What I think this shows @PeterJ_Walker is that most HNW LPs are counter-cyclical and purely liquidity driven. Don't know if you have the data, but would guess that you would see a similar pattern in 2005-2007 (decent HNW investment) and 2009-2011 (lower HNW investment). 2021 was high likely because we the VC industry had a big distribution year so those HNW had liquidity.