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auto;padding:0 16px;font-family:ui-sans-serif,system-ui,-apple-system,\"Segoe UI\",sans-serif;line-height:1.55;overflow-wrap:break-word}#nxe-n106q0z2.nxe :where(*,*::before,*::after){box-sizing:inherit}#nxe-n106q0z2.nxe :where(section,header,footer,nav,aside){display:block;margin:0 0 32px}#nxe-n106q0z2.nxe :where(h1,h2,h3,h4){line-height:1.2;margin:24px 0 12px;font-weight:600}#nxe-n106q0z2.nxe :where(p,ul,ol,dl,table,figure,details){margin:0 0 16px}#nxe-n106q0z2.nxe :where(ul,ol){padding-left:20px}#nxe-n106q0z2.nxe a{color:inherit;text-decoration:underline;text-underline-offset:2px}#nxe-n106q0z2.nxe table{border-collapse:collapse;width:100%;display:block;overflow-x:auto}#nxe-n106q0z2.nxe :where(th,td){padding:6px 8px;text-align:left;vertical-align:top;border-bottom:1px solid;border-color:inherit}#nxe-n106q0z2.nxe svg{display:none}#nxe-n106q0z2.nxe svg.nx-i{display:inline-block;width:18px;height:18px;vertical-align:-3px}#nxe-n106q0z2.nxe :where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-n106q0z2.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-scene nx-es-scene\" data-scene=\"text\" data-ground=\"none\" data-es-org=\"gra\" aria-labelledby=\"nx-scene-title\"><div class=\"nx-scene-intro nx-es-intro\"><p class=\"nx-eyebrow\"><abbr title=\"The Global Risks Alliance\">GRA<\/abbr> \u00b7 Private Equity Nexus<\/p><span class=\"nx-scene-rule\" aria-hidden=\"true\"><\/span><p class=\"nx-scene-accent nx-es-sig\"><strong>Spatial finance<\/strong><span>Where capital meets hazard, exposure and transition<\/span><\/p><h1 id=\"nx-scene-title\" class=\"nx-scene-title\">Exit and liquidity<\/h1><p class=\"nx-scene-lede\">Private-equity returns are realised only at exit, through a sale to a trade buyer, a sale to another sponsor, a listing or, increasingly, a transfer to a continuation vehicle. When exits slow, distributions to limited partners slow with them, and the effect travels through pension and endowment liquidity, secondary markets and fund-level borrowing. This page sets out how exit and <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 liquidity-risk\" data-tk=\"Nexus risk vocabulary\" data-td=\"The risk that an entity cannot meet obligations as they fall due, or cannot sell assets without large losses.\" data-ts=\"NRS-C1\" data-tr=\"draft\">liquidity risk<\/a> develops across the private-markets cycle, how it is measured, and what the evidence serves for those who decide.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/write-to-us\/contact\/\">Make an enquiry <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/topics\/\">Back to Topics<\/a><\/div><\/div><\/section><section id=\"nx-s-1-sec\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Register<\/span><\/div><h2 id=\"nx-s-1\" class=\"nx-section-title\">Exit and liquidity on the record.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-es-fig\" data-es-layout=\"dossier\"><div class=\"nx-hero-panel\"><div class=\"nx-register\"><div class=\"nx-register-head\"><span class=\"nx-eyebrow\"><strong>Dossier<\/strong><\/span><span class=\"nx-eyebrow\">Private Equity Nexus \u00b7 topic<\/span><\/div><ol class=\"nx-register-rows\"><li><a href=\"#nx-sec-question\"><span class=\"nx-register-n\">01<\/span><span class=\"nx-register-k\">The question<\/span><span class=\"nx-register-v\">4 mechanisms<\/span><\/a><\/li><li><a href=\"#nx-sec-field\"><span class=\"nx-register-n\">02<\/span><span class=\"nx-register-k\">Field<\/span><span class=\"nx-register-v\">hexagonal field plate<\/span><\/a><\/li><li><a href=\"#nx-sec-indicators\"><span class=\"nx-register-n\">03<\/span><span class=\"nx-register-k\">Indicators<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">8<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-sources\"><span class=\"nx-register-n\">04<\/span><span class=\"nx-register-k\">Sources<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">7<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-decisions\"><span class=\"nx-register-n\">05<\/span><span class=\"nx-register-k\">Decision holders<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">4<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-methods\"><span class=\"nx-register-n\">06<\/span><span class=\"nx-register-k\">Methods<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">3<\/span><\/span><\/a><\/li><\/ol><\/div><\/div><\/div><\/div><\/div><\/section><section id=\"nx-sec-question\" class=\"nx-section\" data-hue=\"supply\" data-tone=\"alt\" aria-labelledby=\"nx-s-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">The question<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">Exit and liquidity: how the risk develops.<\/h2><p class=\"nx-lede\">Market cycles and risk transmission. The dossier below sets out how the risk develops, what is measured, where the data come from, how it is modelled and who decides.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cells\" data-cols=\"2\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><circle cx=\"12\" cy=\"12\" r=\"3\"\/><circle cx=\"19\" cy=\"5\" r=\"2\"\/><circle cx=\"5\" cy=\"19\" r=\"2\"\/><path d=\"M10.4 21.9a10 10 0 0 0 9.941-15.416\"\/><path d=\"M13.5 2.1a10 10 0 0 0-9.841 15.416\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Exit windows open and close<\/h3><p class=\"nx-p nx-mt-1\">Listing and acquisition markets move with equity valuations, credit availability and rates. When windows close, holding periods lengthen and unrealised value accumulates, testing fund lives and the patience of investors.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><circle cx=\"12\" cy=\"4.5\" r=\"2.5\"\/><path d=\"m10.2 6.3-3.9 3.9\"\/><circle cx=\"4.5\" cy=\"12\" r=\"2.5\"\/><path d=\"M7 12h10\"\/><circle cx=\"19.5\" cy=\"12\" r=\"2.5\"\/><path d=\"m13.8 17.7 3.9-3.9\"\/><circle cx=\"12\" cy=\"19.5\" r=\"2.5\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Distributions fund new commitments<\/h3><p class=\"nx-p nx-mt-1\">Many limited partners rely on distributions to meet capital calls. When distributions fall while calls continue, investors face liquidity strain and may sell fund interests at a discount or reduce new commitments.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><circle cx=\"18\" cy=\"18\" r=\"3\"\/><circle cx=\"6\" cy=\"6\" r=\"3\"\/><path d=\"M6 21V9a9 9 0 0 0 9 9\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Liquidity without a sale<\/h3><p class=\"nx-p nx-mt-1\">Continuation vehicles, NAV loans and dividend recapitalisations return cash without a third-party sale. They can relieve liquidity, but they add leverage or conflicts and move the test of value to a later date.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><rect x=\"16\" y=\"16\" width=\"6\" height=\"6\" rx=\"1\"\/><rect x=\"2\" y=\"16\" width=\"6\" height=\"6\" rx=\"1\"\/><rect x=\"9\" y=\"2\" width=\"6\" height=\"6\" rx=\"1\"\/><path d=\"M5 16v-3a1 1 0 0 1 1-1h12a1 1 0 0 1 1 1v3\"\/><path d=\"M12 12V8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Spillover to the wider system<\/h3><p class=\"nx-p nx-mt-1\">Pension funds, insurers and wealth vehicles hold growing allocations to private assets. In stress, their liquidity needs, such as collateral calls or redemptions, can force sales of liquid assets, which is why central banks and the FSB monitor the channel.<\/p><\/div><\/div><\/div><\/div><\/section><section id=\"nx-sec-field\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Geography<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Activity and exposure in the contiguous United States.<\/h2><p class=\"nx-lede\">Night lights, population density and flood water over the contiguous United States, from NASA GIBS. Each layer carries its own date.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-canvas-wrap\"><div class=\"nx-cmap-field\" data-nx-map=\"ctx-field\" data-cmap=\"united-states:finance\" data-ml-feeds=\"eonet|https:\/\/eonet.gsfc.nasa.gov\/api\/v3\/events\" data-ml-src=\"finance\" data-ml-plan=\"p-588f1263\" data-ml-view=\"2d\" data-ml-ctx=\"theme:finance\" data-ml-list=\"gibs.energy.ntl gibs.health.people gibs.water.flood gibs.health.lstd gibs.water.true gibs.food.cover ev.eonet ev.usgs r.hbase r.dnb r.labels\" data-ml-tools=\"inspect measure aoi export\"><div class=\"nx-wm\" data-nx-water=\"ctx-finance\" data-wm-domain=\"ctx-finance\" data-wm-tiles=\"on\" data-wm-flat=\"on\" data-wm-focus=\"-125,24.5,-66.9,49.5\" data-ws-live=\"off\" data-claim=\"INTEGRATED\" data-wm-panel=\"closed\" data-wm-mode=\"2d\"><div class=\"nx-wm-stage\" tabindex=\"0\" role=\"application\" aria-roledescription=\"interactive map\" aria-label=\"Activity and exposure, the contiguous United States: satellite and model layers from NASA on a 3D terrain of ASTER GDEM elevation. Arrow keys move; with Shift they turn and tilt in 3D; plus and minus zoom, 0 resets; I inspects, question mark lists the keys.\" aria-describedby=\"nx-wm-help\"><canvas class=\"nx-wm-canvas\" aria-hidden=\"true\"><\/canvas><p class=\"nx-wm-noscript\">The interactive map needs JavaScript; the layer list and sources are below.<\/p><div class=\"nx-wm-presets\" role=\"group\" aria-label=\"Quick views\"><button type=\"button\" class=\"nx-wm-preset\" data-wm-preset=\"flood,people||||\" aria-pressed=\"false\">People and floods<\/button><button type=\"button\" class=\"nx-wm-preset\" data-wm-preset=\"flood,ntl||||\" aria-pressed=\"false\">Floods and lights<\/button><button type=\"button\" class=\"nx-wm-preset\" data-wm-preset=\"ntl,people||||\" aria-pressed=\"false\">Lights and people<\/button><button type=\"button\" class=\"nx-wm-preset\" data-wm-preset=\"ntl||||\" aria-pressed=\"false\">Night lights<\/button><\/div><div class=\"nx-wm-panel\" id=\"nx-wm-panel\" role=\"region\" aria-label=\"Map layers\"><div class=\"nx-wm-panel-head\"><p class=\"nx-wm-panel-title\">Layers <span class=\"nx-wm-count\">3<\/span><\/p><button type=\"button\" class=\"nx-wm-icon nx-wm-panel-close\" data-wm-act=\"panel\" aria-label=\"Close the layer list\"><svg viewBox=\"0 0 16 16\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3.5 3.5l9 9M12.5 3.5l-9 9\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/svg><\/button><\/div><div class=\"nx-wm-panel-body\"><div class=\"nx-wm-group\"><p class=\"nx-wm-group-title\">Activity and exposure, for this page<\/p><button type=\"button\" class=\"nx-wm-layer\" data-wm-toggle=\"ntl\" aria-pressed=\"true\" data-wm-z=\"20\" data-wm-lag=\"0\" data-wm-op=\"0.9\" data-wm-short=\"Night lights\" data-wm-prov=\"NASA LAADS DAAC\" data-wm-kind=\"Satellite radiance, corrected for moonlight and atmosphere\"><span class=\"nx-wm-check\" aria-hidden=\"true\"><\/span><span class=\"nx-wm-layer-text\"><span class=\"nx-wm-layer-name\">Night-time lights, daily<\/span><span class=\"nx-wm-layer-src\">NASA LAADS DAAC VIIRS Black Marble (VNP46A2) \u00b7 <span data-wm-date=\"ntl\">12 Oct 2026<\/span><\/span><span class=\"nx-wm-layer-src\" data-wm-ep=\"observed\" data-wm-lic=\"NASA open data\" data-wm-unit=\"nW\/(cm\u00b2 sr)\">Observed<\/span><\/span><\/button><div class=\"nx-wm-tools\" data-wm-tools=\"ntl\" hidden><\/div><details class=\"nx-wm-prov\" data-wm-prov-for=\"gibs.energy.ntl\"><summary>About this layer<\/summary><dl class=\"nx-wm-prov-list\"><dt>Evidence<\/dt><dd>Observed<\/dd><dt>Source<\/dt><dd>VIIRS Black Marble (VNP46A2) (NASA LAADS DAAC)<\/dd><dt>Provider<\/dt><dd>NASA LAADS DAAC<\/dd><dt>Licence<\/dt><dd><a class=\"nx-link\" href=\"https:\/\/www.earthdata.nasa.gov\/engage\/open-data-services-software-policies\" rel=\"noopener noreferrer\">NASA open data<\/a><\/dd><dt>Vintage<\/dt><dd>daily; Satellite radiance, corrected for moonlight and atmosphere<\/dd><dt>Newest at build<\/dt><dd>2026-10-12<\/dd><dt>Resolution<\/dt><dd>about 500 m grid<\/dd><dt>Uncertainty<\/dt><dd>Satellite night-time radiance for the date shown; lights are a proxy for electricity use and outages, not a measurement of supply or access.