The Impact of Debt on Private Market Valuations

Elidie: I think there are groups out there that have been relying on debt either as part of their initial investment strategy, or more recently we were hearing this in the last six to eight months. So from our perspective, it's sort of an overdue correction that we've been waiting for for the last couple quarters,. Elidie: What are you seeing in the term sheets that are coming across your desk? We would rather take on debt than take on a down round. But I think this is a good outcome in terms of making sure that that stability that was there for a long time continues going forward.