We received redemption requests of about 9.8% on our global value fund, an $8.6 billion fund with private equity content, representing 4.8% of our asset base. Redemption pressure from private credit is making its way into other asset classes. 80% of clients are institutional, 20% individual, and most pressure comes from individual investors.

Over 90% of clients continue to give us the mandate to invest that fund on an ongoing basis. We are balancing the needs of a small percentage wanting liquidity with the majority wanting continued investment and compounding.

Capping redemption requests at 5% is a key attribute of this fund. It's known that in an environment where investors get skittish, outflows will be limited, and the fund can continue to invest in new content.

This is a feature of semi-liquid structures. We enacted gates during COVID as well. It creates a queue for future quarters, not a lack of liquidity.

We have a specific dynamic in this fund with meaningful Asia-Pacific and Australian investors where most redemptions come from. In other markets like the US, redemption levels are notably less. Investors are now starting to redeem other asset classes after redemption pressure in private credit.

I don't think it's a broad generalization. There are idiosyncratic factors with this fund.

It certainly doesn't help to have an uninformed report create uncertainty. We have a robust valuation process. It's hard to tell how significant a factor it is, but it's one of the factors leading to increased redemption pressure.

80% of our investors are institutional with very long-term structures. This is one fund that's 4.8% of our assets, with less than 10% of investors in that fund looking for liquidity.

Some investors understand them very well, others less so. Gating provisions are a feature of these funds. We enacted gates during COVID to protect investors. A gate means you've received requests over 5% and create a queue for future quarters. The fund has plenty of liquidity.

The fund has a mandate to continue investing in new content, and we're protecting our ability to refresh and deploy these funds while meeting investor demands in a reasonable way.

As a firm, we have less than 10% exposure to software across the platform. Our portfolio is global and diverse, under-indexed to tech and software versus many peers. We feel confident our investors should be advantaged versus funds with higher software concentration.

Less than 10% of assets across the entire platform, including in many evergreen funds, are software related.