{"id":6306,"date":"2026-01-12T09:08:29","date_gmt":"2026-01-12T09:08:29","guid":{"rendered":"https:\/\/qualitasfunds.com\/?p=6306"},"modified":"2026-01-21T11:40:43","modified_gmt":"2026-01-21T11:40:43","slug":"2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty","status":"publish","type":"post","link":"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/","title":{"rendered":"2025, a great year for Qualitas Funds: consolidation, growth and confidence amid market uncertainty"},"content":{"rendered":"\n

The major milestone of the year came in April, with our definitive integration into P10<\/a><\/mark>, a leading global platform in the middle and lower middle market listed on the NYSE. The transaction was successfully completed six months after P10 agreed to acquire 100% of Qualitas Funds, in a strategic alliance that is highly beneficial for both firms: for P10, it represented its entry into Europe; for Qualitas Funds, the opportunity to offer additional strategies and new investment vehicles in global markets.<\/p>\n\n\n\n

This close collaboration between P10 and Qualitas Funds quickly delivered its first results: in June we launched our first fund of funds to invest in North America<\/a><\/mark> thanks to the collaboration with RCP Advisors, a company under the P10 umbrella. While the fund is managed by Qualitas Funds, RCP Advisors will help us identify and select the best investment opportunities in the North American market.<\/p>\n\n\n\n

Qualitas Funds US I was the first of three new funds launched this year. In May, we launched our seventh European private equity fund of funds<\/a><\/mark>, Qualitas Funds VII, with a maximum size of \u20ac300 million. In December, we announced our third private equity co-investment fund, Qualitas Funds Direct III<\/a><\/mark>, with a hard cap of \u20ac200 million. Both vehicles reflect the maturity of Qualitas Funds\u2019 strategy: they maintain the same investment approach as their predecessors, but with greater size and investment capacity.<\/p>\n\n\n\n

Trusted media investment expert<\/strong><\/p>\n\n\n\n

The growth of Qualitas Funds has been accompanied by an increasingly prominent presence in Spain\u2019s leading media outlets. The country\u2019s main financial newspapers, such as Expansi\u00f3n<\/em>, El Economista<\/em> and Cinco D\u00edas<\/em>; general news outlets such as El Confidencial<\/em> and El Espa\u00f1ol<\/em>; and specialised media such as Capital & Corporate, Funds People, Funds Society, Estrategias de Inversi\u00f3n<\/em>, among others, have all reported on these new milestones.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

In addition, our team was interviewed in Estrategias de Inversi\u00f3n<\/a><\/mark><\/em>, Negocios TV and Finance Community<\/mark><\/a>, written columns for El Economista<\/a><\/mark><\/em>, participated in reports alongside experts on new sector trends<\/a><\/mark>, and taken part in digital meetings with Expansi\u00f3n<\/a><\/mark><\/em> to bring the benefits of private equity investment closer to the general public. These prominent media appearances have helped further consolidate Qualitas Funds as a reference in private markets, with agile private equity programmes, attractive returns and optimal diversification.<\/p>\n\n\n\n

Greater international exposure<\/strong><\/p>\n\n\n\n

The integration into P10 is one of the main reasons behind the growing international recognition of Qualitas Funds, but there is another equally important factor. Our team attended some of the most important investment events held in Europe. These include, our participation in IPEM Paris<\/a><\/mark> in September, one of the major European private equity gatherings, as well as IPEM Cannes<\/a><\/mark> in January. At a global level, our participation in Global Alts 2025 in Miami also stood out. <\/p>\n\n\n\n

Additionally, a strategic market for Qualitas Funds is Portugal, where our local team organised a masterclass in March in collaboration with the Portuguese Family Business Association<\/a><\/mark>. We have also taken part in national events, including CapCorp<\/a><\/mark>, Private Equity Insights<\/a><\/mark>, ASEAFI Infrastructure & Debt<\/a><\/mark>, and the Leaders League Iberian Summit.<\/p>\n\n\n\n

As a result of this increased international presence, several specialised media outlets have recognised us with various awards. Specifically Private Equity Wire European Awards 2025<\/a><\/mark> named Qualitas Funds Direct II as \u201cEmerging Fund Raising of the Year: Co-invest\u201d and highlighted Qualitas Funds III in \u201cPerformance of the Year: Fund of Funds\u201d. In addition, the Wealth & Finance International Awards 2025<\/a><\/mark> recognised Qualitas Funds in the category \u201cInvestment Excellence Awards: Lower Mid-Market Private Equity Manager of the Year 2025 \u2013 Europe\u201d.<\/p>\n\n\n\n

