Hello, everybody. Good morning. Hope everybody is safe in this particular sanitary crisis. Thanks for attending our conference. I'm starting with slide four on the Q1 2020 highlights. We can say that we had a solid momentum in a troubled context. EUR 25.4 billion of group AUM, which is 13.7% over 12 months and -1.5% over Q1. Asset management activities recorded plus EUR 500 million of net new money in Q1. Group fund recorded limited mark-to-market effect as a result of prudent capital deployment and an increased focus on long-term sustainable verticals. Fee-paying AUM base for closed-end funds was not impacted by market effects, trend slightly up at the end of 2020 versus end of the year. With EUR 1.2 billion of cash on its balance sheet and EUR 5 billion of dry powder in this asset management, Tikehau Capital is particularly well-positioned to navigate the current cycle.
Finally, Tikehau Capital enters exclusive negotiation to acquire Star America Infrastructure Partners, an independent asset manager specialized in mid-market infrastructure in North America. I'm moving to the next slide. Strong AUM progression over 12 months. As mentioned, it's EUR 4.5 billion group fundraising, which is 13.7% on a yearly basis. A solid momentum in the asset management with EUR 3.9 billion, which is a EUR 12.5 billion AUM growth. Just commenting the first chart. A year ago, we were at group level at EUR 22.4 billion. We fundraised EUR 4.5 billion. We give back to investor EUR 1.3 billion, we had negative market effect of EUR 0.2, which is mainly in Q1, which lead to the EUR 25.4 billion AUM. Moving to the next slide, six. AUM resilience over Q1. Commenting the first chart, we started at EUR 25.8 billion. We raised EUR 0.4 billion.
We sent back to investor, we distribute EUR 0.2 billion, EUR 200 million, we had a market effect negative of EUR 0.7 billion, which led to EUR 25.4 billion. As a result for Q1, it's only -1.5%. Moving to the next slide, which is our group AUM by asset class. I'm commenting the pie chart. As you noticed, the breakdown of our EUR 25.4 billion AUM is now EUR 9.5 billion of real estate, EUR 8.3 billion of private debt, EUR 3.5 billion of capital market strategies, EUR 2.1 billion of minority private equity and EUR 2 billion of direct investment, which is a change in the breakdown. That led to a very solid visibility on management fee generation. Fee-paying AUM for closed-end fund are slightly up as of March 31st, which is obviously positive indication for future revenue growth.
Q1 fundraising was driven by real estate with a positive impact of revenue mix. That was already the case at year-end. Finally, acquisition of Star America, which will enhance our fee-paying profile and contribute to improve further our revenue mix, both from an asset class and from a geographical point of view. Moving to the next slide, which will give you on a 12-month basis and quarterly basis, the overview of fundraising within our four different asset classes. First of all, private debt, which is more or less flat on a yearly basis and a little bit down on Q1 because we give back money to investor. As you know, we did not launch a flagship in the last 12 months in our private debt business, which we are launching now. Real estate, a solid growth on a yearly basis, but also on a quarterly basis.
Bear in mind that our real estate is a very diversified business across European geographies and asset classes. We've got residential, office, some retail. Private equity, solid growth. A year ago we are at EUR 1.4 billion. We are now at EUR 2.1 billion and some growth on the quarter. Obviously, it's increased our diversification, but it's enhanced, as mentioned before, the profitability of our asset management business. Finally, capital market strategies, which has been up year-on-year, a little bit negative on Q1 due to mark-to-market effects, but as you know, the performance are visible daily. We can say that our capital market strategy have performed pretty well during the turmoil in the financial market. Moving to the next one, slide nine, which is our EUR 500 million fundraising in our asset management. You've got the breakdown on an asset class basis.
As you noticed, real estate and private equity have been the key driver of our fundraising. Very limited exit on the capital market strategies, which is a very good sign, because that's the only area where investor could decide to redeem money. It's pretty encouraging if you compare to peers and more important, in the context of the turmoil in the capital markets. Despite the fact that it was a quiet quarter for private debt, ahead of the launch of TDL5, we can say that we have a positive momentum for real estate, both on Sofidy and Treo. Capital market strategies have been resilient, and private equity, so additional comments. The multi-asset strategy launch, with Fideuram, is moving in the right direction. As you noticed, we just announced a partnership with Banca March in Spain, to further develop these strategies. Moving to slide 10, and Henri.
