With such an extended bull market, it can feel like we've been due up for a correction for a while now. In July of last year, we published an article titled ‘When the denominator effect comes calling’ not because we can read runes but because all markets are cyclical. In that previous piece, we discussed the nature of allocation targets and how PE secondaries provided a platform for executing on those plans to stay on target. As we all know, it is a matter of ‘when’ and not ‘if’ economies will fall into recession with asset prices following. In the following, we review previous recessions, PE performance, and LP sentiment to date to put some perspective on the current situation.