The J-curve narrative in private equity (PE) investments deserves a quiet obsolescence. : The J-curve narrative in private equity (PE) investments has accompanied the growth of private markets up to the present. That narrative deserves a quiet obsolescence. Private market funds tend not to be invested all up front. Rather investors contractually agree to supply the necessary capital to the investment manager, over time and upon request, to finance the acquisitions that compose the investment portfolio. Portfolio investments are not sold off all at once either but are divested over time, with the related cash proceeds then returned to investors.