Good morning to all of you. Just wanted to give you a specific update on valuation issue in the current environment, with lots of volatility as we have seen over Q1. I will divide that explanation in two parts, with the upper part being the asset management valuation, and then I will talk about the direct investment. As far as asset management valuation are concerned for Q1, we have our capital market strategy funds. We have actually daily NAV, which are published on a daily basis. Those NAV are fully reflected within our AUM, as they are the basis of our revenue generation, and with the current market practice standards. As far as our three other business units are concerned, being real estate, private equity, and private debt, we've been doing an exercise of updating our NAV for our clients, for our customer, on a quarterly basis.
As we have always disclosed, those NAV have been updated using the IPEV standards, for each of our asset class. That is key to understand. We wanted to remind you that in that context, those NAV have been particularly tough to assess in Q1, as far as each asset class is concerned. That being said, our closed-end funds have duration up to 10 years. The vast majority of our flagships are currently in investment period. As of end of March, we would like just to assess that the cutoff effect is effectively somehow unfavorable, but that it does not reflect the long-term performance potential of the assets that are being held within our funds.
As far as the direct investment is concerned, we have been updating our investment portfolio, which is carried out by the balance sheet, and the impact is minus EUR 170 million of negative market effect. A proportion of EUR 150 million of that being concentrated within our listed portfolio. This is the snapshot effect, once again, end of Q1, which is by definition unrealized, but just marking our assets at their value. Once again, with two different exercises, the NAV exercise being carried out at the level of our fund, meanwhile, updating our AUM figures on the basis of the rules we've always been using at group level, use rules that are clearly defined in our annual report, where our AUM bases are mostly relying on our revenue generation capacity.
Thank you, Henri. Good morning, everyone. This is Mathieu Chabran. I wanted to give you a quick snapshot on the planned acquisition of Star America that we are announcing this morning. We are announcing at this stage exclusive negotiation with this company, which remains subject to some CP to closing. Who is Star America Infrastructure Partners? This is an independent asset manager that was created almost 10 years ago by two entrepreneurs, Bill Marino and Christophe Petit. They are active both in majority and minority investment across infrastructure project in North America, but focusing exclusively on the mid-market project. That's an important point, given the targeted return of this specific asset class. They've developed a very strong expertise, partly in the PPP, the public-private partnership, which are very fashionable nowadays, and specifically, in transport, in social being healthcare, student housing, environment and communication.
They benefit from a very international and very specifically Anglo-Saxon LP base, U.S., U.K., that could be very complementary to the existing Tikehau LP base. At the end of last year, they were managing $600 million of AUM. If we speak two minutes about the infra, obviously that would be, if the transaction was to be completed, a new asset class for Tikehau in the objective of diversifying our business mix. U.S. infrastructure has a very strong momentum and growth potential. Not only the U.S. spendings in that area have been lagging relative to the European countries, it's a much more fragmented and a deep market, where this mid-market focus is much less competitive than what we would have in all the larger projects or what we've been witnessing in Europe.
An important point is that we are expecting global LPs to remain extremely exposed and to increase their allocation to the asset class in the midterm. Why Tikehau is looking at this potential partnership? As I said, that would be a new asset class for Tikehau, an asset class where people, investors, have been expecting us to move into for some times. We would be benefiting from a very experienced and seasoned team, and very importantly, with the very same DNA, the same entrepreneurial DNA. That's what we found extremely appealing when we met this team and when we started having this discussion.
Obviously, after our opening of our first presence in North America, a bit less than two years ago now, that would be a stronger support to our growth, in the regions, not only in the asset class, but as I said, in reaching out to a new investor base. As Antoine alluded to, that would be an accretive acquisition in terms of management fee rate. Moving on to page 12. Very briefly, for those of you who attended our Capital Market Day that took place, well actually almost a year ago now, on May 15, in London last year. We had the opportunity to comment on our M&A approach. For Tikehau, obviously, any acquisition would have to fit the same cultural approach. It would have to be value creative. Obviously, we have to be strategic, as I said, it would have to be a profitable growth.
We think that's what we identified by talking to Star America. You have a smaller recap of the various partnership or acquisition we completed over the past few years. What is interesting with Star America, if you look at this top line, is that obviously that would check our international expansion, which has been a key driver over the past few years for Tikehau. That would rebalance the business mix with a new asset class in the real asset class, and that's something that since we went public in 2017, we've been extremely focusing on. That would expand our product offering. As I said earlier, that would be very complementary from an LP base. If this transaction was to be completed, that would tick all of these objectives. Now, a quick word, moving on to page 13, on what has happened since the end of March.