<\/dd><dt>Reached through<\/dt><dd>gibs.earthdata.nasa.gov, only after you allow the live map<\/dd><\/dl><\/details><button type=\"button\" class=\"nx-wm-layer\" data-wm-toggle=\"people\" aria-pressed=\"true\" data-wm-z=\"21\" data-wm-lag=\"0\" data-wm-op=\"0.8\" data-wm-short=\"Population density\" data-wm-prov=\"NASA SEDAC (CIESIN, Columbia University)\" data-wm-kind=\"Census-based estimate, static (2020)\"><span class=\"nx-wm-check\" aria-hidden=\"true\"><\/span><span class=\"nx-wm-layer-text\"><span class=\"nx-wm-layer-name\">Population density, 2020<\/span><span class=\"nx-wm-layer-src\">NASA SEDAC (CIESIN, Columbia University) Gridded Population of the World v4.11 \u00b7 <span data-wm-date=\"people\">static<\/span><\/span><span class=\"nx-wm-layer-src\" data-wm-ep=\"estimated\" data-wm-lic=\"CC BY 4.0\" data-wm-unit=\"people\/km\u00b2\">Estimated<\/span><\/span><\/button><div class=\"nx-wm-tools\" data-wm-tools=\"people\" hidden><\/div><details class=\"nx-wm-prov\" data-wm-prov-for=\"gibs.health.people\"><summary>About this layer<\/summary><dl class=\"nx-wm-prov-list\"><dt>Evidence<\/dt><dd>Estimated<\/dd><dt>Source<\/dt><dd>Gridded Population of the World v4.11 (NASA SEDAC (CIESIN, Columbia University))<\/dd><dt>Provider<\/dt><dd>NASA SEDAC (CIESIN, Columbia University)<\/dd><dt>Licence<\/dt><dd><a class=\"nx-link\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\" rel=\"noopener noreferrer\">CC BY 4.0<\/a><\/dd><dt>Vintage<\/dt><dd>null; Census-based estimate, static (2020)<\/dd><dt>Resolution<\/dt><dd>about 1 km grid<\/dd><dt>Uncertainty<\/dt><dd>Census-based estimate of people per square kilometre in 2020, shown as exposure context; not a count of people affected by any hazard.<\/dd><dt>Reached through<\/dt><dd>gibs.earthdata.nasa.gov, only after you allow the live map<\/dd><\/dl><\/details><button type=\"button\" class=\"nx-wm-layer\" data-wm-toggle=\"flood\" aria-pressed=\"true\" data-wm-z=\"22\" data-wm-lag=\"0\" data-wm-short=\"Flood water\" data-wm-prov=\"NASA LANCE\" data-wm-kind=\"Satellite detection; clouds leave gaps\"><span class=\"nx-wm-check\" aria-hidden=\"true\"><\/span><span class=\"nx-wm-layer-text\"><span class=\"nx-wm-layer-name\">Flood water, 3-day composite<\/span><span class=\"nx-wm-layer-src\">NASA LANCE VIIRS Global Flood Product \u00b7 <span data-wm-date=\"flood\">14 Oct 2026<\/span><\/span><span class=\"nx-wm-layer-src\" data-wm-ep=\"observed\" data-wm-lic=\"NASA open data\">Observed (clouds leave gaps)<\/span><\/span><\/button><div class=\"nx-wm-tools\" data-wm-tools=\"flood\" hidden><\/div><details class=\"nx-wm-prov\" data-wm-prov-for=\"gibs.water.flood\"><summary>About this layer<\/summary><dl class=\"nx-wm-prov-list\"><dt>Evidence<\/dt><dd>Observed (clouds leave gaps)<\/dd><dt>Source<\/dt><dd>VIIRS Global Flood Product (NASA LANCE)<\/dd><dt>Provider<\/dt><dd>NASA LANCE<\/dd><dt>Licence<\/dt><dd><a class=\"nx-link\" href=\"https:\/\/www.earthdata.nasa.gov\/engage\/open-data-services-software-policies\" rel=\"noopener noreferrer\">NASA open data<\/a><\/dd><dt>Vintage<\/dt><dd>daily; Satellite detection; clouds leave gaps<\/dd><dt>Newest at build<\/dt><dd>2026-10-14<\/dd><dt>Resolution<\/dt><dd>about 250 m grid<\/dd><dt>Uncertainty<\/dt><dd>Satellite detection; clouds leave gaps. Satellite or model raster as the provider publishes it. Clouds, swath gaps and retrieval error leave gaps and noise; values are indicators, not measurements at a place.<\/dd><dt>Reached through<\/dt><dd>gibs.earthdata.nasa.gov, only after you allow the live map<\/dd><\/dl><\/details><button type=\"button\" class=\"nx-wm-layer\" data-wm-toggle=\"lstd\" aria-pressed=\"false\" data-wm-z=\"23\" data-wm-lag=\"0\" data-wm-op=\"0.8\" data-wm-short=\"Land temperature, day\" data-wm-prov=\"NASA LANCE\" data-wm-kind=\"Satellite 8-day composite; persistent cloud still leaves gaps\"><span class=\"nx-wm-check\" aria-hidden=\"true\"><\/span><span class=\"nx-wm-layer-text\"><span class=\"nx-wm-layer-name\">Land surface temperature, day, 8-day composite<\/span><span class=\"nx-wm-layer-src\">NASA LANCE VIIRS NOAA-20 Level 3, 8-day \u00b7 <span data-wm-date=\"lstd\">14 Sep 2026<\/span><\/span><span class=\"nx-wm-layer-src\" data-wm-ep=\"observed\" data-wm-lic=\"NASA open data\" data-wm-unit=\"\u00b0C\">Observed (persistent cloud still leaves gaps)<\/span><\/span><\/button><div class=\"nx-wm-tools\" data-wm-tools=\"lstd\" hidden><\/div><details class=\"nx-wm-prov\" data-wm-prov-for=\"gibs.health.lstd\"><summary>About this layer<\/summary><dl class=\"nx-wm-prov-list\"><dt>Evidence<\/dt><dd>Observed (persistent cloud still leaves gaps)<\/dd><dt>Source<\/dt><dd>VIIRS NOAA-20 Level 3, 8-day (NASA LANCE)<\/dd><dt>Provider<\/dt><dd>NASA LANCE<\/dd><dt>Licence<\/dt><dd><a class=\"nx-link\" href=\"https:\/\/www.earthdata.nasa.gov\/engage\/open-data-services-software-policies\" rel=\"noopener noreferrer\">NASA open data<\/a><\/dd><dt>Vintage<\/dt><dd>8-day; Satellite 8-day composite; persistent cloud still leaves gaps<\/dd><dt>Newest at build<\/dt><dd>2026-09-14<\/dd><dt>Resolution<\/dt><dd>about 1 km grid<\/dd><dt>Uncertainty<\/dt><dd>Satellite skin temperature of the ground over the 8 days ending on the date shown, a heat exposure indicator; not air temperature, heat index or a heat warning.<\/dd><dt>Reached through<\/dt><dd>gibs.earthdata.nasa.gov, only after you allow the live map<\/dd><\/dl><\/details><button type=\"button\" class=\"nx-wm-layer\" data-wm-toggle=\"true\" aria-pressed=\"false\" data-wm-z=\"5\" data-wm-lag=\"1\" data-wm-op=\"0.6\" data-wm-prov=\"NASA LANCE\" data-wm-kind=\"Satellite image\"><span class=\"nx-wm-check\" aria-hidden=\"true\"><\/span><span class=\"nx-wm-layer-text\"><span class=\"nx-wm-layer-name\">True colour<\/span><span class=\"nx-wm-layer-src\">NASA LANCE VIIRS NOAA-20 corrected reflectance \u00b7 <span data-wm-date=\"true\">13 Oct 2026<\/span><\/span><span class=\"nx-wm-layer-src\" data-wm-ep=\"observed\" data-wm-lic=\"NASA open data\">Observed<\/span><\/span><\/button><div class=\"nx-wm-tools\" data-wm-tools=\"true\" hidden><\/div><details class=\"nx-wm-prov\" data-wm-prov-for=\"gibs.water.true\"><summary>About this layer<\/summary><dl class=\"nx-wm-prov-list\"><dt>Evidence<\/dt><dd>Observed<\/dd><dt>Source<\/dt><dd>VIIRS NOAA-20 corrected reflectance (NASA LANCE)<\/dd><dt>Provider<\/dt><dd>NASA LANCE<\/dd><dt>Licence<\/dt><dd><a class=\"nx-link\" href=\"https:\/\/www.earthdata.nasa.gov\/engage\/open-data-services-software-policies\" rel=\"noopener noreferrer\">NASA open data<\/a><\/dd><dt>Vintage<\/dt><dd>daily; Satellite image<\/dd><dt>Newest at build<\/dt><dd>2026-10-14<\/dd><dt>Resolution<\/dt><dd>about 250 m grid<\/dd><dt>Uncertainty<\/dt><dd>Satellite image. Satellite or model raster as the provider publishes it. Clouds, swath gaps and retrieval error leave gaps and noise; values are indicators, not measurements at a place.<\/dd><dt>Reached through<\/dt><dd>gibs.earthdata.nasa.gov, only after you allow the live map<\/dd><\/dl><\/details><button type=\"button\" class=\"nx-wm-layer\" data-wm-toggle=\"cover\" aria-pressed=\"false\" data-wm-z=\"25\" data-wm-lag=\"0\" data-wm-time=\"latest\" data-wm-op=\"0.7\" data-wm-short=\"Land cover\" data-wm-prov=\"NASA LP DAAC\" data-wm-kind=\"Satellite classification; latest year GIBS publishes\"><span class=\"nx-wm-check\" aria-hidden=\"true\"><\/span><span class=\"nx-wm-layer-text\"><span class=\"nx-wm-layer-name\">Land cover type (IGBP), yearly<\/span><span class=\"nx-wm-layer-src\">NASA LP DAAC MODIS Terra and Aqua land cover (MCD12Q1) \u00b7 <span data-wm-date=\"cover\">2024<\/span><\/span><span class=\"nx-wm-layer-src\" data-wm-ep=\"modelled\" data-wm-lic=\"NASA open data\" data-wm-unit=\"class\">Modelled (latest year GIBS publishes)<\/span><\/span><\/button><div class=\"nx-wm-tools\" data-wm-tools=\"cover\" hidden><\/div><details class=\"nx-wm-prov\" data-wm-prov-for=\"gibs.food.cover\"><summary>About this layer<\/summary><dl class=\"nx-wm-prov-list\"><dt>Evidence<\/dt><dd>Modelled (latest year GIBS publishes)<\/dd><dt>Source<\/dt><dd>MODIS Terra and Aqua land cover (MCD12Q1) (NASA LP DAAC)<\/dd><dt>Provider<\/dt><dd>NASA LP DAAC<\/dd><dt>Licence<\/dt><dd><a class=\"nx-link\" href=\"https:\/\/www.earthdata.nasa.gov\/engage\/open-data-services-software-policies\" rel=\"noopener noreferrer\">NASA open data<\/a><\/dd><dt>Vintage<\/dt><dd>yearly; Satellite classification; latest year GIBS publishes<\/dd><dt>Newest at build<\/dt><dd>2024-01-01<\/dd><dt>Resolution<\/dt><dd>about 500 m grid<\/dd><dt>Uncertainty<\/dt><dd>Satellite land cover classes for the year shown, including croplands; a classification with known errors, not a farm register.<\/dd><dt>Reached through<\/dt><dd>gibs.earthdata.nasa.gov, only after you allow the live map<\/dd><\/dl><\/details><\/div><\/div><\/div><div class=\"nx-wm-rail\" role=\"toolbar\" aria-orientation=\"vertical\" aria-label=\"Map controls\"><button type=\"button\" class=\"nx-wm-icon nx-wm-open\" data-wm-act=\"panel\" aria-controls=\"nx-wm-panel\" aria-expanded=\"false\" aria-label=\"Layers\" title=\"Layers\"><svg viewBox=\"0 0 16 16\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M8 2.5l-6.5 3.5 6.5 3.5 6.5-3.5zm-6.5 6.5 6.5 3.5 6.5-3.5m-13 2.8 6.5 3.5 6.5-3.5\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/svg><\/button><button type=\"button\" class=\"nx-wm-icon\" data-wm-act=\"tools\" aria-controls=\"nx-wm-menu\" aria-expanded=\"false\" aria-label=\"Expert tools\" title=\"Expert tools\"><svg viewBox=\"0 0 16 16\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3 4.5l10 0m-10 3.5 10 0m-10 3.5 10 0m-7.5-8.5 0 3m5 .5 0 3m-3.5.5 0 3\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/svg><\/button><span class=\"nx-wm-sep\" aria-hidden=\"true\"><\/span><button type=\"button\" class=\"nx-wm-icon\" data-wm-act=\"in\" aria-label=\"Zoom in\" title=\"Zoom in\"><svg viewBox=\"0 0 16 16\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M8 3v10M3 8h10\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/svg><\/button><button type=\"button\" class=\"nx-wm-icon\" data-wm-act=\"out\" aria-label=\"Zoom out\" title=\"Zoom out\"><svg viewBox=\"0 0 16 16\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3 8h10\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/svg><\/button><button type=\"button\" class=\"nx-wm-icon\" data-wm-act=\"reset\" aria-label=\"Reset the view\" title=\"Reset the view\"><svg viewBox=\"0 0 16 16\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3.2 8a4.8 4.8 0 1 0 1.5-3.5M3.2 2.6v2.6h2.6\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/svg><\/button><button type=\"button\" class=\"nx-wm-icon\" data-wm-act=\"full\" aria-label=\"Full screen\" title=\"Full screen\"><svg viewBox=\"0 0 16 16\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M2.5 6l0-3.5 3.5 0m7.5 3.5 0-3.5-3.5 0m-7.5 7.5 0 3.5 3.5 0m7.5-3.5 0 3.5-3.5 0\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/svg><\/button><\/div><div class=\"nx-wm-menu\" id=\"nx-wm-menu\" role=\"menu\" aria-label=\"Expert tools\" hidden><button type=\"button\" class=\"nx-wm-menu-item\" role=\"menuitemcheckbox\" aria-checked=\"false\" data-wm-tool=\"inspect\">Inspect a point<kbd>I<\/kbd><\/button><button type=\"button\" class=\"nx-wm-menu-item\" role=\"menuitemcheckbox\" aria-checked=\"false\" data-wm-tool=\"measure\">Measure distance<kbd>M<\/kbd><\/button><button type=\"button\" class=\"nx-wm-menu-item\" role=\"menuitem\" data-wm-tool=\"share\">Copy a link to this view<\/button><button type=\"button\" class=\"nx-wm-menu-item\" role=\"menuitem\" data-wm-tool=\"png\">Export as PNG with credits<\/button><button type=\"button\" class=\"nx-wm-menu-item\" role=\"menuitem\" data-wm-tool=\"xt\" data-wm-xt=\"NxAjSJ6JoGGZsXu22d+kvA4nR9AJ6Njy+\/Xy2FIyELw=\">More expert tools<\/button><button type=\"button\" class=\"nx-wm-menu-item\" role=\"menuitem\" data-wm-tool=\"keys\">Keyboard shortcuts<kbd>?