Okay, t hank you. Good morning. Welcome to EQT's Q1 Announcement. Today, I will be joined by Christian, Caspar, and Kim for a brief presentation. We will spend about 20 minutes presenting. Caspar and Kim, and I will then host a Q&A. Which Christian will not be joining today. As you all know, in line with EQT's long-term business model. Our quarterly announcements only include key operating numbers, and we only publish full financial statements in our half-year reports. As a reminder, in order to ask questions during Q&A. You need to be dialed into the conference line. With that, I hand over to Christian. Next slide, please. Eventful quarter for EQT, to mention a few highlights. We teamed up with Exeter, forming EQT Exeter. A global leader in value-add thematic real estate investments. We continued our preparations for new upcoming initiatives, including EQT Growth and long-t erm. In short, delivering on our strategy, and our focus on active ownership investment areas. Where we can really future-proof companies, and make a positive impact. Next slide, please. Let's look at the quarter in a bit more detail. In addition to Exeter, which Caspar will cover later in the presentation. We set the target for EQT Growth at EUR 2 billion. EQT Growth is a key piece in the Private Capital puzzle. We can now support companies from startup through maturity. The preparations for potential long-hold strategies continues both for private capital, and for infrastructure. In fact, Exeter already has funds which are longer term, and is part of their offering to their customers. More to come on that later in 2021. Gazing towards Asia, we announced our Japan presence in January. And we're currently sharpening the overall Asia Pacific strategy. More to come on that as well later in 2021. Fundraising is progressing well, with EQT IX done now in April. And EQT Infrastructure V, is expected to be materially concluded in H1 2021. It's also expected to reach its hard cap at EUR 15 billion. Turning to deal activity, exit volumes were elevated during the quarter. And investment activity continued at a really sound pace. Value creation continues to develop well, and in particular, EQT VII is now valued at a gross MOIC of 2.5x. And we also expect that fund now, to perform above plan. More on deal activity, and value creation from Olof later in the presentation. When it comes to people, in February we announced partner promotions. We welcomed 12 exceptional individuals, to the EQT partnership. This is the diverse group of individuals, representing different parts of the organization as well as different geographies. The number of partners who are now women, comprises 10% of the partner group, up from 3% before. We're really making progress. We're also making progress at other levels of the firm, with 40% of associates now being female. Of course, we still have a lot to do. Both in our industry, and in our firm on broader diversity and inclusion. I'm also excited about our membership in FCLTGlobal. This is Focusing Capital on the Long Term, which we announced in March. This is a nonprofit organization, with the mission to tackle short-termism. Within the financial markets, and to promote sustainable long-term growth. For us, it's important to take part in the global conversation. About the power of investing with purpose, and investing for the long term, and creating true value. Teaming up with FCLTGlobal, is a key part of our ongoing purpose journey. That we've talked a lot about. We continue to put our purpose into practice, and setting ESG-related targets is actually an essential part of that. In our annual report that we just published. You're going to find further details on our sustainability efforts. But let me highlight a few points. Last year, we set a diversity target. To have women account, for 65% of the investment advisory professionals hired. And a majority of the teams accomplished this. The share of women among independent directors, appointed by EQT rose last year to 21% from 16% in 2019. Looking forward, we're setting a goal of having women, constitute 40% of the independent board members. That are appointed, in all of our new control investments. Again, lots to do on diversity and inclusion. In terms of our environmental targets, all our companies across the portfolio. Are accelerating their transition into renewable energy. Furthermore, the ESG-linked credit facilities we introduced last year are great examples. Both at the fund level, and at the EQT level. And actually, in a number of new portfolio companies. This is part of how we inspire, and incentivize performance in this important area. In 2021, we're also sharpening our ambition further. And organizing greenhouse gas emission targets, in line with the Science-Based Targets initiative. Overall, part of our compensation is linked to meeting our sustainability goals, as it was last year. Next slide, please. With Exeter, we took a major step forward on our growth ambition. Both within real estate, and our path to expand EQT's presence in North America. We're thrilled to welcome Ward Fitzgerald, to the EQT Executive Committee. And to have formally joined up, with the full Exeter team to create EQT Exeter. With that, we have leading strategies across private equity, infrastructure, and real estate. And are becoming truly a global leader in all three. As of Q1, Exeter has over EUR 10 billion in AUM. Focused on thematic investments, and have a really active value-add ownership approach. That fits perfectly together with EQT. Next slide, please. We do get a lot of questions on fundraising cycles, I'd like to share a few perspectives on that again. As we noted before, the average commitment period in EQT's flagship