Our secondary strategy is differentiated by a unique focus on transactions from US$5 to US$50 million where competition is more limited and relationships drive investment opportunity sourcing. Also, we believe investors are increasingly eager to unwind positions in private equity funds to rebalance their assets and reduce their unfunded liabilities. Strategic investors and private equity funds may be motivated to sell interests, portfolios, or direct investments to achieve liquidity and maximize their internal rate of return, reallocate and retool their investment strategy, or eliminate nonstrategic investments. From the perspective of both the seller and the buyer, secondaries transactions have specific impacts that distinguish them from traditional exit channels.