Obviously, we've been entering into the situation that Antoine reminded all of us in introduction. We kept on being busy with few initiatives that we wanted to come back on. First of all, we announced this partnership with Banca March, which is a new very strategic partnership for us targeting private clients, very similar to what we did in Italy with Fideuram at the end of last year. This ELTIF will be able to give access private clients to a private equity solution, partly focusing on our energy transition strategy, which is a very appealing investment strategy for investor right now. As I said, our partnership with Fideuram, despite the terrible situation that Italy has been going through for the past few months, we well managed to successfully announce the second closing with the Fideuram project. As I said, despite this environment.
In Asia, we took advantage of the strong market dislocation to increase our stake in IREIT Global, which is this Singapore-listed REIT, real estate investment trust, taking our stake from 17% to close to 30%. The stock has been trading up and reacting well to this announcement since. Finally, we are extending our fundraising period to the end of 2020 for our energy transition fund called T2, and we are launching our fifth vintage of direct lending fund, our flagship fund that Antoine was referring to, and that we'll be marketing in the coming weeks. Lastly, I would mention that the secondary private debt initiative that we announced at the end of last year run out of New York by Olga Kosters, is getting some steam. The current market condition should prove to be timely for this initiative.
Likewise, in our special opportunity fund number two, which is in the process of being raised, a good momentum given the current market condition. Before handing over to some questions, I wanted to reiterate the Tikehau investment case with a few bullet points. Our role remains to be strongly committed to financing the real economy in a sustainable way. We benefit at Tikehau, like all our partners in the alternative assets class, from very strong structural tailwinds from investors, and the thesis remain. We certainly differentiate ourselves at Tikehau with a very strong alignment of interest that we have developed and maintained between the management team, the shareholders, and the public investors.
As we highlighted to you a month ago when we reported the full year of 2019, we are definitely committed to increasing the contribution from the asset management activity to the overall P&L balance. That's the trend that will continue. We have very strong and diversified investment portfolio. It's extremely granular. There are no single concentrated risk in the portfolio that, obviously, the current circumstances could potentially jeopardize. Our objective to rebalance the Tikehau balance sheet into Tikehau funds remains very much the case. Finally, the strong balance sheet that you have heard us mentioning many times over the years. Liquid balance sheet, as a matter of fact, is a very strong competitive advantage in the situation we are entering into.
In that context, like we did last month when we had the opportunity to talk to you about the end of the full year 2019, we are reiterating our 2022 guidance, which is EUR 35 billion of assets under management by 2022. A NOPAM, a net operating profit from asset management, more than EUR 100 million. Having the balance sheet of Tikehau invested from 65%-75% into our own funds, and with a view to generating a return on capital employed by the balance sheet of 10%-15%. With that, we would like to turn over to some questions. Thank you so much for attending this morning, and we'll be happy to answer any questions you may have.
Thank you. Ladies and gentlemen, if you wish to ask a question at this time, please signal by pressing star one on your telephone keypad. Please make sure the mute function on your phone is switched off to allow your signal to reach our equipment. If you find that your question has already been answered, you may remove yourself from the queue by pressing star two. Again, it is star one to ask a question. Our first question comes from Geoffroy Michelet from ODDO BHF. Please go ahead.
Hello, gentlemen. Thank you for taking my question. My first question relates to Star America. I just wondered if you would be able to give us some more color on the kind of fee mix that infrastructure is offering, and also the profile of IRR on carried interest embedded. My second question relates to private debt. We saw a bit of market effect. I was wondering if this was a hike in the default rate or, let's say, a cautious provisioning, but not yet realized. Thank you. That's it for the moment.
Thanks, Geoffroy. I will start with Star America. I won't be able to comment specifically on this company for obvious regulatory reason, but I can guide you towards the wider infrastructure space in terms of asset management fees. They tend to be obviously closer to the real estate and private equity type of management fees, let's say anywhere between 1% to 1.5% of management fees on committed capital and not on invested capital, which is obviously a reality for businesses like ours, and with carried interest in line with the industry. As to the question about the performance, here again, I cannot be specific given the nature of the discussion we're having. The company being SEC-regulated, you might find public information on the SEC website reporting their Fund One performance being 14.6% net IRR on the historical fund. That's for the infrastructure question.
