It doesn’t have to be all or nothing in the sense that you may have one asset class where we mutually agree to accelerate, but not all three. But at that point in time, if there was an acceleration, it would result in us owning 100% of the equity at that time.
David Park: And to answer your M&A question, but before I do, I’ll also put a clarification on the first question of contingencies. We also noted in the transaction agreement that if StepStone’s multiple were to trade below 16x the contingency, that would pause an exchange in a given year and then resume in the following year. So I want to just clarify that one minor contingency that hopefully is of help here. From an M&A standpoint, I don’t think this changes StepStone’s perspective on the market. It certainly doesn’t affect our capacity or capability to execute on anything strategic in that nature. As we’ve mentioned, there’s a very small amount of cash involved in this transaction, 10% to 20%, that is easily covered by our revolver that we currently have in place. So we feel we have the flexibility and the capital structure to continue to march forward on a strategic front should opportunities present themselves.
Adam Beatty: That’s great. Thank you guys for all those highlights. And then just quickly around commingled fundraise and the outlook there, just wanted to get maybe a high level take on what you’ve kind of got in the plan for the coming year or two, which vintages might be coming up for a new fundraise and also kind of what you’re hearing from LPs at the current moment. Thanks.
Scott Hart: Sure. I mean, certainly in terms of what we are hearing from LPs at the moment, it feels like sentiment is moving in the right direction. I mean, you can imagine with — for example, the S&P 500 hitting 5,000 for the first time today, and we’re not talking as much about the denominator effect.
-: But not only the recovery in the public markets, but views on interest rates and views on the current outlook are certainly meaning that LPs are more willing to commit and transact today. And we’ve been the beneficiary of that with some of the closings that we referenced during this past quarter, as well as some of the fundraising momentum that we have at the moment. And so as we think about what we have in market at the moment, we do have a number of our key commingled funds and strategies in the market. We’re late – in the late stages of fundraising for our private equity secondaries fund, which as we referenced now stands at about $3 billion. Similarly, our venture capital secondaries fund now stands at about $1.5 billion.
And those funds will continue to fundraise, but should wrap up in the first half of this calendar year. We continue to raise for our special situation real estate secondaries fund, which has good momentum. Is very well positioned for the current environment and we’re in market with other key strategies like our multi-strategy growth equity fund, our inaugural infrastructure co-investment fund, as well as our corporate direct lending fund. So lots of opportunity in the market from a commingled standpoint right now. We’ll obviously also continue to be raising across each of our private wealth strategies for going forward here.
Adam Beatty: Perfect. Thank you for the rundown, Scott. Appreciate it.
Operator: Thank you. I’m showing no further questions at this time. I’d like to turn the call back over to Scott Hart for any closing remarks.
Scott Hart : Great. Well, thanks everyone for joining us today. We appreciate the questions and the continued interest in StepStone and we look forward to speaking with you next quarter. Thank you.
Operator: Thank you. Ladies and gentlemen, this does conclude today’s conference. Thank you all for participating. You may now disconnect. Have a great day.