funds. Has been about three years. In volatile markets, it's taken longer. For example, it took about five years during the global financial crisis. In favorable markets, some fund generations are on a slightly shorter cycle. Than three years, as we've seen recently. Now, EQT IX is 40%-45% invested, nine months after being activated. Given the current market environment, and the pipeline we see. It is possible that EQT IX, will be on a shorter cycle than three years. Having said that, you can't really extrapolate the recent investment pace. Competition for thematic assets is high. We only invest, when we have a real conviction. That the investment will meet our return targets, and of course, performance really remains at the core. We only do deals when we believe, that we can really create long-term value. EQT Infrastructure V has also had a relatively high deployment pace, and is now 20%-25% invested. In terms of our other initiatives, EQT Growth first close is expected later this year. But as a first-time fund, that will continue its fundraising into 2022. As we continue to make progress, we're going to communicate more also on the long-hold strategies. And later in H2, more on our Asia Pacific strategies. Towards the end of the year, we're going to start making preparations for EQT Ventures III. In addition and in parallel, fundraising in EQT Exeter is progressing according to plan. And Caspar will come back to this in a bit more detail. We do remain razor-focused, on delivering performance in a responsible manner for our investors. That's really at the core of our model. Of course, on building, and strengthening the firm together with our superb team. With that, I hand over to Olof. Thank you, Christian. If we could turn to the next slide, please. Valuations across our key funds, continued to develop well during Q1. As mentioned by Christian, EQT VII gross MOIC increased from 2.3x a t year-end to 2.5x. Following strong value creation, and a series of announced exits. EQT VII is now considered to perform above plan. This means that we expect the fund, to deliver a gross MOIC in excess of 2.5x. Infra III continues to develop above plan. All other key funds remain on plan. EQT IX is valued at 1.1x gross MOIC. That's down from 1.2x at year-end 2020. As expected, the fund valuation has come down slightly. As we added new investments marked at 1x at entry. As you know, we have previously referred to less than a handful, of our portfolio companies. Having been structurally impacted by the pandemic. During the quarter, we exited one of those companies. Next slide, please. Investment activity continued with deals representing, about EUR 2.8 billion announced during the quarter. Compared to announced investments, of about EUR 5 billion in the fourth quarter. EQT IX is now 40%-45% invested. EQT Infrastructure V is about 20%-25% invested, based on its expected size of EUR 15 billion. Investments announced in Q1, were all in line with EQT's sector focus. And thematic approach, and included EQT IX's investment in Cerba HealthCare. The EQT Growth funds investment in Epidemic Sound, and the investment in Saur by EQT Mid Market Europe. As market conditions remained robust during the quarter. We have continued to execute, on the exit pipeline referred to in our year-end report. This resulted in announced exit volumes, during the first quarter of EUR 3.9 billion. Which compared to EUR 1.3 billion in Q4. If you look at exit activity on an LTM basis, volumes are broadly in line with last year's LTM rate. Exits announced in Q1 include IVC in EQT VII. Additionally, EQT VII sold DESOTEC, and the mid-market US fund realized holdings in Innovyze and Dorner. Looking ahead, we continue to expect. A number of further exits this year. It may include certain material exits as well. With that, I'll hand over to Caspar. Okay. Next slide please. Thank you, Olof, and good morning, everyone. As you have seen, we closed the combination with Exeter in early April. And as Christian mentioned, Ward has now joined the EQT's Executive Committee. And is heading up the real estate platform. The combined real estate platform, will operate under the new EQT Exeter brand. Which you can see at the top left of the slide. Exeter revenues were EUR 112 million last year, and the EBITDA was EUR 65 million. Which was very much in line, with our expectations as communicated. As of Q1, Exeter's AUM was EUR 9 billion, and Exeter had about 230 FTEs. Exeter's contributions to EQT financials, will be included as of closing, i.e., from the 1st of April. And will therefore have three months, of contribution to our financials in the H1 report. In terms of future financial reports. EQT Exeter financials will be integrated, based on EQT's current reporting structure. EQT Exeter related disclosure, including AUM data. Will be aggregated in our Real Asset segment. As previously communicated, Exeter has a number of ongoing fundraisers. And the fundraisings are developing well, in line with our plan. With $5 billion of AUM expected to be added in 2021. We expect EQT Exeter to maintain, at least this fundraising pace in 2022. With that, I hand over to Kim. The next slide, please. Thank you, Caspar, and good morning, everyone. Let's have a look at the development in assets under management. AUM increased by 12% during the quarter. Mainly driven by the fundraising of Infra V, with the fund having reached its target size at first close. We expect Infra V to be materially concluded. During the first half of this year, and for the fund to reach approximately EUR 15 billion in AUM. Fundraisings continue to develop well in line with plan. We had EUR 6 billion of gross inflows from fundraisings, primarily related to EQT