Moving on to the private debt. As you remember, our private debt businesses not only embrace our direct lending business, which are private transaction, and also the leveraged loans. The leveraged loans have a daily mark. Part of the markdown that we are reporting on this asset class were registered on March 31st. If you go back to what happened at the end of last quarter, that was a trough. If you take the European leveraged loan index, I think it was around 78 relative to 100 basis, so $0.78. I think it's back now to 88 or 89. There is a part of the mark-to-market that was really spot on the leveraged loan valuation. As to the private direct lending, as Henri gave you the framework that is being reported under the IPEV valuation rules.
Thank you very much.
Thank you. As a reminder, to ask a question, please signal by pressing star one. Our next question comes from Nicolas Payen of Kepler Cheuvreux. Please go ahead.
Yes, good morning. Thank you very much for your presentation. I have two questions, please. The first one will be on your cash usage and opportunities, and the first one on your acquisition. On cash usage, we saw recently that you participated in the capitalization of Lecta, and I wanted to know if actually it was an opportunistic move, and if such move actually arise in this kind of environment, and if you could benefit from this kind of environment with actually a valuation becoming more attractive. Also, on the other hand, did you actually pour cash into your companies within your portfolio to support them within the difficulties that they might go through currently? That was for the first question.
The second question, coming back to Star America, I fully realize that you can't comment too much, but maybe can you confirm that it is 100% funding cash from the acquisition? Thank you very much.
Thank you for your two questions. Antoine Flamarion speaking. First of all, as we've been pointing, for now, probably 24 months, we did not like so much the cycle, and we've been more or less in a piling cash mode. As you remember, at the balance sheet level, the listed company, we've done a massive share capital increase, and we issue a new EUR 500 million bonds. As a result, we enter this crisis with EUR 1.3 billion at year-end. We reported EUR 1.2 billion, as you noticed, but with EUR 1.3 billion of cash plus a EUR 500 million credit facility. First of all, we've been very cautious on making sure we had a lot of resources, a lot of financial resources. The asset management of more than EUR 5 billion of dry powder.
First of all, on the cash management, as you mentioned, we are going to be very conservative, and the firm has been very conservative. You all remember that we started in 2004. We had the global financial crisis in 2008. We navigate that fairly well, and we accelerated our development just after 2008 crisis. We consider we are in a much stronger position now than in 2008. We have a pretty broad infrastructure, 12 countries, 600 people, a lot of cash, a lot of partners, very strong shareholder base. That's how we enter this sanitary crisis, which has been a little bit of financial crisis now, and more important and more to come, a pretty difficult economic crisis. It's not a question anymore of knowing if it's going to be a V shape, a U shape, a Nike type shape.
We are fairly pessimistic on the economic cycle. Also, cycle are very different. U.K. and U.S. will be different than Asia, will be different than Continental Europe. From a purely cash point of view, obviously, we'll be monitoring and using our cash, in a very efficient and prudent manner. When it come to Lecta, as you know, we have a pretty strong and solid credit research team, so that enable us to look at a lot of situation. We are monitoring more than 600 credit in Europe, to give you a sense. We're going to see more and more situation like Lecta. We've been monitoring and invested a little bit of money into Lecta, but that enable us to invest much more money in the current announced transaction, alongside Apollo and Cheyne. Mathieu, you want to add a few things?
Yeah, no. Before answering your question on Star, obviously on this specific transaction, that's the core for a special opportunity business that we are ramping up today. I mean, right now that we are discussing this TSO, an illustration of this strong company who needs to have some reinforcement of their equity base, their capital base. That's one of the big theme in Europe, is that many mid-market companies tend to be under-capitalized. They've all been benefiting from a very favorable leverage environment. Some of them may have had added a bit too much leverage and as the cycle turns and when you hit Q2 like we had over the past few months, it would be important to be a real provider of solution to recapitalize or to increase the equity base of some of these European mid-market companies.
We are at the core of the strategy of TSO here. To your question about Star, once again, unfortunately, I cannot comment too much on the terms of the transaction. You should assume that if the transaction was to be completed, obviously we'll be focusing at having the team fully aligned with us, which is the intention, obviously, not only to the two founders, but the team to remain fully in place and that any transaction could comprise some element of cash and some element of stock as we've been doing in the past.
