The Caplight Top 20 Index has declined (68.76%) from its February 2022 peak to its current valuation. Historically, private secondary market valuations lag the public markets by 1 - 2 quarters depending on market cycle, and we expect that private market valuations bottomed towards the end of Q2 2023. The private secondary market historically has outperformed public market comps (QQQ ETF) in bull markets, and underperformed in bear markets.