IX and Infra V. Note that after the quarter, i.e. today, the final close for EQT IX was announced. With EUR 15.6 billion in fee-generating AUM, the figures on this slide. Only reflect the EUR 15.3 billion, of closed out AUM as of 31st of March. Additional inflow will then be reflected in the Q2 AUM numbers. As a reminder, commitments which are closed out in 2021. Will pay management fees from the time, the fund was first activated. And the so-called catch-up fees, will then be booked in 2021. As you know, the AUM base in older funds is reduced with the cost of investments. As the funds exit their holdings. Please note that this is only reflected, when the exits have closed. Not when they are announced. Most of the exits, that were announced here in Q1 are yet to close. Next slide, please. In line with what we stated, and expected at year-end. A meaningful number of new colleagues, recruited in the latter parts of 2020 joined EQT in Q1. The FTE+ count increased by 42 persons in Q1 from 710 to 752. And new employees were added across the organization. Primarily within client relations, and other parts of EQT Central. As well as in our new, and upcoming strategies. When we think about the remainder of 2021. We continue to expect a good increase in the number of employees. In addition to the approximately 100 person net additions, we have had in previous years. We continue to expect to catch up from the hiring pause. Which was in place during parts of 2020. So far in Q1, the recruitment pace has developed well. And we have a good number of new colleagues, expected to join us also during Q2. In addition, as Caspar mentioned, Exeter adds another 233 persons. To our total FTE+ count, and we expect to grow also, our EQT Exeter team over the coming years. Next slide, please. In terms of other updates, worth mentioning is that. As we have now closed the Exeter transaction. We may start reviewing our long-term financing options for EQT. Alongside the revolving credit facility, that we put in place already in Q4 last year. To conclude, we continue to make progress on our strategic agenda. And we are now focused, on making the most out of the combination with Exeter. Fundraising has progressed well, and preparations are ongoing for new initiatives. Market conditions have been strong with activity levels keeping a good pace. But valuations across our key funds are developing well. Thank you for the time, and now we open up for questions. Operator. Thank you. If you wish to ask an audio question. Please press zero one on your select time keypad. If you wish to withdraw on your questions. You may do so by pressing zero two, to cancel further process. Once again, please press zero one, if you wish to ask an audio question. There'll be a brief pause for asking, while you wait for questions to be registered. Our first question comes from Jakob Brink from Nordea. Please go ahead. Thank you, good morning, everyone. I have three questions. Please, I will take them one at a time. On Exeter, I appreciate your comments. But, and the $5 billion fundraising this year. Would it be possible to maybe make some comments, about the more long-term strategic plans for Exeter? Strategies, et cetera, within et cetera, and then also maybe the fee model. Just so I am clear, should we expect the same fee model as in EQT? By that the old funds are stepping down, et cetera? That was my first question. Yeah, maybe I can answer that, Jakob. In terms of the long-term strategy, it's quite similar to the long-term EQT strategy. That means that, I think in terms of products. They will continue with their products that they have. Which is the industrial logistics, where they are very strong, and in office. They might, over time, add another sort of strategy into that. They will continue to develop, from a geographic point of view together with EQT. I think there's nothing else. There's no dramatic difference in overall strategy, compared to EQT as a whole. When it comes to fee model, it's slightly different way of working. But I think, the way it works in terms of step downs, et cetera, that's similar. They have fees on NAV, and later on invested capital. They also have other fees. I think our general guideline, where the total fees generated. Are in the similar bracket as EQT as a whole, I think that's the sort of guideline. We would like to stick to, without going too deep into all the details, of how it works. Because that becomes very nitty-gritty. I think you should think of it as, mainly the rest of EQT in terms of NAV. Okay, thank you. Actually, one more question on fee structure. I think I read that the new growth fund of EQT. Has a somewhat different fee structure, than the remaining part of EQT. Is that correct? Why did you choose this, I guess, lower fee model than the rest of EQT? It's actually not growth, it's the long-term strategies that we are. Oh, yeah. Currently evaluating, and which are going to charge fees on invested, rather than on committed capital. The main reason for that is basically, because that's how the market looks like in general? There is a natural reason for that, and that is that. In order for that fund not to compete, with the main fund. The main funds will always, have to say no. Before the long hold strategies can actually invest. It becomes natural, that if someone is always ahead of you in line. Then you can't really charge on committed, but only on the actual invested money. That's the sort of natural reason for why that is? And that's how the market looks like very much. Thank you. Last question from my side. You already touched upon the fundraising cycles. Obviously, the market is pretty hot right now with exits, and new investments. Not only for you, but