Xia explains how he selects private equity funds to back in China; why he likes distressed debt and special situations strategies going forward; and he discusses Hamilton Lane's involvement in the acquisition of a 30% stake in Sinopec Limited's retail business. In general, we like this market because we think there are many good opportunities and plan to continue investing. Q: So looking at the alternative investment fund universe in China, which type of funds, for example, a China-specific fund or a pan-Asian fund, do you prefer? A: In China, we prefer country-focused funds. We do that in other...