A firm in constant growth<\/strong><\/p>\n\n\n\n

The greatest source of pride for Qualitas Funds is that 2025 was filled with milestones that increased the scale of the firm. Among them, the appointment of two new partners<\/a><\/mark>, V\u00edctor Romero and Bernardo Marques dos Santos, who joined Eric Halverson, Sergio Garc\u00eda and Javier Alem\u00e1n to face the future challenges of Qualitas Funds.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Without a doubt, the Investor day<\/a><\/mark> held in May was the most important day of the year for Qualitas Funds, and the occasion on which we were able to give our investors a clear account of the firm\u2019s growth. On this occasion, we were joined by 200 attendees, who were able to learn first-hand not only about the main developments and results of our funds, but also about the strength and resilience of Qualitas Funds in the face of global uncertainty.<\/p>\n\n\n\n

We are already taking the first steps into a challenging 2026 that will bring new milestones and challenges. Thank you, once again, for your trust. We face the new year with the commitment to continue creating value for our investors and partners in an efficient and responsible manner.<\/p>\n\n\n\n

We wish you a prosperous New Year, full of shared opportunities.<\/p>\n","protected":false},"excerpt":{"rendered":"

As 2025 comes to an end, it is time to look back and assess everything achieved over the past 12 months. The result is highly satisfactory: we have expanded our product offering, joined a global investment platform and, as a result, increased our media presence. A collective effort by the entire Qualitas Funds team, with the aim of continuing to offer the best service to our investors.<\/p>\n","protected":false},"author":3,"featured_media":6321,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[90],"tags":[],"class_list":["post-6306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-qualitas-funds-news"],"acf":[],"yoast_head":"\n2025, a great year for Qualitas Funds: consolidation, growth and confidence amid market uncertainty - Qualitas Funds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2025, a great year for Qualitas Funds: consolidation, growth and confidence amid market uncertainty - Qualitas Funds\" \/>\n<meta property=\"og:description\" content=\"As 2025 comes to an end, it is time to look back and assess everything achieved over the past 12 months. The result is highly satisfactory: we have expanded our product offering, joined a global investment platform and, as a result, increased our media presence. A collective effort by the entire Qualitas Funds team, with the aim of continuing to offer the best service to our investors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/\" \/>\n<meta property=\"og:site_name\" content=\"Qualitas Funds\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-12T09:08:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-21T11:40:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/qualitasfunds.com\/wp-content\/uploads\/2026\/01\/PanoQualitas2ALTA-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1\" \/>\n\t<meta property=\"og:image:height\" content=\"1\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beatriz Menendez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Beatriz Menendez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/\"},\"author\":{\"name\":\"Beatriz Menendez\",\"@id\":\"https:\/\/qualitasfunds.com\/en\/#\/schema\/person\/407f713a63111910be91ecb7b4284be6\"},\"headline\":\"2025, a great year for Qualitas Funds: consolidation, growth and confidence amid market uncertainty\",\"datePublished\":\"2026-01-12T09:08:29+00:00\",\"dateModified\":\"2026-01-21T11:40:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/\"},\"wordCount\":795,\"image\":{\"@id\":\"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/qualitasfunds.com\/wp-content\/uploads\/2026\/01\/PanoQualitas2ALTA-scaled.jpg\",\"articleSection\":[\"Qualitas Funds News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/\",\"url\":\"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/\",\"name\":\"2025, a great year for Qualitas Funds: consolidation, growth and confidence amid market uncertainty - Qualitas Funds\",\"isPartOf\":{\"@id\":\"https:\/\/qualitasfunds.com\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/qualitasfunds.com\/wp-content\/uploads\/2026\/01\/PanoQualitas2ALTA-scaled.jpg\",\"datePublished\":\"2026-01-12T09:08:29+00:00\",\"dateModified\":\"2026-01-21T11:40:43+00:00\",\"author\":{\"@id\":\"https:\/\/qualitasfunds.com\/en\/#\/schema\/person\/407f713a63111910be91ecb7b4284be6\"},\"breadcrumb\":{\"@id\":\"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/#primaryimage\",\"url\":\"https:\/\/qualitasfunds.com\/wp-content\/uploads\/2026\/01\/PanoQualitas2ALTA-scaled.jpg\",\"contentUrl\":\"https:\/\/qualitasfunds.com\/wp-content\/uploads\/2026\/01\/PanoQualitas2ALTA-scaled.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Portada\",\"item\":\"https:\/\/qualitasfunds.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"2025, a great year for Qualitas Funds: consolidation, growth and confidence amid market uncertainty\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/qualitasfunds.com\/en\/#website\",\"url\":\"https:\/\/qualitasfunds.com\/en\/\",\"name\":\"Qualitas Funds\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/qualitasfunds.com\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/qualitasfunds.com\/en\/#\/schema\/person\/407f713a63111910be91ecb7b4284be6\",\"name\":\"Beatriz Menendez\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/qualitasfunds.com\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/40893f3d5ada671da9773f2e9c3e2c806f1c21c8c9c38946c948b485adc4cf70?