Alice Takhtajan: Three words I would use to describe and really characterize the current environment-- reopening, receptivity, and stability. So first, on reopening, really the health of the IPO market. About 14 IPOs have priced so far this year. We've led the last four incredibly successful transactions in June. And it's really been great to see the reacceleration in IPO activity. 


In terms of receptivity, the breadth of demand across mutual funds and hedge funds is certainly much deeper than what we've seen earlier this year. Mutual funds are participating in transactions in size, and hedge funds are supporting IPOs both at the time of pricing and, importantly, in the aftermarket, as well. 
And lastly, I'd comment around stability, which is really the profile of the companies going public. What's interesting is that investors are incredibly focused on the durability and visibility of topline growth, coupled with profitability. If you look at software specifically, just as a proxy for broader growth in the tech market, valuations that are being ascribed to those companies that are growing at least 30% plus with profitability, those valuations are garnering two to three times premiums to the rest of the sector. So it's very clear where investors are focused right now.