 Last year, investment professionals indicated optimism about the future, despite being in the middle of a pandemic. A year later, the Asia-Pacific private capital market is recovering, its strength and compensation levels are rising. Our Hydro-Cosrugals annual survey of investment professionals in the Asia-Pacific region revealed the industry's ability to handle difficult market conditions, setting a favorable context for hiring and compensation in 2021. Let's discuss how private equity firms in the region navigated through the changing landscape and how leadership roles in hiring are evolving in response. Shadi, what were your three main takeaways from the Asia-Pac private equity compensation survey this year? One of the key findings was the steady increase in cash compensation in the private equity industry overall despite grappling with the after-effects of the pandemic. Additionally, I think the sectors that have shown the greatest resilience in the past two years, including through COVID, were healthcare, consumer technology and the renewable sectors. We've also notified that private equity firms are moving more into multi-strategy approaches, where industry experts combined with local knowledge will become certainly in high demand. Stephen, based on the report findings, can we conclude that there is a sense of cautious optimism compared to last year? I guess a couple of things in play here. First, certainly there's more funds being raised. However, it takes a number of years to deploy the capital and see the results. So the two don't always synchronize at the time. Second, when we did the survey, the secondary market was picked at its valuation. When it comes down, it takes longer for the PE firms to seek an exit for their investments. And third, although a lot of the travel restrictions have been lifted, still people are restricted in travel. So a lot of the PE deals need to have a face-to-face conversation to close the deal. We see certainly those cautious sentiment out there.