Lachlan Pullar: CW, over the past few years, private credit has matured as an asset class. We've seen a lot more coverage in the media. Can you tell us how we should be thinking about accessing this market in today's macroeconomic environment?
Chia-Wen Teoh: Yes, I think you raise a really good point. The private credit market has indeed matured over the last five years. And as a result of that, it is important for investors to think of the sector in its fullest spectrum. So private credit is not just about corporate direct lending. And as you correctly mentioned, there is a large component, referred to as asset based finance, which is easily 5 to 10 times larger in size. And so how investors should think about approaching it is taking a multi-sector approach to be able to invest in private credit through different economic cycles. Clearly, when you take a multi-sector approach, thinking about relative value is very important, not only about relative value between public and private, but also relative value between the sectors. And then finally, we need to be really focussed on staying high in quality. You want to be focussed on high quality corporates, high quality consumers and really looking at sectors with strong fundamentals.
Lachlan Pullar: Can you actually take a step back and give us a sense as to what actually is asset based finance?
Chia-Wen Teoh: Yes, so if investors are familiar with corporate direct lending or commercial property, they would realise it's firstly a bilateral source of financing. And in the case of direct lending, you’re financing largely private equity sponsor led buyouts. So you can think of that as financing Wall Street. Asset based finance is actually a lot more relatable. It finances everyday life. So as you can see on the slide, it covers things like, residential mortgages. If you're looking to buy a home, you would have encountered some form of asset based finance. Auto loans. If you were looking to buy a car, the same thing. And also, interestingly, non consumer style financing, aviation finance is an example. So if you've been on a plane recently, more than one in two planes, flying the world today are actually financed by asset based financiers as opposed to being outright owned by airlines. So that's financing Main Street. Everyday life, and without asset based finance, to be honest, everyday life really can't function.