we are now joined by richard zogheb, the citigroup head of debt capital markets. chard: jim was my boss and we have maintained an incredible working relationship. he is a good friend and a great steward of what they are doing at apollo. sonali: maybe take a step back and take us behind the deal itself. what brought this to the surface? richard: we partner with apollo on a number of things. this referral arrangement was an evolution of discussions. we have worked with them on our distribution book. there are things that have helped us de-risk. we have worked together on some things. we are working with them constantly. each and every day we are talking to them. in the midst of working on specific transactions we brainstorm on ways we can continue to work together that will help our clients, help citibank's platform and apollo's platform. it builds and we got to the announcement. now we have to invest it. sonali: $25 billion seems like a leap. there have been many ways banks have tried to incorporate private credit. some banks have done it on their own and some have