Is the Private Equity Business a Cyclical Business?

Last year was a record year for fund raising in the private markets. But i think that fund raising is slowing down, but still maintaining a very high rate growth. My observation is that the cycle for fund raising is much more driven by cash floes. If the so called denominator is helping you, and the markets are growing, people are shifting more allocations into alternatives. And it has been the super cycle where all these fly wheels are going to feed the capital raising. I think that will slow down.