Tell us a bit about the way you invest.

Yeah, absolutely.

So when PPET was launched in 2001, it was a pure fund to fund.

So all it would do would be primary investments, as we call them, into funds or primary commitments even.

So that's basically committing to a private equity fund on day one when the fund has no assets in the ground, what's not made any investments into portfolio companies.

So you're really making a judgment call on the manager itself, that they're differentiated, that they're best in class.

Primary investments or primary funds, as they're known, bring a lot of advantages insofar as they They provide consistent exposure by vintage years.

And what's the rationale behind that segment of the market? Yeah.