William Souder: Yes, this is Fritz. I’ll start it and then guys, jump in. But as you said, I think we’ve seen some pretty good movement here early in 2023. And so there’s a clean slate for most of our institutional LPs to reinvest into ’23. We definitely ran into some over-allocations in ’22 towards the end of the year where they had to push us off to ’23, where they had money to reinvest again. Whether we need uplift in the public markets to continue, it would be nice, certainly. But I do think that most of the clients that we’re engaged with right now and talking to about investing in all of our sectors in ’23, there seems to be a pretty clean slate, and I think you will see us continue. We’ve given the guidance of where we think we can be by the end of ’23, and we’re fairly confident that we will hit that guidance.
Robert Alpert: Yes. No, I think Fritz has — yes, I think Fritz has nailed it. It’s never easy to raise capital even in the best of times. But with our strategies and our track records and the ability to raise capital across or through over a dozen different opportunity sets out there, we feel confident we ought to be able to make our fundraising numbers.
Adam Beatty: That sounds pretty good. And then if I could, just a quick follow-up on some of your strategies that are geared towards sort of LP liquidity, thinking of secondaries and maybe NAV lending? And just how much of a tailwind you might be seeing in the current environment for those types of strategies?
Clark Webb: Yes. I would say, in secondaries, the market was very GP-led secondary-focused over the last couple of years. And obviously, with the market downdraft, everyone is waiting for those 12/31 valuations. We expect to see more traditional LP-led secondaries in 2023. And thankfully, we’ve got a lot of dry powder in our fourth secondary fund and raising more. So we feel like we’re going to be well positioned to take advantage of that. It does feel like that’s more of a back half of the year than a front half of the year, but we are certainly starting to see that trickle out. On the NAV lending side, we think it’s just a great time to be in NAV lending. Anytime you have velocity of transactions slow, yet you have vehicles that have paid a healthy multiple for businesses and need to continue to have add-on acquisitions.
NAV lending is the tool that allows GPs to continue to extract value out of their portfolio. So we feel like we’ve got a great pipeline. We are fundraising for our fourth NAV lending fund as we speak. And it does feel like both of those strategies were able to lean in. I think another thing that we’ve announced is we have launched a Fund I in our venture secondaries. I know at least one of our peers has had a lot of success in venture secondaries. It is a newer market. But clearly, given everything folks have read in the venture world, we do believe that venture secondaries can actually be a third arrow in our quiver as we lean into some of this dislocation.
Operator: And the next question comes from Ken Worthington of JPMorgan.
Kenneth Worthington: I wanted to keep dancing around fundraising here. Given we witnessed LPs with less capacity to invest in later 2022, why do you see fundraising more back-end loaded for 2023? And what are the risks that we see sort of a repeat that the LPs, again, don’t have the capacity towards the end of the year and where you’re hoping to raise these assets, your LPs just have to further delay sort of contributing to your product?
Clark Webb: Yes, it’s a great question. I’m thinking — go ahead, Fritz. You take it.
