We support our managers by strategically partnering with them across the full life cycle of their evolution, with the goal of scaling these managers and enabling their development of an investment management business. Although each opportunity is unique, we prefer to start our relationships by investing directly in assets with managers on a joint venture basis, where we also can provide platform support in the form of working capital loans. Eventually, we can seed their fund business or help build an operating platform, typically by contributing our joint venture portfolio assets as seed assets. Our capital is flexible enough to then support that business over time through successive fundraises, which we think is a strong value proposition for our managers. As these platforms scale, we also look to partner with them in other ways, such as seeding new strategies or expanding their existing ones. Throughout our relationship, we look for opportunities to provide other growth capital, such as GP co-investment capital, which becomes increasingly necessary as these managers grow their business. This open architecture approach to investing, which is unique in the market and which we have developed and iterated upon over the past decade, allows us to be a truly impactful growth partner at every point along their development cycle.