Permanent capital impairment is a risk that we look at both individually and as a portfolio. We use a variety of strategies, including diversification and fundamental research. Strategies where managers have a significant influence on the investment outcome are also preferred. Our clients rely on us to do fundamental investment research. The investment process includes sourcing, manager research and ongoing monitoring. Some of our long-term relationships date back over 25 years. Through our vast network of contacts, we continue to search for new managers. Our investment team is responsible for evaluating potential investment strategies, reviewing offer documents, negotiating terms and performing operational due diligence.