Introduction

The private financial markets have grown expedentially in recent decades. But are the tail ones that supported their growth turning into head winds? For a variety of reasons, i see the equity markets have come off. The pace of investment is going to slow down which will slow the fund raising. So we're going to go from fonatic to a fast pace, faster than, let's call it average but i do believe the fund sing paces going to slow during the course of this year and into next year.