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/40893f3d5ada671da9773f2e9c3e2c806f1c21c8c9c38946c948b485adc4cf70?s=96&d=mm&r=g\",\"caption\":\"Beatriz Menendez\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"2025, a great year for Qualitas Funds: consolidation, growth and confidence amid market uncertainty - Qualitas Funds","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/","og_locale":"en_US","og_type":"article","og_title":"2025, a great year for Qualitas Funds: consolidation, growth and confidence amid market uncertainty - Qualitas Funds","og_description":"As 2025 comes to an end, it is time to look back and assess everything achieved over the past 12 months. The result is highly satisfactory: we have expanded our product offering, joined a global investment platform and, as a result, increased our media presence. A collective effort by the entire Qualitas Funds team, with the aim of continuing to offer the best service to our investors.","og_url":"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/","og_site_name":"Qualitas Funds","article_published_time":"2026-01-12T09:08:29+00:00","article_modified_time":"2026-01-21T11:40:43+00:00","og_image":[{"url":"https:\/\/qualitasfunds.com\/wp-content\/uploads\/2026\/01\/PanoQualitas2ALTA-scaled.jpg","width":1,"height":1,"type":"image\/jpeg"}],"author":"Beatriz Menendez","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Beatriz Menendez","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/#article","isPartOf":{"@id":"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/"},"author":{"name":"Beatriz Menendez","@id":"https:\/\/qualitasfunds.com\/en\/#\/schema\/person\/407f713a63111910be91ecb7b4284be6"},"headline":"2025, a great year for Qualitas Funds: consolidation, growth and confidence amid market uncertainty","datePublished":"2026-01-12T09:08:29+00:00","dateModified":"2026-01-21T11:40:43+00:00","mainEntityOfPage":{"@id":"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/"},"wordCount":795,"image":{"@id":"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/#primaryimage"},"thumbnailUrl":"https:\/\/qualitasfunds.com\/wp-content\/uploads\/2026\/01\/PanoQualitas2ALTA-scaled.jpg","articleSection":["Qualitas Funds News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/","url":"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/","name":"2025, a great year for Qualitas Funds: consolidation, growth and confidence amid market uncertainty - Qualitas Funds","isPartOf":{"@id":"https:\/\/qualitasfunds.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/#primaryimage"},"image":{"@id":"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/#primaryimage"},"thumbnailUrl":"https:\/\/qualitasfunds.com\/wp-content\/uploads\/2026\/01\/PanoQualitas2ALTA-scaled.jpg","datePublished":"2026-01-12T09:08:29+00:00","dateModified":"2026-01-21T11:40:43+00:00","author":{"@id":"https:\/\/qualitasfunds.com\/en\/#\/schema\/person\/407f713a63111910be91ecb7b4284be6"},"breadcrumb":{"@id":"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/#primaryimage","url":"https:\/\/qualitasfunds.com\/wp-content\/uploads\/2026\/01\/PanoQualitas2ALTA-scaled.jpg","contentUrl":"https:\/\/qualitasfunds.com\/wp-content\/uploads\/2026\/01\/PanoQualitas2ALTA-scaled.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/qualitasfunds.com\/en\/2025-a-great-year-for-qualitas-funds-consolidation-growth-and-confidence-amid-market-uncertainty\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Portada","item":"https:\/\/qualitasfunds.com\/en\/"},{"@type":"ListItem","position":2,"name":"2025, a great year for Qualitas Funds: consolidation, growth and confidence amid market uncertainty"}]},{"@type":"WebSite","@id":"https:\/\/qualitasfunds.com\/en\/#website","url":"https:\/\/qualitasfunds.com\/en\/","name":"Qualitas Funds","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/qualitasfunds.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/qualitasfunds.com\/en\/#\/schema\/person\/407f713a63111910be91ecb7b4284be6","name":"Beatriz Menendez","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/qualitasfunds.com\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/40893f3d5ada671da9773f2e9c3e2c806f1c21c8c9c38946c948b485adc4cf70?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/40893f3d5ada671da9773f2e9c3e2c806f1c21c8c9c38946c948b485adc4cf70?s=96&d=mm&r=g","caption":"Beatriz Menendez"}}]}},"_links":{"self":[{"href":"https:\/\/qualitasfunds.com\/en\/wp-json\/wp\/v2\/posts\/6306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qualitasfunds.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qualitasfunds.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qualitasfunds.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/qualitasfunds.com\/en\/wp-json\/wp\/v2\/comments?post=6306"}],"version-history":[{"count":6,"href":"https:\/\/qualitasfunds.com\/en\/wp-json\/wp\/v2\/posts\/6306\/revisions"}],"predecessor-version":[{"id":6369,"href":"https:\/\/qualitasfunds.com\/en\/wp-json\/wp\/v2\/posts\/6306\/revisions\/6369"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qualitasfunds.com\/en\/wp-json\/wp\/v2\/media\/6321"}],"wp:attachment":[{"href":"https:\/\/qualitasfunds.com\/en\/wp-json\/wp\/v2\/media?parent=6306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qualitasfunds.com\/en\/wp-json\/wp\/v2\/categories?post=6306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qualitasfunds.com\/en\/wp-json\/wp\/v2\/tags?post=6306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}