So we’re very, very excited about that. As we look into other adjacencies, we would certainly need to add teams and fund vehicles to support those specific activities because they are different activities, and they do have different investor levels of interest. So we would need to continue to build out the team to address these things. But I think that from a core activity perspective, as we face sellers, as I was describing before, we’re seeing so much of this stuff in the flow already, and we can’t address it in our current format. And so again, we see lots of easy ability to leverage into those spaces going forward.
Robert Morse: Michael, I would add just a couple of things. Number one, certainly acknowledging that in the fourth quarter, there was a modest slowdown in fundraising activity. I think a lot of investors were looking forward to turning the calendar page at the end of the year. The amount of dialogue, the amount of activity that we see in early 2023 has been quite strong both internationally as well as domestically as investors — institutional investors, high net worth investors, family offices, et cetera, look to allocate capital in 2023. So we have probably a record amount of dialogue with investors. Dialogue generally results in some strong fundraising capabilities. To the point about building teams, that’s how Bridge has grown to where we are today.
Remember, we stood up a net lease team in late 2021. We stood up a logistics value-add team, which is doing a fantastic job, in late 2021 as well. So incrementalizing the Newbury organization to include whether it be a real estate secondaries capability or a continuation fund capability or other aspects of the secondaries business seems like a natural adjunct to what we’ve done on an ongoing basis.
Operator: Our next questions is coming from the line of Ken Worthington with JPMorgan.
Ken Worthington: So more on Newbury here. How are you thinking about introducing Newbury secondary products to Bridge’s wealth management distribution channels? What might new products for wealth management look like? And then what are you thinking about in terms of timing of products and launch? Do you need to wait for Newbury IV. Can you do it sort of in advance? Would it be concurrent? Is it going to take 4 years? How are you thinking about products and timing?
Robert Morse: Thanks, Ken, for the question. First of all, Newbury IV is imminent, so not much of a weight there in terms of launching that fund. Bridge has a broad suite of relationships with wealth management platforms. I don’t think there’s a single major wealth management platform with whom we don’t have good dialogue at this point. And over the course of 2022, we expanded the distribution of funds on that platform. Of course, we are at the very beginning stages of introducing a secondaries concept in that dialogue. We couldn’t really talk about that much before we announced the transaction, which took place earlier this morning. We think having said that, that there’s a meaningful appetite in the wealth management channels with whom we do business for a variety of products.
We think that as a company, we’ve built a strong track record as a capable, high-performing, good partner to the wealth management channels with whom we do business. So there’s — we expect that there will be meaningful receptivity to expanding that product suite to include the secondaries business as well, but certainly more on that to follow. The investor base that has traditionally supported Newbury’s business has been both ultra-high net worth family, office as well as institutional. So it’s a big, broad global investor base. The addition of a wealth management distribution channel should be purely 100% augmenting to the distribution that they’ve successfully built in the past.
