Maybe we can move on to direct investments. When you research a potential deal, could you walk us through that process? You don't have to mention the name if it's not possible, but if you can, please do.

There is no typical deal, as every deal is different. The sourcing of a direct deal can be proactive, reactive, or a co-investment. Proactive is the ideal way. You identify a sector or trend, like the aging population, conduct a sectoral study, and determine which companies will benefit. Then you approach the company, and a deal is made. This is ideal because it's a non-competitive deal, but it's also the most work-intensive because you don't have a banker preparing your work. These deals often take much more time, sometimes years, from initial contact to deal materialization. For example, Sofina recently completed a deal in Spain with Proeduca, a company in digital education. It was a proactive deal I personally sourced in 2019, and the deal only happened now.