank-jpmorgan-com-8914 478 27 future future NN privatebank-jpmorgan-com-8914 478 28 . . . privatebank-jpmorgan-com-8914 479 1 This this DT privatebank-jpmorgan-com-8914 479 2 material material NN privatebank-jpmorgan-com-8914 479 3 has have VBZ privatebank-jpmorgan-com-8914 479 4 not not RB privatebank-jpmorgan-com-8914 479 5 been be VBN privatebank-jpmorgan-com-8914 479 6 prepared prepare VBN privatebank-jpmorgan-com-8914 479 7 specifically specifically RB privatebank-jpmorgan-com-8914 479 8 for for IN privatebank-jpmorgan-com-8914 479 9 Australian australian JJ privatebank-jpmorgan-com-8914 479 10 investors investor NNS privatebank-jpmorgan-com-8914 479 11 . . . privatebank-jpmorgan-com-8914 480 1 It -PRON- PRP privatebank-jpmorgan-com-8914 480 2 : : : privatebank-jpmorgan-com-8914 480 3 • • NN privatebank-jpmorgan-com-8914 480 4 May May MD privatebank-jpmorgan-com-8914 480 5 contain contain VB privatebank-jpmorgan-com-8914 480 6 references reference NNS privatebank-jpmorgan-com-8914 480 7 to to IN privatebank-jpmorgan-com-8914 480 8 dollar dollar NN privatebank-jpmorgan-com-8914 480 9 amounts amount NNS privatebank-jpmorgan-com-8914 480 10 which which WDT privatebank-jpmorgan-com-8914 480 11 are be VBP 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CC privatebank-jpmorgan-com-8914 480 31 practices practice NNS privatebank-jpmorgan-com-8914 480 32 ; ; : privatebank-jpmorgan-com-8914 480 33 • • NNP privatebank-jpmorgan-com-8914 480 34 May May MD privatebank-jpmorgan-com-8914 480 35 not not RB privatebank-jpmorgan-com-8914 480 36 address address VB privatebank-jpmorgan-com-8914 480 37 risks risk NNS privatebank-jpmorgan-com-8914 480 38 associated associate VBN privatebank-jpmorgan-com-8914 480 39 with with IN privatebank-jpmorgan-com-8914 480 40 investment investment NN privatebank-jpmorgan-com-8914 480 41 in in IN privatebank-jpmorgan-com-8914 480 42 foreign foreign JJ privatebank-jpmorgan-com-8914 480 43 currency currency NN privatebank-jpmorgan-com-8914 480 44 denominated denominate VBD privatebank-jpmorgan-com-8914 480 45 investments investment NNS privatebank-jpmorgan-com-8914 480 46 ; ; : privatebank-jpmorgan-com-8914 480 47 and and CC privatebank-jpmorgan-com-8914 480 48 • • NNP privatebank-jpmorgan-com-8914 480 49 Does do VBZ privatebank-jpmorgan-com-8914 480 50 not not RB privatebank-jpmorgan-com-8914 480 51 address address VB privatebank-jpmorgan-com-8914 480 52 Australian australian JJ privatebank-jpmorgan-com-8914 480 53 tax tax NN privatebank-jpmorgan-com-8914 480 54 issues issue NNS privatebank-jpmorgan-com-8914 480 55 . . . privatebank-jpmorgan-com-8914 481 1 https://www.amazon.com/J-P-Morgan-Chase-Eye-Market/dp/B07L4SWCYL/ https://www.amazon.com/j-p-morgan-chase-eye-market/dp/b07l4swcyl/ WP privatebank-jpmorgan-com-8914 481 2 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 https://playmusic.app.goo.gl/?ibi=com.google.PlayMusic&isi=691797987&ius=googleplaymusic&apn=com.google.android.music&link=https://play.google.com/music/m/Ituhdyagshysf5bmai3ddjmif5y?t%3DJ.P._Morgan_Eye_on_the_Market%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16 NNP privatebank-jpmorgan-com-8914 481 3 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 https://itunes.apple.com/us/podcast/eye-on-the-market/id1367963156 ADD privatebank-jpmorgan-com-8914 481 4 https://www.jpmorgan.com/coronavirus-research https://www.jpmorgan.com/coronavirus-research NNP privatebank-jpmorgan-com-8914 481 5 Food Food NNP privatebank-jpmorgan-com-8914 481 6 Fight Fight NNP privatebank-jpmorgan-com-8914 481 7 : : : privatebank-jpmorgan-com-8914 481 8 An an DT privatebank-jpmorgan-com-8914 481 9 update update NN privatebank-jpmorgan-com-8914 481 10 on on IN privatebank-jpmorgan-com-8914 481 11 private private JJ privatebank-jpmorgan-com-8914 481 12 equityperformance equityperformance NN privatebank-jpmorgan-com-8914 481 13 vs vs IN privatebank-jpmorgan-com-8914 481 14 public