elizabeth weindruch joins us now from barings investments. s like there is still dry powder to deploy. what are the targets? elizabeth: you are right. i think the preponderance of dry powder in the market has been a story for the last decade or so. but something that is different that we are seeing today that i really think was sparked during the pandemic was the rise of continuation vehicles. these are gp-led secondary transactions as opposed to a portfolio of fund investments that a secondary buyer would purchase. we have seen, the last five to six years, an increase in gp-lent secondaries, and over 36%. we think that is a remarkable trend, and the outlook has changed significantly as well. matt: what do you think regulation is going to do to this? are we good to see that pinch in? we have seen on the m&a front a lot of talk from the s.e.c. elizabeth: it is a good question. i think from a regulation standpoint, the way we have seen these transactions occur -- what these do is they allow a general partner to roll a single asset or multiple as