 People and leadership will be a key differentiator in giving PE firms the flexibility to capture value across sectors and asset classes. It will all come down to finding the right talent for helping these firms adapt to and navigate the changing landscape. To wrap up our discussion, I also want to hear from you all on the opportunities you foresee in 2022 and the talent needed to succeed. What opportunities do you see for the APAC private equity industry going forward in 2022? One of the themes that reflected in the survey was the firms taking on the multi-strategy approach. We have seen pension funds adding venture capital investment arm, we have seen buyout firms adding public equity and credit funds and going to early-stage investments. So all of those created an opportunity for a unique set of talents to demonstrate their capability and then basically realize returns in a challenging environment. In China, there's the trends of the local for local, these funds locally and invest locally. Given the restrictions today, I think a lot of the local funds could have an edge over the cross-border global funds here in China. As funds continue to raise exceedingly larger sums of capital, this emergence of sector-focused funds would really have an impact on the industry. And as firms go deeper into sectors like healthcare, agriculture, food, financial services, education, the type of people that they would look to attract would not just be investors. I think investors really are important because they bring the fundamental financial deal structuring and diligence expertise, but as they go deeper into sectors like healthcare and ag and food, the science and the innovation and the technology aspects of it would be equally important as they look to deploy capital. So it's really about having the deep sector expertise that you need in order to deploy capital but also return capital. And I think the future for private equity is not just hiring investment professionals, but it's really hiring people who bring broader skill sets from an industry and an understanding of the industry dynamics perspective. I think improving the regulatory framework in the Middle East and some of the other markets will certainly encourage more international capital to be injected in major parts of the Middle East given the interest of major sovereign wealth funds and government authorities, particularly in Southeast Asia and China and that exchange of capital happens between the Middle East and Asia. So that's another major opportunity. This will certainly require further expertise for organizations here to see people who understand these markets but also understands new segments and sectors that this region has not really seen a lot of activity in the past particularly in either technology or technology oriented sub segments. The other opportunity lies in the emergence of the venture capital money. This is where we see a lot of activity and capital injected into the vast variety of regions we cover and that sort of conversions of venture capital money into private equity situations will certainly require a lot of attention and a fresh approach to a way review talent to these situations.