Thank you. As is customary, I will note that I am not speaking on behalf of the Commission or SEC staff. Today, I’d like to talk about private funds, and the importance of certain of these funds — in particular, private equity and hedge funds — to our capital markets. Why do these funds matter? First, they matter because they’re large, and they’re growing in size, complexity, and number. Altogether, U.S. private funds have gross assets under management of $17 trillion with net assets of $11.5 trillion.