<\/kbd><\/button><\/div><div class=\"nx-wm-keys\" role=\"dialog\" aria-label=\"Keyboard shortcuts\" hidden><p class=\"nx-wm-keys-title\">Keyboard, with the map focused<\/p><dl class=\"nx-wm-keys-list\"><\/dl><button type=\"button\" class=\"nx-wm-icon nx-wm-keys-close\" data-wm-tool=\"keys\" aria-label=\"Close the shortcuts\"><svg viewBox=\"0 0 16 16\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3.5 3.5l9 9M12.5 3.5l-9 9\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/svg><\/button><\/div><p class=\"nx-wm-hint\" hidden>Hold Ctrl or \u2318 and scroll to zoom<\/p><p class=\"nx-wm-toolbar\" role=\"status\" hidden><\/p><div class=\"nx-wm-tip\" role=\"tooltip\" hidden><\/div><div class=\"nx-wm-pin\" hidden><div class=\"nx-wm-pin-head\"><p class=\"nx-wm-pin-title\"><\/p><button type=\"button\" class=\"nx-wm-icon\" data-wm-act=\"unpin\" aria-label=\"Close the card\"><svg viewBox=\"0 0 16 16\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M3.5 3.5l9 9M12.5 3.5l-9 9\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/svg><\/button><\/div><div class=\"nx-wm-pin-chart\"><\/div><div class=\"nx-wm-pin-body\"><\/div><\/div><div class=\"nx-wm-dock\"><div class=\"nx-wm-time\" role=\"group\" aria-label=\"Imagery date\"><button type=\"button\" class=\"nx-wm-icon\" data-wm-step=\"prev\" aria-label=\"One day earlier\">\u2039<\/button><p class=\"nx-wm-time-label\">Latest available<\/p><button type=\"button\" class=\"nx-wm-icon\" data-wm-step=\"next\" aria-label=\"One day later\">\u203a<\/button><span class=\"nx-wm-track\" role=\"slider\" tabindex=\"0\" aria-label=\"Imagery date, up to 30 days back\" aria-valuemin=\"0\" aria-valuemax=\"30\" aria-valuenow=\"30\" aria-valuetext=\"Latest available\"><\/span><button type=\"button\" class=\"nx-wm-latest\" data-wm-step=\"latest\" aria-pressed=\"true\">Latest<\/button><\/div><div class=\"nx-wm-chips\" role=\"group\" aria-label=\"Legends\"><\/div><p class=\"nx-wm-attrib\">NASA GIBS \/ EOSDIS \u00b7 ASTER GDEM (METI, NASA) \u00b7 Blue Marble (NASA) \u00b7 \u00a9 OpenStreetMap contributors (ODbL) \u00b7 Natural Earth<\/p><div class=\"nx-wm-legends\" aria-live=\"polite\" hidden><\/div><\/div><\/div><div class=\"nx-container nx-wm-below\"><p class=\"nx-wm-status\" role=\"status\">Loading the latest NASA imagery.<\/p><p id=\"nx-wm-help\" class=\"nx-wm-help\">Drag to move. Ctrl or \u2318 and scroll, pinch or the buttons to zoom; hover for the values under the pointer; reset returns to the region.<\/p><p class=\"nx-caption\"><span>Activity and exposure, framed on the contiguous United States.<\/span><span data-honesty=\"true\">Satellite and model products as NASA publishes them, each with its own date. They are indicators, not assessments of any place.<\/span><\/p><details class=\"nx-wm-credits\"><summary><span class=\"nx-wm-credits-line\">Data: NASA GIBS \u00b7 ASTER GDEM \u00b7 Blue Marble \u00b7 <a class=\"nx-link\" href=\"https:\/\/www.openstreetmap.org\/copyright\" rel=\"noopener\">\u00a9 OpenStreetMap contributors<\/a> \u00b7 Natural Earth \u00b7 NASA EONET \u00b7 U.S. Geological Survey \u00b7 CIESIN\/Columbia, NASA SEDAC HBASE<\/span><span class=\"nx-wm-credits-more\">Sources and licences<\/span><\/summary><p class=\"nx-wm-credit\"><ul class=\"nx-wm-credit-list\"><li data-wm-credit=\"nasa.gibs.field-layers\">We acknowledge the use of imagery provided by services from NASA&#8217;s Global Imagery Browse Services (GIBS), part of NASA&#8217;s Earth Science Data and Information System (ESDIS). Colours redrawn from the published colour map; values averaged into hexagonal cells where shown (modified). <a class=\"nx-link\" href=\"https:\/\/www.earthdata.nasa.gov\/engage\/open-data-services-software-policies\" rel=\"noopener\">NASA open data<\/a><\/li><li data-wm-credit=\"nasa.gibs.water-layers\">We acknowledge the use of imagery provided by services from NASA&#8217;s Global Imagery Browse Services (GIBS), part of NASA&#8217;s Earth Science Data and Information System (ESDIS). Colours redrawn from the published colour map; values averaged into hexagonal cells where shown (modified). <a class=\"nx-link\" href=\"https:\/\/www.earthdata.nasa.gov\/engage\/open-data-services-software-policies\" rel=\"noopener\">NASA open data<\/a><\/li><li data-wm-credit=\"nasa.laads.black-marble\">VIIRS Black Marble night-time lights, NASA Goddard Space Flight Center; distributed by the NASA Level-1 and Atmosphere Archive and Distribution System (LAADS DAAC); imagery via NASA GIBS. Colours redrawn from the published colour map; values averaged into hexagonal cells where shown (modified). <a class=\"nx-link\" href=\"https:\/\/www.earthdata.nasa.gov\/engage\/open-data-services-software-policies\" rel=\"noopener\">NASA open data<\/a><\/li><li data-wm-credit=\"sedac.gpw-v4\">Center for International Earth Science Information Network (CIESIN), Columbia University. 2018. Gridded Population of the World, Version 4 (GPWv4): Population Density, Revision 11. NASA Socioeconomic Data and Applications Center (SEDAC). Licensed under CC BY 4.0. Colours redrawn from the published colour map; values averaged into hexagonal cells where shown (modified). <a class=\"nx-link\" href=\"https:\/\/doi.org\/10.7927\/H49C6VHW\" rel=\"noopener\">doi:10.7927\/H49C6VHW<\/a>. <a class=\"nx-link\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\" rel=\"noopener\">CC BY 4.0<\/a><\/li><li data-wm-credit=\"nasa.lance.viirs-water\">VIIRS near-real-time products (flood, land surface temperature, snow cover, corrected reflectance), NASA LANCE; imagery via NASA GIBS. Colours redrawn from the published colour map; values averaged into hexagonal cells where shown (modified). <a class=\"nx-link\" href=\"https:\/\/www.earthdata.nasa.gov\/engage\/open-data-services-software-policies\" rel=\"noopener\">NASA open data<\/a><\/li><li data-wm-credit=\"nasa.modis-viirs.land\">MODIS land products (vegetation indices, gross primary production, land cover), NASA LP DAAC and LANCE; imagery via NASA GIBS. Colours redrawn from the published colour map; values averaged into hexagonal cells where shown (modified). <a class=\"nx-link\" href=\"https:\/\/www.earthdata.nasa.gov\/engage\/open-data-services-software-policies\" rel=\"noopener\">NASA open data<\/a><\/li><li data-wm-credit=\"nasa-meti.aster-gdem-v3\">ASTER GDEM is a product of METI and NASA (ASTER Global Digital Elevation Model V003, NASA LP DAAC); imagery via NASA GIBS. Colours redrawn from the published colour map; values averaged into hexagonal cells where shown (modified). Cite as: NASA\/METI\/AIST\/Japan Spacesystems and U.S.\/Japan ASTER Science Team (2019). ASTER Global Digital Elevation Model V003. <a class=\"nx-link\" href=\"https:\/\/doi.org\/10.5067\/ASTER\/ASTGTM.003\" rel=\"noopener\">doi:10.5067\/ASTER\/ASTGTM.003<\/a>. <a class=\"nx-link\" href=\"https:\/\/www.earthdata.nasa.gov\/engage\/open-data-services-software-policies\" rel=\"noopener\">NASA open data<\/a><\/li><li data-wm-credit=\"naturalearth.all-scales\">Made with Natural Earth. Free vector and raster map data @ naturalearthdata.com. <a class=\"nx-link\" href=\"https:\/\/www.naturalearthdata.com\/about\/terms-of-use\/\" rel=\"noopener\">Public domain<\/a><\/li><li data-wm-credit=\"nasa.gibs.reference-osm\">\u00a9 OpenStreetMap contributors (ODbL), via NASA GIBS (coastlines, boundaries, roads and place names). Colours redrawn from the published colour map; values averaged into hexagonal cells where shown (modified). <a class=\"nx-link\" href=\"https:\/\/www.openstreetmap.org\/copyright\" rel=\"noopener\">ODbL<\/a><\/li><li data-wm-credit=\"nasa.earth-observatory.blue-marble\">Blue Marble, NASA Earth Observatory; imagery via NASA GIBS. Colours redrawn from the published colour map; values averaged into hexagonal cells where shown (modified). <a class=\"nx-link\" href=\"https:\/\/www.earthdata.nasa.gov\/engage\/open-data-services-software-policies\" rel=\"noopener\">NASA open data<\/a><\/li><li>Context on the globe and flat map: coastlines, boundaries, roads and place names from NASA GIBS reference layers (OpenStreetMap data, ODbL, \u00a9 OpenStreetMap contributors); Blue Marble imagery as an optional base; 3D terrain and the elevation read-out from the ASTER GDEM elevation colour index (5 m to 200 m classes, exaggerated for legibility). Boundaries are drawn as published and imply no position on any territory.<\/li><li><\/li><li>Live events: NASA Earth Observatory Natural Event Tracker (EONET); events are indicative and keep their original source links.<\/li><li>Live: NASA EONET Events are indicative, not authority warnings.<\/li><li>Live: U.S. Geological Survey Events are indicative, not authority warnings.<\/li><li>Context: CIESIN\/Columbia, NASA SEDAC HBASE. Center for International Earth Science Information Network (CIESIN), Columbia University, and NASA Socioeconomic Data and Applications Center (SEDAC): Global Human Built-up And Settlement Extent (HBASE) 2010; Seto, Guneralp and Hutyra 2012, Global Grid of Probabilities of Urban Expansion to 2030; Global Urban Heat Island (UHI) Data Set, 2013.<\/li><li>NASA GIBS: We acknowledge the use of imagery provided by services from NASA&#8217;s Global Imagery Browse Services (GIBS), part of NASA&#8217;s Earth Science Data and Information System (ESDIS).<\/li><li>Optional layers (5 sources in the layer list: live, forecast, observed and context) print their provider credit on the map and here when switched on; forecasts are model output and derived indices are estimates.