“The overall environment, deal making environment, monetization environment, proportion of sponsor activity in the world, all of that is trending in the right direction and that should help propel us closer to our medium-term targets of $1 billion of incentive fees per year.”

In context

“ur ability to hit that is sure. Dennis Coleman: Fair point, Dan. Your question actually also helps answer the question on how asset and wealth management sort of migrates towards a higher return profile over time. It's another one of the contributors to top line that also has significant marginal margin contribution. You're right to ask because the unrealized balance of incentive fees as of the last quarter is now at $4.6 billion. We still do have visibility and expectations that there's significant amounts of incentive fees that will pull through the P&L over the next several years. Ultimately it's going to be a function of the way in which certain of those vehicles are able to finally monetize their investments and return carry to their investors, enable us to recognize the incentives. The overall environment, deal making environment, monetization environment, proportion of sponsor activity in the world, all of that is trending in the right direction and that should help propel us closer to our medium-term targets of $1 billion of incentive fees per year. Dan Fannon: Great, that's helpful. I just wanted to follow up on the ULTS business. Given the strength in fundraising, you raised the guidance after several years of strong growth. Can you talk about the funds that are coming in either bigger, or are more funds coming to market? Anything specific you could point to that's driving some of that excess growth? Dennis Coleman: Sure. Obviously, the last five years we've been raising about $65 billion a year, which was a healthy clip. Our expectations now for this year are a step function higher, you know, approximately $100 billion. The contribution is broad based, so it's across multiple different asset types. It is a combination of having certain vehicles that are larger than previous vintages as well as launching new types of fundraising v”