Stored in the mailbox (conversation history) in the recoverable items folder.
Private chat “content” is migrated as part of the Exchange Online workload. However, it is only accessible for e-discovery and subject to retention policies on the recoverable items folder.
Private chats – after a Teams workload migration – are NOT visible in the Teams client (see previous comment). (there is no MS API to bring this into the Teams client).
Private chat export is NOT part of our SOW. We do not do it.
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