<\/li><\/ul><p class=\"nx-wm-credit\"><strong>Layers and dates<\/strong><\/p><ul class=\"nx-wm-credit-list\"><li>Night-time lights, daily: VIIRS Black Marble (VNP46A2), NASA LAADS DAAC \u00b7 <span data-wm-date=\"ntl\">12 Oct 2026<\/span><\/li><li>Population density, 2020: Population: CIESIN, Columbia University, Gridded Population of the World v4.11 (2018), NASA SEDAC, <a class=\"nx-link\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\" rel=\"noopener\">CC BY 4.0<\/a> \u00b7 <span data-wm-date=\"people\">static<\/span><\/li><li>Flood water, 3-day composite: VIIRS Global Flood Product, NASA LANCE \u00b7 <span data-wm-date=\"flood\">14 Oct 2026<\/span><\/li><li>Land surface temperature, day, 8-day composite: VIIRS NOAA-20 Level 3, 8-day, NASA LANCE \u00b7 <span data-wm-date=\"lstd\">14 Sep 2026<\/span><\/li><li>True colour: VIIRS NOAA-20 corrected reflectance, NASA LANCE \u00b7 <span data-wm-date=\"true\">13 Oct 2026<\/span><\/li><li>Land cover type (IGBP), yearly: MODIS Terra and Aqua land cover (MCD12Q1), NASA LP DAAC \u00b7 <span data-wm-date=\"cover\">2024<\/span><\/li><\/ul><\/p><\/details><\/div><\/div><div class=\"nx-live-slot nx-live-slot--map\" data-nxf-slot=\"map\" data-nxf-kind=\"map\" data-nxf-resource=\"nexus:\/\/gra\/A07\/topics\/exit-and-liquidity\/#map\" data-nxf-title=\"Private Equity Nexus live map\" data-nxf-height=\"560\" hidden><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-1\" data-hue=\"supply\" aria-label=\"Indicators, Monitor, Sources\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Indicators, Monitor, Sources\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-1\" aria-controls=\"nx-sec-indicators\" aria-selected=\"true\" data-key=\"p1\">Indicators<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-2\" aria-controls=\"nx-s-5-sec\" aria-selected=\"false\" data-key=\"p2\">Monitor<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-1-tab-3\" aria-controls=\"nx-sec-sources\" aria-selected=\"false\" data-key=\"p3\">Sources<\/button><\/div><section id=\"nx-sec-indicators\" class=\"nx-section nx-band-panel\" data-hue=\"supply\" aria-labelledby=\"nx-s-4\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Indicators<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">What is measured, and how well.<\/h2><p class=\"nx-lede\">Each indicator carries its unit, its cadence, the kind of source behind it and the evidence label a value would carry. No values are shown: a programme supplies them under its own authority.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Cadence<\/th><th scope=\"col\">Source type<\/th><th scope=\"col\">Label<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Indicator\">Distributions to paid-in capital<\/td><td data-label=\"Unit\">ratio<\/td><td data-label=\"Cadence\">quarterly<\/td><td data-label=\"Source type\">Fund reporting, ILPA Performance Template<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Net cash flow to limited partners<\/td><td data-label=\"Unit\">distributions minus contributions, currency per period<\/td><td data-label=\"Cadence\">quarterly<\/td><td data-label=\"Source type\">Limited partner cash-flow datasets<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Holding period at exit<\/td><td data-label=\"Unit\">years<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Transaction databases<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Exit route mix<\/td><td data-label=\"Unit\">share of exits, by route<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Transaction databases, Invest Europe activity data<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Secondary market volume and pricing<\/td><td data-label=\"Unit\">currency volume; price as percent of NAV<\/td><td data-label=\"Cadence\">semi-annual<\/td><td data-label=\"Source type\">Secondary intermediary reports<\/td><td data-label=\"Label\"><span class=\"nx-chip\">ESTIMATED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Continuation vehicle share of exit value<\/td><td data-label=\"Unit\">share of exit value<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Transaction databases<\/td><td data-label=\"Label\"><span class=\"nx-chip\">ESTIMATED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Unfunded commitments relative to liquid assets<\/td><td data-label=\"Unit\">ratio, at limited partner level<\/td><td data-label=\"Cadence\">quarterly<\/td><td data-label=\"Source type\">Pension and insurer reporting<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Fund term extensions<\/td><td data-label=\"Unit\">count of extensions, by vintage<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Advisory committee records, fund notices<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"indicators\" data-nxf-kind=\"indicator\" data-nxf-resource=\"nexus:\/\/gra\/A07\/topics\/exit-and-liquidity\/#indicators\" data-nxf-title=\"Indicators\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-s-5-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-5\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Monitor<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Portfolio monitoring.<\/h2><p class=\"nx-lede\">The screen a team would use to follow this subject: its measures, states and decisions. Names are examples and values are illustrative.<\/p><\/div><div class=\"nx-section-body\"><figure class=\"nx-fk nx-cx\" data-fk=\"cx-pe-portfolio\" data-cx=\"pe.portfolio\" data-variant=\"section\" aria-label=\"Portfolio monitoring: illustrative console with example names and values\"><div class=\"nx-fk-head\"><div class=\"nx-fk-heading\"><h3 class=\"nx-fk-title\">Portfolio monitoring<\/h3><p class=\"nx-fk-sub\">Exit and liquidity \u00b7 Fund III \u00b7 Quarter 1<\/p><\/div><div class=\"nx-fk-actions\"><button type=\"button\" class=\"nx-fk-btn\" data-fk-act=\"menu\" aria-haspopup=\"true\" aria-expanded=\"false\" hidden><svg viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 4v11\"\/><path d=\"m7 10 5 5 5-5\"\/><path d=\"M5 20h14\"\/><\/svg>Export<\/button><ul class=\"nx-fk-menu\" data-fk-menu=\"true\" hidden><li><button type=\"button\" data-fk-act=\"export-png\">Image<small>PNG of the map or chart<\/small><\/button><\/li><li><button type=\"button\" data-fk-act=\"export-csv\">Data<small>CSV of the figure&#8217;s values<\/small><\/button><\/li><\/ul><\/div><\/div><div class=\"nx-cx-status\"><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>Covenant headroom thin at one company<\/span><span class=\"nx-cx-prod\">GRA \u00b7 Private Equity Nexus<\/span><\/div><div class=\"nx-cx-grid\"><div class=\"nx-fk-panel nx-cx-p\" data-w=\"4\" data-t=\"table\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Portfolio companies<\/h4><\/div><\/div><div class=\"nx-fk-tablewrap\" data-fk-view=\"table:cx-pe-portfolio-t0\"><table class=\"nx-fk-table\" data-fk-table=\"cx-pe-portfolio-t0\" aria-label=\"Portfolio companies\"><thead><tr><th scope=\"col\" data-col=\"c0\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c0\">Company<\/button><\/th><th scope=\"col\" data-col=\"c1\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c1\">Net leverage (\u00d7)<\/button><\/th><th scope=\"col\" data-col=\"c2\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c2\">Covenant headroom (%)<\/button><\/th><th scope=\"col\" data-col=\"c3\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c3\">Physical risk<\/button><\/th><th scope=\"col\" data-col=\"c4\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c4\">Status<\/button><\/th><\/tr><\/thead><tbody><tr data-fk-key=\"cx-pe-portfolio:r0-0\" tabindex=\"0\" role=\"row\" aria-selected=\"false\" aria-current=\"true\" data-cur=\"true\"><td>Company 7, logistics<\/td><td data-num=\"true\" data-sv=\"5\">5.0<\/td><td data-num=\"true\" data-sv=\"6\">6<\/td><td><span class=\"nx-fk-pill\" data-state=\"not\"><i aria-hidden=\"true\"><\/i>High<\/span><\/td><td><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>Watchlist<\/span><\/td><\/tr><tr data-fk-key=\"cx-pe-portfolio:r0-1\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Company 3, healthcare<\/td><td data-num=\"true\" data-sv=\"3.5\">3.5<\/td><td data-num=\"true\" data-sv=\"24\">24<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Low<\/span><\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>On plan<\/span><\/td><\/tr><tr data-fk-key=\"cx-pe-portfolio:r0-2\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Company 5, industrial<\/td><td data-num=\"true\" data-sv=\"4.2\">4.2<\/td><td data-num=\"true\" data-sv=\"13\">13<\/td><td><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>Medium<\/span><\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>On plan<\/span><\/td><\/tr><tr data-fk-key=\"cx-pe-portfolio:r0-3\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Company 9, software<\/td><td data-num=\"true\" data-sv=\"2\">2.0<\/td><td data-num=\"true\" data-sv=\"31\">31<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Low<\/span><\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>On plan<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"2\" data-t=\"chart\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Maturity wall<\/h4><\/div><\/div><svg class=\"nx-fk-svg\" viewBox=\"0 0 520 210\" width=\"520\" height=\"210\" role=\"img\" focusable=\"false\" preserveAspectRatio=\"xMidYMid meet\" aria-label=\"Maturity wall\" data-fk-chart=\"cx-pe-portfolio-c1\"><g data-m=\"axes\"><line data-m=\"grid\" x1=\"40\" x2=\"510\" y1=\"180\" y2=\"180\"\/><text data-m=\"tick\" x=\"34\" y=\"183.5\" text-anchor=\"end\">0<\/text><line data-m=\"grid\" x1=\"40\" x2=\"510\" y1=\"98\" y2=\"98\"\/><text data-m=\"tick\" x=\"34\" y=\"101.5\" text-anchor=\"end\">50<\/text><line data-m=\"grid\" x1=\"40\" x2=\"510\" y1=\"16\" y2=\"16\"\/><text data-m=\"tick\" x=\"34\" y=\"19.5\" text-anchor=\"end\">100<\/text><text data-m=\"label\" x=\"40\" y=\"6\" text-anchor=\"start\">debt due by year, local m<\/text><\/g><line data-m=\"axis\" x1=\"40\" x2=\"510\" y1=\"180\" y2=\"180\"\/><g data-m=\"col\" data-k=\"c-b0\"><rect data-m=\"bar\" data-k=\"b-b0\" data-c=\"s4\" x=\"53.2\" y=\"89.8\" width=\"67.7\" height=\"90.2\"\/><text data-m=\"tick\" x=\"87\" y=\"194\" text-anchor=\"middle\">Y1<\/text><rect data-m=\"hit\" x=\"40\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><g data-m=\"col\" data-k=\"c-b1\"><rect data-m=\"bar\" data-k=\"b-b1\" data-c=\"s4\" x=\"147.2\" y=\"121\" width=\"67.7\" height=\"59\"\/><text data-m=\"tick\" x=\"181\" y=\"194\" text-anchor=\"middle\">Y2<\/text><rect data-m=\"hit\" x=\"134\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><g data-m=\"col\" data-k=\"c-b2\"><rect data-m=\"bar\" data-k=\"b-b2\" data-c=\"s4\" x=\"241.2\" y=\"88.2\" width=\"67.7\" height=\"91.8\"\/><text data-m=\"tick\" x=\"275\" y=\"194\" text-anchor=\"middle\">Y3<\/text><rect data-m=\"hit\" x=\"228\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><g data-m=\"col\" data-k=\"c-b3\"><rect data-m=\"bar\" data-k=\"b-b3\" data-c=\"s4\" x=\"335.2\" y=\"119.3\" width=\"67.7\" height=\"60.7\"\/><text data-m=\"tick\" x=\"369\" y=\"194\" text-anchor=\"middle\">Y4<\/text><rect data-m=\"hit\" x=\"322\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><g data-m=\"col\" data-k=\"c-b4\"><rect data-m=\"bar\" data-k=\"b-b4\" data-c=\"s4\" x=\"429.2\" y=\"119.3\" width=\"67.7\" height=\"60.7\"\/><text data-m=\"tick\" x=\"463\" y=\"194\" text-anchor=\"middle\">Y5<\/text><rect data-m=\"hit\" x=\"416\" y=\"16\" width=\"94\" height=\"164\"\/><\/g><\/svg><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"6\" data-t=\"kv\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Company 7 resilience<\/h4><\/div><\/div><dl class=\"nx-fk-dl\"><div><dt>Sites in flood zone<\/dt><dd>3 of 11<\/dd><\/div><div><dt>Supplier concentration<\/dt><dd>one carrier for 60 pct of volume<\/dd><\/div><div><dt>Action<\/dt><dd>relocate depot, second carrier<\/dd><\/div><div><dt>Owner<\/dt><dd>Operating partner<\/dd><\/div><\/dl><\/div><\/div><div class=\"nx-fk-tip\" aria-hidden=\"true\" hidden><\/div><figcaption class=\"nx-fk-cap\"><span>Portfolio monitoring: the screen&#8217;s structure, terms and states for Exit and liquidity.