Thank you very much.
Thank you. Our next question comes from Luke Mason from Exane BNP Paribas. Please go ahead.
Hi. Good morning. Just a couple of questions, please. Just wondering if you could give the breakdown of kind of the mark-to-market you've seen by asset class, so real estate private equity, private debt in the first quarter. Just secondly, on the pace of deployment within your funds in recent months, given the crisis, just given if you're seeing opportunities there, or what kind of pace of deployment you've been seeing. Thanks.
Thanks, Luke, for your question. I think on mark-to-market, we said we are applying the same rules as we've been applying before. I think at this stage, we will not comment on mark-to-market breakdown, and also very important, the length of this crisis is complex. I think we have to be comfortable with our marks and conservative. I think obviously it will evolve. It's very different to have listed assets with daily mark-to-market and long-term assets where it's probably too early. Also, we've been taking some provision, but we are not commenting on an asset-by-asset basis. We'll see. We'll probably do it end of June, on a semi-annual basis. We'll probably do that because it will be more efficient. That first question. Sorry, Luke, your second question?
It's just around the pace of deployment you've seen within your firm. I don't know if you're seeing opportunities or if it's dried up the pipeline of deployment.
In terms of deployments, the only thing we've been mainly doing in Q1 is taking advantage of the market dislocation. As you know, we launched already a Tikehau Special Opportunities fund, being able to buy stressed credits. We start investing in March, buying listed credits at very big, deep discounts. To give you a sense, we've been buying credit at, let's say EUR 0.70 or EUR 0.75. They are now trading back to par. This market dislocation has been very quick. It's not a huge amount of money deployed, but we've been able to do that. We've done three things in terms of deployments, and this is one. Two, we continue to invest our financial subordinated debt fund. Buying AT1 from banks. As you probably also, AT1 have been trading down to EUR 0.75, and are now back to par.
We've been investing a little bit there. Lastly, you probably all see, and it's been disclosed because it's a listed company. We've been able to purchase one large Asian investor in our listed REIT in Singapore. This REIT is invested in German office real estate, rented to pretty large tenants like Deutsche Telekom, State Pension Fund. One of the shareholders of this IREIT company has been a core seller. We've been able to purchase at a very big discount to NAV and at a depressed price. We purchased close to EUR 0.50, let's say, and it's back now to EUR 0.68. That's enabled us to get more ownership in the REITs. We've done that with one of our Singaporean partners. Go back to your question on capital deployment.
We've been able to deploy capital mainly on listed assets because that's where the dislocation has been pretty quick and pretty strong. Obviously, in all of our various business, we are contemplating transaction, and we are looking at real estate transaction, private debt transaction, private equity transaction. The firm has been working like probably all of you, remotely, but in a very efficient manner. We think it's too early to take advantage of potential trouble in the private market, but we are monitoring a lot of situation, and obviously you are going to probably see us invest mid-term.
If I can add one thing, Luke, maybe to Antoine's comment. Specifically, if you take private debt, remember that a few months ago, people were all very nervous about the bubble in private credit, too much money being raised, and would there be enough opportunity to deploy this capital? Unfortunately, I would say as a consequence of what we've been going through, this pool of capital are becoming extremely relevant in the context of the liquidity squeeze that some companies may be able to go through nowadays. Accordingly, as the market starts to reopen, what we are seeing, and you remember that the Tikehau positioning in private debt as per our slide back months ago, was very conservative relative to the European average, or at least publicly reported.
What we are seeing now, and even if the market is reopening slowly, we see that not only the financing we are able to commit to would be lower levered, probably by a turn of EBITDA, right. We were already fairly defensive at Tikehau at four times relative to an average of the market at five times plus in Europe. On the other hand, in terms of spreads, obviously we are now benefiting from a widening of the spreads by, let's say, 200, 300 basis points. I'm giving some rough number. I'm mentioning that because I believe that, unfortunately, as a consequence of what has been happening, this asset class, private debt, direct lending, should come back in force as a very appealing investment strategy for investors. That's one.
