More than $60 billion of dry powder across the firm and they are raising maybe another $20 billion over the next 12 months. More than $10 bil of this dry powder is in new energy funds across NGP, international energy, mezzanine energy and power. They are raising another $3-5 bil or so in energy over the next 6-12 months. They are cautiously deploying now but will likely be more aggressive by year end and into 2016. This is a historic opportunity to be investing in energy. A lot of distress and very high required returns for investment given so much carnage and abundance of assets likely to be for sale with much less available financing from banks and capital markets. Carlyle's legacy energy holdings are held in funds with low carry economics and there is very limited remaining clawback risk. So the decline in energy is a huge investment opportunity with minimal current earnings risk. Now if the global economy tanks there will be lower returns in the existing funds in the near term but likely a good opportunity for deployment of dry powder at some point at higher returns that will drive future realizations.