[Verse 1] Picture a skateboard ramp turned upside down That's how private equity charts look when drawn Year one brings fees and expenses galore Your portfolio balance drops through the floor While companies restructure and managers plan The J-curve journey has officially began [Chorus] J for the journey, down before up Negative returns fill your coffee cup Three to five years of patient waiting While portfolio companies are renovating J-curve effect, it's the PE way Losses today for gains someday [Verse 2] Management fees at two percent bite Deal sourcing costs money, due diligence tight Capital calls pull cash from your account But portfolio values haven't started to mount Operational improvements take time to stick The bottom of the J makes investors feel sick [Chorus] J for the journey, down before up Negative returns fill your coffee cup Three to five years of patient waiting While portfolio companies are renovating J-curve effect, it's the PE way Losses today for gains someday [Bridge] Then the magic starts to bloom Exit strategies leave the room for gloom IPOs and strategic sales Wind beneath the portfolio's sails Year six onwards the curve climbs steep Harvesting rewards from patience deep [Chorus] J for the journey, now climbing high Returns reach up and touch the sky Vintage years tell the complete tale J-curve pattern never fails Private equity's timeline true Patience pays when funds break through [Outro] Remember the J when performance lags Early vintage years wave red flags But institutional investors know the game J-curve physics always stay the same
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