And then two, as we talk to sellers in the universe looking for liquidity or other rebalancing solutions, we see in their portfolios, a whole series of other types of fund interest, not just the buyout and venture and growth equity that we’ve been focused on through our in Newbury, but we see real estate funds in there, we see credit funds. We see other types of funds in these portfolios. So as we look to address the broader market as it’s evolving, I think these incremental capabilities that we can develop together with the Bridge folks will give us, one, better solutions for the people that we’re dealing with, but also create avenues for continued growth of the platform.
Michael Cyprys: Great. And just maybe to follow up on that. You mentioned Fund VI launching that here just given broadly, we’re hearing about a more challenging fundraising backdrop today. So just curious to what extent are you guys seeing that on the secondaries front? And if you think that, that Fund V at $2 billion could scale in this market environment to raise a larger sized fund? And given the focus on the smaller and mid-market that you alluded to, maybe you could just talk a little bit about the capacity that you see for raising larger-sized funds given the focus on the smaller end of the marketplace. And then following up on the point around extending into real estate. Maybe you could just speak Bob to what does that require in terms of hiring platform builds? What actions you guys might have to take in order to actually bring such a new product into the marketplace together?
Robert Morse: Perhaps, Chris could address the first part of that question with respect to appetite in the secondaries business. And then I’ll talk a little bit about team building.
Christopher Jaroch: Michael, all great questions. I think the general overlay around sort of fundraising in the private equity space is that 2022 was definitely a slower year, but it was still the third largest fundraising year on record. So — and again, enormous amounts of capital still flowing into private equity. Within the secondary space, specifically, I think if you look at the size of the market and the growth in the market, the interest and the acknowledgment of where secondaries sort of fits in the space is as great as it’s ever been. I mean we’ve just seen the Blackstone Strategic Partners platform go out and raise a $25 billion fund. So the largest fund in — sort of raised in the past 12 months. So there’s enormous interest and appetite for secondaries and the growth in that business.
And in some ways, the issues that a lot of LPs are facing right now, which is causing some of the slowdown in the LP market. So for instance, they’re overallocated. They need to rebalance in some way. Those are exactly the problems that secondaries funds solve for limited partners. So we’re very much the solution just sort of the meta problem that’s going on with the fundraising market right now. And again, a lot of LPs understand that, and we would expect that we would have a very successful fundraising as a result, not just because we have a very strong investor base that has supported us historically through multiple funds, but we see lots of inbound interest in secondaries right now because in some ways, this is exactly the exposure in the market that a lot of people are looking for.
