There's a big curve ball here starting the year out. I don't think anybody anticipated a reset of this magnitude in terms of what's going on now in the market.

One of the things that we feel always happens where you have a significant jolt to the market like this is that always creates opportunities.

There's no question that the market shock that we're going through right now is going to curtail a certain amount of public offering activity, IPO activity.

In the U.S., doing IPOs, it takes a long time to exit. So we've been very intentional about how we've thought about how we want to monetize our portfolio.

If you're sitting on a portfolio where you're going to depend on the public markets, you're going to do just that. You're going to depend on the public markets. And right now the public markets are not going to take you out.

There's no doubt that the trend toward consolidation in our industry is continuing. I think that the larger are getting larger.