Private equity never sleeps. That means it's fine to know everything about the European Union, the US, and the UK market; we have a very good coverage, but innovation is always behind the corner, and we have to take a lot of care of signals coming to the market. That means new trends, new solutions, creating, in a certain sense, new vehicles willing to invest in private equity. Nowadays in the market we have evidence of four different solutions or trends that could be relevant in the future. The four solutions are represented by private debt funds, crowdfunding, venture philanthropy, and SPAC, that stands for special purpose acquisition company. Let's start with private debt fund. What's the idea of private debt fund? The idea is in a certain sense very simple. We use the same vehicle you perfectly know. Venture capital fund, investment firms, closed-end fund. I don't want to repeat, you already know it, to invest, not in private equity, but in private debt. The story's simple, but we have to understand, why is it happening all around the world? We have two different answers. The first answer is related to the fact, especially in Europe, there is a strong trend where companies need to collect more and more money to debt using, not the banking system, but using the market. That means companies have to issue much more bonds. For companies listed in the stock exchange, it's relatively easy to do that. They push the button and they place bonds in the stock exchange. But many companies are SMEs and for them it is not possible to use the stock exchange. They have to sell their bonds to private investors. Private equity investors know the business, know exactly what they have to do when a company is not listed in the stock exchange, so the match in a certain sense is perfect. So many managers are creating private equity funds devoted to buy private debt, especially in Europe. The second solution, the second trend is represented by crowdfunding. Crowdfunding is something very digital, very modern and exciting. What's the idea of crowdfunding? Crowdfunding is a platform created on the net where through this platform different players, private people, companies, institutions can launch a call to collect money with an incredible variety of solutions. We can consider also young people willing to face expenses for a journey and they launch a call through their friends to collect money, or an hospital willing to buy a special machine to launch a program. Very different stories. Also venture capital and private equity can be used through crowdfunding, where especially companies in the first phase of development, or in the second stage of the life cycle startup, launch a call on the net to try to collect money. Does it work? I don't know. It's very difficult. It's honestly working very well for charity or for other reasons. In startup and development we have to see, but however, it's a solution we have to take a lot of care in. The third story is related to venture philanthropy. What is venture philanthropy? Venture philanthropy is, again, like private debt, a story in which vehicles of private equity that you already know, venture capital fund, closed-end fund, and so on, decide to invest only in businesses that generate a strong social impact. For example, they invest in businesses related to social housing or they invest in businesses devoted to produce health care services to poor people. Or they invest in companies devoted to give assistance to very old people. These are examples of businesses with a strong social impact. Venture philanthropy wants to finance these kind of businesses where the mechanisms are exactly the same as private equity, but both investors and managers accept to receive a lower level of profit in management fee, in carried interest, in capital gain for investors, and they accept to do that because in this way, they can sustain an activity generating social impact. The last solution is named SPAC (special purpose acquisition company). This is a trend that started more or less ten years ago in the United States, it was quite successful, and has arrived in Europe in the last three, four years. What's the idea? An SPAC is an empty shell, it’s an SPV. In this SPV we have promoters of the idea, and these promoters must have 20% of the equity of the company. They list the company in the stock exchange to collect the other 80% from the market. That's very strange, because we have a new company listed on the stock exchange with people willing to invest, and on the asset side we only have cash. The SPAC can however collect money only to do one investment, a private equity investment to buy another company. If the SPAC succeeds in doing that, the final outcome is that the SPAC is going to merge with the target company. If the SPAC is not able to do that, investors who decided to invest through the IPO in the SPAC will receive money back. As practitioners say, SPAC are one shot vehicles, investing only one time in private equity but the impact could be relevant because they raise money through the stock exchange.