and then on the event tou ventu, venture had a very, very strong year last year. the programme itself, spurs delivered 23% in the one year ending 2018, distributions from venture also were strong, 179 million last year and that's nearly two times the amount that you got from your venture managers the year prior. valuations, especially on the light stage, remain very high. so we continue to recommend focusing and enhancing the early stage portfolio for your venture programme. the exits have been strong in 2018, but we also see that it's really a good sign in the first half of 2019, a very healthy ipo market and a good handful of even venture-backed companies that are greater than 10 billion in valuation have gone out and i think that's a good sign and likely, you know, hopefully to see similar exit activity for your venture programme this year. in asia, also, we focus on early-stage opportunity and in europe, we are continuing to look, vetting many, continuing to look for the right one and the one that we can access. with that, let me turn it over to kelly to hit on some of the

they represent a variety of clients, some which have very, very good high venture programmes and others't. so co there's no benchmarks to compare the track records of distribution managers. however, we were able to conclude that over average of the four firms we di dissected y were able to value 101% and 103% of distribution value and that is ultimately our goal with the distributioning manager, to get close to or above our distribution priceses because if you recall, the general partners will mark their portfolios based on the value of distribution date and earn their incentive fee on that price. so we have, as close as we can get, the economic experience will be maintained. put given the track records offered little in terms of differentiation, we focus on equal dayitqualitative factors,y focusing on the global or resource's trading capabilities of the firms. given that the non-u.s. focus of our venture and private equity portfolio, we favorited firms with global resource. we focused on the firms that had a certain element of alignment, meaning the distribution businesses were importa