<\/span><span data-honesty=\"true\">Example names and illustrative values; a design, not a record or a live system.<\/span><\/figcaption><\/figure><\/div><\/div><\/section><section id=\"nx-sec-sources\" class=\"nx-section nx-band-panel\" data-hue=\"supply\" data-variant=\"split\" aria-labelledby=\"nx-s-6\" role=\"tabpanel\" data-band-tab=\"nx-band-1-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Sources<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">Where the evidence comes from.<\/h2><p class=\"nx-lede\">Named public datasets and institutional records, each with its licence class. Sources by agreement are used only under their terms and never republished.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Source<\/th><th scope=\"col\">What it gives<\/th><th scope=\"col\">Licence class<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Source\">Invest Europe activity reports<\/td><td data-label=\"What it gives\">Fundraising, investment and divestment by exit route across Europe<\/td><td data-label=\"Licence class\">Free, terms of use<\/td><\/tr><tr><td data-label=\"Source\">Preqin and PitchBook exit and fund data<\/td><td data-label=\"What it gives\">Exit values, routes, holding periods and fund cash flows<\/td><td data-label=\"Licence class\">Proprietary, licensed subscription<\/td><\/tr><tr><td data-label=\"Source\">MSCI Private Capital cash-flow data<\/td><td data-label=\"What it gives\">Contributions and distributions by fund and vintage<\/td><td data-label=\"Licence class\">Proprietary, licensed subscription<\/td><\/tr><tr><td data-label=\"Source\">Bank of England Financial Stability <a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/reports\">Reports<\/a><\/td><td data-label=\"What it gives\">Assessment of private markets and links to UK financial stability<\/td><td data-label=\"Licence class\">Free, terms of use<\/td><\/tr><tr><td data-label=\"Source\">FSB reports on non-bank financial intermediation<\/td><td data-label=\"What it gives\">System-wide monitoring of liquidity and leverage outside banks<\/td><td data-label=\"Licence class\">Free, attribution<\/td><\/tr><tr><td data-label=\"Source\">Federal Reserve Financial Accounts of the United States<\/td><td data-label=\"What it gives\">Holdings of pension funds and insurers by asset type<\/td><td data-label=\"Licence class\">Public domain (US government work)<\/td><\/tr><tr><td data-label=\"Source\">EIOPA insurance statistics<\/td><td data-label=\"What it gives\">Asset allocation and investment exposures of EU insurers<\/td><td data-label=\"Licence class\">Free, attribution<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"evidence\" data-nxf-kind=\"evidence\" data-nxf-resource=\"nexus:\/\/gra\/A07\/topics\/exit-and-liquidity\/#evidence\" data-nxf-title=\"Sources\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-2\" data-tone=\"alt\" data-hue=\"finance\" aria-label=\"Stress test, Decisions\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Stress test, Decisions\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-1\" aria-controls=\"nx-sec-instrument\" aria-selected=\"true\" data-key=\"p1\">Stress test<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-2-tab-2\" aria-controls=\"nx-sec-decisions\" aria-selected=\"false\" data-key=\"p2\">Decisions<\/button><\/div><section id=\"nx-sec-instrument\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" data-ns-layout=\"es-wide\" aria-labelledby=\"nx-s-7\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">07<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Stress test<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">How a shock to assets becomes a system loss.<\/h2><p class=\"nx-lede\">The equity the system loses after interbank contagion, against the initial hit, as leverage, interconnection and recovery rates change, the core of a macroprudential <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-c1\" data-tc=\"NRS-C1 stress-test\" data-tk=\"Nexus risk vocabulary\" data-td=\"An assessment of how a system, portfolio or institution would perform under severe but plausible adverse scenarios, to find weaknesses before they are revealed by events.\" data-ts=\"NRS-C1\" data-tr=\"draft\">stress test<\/a>. Teaching model with stated illustrative values, not a prediction. The map on this page shows The contiguous United States; the model itself is not tied to a place.<\/p><\/div><div class=\"nx-section-body\"><figure class=\"nx-in nx-fk\" id=\"nx-in-e-equity-nexus-topics-exit-and-liquidity-0\" data-nxi=\"debtrank\" data-nxi-id=\"debtrank\" data-nxi-z=\"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\" aria-label=\"How a shock to assets becomes a system loss\"><div class=\"nx-in-body\"><div class=\"nx-in-main\"><div class=\"nx-in-tabs\" data-nxi-tabs=\"true\" aria-label=\"Views of the model\" hidden><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"result\">Result<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"net\">Network<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"fan\">Uncertainty<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"tornado\">Sensitivity<\/button><button type=\"button\" class=\"nx-in-tab\" data-nxi-view=\"loops\">Loops<\/button><\/div><div class=\"nx-in-stage\" id=\"nx-in-e-equity-nexus-topics-exit-and-liquidity-0-stage\" data-nxi-stage=\"true\" data-view=\"result\"><svg class=\"nx-in-svg\" viewBox=\"0 0 720 340\" role=\"img\" aria-label=\"Equity lost\" data-nx-z=\"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\"><\/svg><\/div><p class=\"nx-in-tip\" data-nxi-tip=\"true\" aria-live=\"polite\"><\/p><div class=\"nx-in-bar\" data-nxi-bar=\"true\" role=\"group\" aria-label=\"Play over time\" hidden><button type=\"button\" class=\"nx-in-btn\" data-nxi-prev=\"true\" aria-label=\"Step back\">&#8249;<\/button><button type=\"button\" class=\"nx-in-btn\" data-nxi-play=\"true\" aria-pressed=\"false\">Play<\/button><button type=\"button\" class=\"nx-in-btn\" data-nxi-next=\"true\" aria-label=\"Step forward\">&#8250;<\/button><span class=\"nx-in-step\" data-nxi-step=\"true\" aria-live=\"polite\"><\/span><\/div><\/div><div class=\"nx-in-side\"><p class=\"nx-eyebrow\">Controls<\/p><div class=\"nx-in-ctl\" data-nxi-ctl=\"true\"><dl class=\"nx-in-pv\"><div><dt>Fall in external assets<\/dt><dd>2.0%<\/dd><\/div><div><dt>Leverage (assets over equity)<\/dt><dd>10 times<\/dd><\/div><div><dt>Interbank share of assets<\/dt><dd>10%<\/dd><\/div><div><dt>Recovery on interbank claims<\/dt><dd>40%<\/dd><\/div><div><dt>Banks in the system<\/dt><dd>20<\/dd><\/div><div><dt>Core banks<\/dt><dd>20% of banks<\/dd><\/div><\/dl><\/div><p class=\"nx-eyebrow\">Readouts<\/p><dl class=\"nx-in-out\" data-nxi-out=\"true\" aria-live=\"polite\"><div><dt>Equity lost to the initial shock<\/dt><dd>18.0%<\/dd><\/div><div><dt>Equity lost after contagion<\/dt><dd>45.0%<\/dd><\/div><div><dt>Added by contagion (DebtRank)<\/dt><dd>27.0 points<\/dd><\/div><div><dt>Banks in default<\/dt><dd>0<\/dd><\/div><\/dl><\/div><\/div><details class=\"nx-in-more\"><summary>Numbers, methods and sources<\/summary><div class=\"nx-in-more-in\"><div class=\"nx-in-tblw\" data-nxi-table=\"true\"><table class=\"nx-in-tbl\"><thead><tr><th scope=\"col\">Round<\/th><th scope=\"col\">System equity lost (%)<\/th><th scope=\"col\">Banks in default<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">0<\/th><td>18.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">1<\/th><td>28.80<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">2<\/th><td>35.28<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">3<\/th><td>39.17<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">4<\/th><td>41.50<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">5<\/th><td>42.90<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">6<\/th><td>43.74<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">7<\/th><td>44.24<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">8<\/th><td>44.55<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">9<\/th><td>44.73<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">10<\/th><td>44.84<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">11<\/th><td>44.90<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">12<\/th><td>44.94<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">13<\/th><td>44.96<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">14<\/th><td>44.98<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">15<\/th><td>44.99<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">16<\/th><td>44.99<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">17<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">18<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">19<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">20<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">21<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">22<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">23<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">24<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">25<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">26<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">27<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">28<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">29<\/th><td>45.00<\/td><td>0<\/td><\/tr><tr><th scope=\"row\">30<\/th><td>45.00<\/td><td>0<\/td><\/tr><\/tbody><\/table><\/div><button type=\"button\" class=\"nx-in-btn\" data-nxi-csv=\"true\" hidden>Download the numbers (CSV)<\/button><h4 class=\"nx-h4\">Methods<\/h4><ol class=\"nx-in-meth\"><li>DebtRank <span class=\"nx-in-cite\">Battiston and others (2012), Scientific Reports 2:541<\/span><\/li><li>Differential DebtRank <span class=\"nx-in-cite\">Bardoscia and others (2015), PLOS ONE 10<\/span><\/li><li>Contagion in financial networks <span class=\"nx-in-cite\">Gai and Kapadia (2010), Proc. R. Soc. A 466<\/span><\/li><li>Clearing in financial networks <span class=\"nx-in-cite\">Eisenberg and Noe (2001), Management Science 47<\/span><\/li><li>Uncertainty fan (parameter Monte Carlo) <span class=\"nx-in-cite\">Spiegelhalter, Pearson and Short (2011), Visualising uncertainty about the future, Science 333<\/span><\/li><li>One-at-a-time sensitivity (tornado) <span class=\"nx-in-cite\">Saltelli and others (2008), Global Sensitivity Analysis: The Primer, Wiley<\/span><\/li><\/ol><h4 class=\"nx-h4\">Data<\/h4><p class=\"nx-p\">No observed data enters this model: it runs on the teaching values set by the controls, to be replaced with a programme&#8217;s own evidence.