John Redett : So it’s again an incredible franchise business for Carlyle, market leader. In the quarter, we raised our first captive equity fund, CLO partners. I think it’s accurate to say against what many people would have thought was a tough market backdrop. It really speaks to the strength of the franchise, the quality of the team, a 20-year franchise with long history of performance. The fund — the raise was oversubscribed as they were literally in and out of the market in a few months. I think it’s the fastest CLO captive equity fundraise maybe in the history of time. And so really, really proud of the work that they’ve done and the momentum they have. Now again, the market backdrop has been improving. You’re starting to see banks picking up investing in triple As again. This is all a reflection of credit spreads coming in tighter. So we feel good about the business momentum here. And the team is extraordinary.
Steven Chubak : Great. Thanks for taking my question.
Operator: Thank you. Our next question comes from Mike Brown with KBW. Your line is open.
Mike Brown : Okay. Great. Hey, good morning. The large share buyback authorization certainly makes sense here given the valuation disconnect versus the peer group. Just wanted to ask about the potential for strategic M&A and if that could start to enter the equation a little more when you think about capital allocation? I know it hasn’t been a top priority for you, Harvey, in your first year, but it seems like that could eventually become an effective lever for Carlyle to consider down the road.
Harvey Schwartz : Yeah. So I would say, certainly open to it, let me give you my framing. Again, many of you know me, but many of you know my family, sort of first principles approach. We see marginal opportunity that’s very clear to us in growing and building on the base of the franchise, right? We have all the, footings. We have a world-leading corporate private equity business world-leading real estate franchise, world-leading secondaries business, a world leading credit growing business. I just talked about this a little business. So all the footings of what we need to, as a global private markets manager, they’re all in place. And the brand, so we have a lot we can build off of, and you start to see, again, that momentum in the record results from last year and in the numbers we’ve given you for this year.
I think, again, first principles, we would never take anything off the table. I think if the industrial logic makes sense, it’s good for our investing clients. Our teams and our shareholders, we’d be open to it. And we’ll certainly consider things, but we’re not feeling any pressure at this stage, not with this kind of momentum.
Mike Brown : Okay, thank you. Great color.
Operator: Thank you. Our next question comes from Michael Cyprys with Morgan Stanley. Your line is open.
Michael Cyprys : Hi, good morning. Thanks for taking the question. Just wanted to ask on credit insurance. If you could just elaborate a bit on the deep pipeline of growth opportunities that you alluded to for credit and insurance. Maybe you could just update us on some of the steps that you’re taking to accelerate growth there and best capture the opportunity set that you see in credit and insurance, what new products can make sense? And in any areas that could make sense to fill in with hiring?
Harvey Schwartz : So again, you saw really strong performance out of the credit insurance platform. John referenced the $9 billion inflows in the fourth quarter. I think that we really like our positioning here. So the capital-light model gives us a huge amount of flexibility and allows us to be able to pivot in a number of different directions. And so I feel very good about the future here. I think the pipeline potential activity really reflects the partnership we have with Fortitude and really what will be happening for the foreseeable future in the insurance sector and the opportunity to build on the Fortitude platform is quite clear. So we have a number of different steps we can take to keep growing. So the outlook over the next couple of years feels quite good.
Michael Cyprys : Thanks. Operator Thank you. [Operator Instructions] Our next question comes from Glenn Schorr with Evercore ISI. Your line is open.
Glenn Schorr : Hello there.
Harvey Schwartz : Hey, Glenn. How are you?
Glenn Schorr : All righty. Sorry, one more. I’m curious to put a finer point on the buyback versus investing conversation. So Part A is just will this result in a net reduction of shares? Or is this offsetting stock-based comp? But the bigger point I want to make is I hear you on all the growth areas and I see the momentum. There are also a bunch of areas that you’re not yet scaled in across private markets and there’s so much growth. So I’m just curious on how you balance this return of capital versus this plethora of opportunity across private markets that you could be putting money to work in? Thanks.
