The functioning of a closed-end fund is not easy. Before we have understood that the fund is closed-end when investors put their money in the beginning of the fund and they exit only at the end so that the asset management company has enough time to invest in any liquid investment like private equity. But the story is much more complicated and is regulated by a document which is named the Internal Code of Activity. And this document is a set of rules approved by the supervisor that regulate the functioning of the closed-end fund itself. To understand the functioning of a closed-end fund, it's very useful to identify, in terms of timing, what are the different steps characterizing the life of a fund. The study of the fund doesn't start at time zero. This is a surprise, but the start of a closed-end fund starts before time zero, and this time before time zero has a length of one and a half years, maximum. This timing is named fundraising. The fundraising is up to one and a half years the asset management company has at its own disposal to try to convince investors to commit their money in the closed-end fund. Just to give an idea, the law doesn't say anything, but the average size of a closed-end fund can range between 100 and 300 million Euros on average all around Europe. We have evidence of funds bigger than 300 million Euros but honestly they are very big and typically if a closed-end fund is bigger than one billion Euro, we say it's a very large fund. Another aspect is that every investment of an investor which is named one ticket typically is fixed on an amount of 1 million euros. That means if you want to run a fund raising for a closed-end fund of 100 million euro, you have to convince 100 investors to commit 1 million euros each. Or if you are luckier, you can convince just simply five investors, and they each commit 20 million euros. But however, fundraising is very tough. And just to give you some statistics, 50% of fundraising all around Europe are not able to get to the final results because it's very difficult. Especially for poor, for young, for not highly reputed asset management companies to convince investors to commit their money. If the asset management company is able to get the entire amount of money, the fundraising comes to an end and the activity of the closed-end fund can start. But we have another surprise. At time zero, investors don't have to give the fund the entire amount of money. This is a very smart decision because the asset management company doesn't have the possibility to invest such a big amount of money in one shot at time zero because it's private equity, it is not public equity. The asset management company needs time. For this reason, the asset management company has the right to use a maximum of three years: this three period is named a draw down period. The draw down period is a period in which the asset management company has the possibility to ask investors to give a percentage of their commitment. Just to give an example, let's imagine we start a closed-end fund, the asset management company says, “Dear investor, give me 10% of your commitment.” And typically in ten working days investors give the AMC 10% of their commitment. After year three, the entire amount of money has to be given to the closed-end fund and the asset management company is free to navigate and scout for new investments, to manage investment, and especially exit to generate capital gain. And we approach the end of the closed-end fund. Again the law doesn't say anything, but on average sort of golden end of a closed-end fund all around Europe is 10 years. That means when we are approaching to the last of the 10 years the AMC has an option. The option is the possibility to take three more years. Why would this happen? It happens because private equity is a liquid investment, and what can happen is, in year ten, the closed-end fund doesn't have the entire liquidity because most of the private equity investments are still in place. So the AMC may have the right to take three more years. The AMC can use these three more years to exit from the different investments. When we get to year 13 or even before year 13 the closed-end fund has to close its activity. That means the AMC has to meet the investors again, they have to calculate what is the amount of money in the closed-end fund, hopefully it’s a lot, and the AMC has to spread the amount of money through the different investors, accordingly to the amount of tickets they had invested in the beginning of the fundraising.