Carly Roddy: So as we sort of take a look at where the state of the private markets is today, it's absolutely open. We're still seeing diligence processes take a little bit longer than they were in the 2020 and 2021 time frame. So our advice is to really think about prepping early, planning early, and if you see your cash runway within 18 months, two years, the time to start thinking about a private raise could be top of mind. 


The other thing we're seeing is there's still competition for very high-quality private companies. And those are companies that are demonstrating strong unit economics, a path to profitability that's credible and stress-tested, and lastly, those that can still demonstrate growth. The private market is absolutely still a growth-oriented market. So even though we've seen the pendulum shift towards profitability versus growth at all costs, growth is still very important for investors in order to deploy dollars into the private markets.