<\/p><\/div><\/details><figcaption class=\"nx-caption\">How a shock to assets becomes a system loss. Illustrative teaching model: it runs on the values set by the controls, not on measured data. Methods: DebtRank (Battiston and others (2012), Scientific Reports 2:541); Differential DebtRank (Bardoscia and others (2015), PLOS ONE 10); Contagion in financial networks (Gai and Kapadia (2010), Proc. R. Soc. A 466).<\/figcaption><div class=\"nx-in-pls\"><p class=\"nx-eyebrow\">Across the six pillars, led by Nexus Consortium<\/p><ul class=\"nx-in-pl\" aria-label=\"Where this instrument connects across the pillars\"><li data-pillar=\"labs\" data-hue=\"social\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Experiments<\/span> <a class=\"nx-link\" href=\"https:\/\/therisk.global\/nexus-labs\/\">Labs<\/a><\/li><li data-pillar=\"foundry\" data-hue=\"infrastructure\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Built in<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/foundry\/\">Private Equity Nexus in Foundry<\/a><\/li><li data-pillar=\"universe\" data-hue=\"water\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Tested at<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/universe\/\">Private Equity Nexus in Universe<\/a><\/li><li data-pillar=\"standards\" data-hue=\"biodiversity\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Codified in<\/span> <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/finance\/\">Finance, Insurance and the Economy in Standards<\/a><\/li><li data-pillar=\"reports\" data-hue=\"energy\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Published in<\/span> <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/reports\/\">Private Equity Nexus in Reports<\/a><\/li><li data-pillar=\"academy\" data-hue=\"risk\"><span class=\"nx-pl-dot\" aria-hidden=\"true\"><\/span><span class=\"nx-in-plv\">Taught in<\/span> <a class=\"nx-link\" href=\"https:\/\/risksacademy.com\/finance-economics\/\">Faculty of Finance and Economics in Academy<\/a><\/li><\/ul><\/div><span class=\"nx-in-keep\" hidden><i data-c=\"c1\"><\/i><i data-c=\"c2\"><\/i><i data-c=\"c3\"><\/i><i data-c=\"c4\"><\/i><i data-c=\"c5\"><\/i><i data-c=\"c6\"><\/i><i data-c=\"l0\"><\/i><i data-c=\"l1\"><\/i><i data-c=\"l2\"><\/i><i data-c=\"l3\"><\/i><i data-c=\"l5\"><\/i><i data-c=\"h3\"><\/i><i data-c=\"neg\"><\/i><i data-c=\"on0\"><\/i><i data-c=\"on1\"><\/i><i data-l=\"0\"><\/i><i data-l=\"1\"><\/i><i data-l=\"2\"><\/i><i data-l=\"3\"><\/i><i data-l=\"4\"><\/i><i data-l=\"5\"><\/i><i data-on=\"0\"><\/i><i data-on=\"1\"><\/i><i data-pol=\"p\"><\/i><i data-pol=\"n\"><\/i><i data-k=\"R\"><\/i><i data-k=\"B\"><\/i><i data-k=\"dash\"><\/i><i data-dash=\"true\"><\/i><i data-view=\"result\"><\/i><i data-nxi-live=\"on\"><\/i><i data-nxi-live=\"off\"><\/i><i class=\"nx-in-svg nx-in-grid nx-in-ax nx-in-tk nx-in-at nx-in-ln nx-in-band nx-in-lbl nx-in-lk nx-in-ref nx-in-reft nx-in-mk nx-in-x nx-in-rect nx-in-val nx-in-rowl nx-in-cl nx-in-arrow nx-in-pol nx-in-cln nx-in-loop nx-in-edge nx-in-node nx-in-nl nx-in-reach nx-in-trib nx-in-agent nx-in-flow nx-in-legend nx-in-sw nx-in-note nx-in-loops nx-in-3d nx-in-cv nx-in-field nx-in-fl nx-in-fv nx-in-range nx-in-btn nx-in-err nx-in-tbl nx-in-cite\"><\/i><\/span><\/figure><\/div><\/div><\/section><section id=\"nx-sec-decisions\" class=\"nx-section nx-band-panel\" data-hue=\"supply\" aria-labelledby=\"nx-s-8\" role=\"tabpanel\" data-band-tab=\"nx-band-2-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">08<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Decisions<\/span><\/div><h2 id=\"nx-s-8\" class=\"nx-section-title\">Who decides, and what the evidence serves.<\/h2><p class=\"nx-lede\">Private Equity Nexus prepares evidence. The decisions below are taken by the authorities named, under their own rules, and never by the platform.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"ledger\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Who decides<\/th><th scope=\"col\">The question<\/th><th scope=\"col\">Evidence this page serves<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Who decides\">General partners<\/td><td data-label=\"The question\">When and how to exit, and whether a continuation vehicle or NAV facility serves all investors<\/td><td data-label=\"Evidence this page serves\">Exit route evidence, holding period trends and conflict controls<\/td><\/tr><tr><td data-label=\"Who decides\">Limited partner advisory committees<\/td><td data-label=\"The question\">Whether to consent to term extensions and continuation transactions<\/td><td data-label=\"Evidence this page serves\">Process and pricing evidence, including fairness opinions and secondary pricing<\/td><\/tr><tr><td data-label=\"Who decides\">Limited partner investment committees<\/td><td data-label=\"The question\">How to pace commitments and whether to sell fund interests<\/td><td data-label=\"Evidence this page serves\">Cash-flow pacing scenarios and secondary pricing, labelled by source<\/td><\/tr><tr><td data-label=\"Who decides\">Central banks, the FSB and securities regulators<\/td><td data-label=\"The question\">Whether private-market liquidity links pose risks to wider stability<\/td><td data-label=\"Evidence this page serves\">Aggregated filings, investor holdings data and transmission maps<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nx-h4 nx-mt-4\">Outputs this topic produces<\/h3><ul class=\"nx-list\"><li>Cash-flow pacing designs linking exits, distributions and capital calls<\/li><li>Liquidity stress designs for limited partners under slowed exits<\/li><li>Explainers on continuation vehicles, NAV loans and secondaries<\/li><li>Transmission maps from private-market exits to the wider financial system<\/li><\/ul><\/div><\/div><\/section><\/div><\/div><\/section><section id=\"nx-sec-twin\" class=\"nx-section\" data-hue=\"finance\" data-span=\"wide\" data-ns-layout=\"twin\" aria-labelledby=\"nx-s-9\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">09<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Twin and cascade simulator<\/span><\/div><h2 id=\"nx-s-9\" class=\"nx-section-title\">Trace a shock in exit and liquidity to the balance sheet.<\/h2><p class=\"nx-lede\">Assembled from the <a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/\" data-tc=\"Nexus Standards\" data-tk=\"Nexus Standards\" data-td=\"The foundation standards\">Nexus Standards<\/a> area profile <a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/finance\/financial-and-economic-risk-standards\/\">Financial and economic risk standards<\/a>: the shocks it names, the <a class=\"nx-link nx-term\" href=\"https:\/\/docs.therisk.global\/organization\/systems\" data-tc=\"Systems\" data-tk=\"Nexus Standards\" data-td=\"The twenty Nexus systems, NXS-CMD to NXS-LAB\">systems<\/a> and sectors that carry the loss, the controls that dampen it and the data that observe it. Pick an initiating shock and step through the cascade to see which exposures it reaches and where losses could concentrate. The Map view places the run on an example geography with open data. Every weight is a stated assumption. An exercise, not a forecast, a valuation, a rating or investment advice. To model a place of your own choosing, open the full <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/system-builder\/\">System Builder<\/a>.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-ns-twin\" data-ns-data=\"nx-twin-es-topics-exit-and-liquidity-A07\" data-ns-credits=\"Nexus Standards registry and area profiles; Nexus Hazard Standard NHS-1 1.1.0\"><div class=\"nx-ns-twin-static\"><div><p class=\"nx-eyebrow\">Hazards<\/p><ul class=\"nx-list\"><li><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h11\" data-tc=\"NHS-1 water.coastal.sea-level-rise\" data-tk=\"Water systems \u00b7 Coastal and sea-level hazards\" data-td=\"A long-term rise of mean sea level that raises the baseline for floods, erosion and saltwater intrusion.\" data-ts=\"NRS-H11\" data-tr=\"draft\">Sea-level rise<\/a><\/li><li><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h47\" data-tc=\"NHS-1 infra.structural.dam-failure\" data-tk=\"Built systems \u00b7 Structural and civil failure\" data-td=\"Breach or collapse of a dam, sending a sudden flood wave downstream.\" data-ts=\"NRS-H47\" data-tr=\"draft\">Dam failure<\/a><\/li><li><a class=\"nx-link nx-term\" href=\"https:\/\/nexustandards.com\/standards\/nrs\/#nrs-h11\" data-tc=\"NHS-1 water.coastal.coastal-flood\" data-tk=\"Water systems \u00b7 Coastal and sea-level hazards\" data-td=\"Seawater overtopping or breaching the shoreline and flooding land, from surge, waves, high tides or a raised sea level.\" data-ts=\"NRS-H11\" data-tr=\"draft\">Coastal flood<\/a> (set off downstream)<\/li><li>Storm surge (set off downstream)<\/li><li>High-tide flooding (set off downstream)<\/li><li>Coastal erosion (set off downstream)<\/li><li>Saltwater intrusion (set off downstream)<\/li><li>Estuary flood (set off downstream)<\/li><li>River flood (set off downstream)<\/li><li>Flash flood (set off downstream)<\/li><li>Mass displacement (set off downstream)<\/li><li>Coastal habitat squeeze (set off downstream)<\/li><li>Wetland loss (set off downstream)<\/li><li>Mangrove loss (set off downstream)<\/li><li>Groundwater flood (set off downstream)<\/li><li>Widespread power outage (set off downstream)<\/li><li>Water supply shortfall (set off downstream)<\/li><li>Climate-driven migration and relocation (set off downstream)<\/li><\/ul><\/div><div><p class=\"nx-eyebrow\">Systems and couplings<\/p><ul class=\"nx-list\"><li><a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/finance\/financial-and-economic-risk-standards\/\">Financial and economic risk standards<\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/climate\/climate-risk-standards\/\">Climate risk standards<\/a> <span class=\"nx-ns-sub\">Cascade<\/span><\/li><li><a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/finance\/financial-stability-and-prudential-risk\/\">Financial stability and prudential risk<\/a> <span class=\"nx-ns-sub\">Mechanism<\/span><\/li><li><a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/society\/political-and-governance-risk-standards\/\">Political and governance risk standards<\/a> <span class=\"nx-ns-sub\">Feedback<\/span><\/li><li><a class=\"nx-link\" href=\"https:\/\/nexustandards.com\/industry-trade\/supply-chain-and-trade-risk\/\">Supply chain and trade risk<\/a> <span class=\"nx-ns-sub\">Cascade<\/span><\/li><\/ul><\/div><div><p class=\"nx-eyebrow\">Controls<\/p><ul class=\"nx-list\"><li><code>NS-0<\/code> Constitution and principles<\/li><li><code>NS-3<\/code> Risk record UNIs (grammar, legacy crosswalk, allocation authority)<\/li><li><code>NS-9<\/code> Contextual UNIs (deployments, instances, programme instances)<\/li><li><code>NS-10<\/code> Policies and clauses (machine-readable obligations: definition, binding, evaluation and enforcement)<\/li><li><code>NS-11<\/code> Verification and monitoring (evidence, attestations, zero-trust conformance observation)<\/li><li><code>NS-14<\/code> Conformance and crosswalk to external standards<\/li><li><code>NRS-H59<\/code> Hazard family: Economic shocks and governance failure (NHS-1 soc.economic)<\/li><li><code>NRS-H113<\/code> Hazard family: Financial-system fragility (NHS-1 soc.financial-system)<\/li><li><code>NRS-H118<\/code> Hazard family: Organised crime and illicit economies (NHS-1 