The accumulating evidence suggests that the non-institutional part of the private markets, including family offices and other wealthy individuals’ vehicles, is nervous about the undeclared declines in the value of, until recently, highly attractive private investments. The fundamentally illiquid nature of many of the private investments can cause concern and further redemptions. In that environment, return OF capital becomes more important than return ON capital. Fear of frozen capital would cascade into contraction of the public markets, as well. This is a slow-motion avalanche.