I mentioned earlier that I think there have certainly been some who have reduced budgets, but just as many that are holding them steady because they want to make sure to maintain exposure to these vintage years. And what you may see them doing is within that allocation, shifting where they are focused and perhaps shifting away from a more vanilla buyout strategy to secondaries with the view that this is an attractive time to invest. So, it’s a fair question in terms of the fact that those that are looking to allocate to secondaries funds may have denominator effect issues. But I think it’s clearly an opportunity, and I think we are probably seeing some allocation shipped around within budgets this year.
Alex Blostein: Yes. Interesting. Thanks. My second question for you guys was around data. That’s something you have been highlighting since really the time you went public across both the extensive set of data you have on the portfolio company side as well as the GP side of things. At a time of sort of increased market volatility, and I am sure all pieces struggling to kind of really think about their allocations, who they are allocating to, more holistically. Is there an opportunity for you to monetize the data better? I know you usually just kind of provide it as part of the overall bundle overall service, but is there an opportunity to not so much white label it, but think about it more extensively? Thanks.
Johnny Randel: Yes, Alex. So, I think where we have been able to monetize the data and overlaying the in-house technology team input has been around creating asset management solutions that don’t exist but for that wealth of data and the data science team input and the technology solutions we have built on it. So, I have kind of given the example before of SPRIM and SPRING as great examples where it’s the wealth of data, coupled with the technology, coupled with the data science team being able to help us manage those products much more efficiently. And that shows up in the return for the investors. We are doing the same thing with semi-liquid permanent capital-type vehicles for institutional investors. We are doing €“ we are utilizing that data in other ways where we are helping to forecast for insurance investors and helping with asset liability matching and the like. So, I think that’s where we have seen the easiest path to monetizing at scale today.
Alex Blostein: Got it. Thanks so much.
Operator: Our next question comes from John Dunn with Evercore. Please proceed with your question.
John Dunn: Hi guys. I have a question about the different geographies. Are you seeing any differentiation between overall demand in the different geographies? And within that, any differences in preferences regionally?
Scott Hart: I think the biggest differences that we are seeing by geography are in many ways, a function of sort of maturity of portfolios where, again, it’s been well documented and referenced in terms of U.S. public pensions versus some of the international pools of capital that may just be either coming online or still building into their targeted allocation. So, I think that’s probably the biggest difference we see. But again, I think I have been quick to point out on prior calls that even amongst our U.S. public pension fund clients, there are some that are quite active today and looking at new opportunities. So, that’s why I struggle to generalize at times with the question. But certainly, over the last 12 months, 18 months as the world has reopened, we have been spending quite a bit of time on the road around the world and seeing various different pockets of interest whether in Asia, Middle East, Latin America, etcetera.
In terms of where the interest lies, no, I wouldn’t point to any major difference in terms of differences by region in terms of where the areas of interest are today.
