Sector dynamics play a key role in attractive opportunities for private equity deals. The chart on the left shows that declines in oil prices weigh on exits in energy and natural resources. The surge in oil prices in the back half of 2021 alleviated some of the pressures the sector was seeing at the onset of COVID-19 and led to a spike in exits. On the right, we show fossil fuels as % of global primary energy and S&P Global 1200 Energy capital expenditures. As you can see, while fossil fuel use hasn’t really changed over the last 2 years, capital expenditures among public energy companies, in contrast, have decreased. With capex decreasing among public companies, we will be ever reliant on private market investments to fill the spending gap.