I think in time it will be a bit of a combination of AUM and...

I think in time it will be a bit of a combination of AUM and dealflow. Looking at it as a PE hybrid fund manager they have been extremely busy in the last 12 months. Petstock will prove a great investment whenever that lists, LUX timing could be brilliant post opening up. The FUM growth has been huge, they are doing deals almost monthly, some 100% some 50% some 10% but very active and I can see them getting to $1B in 1-2 years. SOme of it will be organic growth from investments. Id say they will start paying a div next year as the earnings are looking increasingly stable.