Alex Saigh: Hi, Beatriz. This is Alex. Marco, do you want to take the first question? And I’ll take the second please.
Marco D’Ippolito: Sure. So Beatriz, we don’t provide the distinction between what is the FRE organic and inorganic. I think what you can have as a reference, as Alex indicated in the call, is he guided on the 5 billion to 6 billion of accretion of capital, and that’s all organic accretion, if you will. So this is not encompassing any sort of accretion that is coming from acquisitions. I confirm that we will remain active on acquisitions. And the other data point, if it’s worth, is that last year, the accretion of fee paying AUM inorganic was in the vicinity of 1.4 billion out of the total $4.5 billion.
Alex Saigh: And going to your second question, and then I’ll ask if we did answer most of them, Beatriz. This is Alex again. Yes, we’re very excited with the whole real estate expansion of our product lines and, of course, our general AUM. More specifically I think in Brazil and countries like Chile and Colombia where we’re looking into this very closely. In Brazil, we did an acquisition, as you know, called VBI. But I think to say very interesting consolidation play on the REIT side and we’re looking into that very closely. And VBI has been very active, looking into that as well. We have within the Brazilian context a R$220 billion REIT market, which are these listed Brazilian real estate trusts are listed in the Brazilian Stock Exchange, B3 as you know, and you have several listed REITs in the Brazilian Stock Exchange that are basically a single asset REIT or very few assets within that REIT.
And that REIT trades very poorly in the secondary market because it says no single asset REIT, has very low liquidity and investors are basically stuck with that REIT having difficulty in selling their shares. So I think merging a group of those REITs to create a large one headed by our VBI partner is a great opportunity. Within VBI, we have three fematic REITs, one focused on corporate, the other one focused on logistics, the other one focused on credit related instruments in the real estate market, what we call in Brazil the CRIs and there I think we have so much to do on those fronts in consolidating other REITs in those themes that I just mentioned. So there’s so much — we manage around R$5 billion of REITs in R$220 billion market. So you can imagine what we can do there.
We see the same in a lesser extent in Chile, but an interesting and significant market in Colombia and a very large market of these real estate REITs in Mexico. And if we are successful in Brazil, I think we can have the goal, the aim to do the same in these other countries that I just mentioned. Also think on the development, real estate product, which are drawdown in nature what we call real estate private equity to use the expression that we use in our industry here. Also very interesting too products that are now — with the targets, of course, higher returns, but takes on the development risk contrary to the REITs that buy already mature assets. And I think there, I think there’s a room for expansion as well as the economies in the region are back to their growth pattern.