On the private equity, remember that Tikehau is not involved in controlled buyout and the very high valuation that controlled buyouts have been closed at. We are doing exclusively minority investment, growth equity. We're providing resources and equity base to family-owned businesses, to entrepreneurs. Here again, coming back to my earlier comment, and that's what we are seeing, we see advisory boutiques, investment banks coming back. It's no longer about pitching some controlled buyout at 20 times EBITDA with 8 times leverage. It's very much about finding solution for family-owned businesses to increase their capital base, and we think this is where we're going to be very relevant.
Our view, one of the consequences of this crisis from a purely financial point of view is that all economic actors or players with a lot of leverage will suffer a lot. The example we gave you of buying out one of the IREIT shareholder is a consequence of people being highly leveraged, and we see casualties in people buying real estate with a lot of leverage. You probably all noticed a $3.2 billion default from Colony Capital in U.S. real estate. We see a lot of default coming in the BDC space. We see a lot of default in the control LBO, private equity. People have been buying, for the last 10 years, companies at 10 initially, 12, 14, 16 times EBITDA with 40%-50% of leverage. Unfortunately, with the sanitary crisis whereby you have no revenues, it creates a lot of trouble.
Potentially also in some of the infrastructure. I'm not commenting hedge fund, which we are not part of, but you probably all been reading what's happening with three large players in the U.S. We see that this cycle will probably enlighten the more prudent player, and we consider ourselves as being much more conservative. I think we had the opportunity to explain that to the market and some of you. Obviously, in any crisis, you have to remain humble, make sure that you are fully operational, you've got dry powder, sourcing, analysis capacity, and we're going to continue to build over time.
Maybe just a quantitative update as far as your question is concerned. In Q1, the level of deployment of our funds has been reducing a bit more than 10% versus Q1 last year.
Great. Thanks.
Ladies and gentlemen, as a reminder, to ask a question at this time, please signal by pressing star one. We will pause for just a moment to allow you an opportunity to signal. There are currently no further questions over the phone.
Louis from the IR team here. We have a couple of questions on the webcast coming from Christoph Greulich from Berenberg. The first question would be to the calendar for Star America, and when do we expect negotiations with Star America to be finalized? For the second question is regards to fundraising and have we seen any change in the attitude of investors between April and May at the start of Q2? Those are the two questions.
Well.
I can.
Yeah, sure. Thank you, Louis, and thanks, Christoph. On Star, once again, and sorry about that, but for obvious reason, it's very difficult for us to comment as that will involve some concern from existing LPs and the like. We cannot give you any precise timeframe, but for standard in a transaction of this nature. Maybe commenting on the second question, Christoph, on the attitude of investors. As Antoine said, from Tikehau side, we've been up and running and fully operational across our investor relationship and our dialogue with investors. Sometimes, on the other side of the phone, if I may say, that was not always the case. Indeed, some investors have been focusing primarily in April, on their existing portfolio company. Now, what we can say is that many of them remain extremely committed to take advantage of this new market normal, if I may say.
B, our existing investor base were effectively people who they've been investing with us for some time, for some years, and they don't have to go through a brand-new process of onboarding a new manager. We've been seeing some very reactive investors and Special Opportunity Fund is a good example of that. On the other hand, people who have to onboard a new manager, go through due diligence processes. I think I mentioned to you last time we spoke at the end of March, that we've been extremely positively encouraged by some large global investors carrying out what was supposed to be some on-site due diligence, and obviously could not travel to Europe, either from Asia or from North America, and doing some 10-hour session of Zoom due diligence, interviewing 30 of our partners within five offices.
That was extremely encouraging, because not only they were doing that, the consultants were doing that. Whilst obviously there will be some delays because the very nature of what we've been going through, operationally, many of the LP we're talking to, investors we're talking to, are clearly very much on the ball, which is encouraging in that context, and that's why we are in position to reiterate our 2022 objective.
There are no further questions on the webcast on my side.
There are currently no further questions in the phone queue.
Thank you very much for your time and your presence. As you know, we remain committed, are on the ball. The cycle is going to be probably very complex. It's too early to get a sense. Our view is that the financial player and actors will be a little bit shaken. It will be very different from insurance companies, banks, traditional asset manager, alternative asset manager. There will be some winner, some losers. We are well-positioned, again, with a strong set of people, very robust shareholders and partners. We're going to continue to create and not compete. We'll see a lot of opportunities coming, especially for people who have dry powder, and more important, a balance sheet. Because if you don't have a balance sheet in such crisis, then it's going to be much more complicated. You need a liquid balance sheet, obviously.
Thanks again. Thanks for your time.