Greg Becker: Yes. I wish I had our SVB Securities team on the line right now. They’re close to . But as we talked about it, I think we don’t have a lot of expectations for things, in ’23, with a few exceptions, right. I think my view when you start to see the top off of rates, and so I don’t think they need to go down. I think they need to be stable at whatever level they’re at. And I think just some confidence that’s where we’re going to hold and we’re not going to see a potential for another spike. So that’s one data point. Second data point is, as I mentioned this earlier, I’ve been spending more time with some of our later stage clients that are — they have a lot of the metrics that we would say they are in a position when the market opens up to go public.
And I think there’s when that stability happens, you’re going to see some go out and test the waters. We need them to test the waters. And so I think could that happen in late Q3, Q4, the answer is yes. So I think if we see maybe a couple more rate hikes at 25 basis points and a quarter a little more than a quarter of flattening. Do I think that the market could open up for a few IPOs, the answer’s yes. Again, make one more point, even when it opens up, it’s not going to be a flood, it’ll be a trickle. Because it’ll be the ones that have the highest potential to go public, and people are going to wait to see how they perform. So I would say, yes, maybe in the late third quarter and fourth quarter, you’ll see an opening, but it’s going to be a slow-paced opening when that happens.
Daniel Beck: The only thing I’d add to it, Greg is, and we saw it in the fourth quarter on the biopharma side, in particular, good deal flow, good deal activity there, has that if you think about that business, that’s the normal flow of fund-raising activity for those types of clients. So we’re not expecting, a substantially strong year on the biopharma side. But I think that can become more constant. And as embedded within our guidance expectations for 2023.
Bill Carcache: That’s helpful. Thank you. Separately, how would you characterize the current willingness of companies to take down funding rounds? And how would you say that compares to the appetite for dry powder deployment? Just curious, if you think we’re in any way getting closer to those two sides coming together?
Greg Becker: Yes, it’s Greg. I’ll start. It’s exactly what you’d expect. We’ve seen this movie before. And you’ve got companies that are, and you can see this in the venture capital data that was released in the fourth quarter. Late-stage rounds, there were a lot fewer of them, but the valuation actually didn’t drop a whole lot. And the reason for that is that investors looked at this as an opportunity to go in on a flat round, and some of the highest profile companies that had actually done really well since their last round, but they can still get in at it, what they would say is a decent valuation. And you have another group of companies that are there — they’re basically saying, hey, I’m going to take the lower valuation, I’m going to get it over with, those are fewer.