soc.crime)<\/li><li><code>NRS-H114<\/code> Hazard family: Macroeconomic and fiscal shocks (NHS-1 soc.macro-fiscal)<\/li><li><code>NRS-H61<\/code> Hazard family: Cascading failure (NHS-1 sys.cascade)<\/li><li><code>NRS-U27<\/code> <a class=\"nx-link\" href=\"https:\/\/docs.therisk.global\/organization\/programme\/universe\">Universe<\/a> platform profile: Sovereign Capital Nexus<\/li><\/ul><\/div><div><p class=\"nx-eyebrow\">Observation<\/p><ul class=\"nx-list\"><li>IMF data services (WEO, IFS, FSI via SDMX) (listed for reference)<\/li><li>BIS Data Portal (credit, debt service, property prices, banking statistics) (listed for reference)<\/li><li>World Bank Open Data and World Development Indicators API (listed for reference)<\/li><li>OECD Data Explorer (SDMX API) (listed for reference)<\/li><li>Macroeconomic Dashboard<\/li><li>Debt service as a proportion of exports of goods and services<\/li><li>Financial Soundness Indicators<\/li><\/ul><\/div><div><p class=\"nx-eyebrow\">Example geography<\/p><ul class=\"nx-list\"><li>Western Europe: 152 hexagonal cells<\/li><li>Night lights tonight, outages (VIIRS Day\/Night Band), NASA GIBS<\/li><li>Surface water through cloud, 30 m (OPERA DSWx-S1 radar), NASA GIBS<\/li><li>Rain rate, last half hour (IMERG), NASA GIBS<\/li><li>Vegetation disturbance alerts, 30 m (OPERA DIST-ALERT), NASA GIBS<\/li><\/ul><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-3\" data-hue=\"supply\" aria-label=\"Core questions, Exposure, loss and capital, Mechanisms\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Core questions, Exposure, loss and capital, Mechanisms\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-1\" aria-controls=\"nx-sec-core-questions\" aria-selected=\"true\" data-key=\"p1\">Core questions<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-2\" aria-controls=\"nx-sec-audience\" aria-selected=\"false\" data-key=\"p2\">Exposure, loss and capital<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-3-tab-3\" aria-controls=\"nx-sec-mechanisms\" aria-selected=\"false\" data-key=\"p3\">Mechanisms<\/button><\/div><section id=\"nx-sec-core-questions\" class=\"nx-section nx-band-panel\" data-hue=\"supply\" aria-labelledby=\"nx-s-10\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">10<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Core questions<\/span><\/div><h2 id=\"nx-s-10\" class=\"nx-section-title\">What liquidity research asks.<\/h2><\/div><div class=\"nx-section-body\"><ul class=\"nx-list\"><li>How do exit volumes and routes change over market cycles?<\/li><li>How do slower exits affect distributions to investors and their ability to meet new commitments?<\/li><li>What role do secondary markets, continuation vehicles and fund-level borrowing play in providing liquidity?<\/li><li>How do liquidity pressures feed back into companies and lending?<\/li><\/ul><\/div><\/div><\/section><section id=\"nx-sec-audience\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-11\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">11<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Exposure, loss and capital<\/span><\/div><h2 id=\"nx-s-11\" class=\"nx-section-title\">What exit and liquidity means for exposure, loss and capital.<\/h2><p class=\"nx-lede\">The exposure, loss, scenario and capital views a risk officer, supervisor or ministry of finance would ask for, with the frameworks they report against. Structures follow supervisory and actuarial practice. Values are illustrative: never prices, ratings or advice.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-au\" data-au-voice=\"finance\" data-au-n=\"1\"><figure class=\"nx-au-c\" data-au-fig=\"capital-fiscal\"><h3 class=\"nx-h4\">Capital, solvency and fiscal indicators<\/h3><p class=\"nx-p nx-au-what\">The indicators a risk officer, supervisor or ministry of finance reads first on exit and liquidity.<\/p><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Who reads it<\/th><th scope=\"col\">Framework<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Indicator\">CET1 ratio<\/td><td data-label=\"Unit\">% of risk-weighted assets<\/td><td data-label=\"Who reads it\">Banks, supervisors<\/td><td data-label=\"Framework\">Basel framework<\/td><\/tr><tr><td data-label=\"Indicator\">Liquidity coverage ratio<\/td><td data-label=\"Unit\">% of stressed outflows<\/td><td data-label=\"Who reads it\">Banks, central banks<\/td><td data-label=\"Framework\">Basel framework<\/td><\/tr><tr><td data-label=\"Indicator\">Solvency ratio<\/td><td data-label=\"Unit\">% of solvency capital requirement<\/td><td data-label=\"Who reads it\">Insurers, supervisors<\/td><td data-label=\"Framework\">IAIS Insurance Core Principles<\/td><\/tr><tr><td data-label=\"Indicator\">Combined ratio<\/td><td data-label=\"Unit\">% of earned premium<\/td><td data-label=\"Who reads it\">Insurers<\/td><td data-label=\"Framework\">Actuarial practice<\/td><\/tr><tr><td data-label=\"Indicator\">Protection gap<\/td><td data-label=\"Unit\">uninsured share of economic loss<\/td><td data-label=\"Who reads it\">Insurers, ministries of finance<\/td><td data-label=\"Framework\">Published loss statistics<\/td><\/tr><tr><td data-label=\"Indicator\">Public debt<\/td><td data-label=\"Unit\">% of GDP<\/td><td data-label=\"Who reads it\">Ministries of finance, IMF<\/td><td data-label=\"Framework\">Debt Sustainability Framework<\/td><\/tr><tr><td data-label=\"Indicator\">Gross financing needs<\/td><td data-label=\"Unit\">% of GDP per year<\/td><td data-label=\"Who reads it\">Ministries of finance, investors<\/td><td data-label=\"Framework\">Debt Sustainability Framework<\/td><\/tr><\/tbody><\/table><\/div><figcaption class=\"nx-caption\"><span>Source: the frameworks named in each row. Indicator names, units and frameworks only; values belong to each institution&#8217;s own reporting and are never shown here.<\/span><\/figcaption><\/figure><\/div><div class=\"nx-chips nx-au-fw\" aria-label=\"Frameworks cited\"><span class=\"nx-chip\">NGFS climate scenarios \u00b7 Network for Greening the Financial System<\/span><span class=\"nx-chip\">IFRS S2 Climate-related Disclosures \u00b7 ISSB<\/span><span class=\"nx-chip\">TCFD recommendations \u00b7 Financial Stability Board TCFD<\/span><span class=\"nx-chip\">Principles for the effective management of climate-related financial risks \u00b7 Basel Committee on Banking Supervision<\/span><\/div><\/div><\/div><\/section><section id=\"nx-sec-mechanisms\" class=\"nx-section nx-band-panel\" data-hue=\"supply\" data-variant=\"split\" aria-labelledby=\"nx-s-12\" role=\"tabpanel\" data-band-tab=\"nx-band-3-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">12<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Mechanisms<\/span><\/div><h2 id=\"nx-s-12\" class=\"nx-section-title\">How liquidity stress transmits.<\/h2><\/div><div class=\"nx-section-body\"><p class=\"nx-p\">Investors commit capital that funds call over several years, and they expect distributions from earlier funds to help meet those calls. When exits slow, distributions fall while calls continue, squeezing investor liquidity. Some investors respond by selling fund interests in secondary markets, often at discounts, or by reducing new commitments, which affects fundraising across the industry.<\/p><p class=\"nx-p\">Managers may use continuation vehicles or fund-level borrowing to provide liquidity or extend holding periods. These tools add flexibility but also add layers of leverage and governance complexity. Longer holding periods can strain companies whose capital structure assumed an earlier exit.<\/p><\/div><\/div><\/section><\/div><\/div><\/section><section class=\"nx-section\" data-band=\"auto\" data-band-id=\"nx-band-4\" data-tone=\"alt\" data-hue=\"finance\" aria-label=\"Methods and limits, Methods, Questions\"><div class=\"nx-container\"><div class=\"nx-hm-band nx-band\" data-nx-tabs=\"true\" data-active=\"p1\"><div class=\"nx-tablist nx-hm-tabs\" role=\"tablist\" aria-label=\"Methods and limits, Methods, Questions\"><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-4-tab-1\" aria-controls=\"nx-sec-methods-and-limits\" aria-selected=\"true\" data-key=\"p1\">Methods and limits<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-4-tab-2\" aria-controls=\"nx-sec-methods\" aria-selected=\"false\" data-key=\"p2\">Methods<\/button><button class=\"nx-tab\" type=\"button\" role=\"tab\" id=\"nx-band-4-tab-3\" aria-controls=\"nx-s-15-sec\" aria-selected=\"false\" data-key=\"p3\">Questions<\/button><\/div><section id=\"nx-sec-methods-and-limits\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-13\" role=\"tabpanel\" data-band-tab=\"nx-band-4-tab-1\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">13<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Methods and limits<\/span><\/div><h2 id=\"nx-s-13\" class=\"nx-section-title\">How exit and liquidity are studied.<\/h2><\/div><div class=\"nx-section-body\"><ol class=\"nx-rows\"><li><span class=\"nx-eyebrow nx-index\">01<\/span><div><h3 class=\"nx-h4\">Cash flow modelling<\/h3><p class=\"nx-p nx-mt-1\">Modelling calls and distributions under different market paths, using <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/stem\/financial-engineering\/\">financial and risk engineering<\/a>. Limits: fund-level data is limited.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">02<\/span><div><h3 class=\"nx-h4\">Market cycle analysis<\/h3><p class=\"nx-p nx-mt-1\">Studying exit activity across cycles, using <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/stem\/financial-economics\/\">financial economics and macro-finance<\/a>. Limits: past cycles may not repeat.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">03<\/span><div><h3 class=\"nx-h4\">Secondary market analysis<\/h3><p class=\"nx-p nx-mt-1\">Studying pricing and volume of secondary transactions. Limits: data is partial.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">04<\/span><div><h3 class=\"nx-h4\">Liquidity stress scenarios<\/h3><p class=\"nx-p nx-mt-1\">Testing investor liquidity under slow exits, using <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/stem\/scenario-stress\/\">scenario design and stress testing<\/a>. Limits: illustrative.<\/p><\/div><\/li><\/ol><\/div><\/div><\/section><section id=\"nx-sec-methods\" class=\"nx-section nx-band-panel\" data-hue=\"supply\" aria-labelledby=\"nx-s-14\" role=\"tabpanel\" data-band-tab=\"nx-band-4-tab-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">14<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Methods<\/span><\/div><h2 id=\"nx-s-14\" class=\"nx-section-title\">How it is studied, and what the methods cannot say.