Richard Lichter: Well, what I would say is Newbury Fund V is at this point, 95% committed. And so as soon as this transaction closes, we’ll launch Fund VI. We’re very close to our investors, and that’s why we’ve been getting 80% or more re-ups and then new investors as we raise the size of the funds. And we would expect the same sort of thing now. Most of our investors have been with us multiple funds and some have even invested before Newbury was even founded. We have so there’s no surprise on timing of when we launch these funds. So that will be the first order of business once we close the transaction. As Chris said earlier, we — when we do transactions, we see other types of assets. Because typically, when a seller sells to us since we’re operating in the inefficient part of the private equity space, they show us all of their assets or most of their assets and asking us what we want to buy.
And then we naturally focus on the things we know like buyouts and growth equity. But we could easily pick up their real estate funds or other things. And I think that’s one of the opportunities going forward.
Adam Beatty: That makes total sense. I appreciate all the detail around Newbury V and VI. Sounds good going forward. Just bigger picture. I wanted to get maybe thoughts from each of the different legacy management teams in this new partnership as to what drew you together presumably both firms had and may still have alternatives in terms of partnership and what have you. So what was distinct about this partner, be it Bridge or Newbury that really was attractive and seemed like a good fit even despite — it’s a bit of an extension for both sides.
Robert Morse: That’s a great question. Thanks for that. Go ahead, Richard.
Richard Lichter: I can speak from the Newbury side. I mean, secondary assets are in high demand now, secondary firms. And there’s been a number of transactions. So we naturally saw a number of possible acquirers contact us. I was particularly pleased to see Bridge. I thought their common vision fit with us. I thought they’re focused on the types of size investments that we do, made some sense. And so to me, there were natural synergies. And then ultimately, at least the way I look at it, it all comes down to the people. So you can have a good business plan, but are those the people you want to work with, are those the people you want to partner with. So we very much wanted to do this transaction with Bridge rather than someone else. And we’re pretty excited about going forward to combine the firms. And I think it’s a case of 1 plus 1 equals more than 2.
Robert Morse: I would certain — from the Bridge side, I would certainly underscore all of those comments that Richard made about philosophy, about culture, about business practices, approach to the market, et cetera. From our perspective, we have a pretty well-established strategic focus on different opportunities in the alternative asset investment management market broadly defined. Prior to engaging in meaningful discussions with Newbury, we have done a very comprehensive analysis of the secondary space in general. It was a space that we were attracted to for a lot of different reasons. It expanded into a near-term adjacency, what we were doing. We felt that the investor appetite was strong and growing, and it was a growth market.