public JJ privatebank-jpmorgan-com-8914 481 15 equity equity NN privatebank-jpmorgan-com-8914 481 16 markets market NNS privatebank-jpmorgan-com-8914 481 17 MICHAEL MICHAEL NNP privatebank-jpmorgan-com-8914 481 18 CEMBALEST cembalest NN privatebank-jpmorgan-com-8914 481 19 Table table NN privatebank-jpmorgan-com-8914 481 20 of of IN privatebank-jpmorgan-com-8914 481 21 Contents Contents NNP privatebank-jpmorgan-com-8914 481 22 Absolute Absolute NNP privatebank-jpmorgan-com-8914 481 23 buyout buyout IN privatebank-jpmorgan-com-8914 481 24 performance performance NN privatebank-jpmorgan-com-8914 481 25 Relative relative JJ privatebank-jpmorgan-com-8914 481 26 buyout buyout IN privatebank-jpmorgan-com-8914 481 27 performance performance NN privatebank-jpmorgan-com-8914 481 28 Buyout buyout IN privatebank-jpmorgan-com-8914 481 29 funds fund NNS privatebank-jpmorgan-com-8914 481 30 : : : privatebank-jpmorgan-com-8914 481 31 what what WP privatebank-jpmorgan-com-8914 481 32 is be VBZ privatebank-jpmorgan-com-8914 481 33 the the DT privatebank-jpmorgan-com-8914 481 34 “ " `` privatebank-jpmorgan-com-8914 481 35 right right JJ privatebank-jpmorgan-com-8914 481 36 ” " '' privatebank-jpmorgan-com-8914 481 37 buyout buyout IN privatebank-jpmorgan-com-8914 481 38 performance performance NN privatebank-jpmorgan-com-8914 481 39 benchmark benchmark NN privatebank-jpmorgan-com-8914 481 40 ? ? . privatebank-jpmorgan-com-8914 482 1 Buyout buyout IN privatebank-jpmorgan-com-8914 482 2 manager manager NN privatebank-jpmorgan-com-8914 482 3 dispersion dispersion NN privatebank-jpmorgan-com-8914 482 4 Drivers driver NNS privatebank-jpmorgan-com-8914 482 5 of of IN privatebank-jpmorgan-com-8914 482 6 buyout buyout NN privatebank-jpmorgan-com-8914 482 7 performance performance NN privatebank-jpmorgan-com-8914 482 8 Secondary secondary JJ privatebank-jpmorgan-com-8914 482 9 private private JJ privatebank-jpmorgan-com-8914 482 10 equity equity NN privatebank-jpmorgan-com-8914 482 11 funds fund NNS privatebank-jpmorgan-com-8914 482 12 Absolute absolute JJ privatebank-jpmorgan-com-8914 482 13 and and CC privatebank-jpmorgan-com-8914 482 14 relative relative JJ privatebank-jpmorgan-com-8914 482 15 venture venture NN privatebank-jpmorgan-com-8914 482 16 capital capital NN privatebank-jpmorgan-com-8914 482 17 performance performance NN privatebank-jpmorgan-com-8914 482 18 Venture Venture NNP privatebank-jpmorgan-com-8914 482 19 capital capital NN privatebank-jpmorgan-com-8914 482 20 : : : privatebank-jpmorgan-com-8914 482 21 performance performance NN privatebank-jpmorgan-com-8914 482 22 benchmarks benchmark NNS privatebank-jpmorgan-com-8914 482 23 and and CC privatebank-jpmorgan-com-8914 482 24 manager manager NN privatebank-jpmorgan-com-8914 482 25 dispersion dispersion NN privatebank-jpmorgan-com-8914 482 26 How how WRB privatebank-jpmorgan-com-8914 482 27 are be VBP privatebank-jpmorgan-com-8914 482 28 gains gain NNS privatebank-jpmorgan-com-8914 482 29 on on IN privatebank-jpmorgan-com-8914 482 30 venture venture NN privatebank-jpmorgan-com-8914 482 31 - - HYPH privatebank-jpmorgan-com-8914 482 32 backed back VBN privatebank-jpmorgan-com-8914 482 33 companies company NNS privatebank-jpmorgan-com-8914 482 34 split split VBN privatebank-jpmorgan-com-8914 482 35 between between IN privatebank-jpmorgan-com-8914 482 36 VC VC NNP privatebank-jpmorgan-com-8914 482 37 investors investor NNS privatebank-jpmorgan-com-8914 482 38 and and CC privatebank-jpmorgan-com-8914 482 39 post post JJ privatebank-jpmorgan-com-8914 482 40 - - JJ privatebank-jpmorgan-com-8914 482 41 IPO ipo JJ privatebank-jpmorgan-com-8914 482 42 investors investor NNS privatebank-jpmorgan-com-8914 482 43 ? ? . privatebank-jpmorgan-com-8914 483 1 Buyout buyout IN privatebank-jpmorgan-com-8914 483 2 vs vs IN privatebank-jpmorgan-com-8914 483 3 venture venture NN privatebank-jpmorgan-com-8914 483 4 capital capital NN