At PERA, we’re always listening to our members. We’re here to discuss actual questions from you and explain them more clearly. Private equity is investments in private companies. So, whereas the global equity asset class invests in publicly traded stocks from companies around the world, private equity invests directly in private companies. We expect a higher rate of return These are privately traded companies. They may be smaller in some cases than publicly traded companies, and so all of those characteristics end up with producing a higher rate of return over long periods of time than simply investing in stocks or bonds. Part of the reason that we invest in private equities is because of the higher return, which helps us achieve our ultimate goal of a secure retirement for PERA”s members. If we didn’t invest in private equity, we would have missed out on 3.6 billion dollars of added returns. That obviously would be a serious opportunity cost for PERA and its members. In private asset classes, every individual investment is negotiated directly between PERA and the manager of that particular bond. And we sign limited partnership agreements that contain confidentiality language that unfortunately, in some ways, doesn’t allow us to disclose as much information as as we would like to or as we do in other parts of the portfolio. For PERA to manage the entire portfolio, that’s not just private equity, that’s all five asset classes, is less than one-half of one percent or thirty five basis points. Our size is an advantage in terms of us being able to negotiate fees. It’s actually a very low cost investment portfolio. We’re just as good as our peers if not better and we’re cheaper. Do you have any more questions? Please keep asking them because at PERA, we hear you. We hear you. We hear you. We hear you.