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-methods\" data-limits=\"true\"><ol class=\"nx-mledger\" aria-label=\"Methods\"><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/stem\/financial-economics\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">01<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Financial economics and macro-finance<\/span><span class=\"nx-mledger-role\">Performance against public alternatives \u00b7 Rate transmission to leveraged companies<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/science\/financial-economics\/\" aria-label=\"Canonical \u00b7 STEM Commons: Financial economics and macro-finance\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/stem\/scenario-stress\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">02<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Scenario design and stress testing<\/span><span class=\"nx-mledger-role\">Rate and refinancing stress \u00b7 Physical event across a portfolio<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/mathematics\/scenario-stress\/\" aria-label=\"Canonical \u00b7 STEM Commons: Scenario design and stress testing\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/stem\/financial-engineering\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">03<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Financial and risk engineering<\/span><span class=\"nx-mledger-role\">Capital structure and waterfall modelling \u00b7 Fair value model review<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/engineering\/financial-engineering\/\" aria-label=\"Canonical \u00b7 STEM Commons: Financial and risk engineering\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><\/ol><aside class=\"nx-limits\" aria-label=\"What the methods cannot say\"><span class=\"nx-eyebrow\">What the methods cannot say<\/span><p class=\"nx-limits-text\">Exit and cash-flow data come from proprietary vendors and limited partner samples with incomplete coverage and survivorship effects. Secondary market evidence comes from intermediaries with their own perspective. Links between private markets and the wider system are partly unobserved. Pacing and stress designs depend on assumed exit rates and investor behaviour. Private Equity Nexus gives no investment advice and does not forecast exit conditions.<\/p><\/aside><\/div><\/div><\/div><\/section><section id=\"nx-s-15-sec\" class=\"nx-section nx-band-panel\" data-hue=\"finance\" aria-labelledby=\"nx-s-15\" role=\"tabpanel\" data-band-tab=\"nx-band-4-tab-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">15<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Questions<\/span><\/div><h2 id=\"nx-s-15\" class=\"nx-section-title\">Questions and answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-faq\"><details><summary>Why do slower exits matter to pension funds?<\/summary><div class=\"nx-answer\">Because distributions are part of how they meet capital calls and benefit payments. When exits slow, they must find cash elsewhere, sell fund interests or commit less to new funds.<\/div><\/details><details><summary>Is a continuation vehicle an exit?<\/summary><div class=\"nx-answer\">For investors who sell, it provides liquidity. For the asset, ownership stays with the same manager. It is counted separately from sales to third parties because the price is not set by an independent buyer alone.<\/div><\/details><details><summary>What does distributions to paid-in capital show?<\/summary><div class=\"nx-answer\">The cash returned to investors relative to what they have paid in. Unlike NAV-based measures, it reflects realised value only, which is why limited partners watch it when exits slow.<\/div><\/details><details><summary>Does GRA facilitate secondary transactions?<\/summary><div class=\"nx-answer\">No. GRA does not arrange, facilitate or advise on any transaction or introduce counterparties.<\/div><\/details><details><summary>Why do slow exits affect investors?<\/summary><div class=\"nx-answer\">Because investors rely on distributions to meet capital calls and other obligations. When distributions slow, they may need to sell assets or reduce commitments.<\/div><\/details><details><summary>What is fund-level borrowing?<\/summary><div class=\"nx-answer\">Borrowing by the fund itself, secured on investor commitments or portfolio value, used for bridging calls or providing liquidity.<\/div><\/details><details><summary>How does liquidity stress reach companies?<\/summary><div class=\"nx-answer\">Longer holding periods can delay planned investment or refinancing, and pressure for liquidity can influence the timing and terms of sales.<\/div><\/details><\/div><\/div><\/div><\/section><\/div><\/div><\/section><section id=\"nx-sec-nr-gateway\" class=\"nx-section\" data-hue=\"supply\" data-tone=\"alt\" aria-labelledby=\"nx-nr-gateway-h\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">Reports<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Contribute<\/span><\/div><h2 id=\"nx-nr-gateway-h\" class=\"nx-section-title\">Contribute evidence from this page.<\/h2><p class=\"nx-lede\">Reports is the Consortium&#8217;s quarterly publication. What you know about this subject can become evidence, a case or a correction in the next edition, credited to you and published under CC BY 4.0 where it is your own work.<\/p><div class=\"nx-chips\"><span class=\"nx-chip\">Global Risks Alliance<\/span><span class=\"nx-chip\">Private Equity Nexus<\/span><span class=\"nx-chip\">Finance and Insurance Readiness<\/span><\/div><\/div><div class=\"nx-section-body\"><ul class=\"nx-dest\"><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/write-to-us\/contact\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Email<\/span><span class=\"nx-dest-host\">Gateway GW-GRA<\/span><\/span><span class=\"nx-dest-title\">Send it from this page<\/span><span class=\"nx-dest-why\">Evidence, a correction, a case, a method, a review, a translation or profile input. It arrives tagged with this page, so the editor who owns it receives it.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/nexus-reports\/open-science\/#nx-sec-zenodo\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Zenodo<\/span><span class=\"nx-dest-host\">Open deposit<\/span><\/span><span class=\"nx-dest-title\">Deposit it and submit to the community<\/span><span class=\"nx-dest-why\">Publish your own record on Zenodo with your ORCID iD, then submit it to the Reports community there. Curators review it; the DOI stays yours.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><li><a class=\"nx-dest-card\" href=\"https:\/\/globalriskalliance.com\/nexus-reports\/contribute\/\"><span class=\"nx-dest-top\"><span class=\"nx-dest-rel\">Reports<\/span><span class=\"nx-dest-host\">Global Risks Alliance<\/span><\/span><span class=\"nx-dest-title\">See every way to contribute<\/span><span class=\"nx-dest-why\">The contribution types, how each is reviewed, what credit you receive, the licence and what is never accepted.<\/span><span class=\"nx-dest-go\" aria-hidden=\"true\"><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><\/li><\/ul><div class=\"nx-live-slot\" data-nxf-slot=\"contribute\" data-nxf-kind=\"workflow\" data-nxf-resource=\"nexus:\/\/gra\/private-equity-nexus\/topics\/exit-and-liquidity#contribute\" data-nxf-title=\"Contribute evidence\" data-nxf-height=\"480\" hidden><\/div><p class=\"nx-note nx-mt-3\">Never send personal data, sensitive infrastructure detail or anything you have no right to share. A contribution is reviewed before use; sending it confers no authorship or editorial rights, and sponsorship never buys a finding.<\/p><\/div><\/div><\/section><section class=\"nx-section nx-deeper-band\" aria-labelledby=\"nx-deeper-m-private-equity-nexus-topics-exit-and-liquidity-h\"><div class=\"nx-container\"><nav class=\"nx-deeper\" aria-labelledby=\"nx-deeper-m-private-equity-nexus-topics-exit-and-liquidity-h\" data-nx-deeper=\"3\" data-nx-resources=\"1 1 1\"><h2 class=\"nx-deeper-h\" id=\"nx-deeper-m-private-equity-nexus-topics-exit-and-liquidity-h\">Go deeper<\/h2><ul><li><a href=\"https:\/\/docs.therisk.global\/organization\/governance-in-operation\/decision-rights#the-nexus-standards-decision-rights\" data-ext><span class=\"nx-deeper-k\">Documentation:<\/span> Decision rights<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><li><a href=\"https:\/\/risksacademy.com\/finance-economics\/asset-management-private-markets\/\" data-ext><span class=\"nx-deeper-k\">Academy:<\/span> Asset management, private markets and institutional investors<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><li><a href=\"https:\/\/nexustandards.com\/finance\/financial-and-economic-risk-standards\/\" data-ext><span class=\"nx-deeper-k\">Standards:<\/span> Financial and economic risk standards<span class=\"nx-deeper-x\" aria-hidden=\"true\">\u2197<\/span><span class=\"nx-deeper-sr\"> (opens another site)<\/span><\/a><\/li><\/ul><\/nav><\/div><\/section><section class=\"nx-closing\" aria-labelledby=\"nx-close-16\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Private Equity Nexus<\/span><h2 id=\"nx-close-16\" class=\"nx-section-title\">Bring an exposure or capital question to the Alliance.<\/h2><p class=\"nx-lede\">Information and enquiries are open today. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/write-to-us\/readiness-request\/\">Propose a readiness pilot <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/private-equity-nexus\/contact\/\">See all contact routes<\/a><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-legal-17\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Legal<\/span><h2 id=\"nx-legal-17\" class=\"nx-h3 nx-mt-2\">Legal documents.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Legal documents\"><a href=\"https:\/\/globalriskalliance.com\/legal\/terms\/\">Platform Terms of Use <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/privacy\/\">Platform Privacy Notice <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/cookies\/\">Platform Cookie and Storage Notice <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/legal-notice\/\">Legal Notice <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/acceptable-use\/\">Acceptable Use Policy <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/participation-terms\/\">Participation and Events Terms <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/contribution-terms\/\">Contribution Terms <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/research-and-data-terms\/\">Research and Data Terms <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/ai-use\/\">AI-use Statement <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/intellectual-property\/\">Intellectual Property and Licensing <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/trademark-policy\/\">Trademark and Name Use Policy <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/disclaimer\/\">Disclaimers and Data Notices <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/corrections\/\">Corrections and Right of Reply Policy <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/complaints-and-integrity\/\">Complaints and integrity reporting <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/security\/\">Security and responsible disclosure <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/code-of-conduct\/\">Code of Conduct <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/trust\/accessibility\/\">Accessibility Statement <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/legal\/third-party-notices\/\">Third-party notices and attributions <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/nav><p class=\"nx-note nx-mt-3\">Maps, data and figures on this site are shown for context and general information. 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