privatebank-jpmorgan-com-8914 483 5 What what WP privatebank-jpmorgan-com-8914 483 6 about about IN privatebank-jpmorgan-com-8914 483 7 private private JJ privatebank-jpmorgan-com-8914 483 8 equity equity NN privatebank-jpmorgan-com-8914 483 9 co co NNS privatebank-jpmorgan-com-8914 483 10 - - NNS privatebank-jpmorgan-com-8914 483 11 investments investment NNS privatebank-jpmorgan-com-8914 483 12 ? ? . privatebank-jpmorgan-com-8914 484 1 Fundraising fundraising NN privatebank-jpmorgan-com-8914 484 2 and and CC privatebank-jpmorgan-com-8914 484 3 the the DT privatebank-jpmorgan-com-8914 484 4 pace pace NN privatebank-jpmorgan-com-8914 484 5 of of IN privatebank-jpmorgan-com-8914 484 6 investment investment NN privatebank-jpmorgan-com-8914 484 7 Private private JJ privatebank-jpmorgan-com-8914 484 8 equity equity NN privatebank-jpmorgan-com-8914 484 9 fundraising fundraising NN privatebank-jpmorgan-com-8914 484 10 vs vs IN privatebank-jpmorgan-com-8914 484 11 market market NN privatebank-jpmorgan-com-8914 484 12 capitalization capitalization NN privatebank-jpmorgan-com-8914 484 13 On on IN privatebank-jpmorgan-com-8914 484 14 private private JJ privatebank-jpmorgan-com-8914 484 15 equity equity NN privatebank-jpmorgan-com-8914 484 16 fees fee NNS privatebank-jpmorgan-com-8914 484 17 Recent recent JJ privatebank-jpmorgan-com-8914 484 18 academic academic JJ privatebank-jpmorgan-com-8914 484 19 papers paper NNS privatebank-jpmorgan-com-8914 484 20 on on IN privatebank-jpmorgan-com-8914 484 21 private private JJ privatebank-jpmorgan-com-8914 484 22 equity equity NN privatebank-jpmorgan-com-8914 484 23 Appendix Appendix NNP privatebank-jpmorgan-com-8914 484 24 I -PRON- PRP privatebank-jpmorgan-com-8914 484 25 : : : privatebank-jpmorgan-com-8914 484 26 Other other JJ privatebank-jpmorgan-com-8914 484 27 industry industry NN privatebank-jpmorgan-com-8914 484 28 data datum NNS privatebank-jpmorgan-com-8914 484 29 Appendix Appendix NNP privatebank-jpmorgan-com-8914 484 30 II II NNP privatebank-jpmorgan-com-8914 484 31 : : : privatebank-jpmorgan-com-8914 484 32 Return return NN privatebank-jpmorgan-com-8914 484 33 dispersion dispersion NN privatebank-jpmorgan-com-8914 484 34 on on IN privatebank-jpmorgan-com-8914 484 35 buyout buyout NN privatebank-jpmorgan-com-8914 484 36 and and CC privatebank-jpmorgan-com-8914 484 37 venture venture NN privatebank-jpmorgan-com-8914 484 38 transactions transaction NNS privatebank-jpmorgan-com-8914 484 39 within within IN privatebank-jpmorgan-com-8914 484 40 commingled commingled JJ privatebank-jpmorgan-com-8914 484 41 funds fund NNS privatebank-jpmorgan-com-8914 484 42 Appendix Appendix NNP privatebank-jpmorgan-com-8914 484 43 III III NNP privatebank-jpmorgan-com-8914 484 44 : : : privatebank-jpmorgan-com-8914 484 45 Sources source NNS privatebank-jpmorgan-com-8914 484 46 for for IN privatebank-jpmorgan-com-8914 484 47 private private JJ privatebank-jpmorgan-com-8914 484 48 equity equity NN privatebank-jpmorgan-com-8914 484 49 manager manager NN privatebank-jpmorgan-com-8914 484 50 performance performance NN privatebank-jpmorgan-com-8914 484 51 Appendix Appendix NNP privatebank-jpmorgan-com-8914 484 52 IV IV NNP privatebank-jpmorgan-com-8914 484 53 : : : privatebank-jpmorgan-com-8914 484 54 On on IN privatebank-jpmorgan-com-8914 484 55 IRR IRR NNP privatebank-jpmorgan-com-8914 484 56 , , , privatebank-jpmorgan-com-8914 484 57 Direct direct JJ privatebank-jpmorgan-com-8914 484 58 Alpha Alpha NNP privatebank-jpmorgan-com-8914 484 59 , , , privatebank-jpmorgan-com-8914 484 60 cash cash NN privatebank-jpmorgan-com-8914 484 61 flow flow NN privatebank-jpmorgan-com-8914 484 62 timing timing NN privatebank-jpmorgan-com-8914 484 63 and and CC privatebank-jpmorgan-com-8914 484 64 subscription subscription NN privatebank-jpmorgan-com-8914 484 65 lines line NNS privatebank-jpmorgan-com-8914 484 66 Back back RB privatebank-jpmorgan-com-8914 484 67 Cover Cover NNP