for everyone in the market, I guess. As you said, or as Christian said, you're 40%-45% invested in EQT IX. I remember we had the same discussion, I think November 2019. Where we talked about the opening of fundraising of EQT IX, and back then. I think, the comments was that you needed to start preparing. Probably slightly shortly after Christmas 2020. In order to be ready, whenever you reach the 80%-85%. Why would that have changed now? I guess you can't know, if the pace continue. At the same as we have seen the past six, seven, eight months. And if it does, then I guess you would need to be ready with a new fund in early next year? Or am I missing something? I think it's always dangerous, to extrapolate the current pace to all future. I would be careful in doing that. I agree. We're 40%-45% invested, and even with a normal pacing. I think it's not unlikely, that we will initiate fundraising for EQT X during 2022. I think, that's fair to say. I also think it's good for you to know, and understand. That the investors or the clients, they really would like to see. The development of the predecessor fund, in this case EQT IX. And that is going according to plan, before committing a lot of money to a new fund. There is a need to not rush this too much, because then I think it will be. More difficult to convince clients, that everything is exactly what it should be. I guess last time, in some of your predecessor funds also within Infra. The deployment time was only two years. If that would be the case, then it would be maybe even slightly faster this time. It would be sort of Q1, Q2 2022 that it would reach 80%, 85%. I guess you would need, to start preparing fundraising just around summer this year. I don't expect that. We today announced the final close of that fund. We will not start preparing fundraising, for the next fund already on this side of the year. As I said, I think it's not unlikely. That we will initiate fundraising for EQT X during next year. Okay. Thanks a lot. Thank you. Our next question comes from Bruce Hamilton from Morgan Stanley. Please go ahead. Hi. Yes, morning, guys. Couple of questions from me. Firstly, just in terms of kind of tightening the timing on growth capital. I think Christian last time said, activating some time this year was kind of likely. In terms of when we might start to see fees, I just wanted to check on that. Also, if you have any further sort of color on possible size, and timing of the long-hold strategy. Secondly, I guess just trying to calibrate sort of carry fees. I think, you've made sort of EUR 3.9 billion of exits in Q4. And I think, the number was EUR 2.9 billion in Q1 versus EUR 1.3 billion in Q4. Should we be looking at the second half, to the carry number, a nd assuming that at the moment. That we should be well up on that in the first half? Or any way to think about that? Finally, just in terms of the sort of step down, from exits that hasn't come out of AUM yet. I think, that's based on the cost of the investment. Have you given us that number? I guess it's going to be quite a bit less than the EUR 3.9 billion, just to double check. Thank you. Do you take that? Yeah, I can take the sort of growth question, and the long hold. What we've said, is that we have launched the fundraising for EQT Growth. As you know, we've started to actually invest in a fund, that formally doesn't exist. So we invest from the EQT balance sheet currently. I would expect us to get that fund up, and running. I wouldn't want to name the exact timing. Because we don't really know that. It will be during this year, I would say yes. When it comes to long hold strategies, we're still in the early stages of that investigation. We don't know neither the exact timing, and size of it yet. Hopefully, we will know a little bit more in a few months from now. On carry recognition, Bruce and others. You know the way we think about carry. That it's an integral part of the revenue model, and that we're really looking at it over the long term. Over the term of the fund. If a fund is expected to have 2.5x MOIC at completion. It's reasonably easy to calculate, what the carry will be over the life of the fund? It is challenging to say exactly, what accounting period that carry will hit? And we will not be providing detailed guidance on that. I cannot say much else on that. On the other question, you're right, it's based on the cost of the investments, rather than the exit. Rather than the sale amount at the time. Have you given us that number? Have you given us that number just to help us model? I don't have it at the top of my head, at least. No. Keep in mind that it's only exits that have them closed. Out of the EUR 3.9 billion, when they close during the year? We will then deduct that number at cost. That would be probably, reported in the following quarters as the deals close. Okay. Thank you. Thank you. Our next question comes from Arnaud Giblat from Exane BNP Paribas. Yeah. Good morning. I have got three questions, please. Firstly, can I ask about full-time employees, that grew 6% quarter by quarter on quarter, sorry? Could you give us some color, where the additions were made? Secondly, obviously the investment pipeline matters a lot. Could you give us a bit more color, as to how you are seeing things? Are you looking at a lot of deals? What are the investment prospects are you seeing? Finally, you talked about growth capital. Saying you have already made investments, from balance sheet to accelerate the growth strategy. Could you maybe quantify the amount of balance sheet, that is invested in growth? Thank you. I'll take the FTE, and the balance sheet question. Yeah. I think, the first question was about the employees. It's a diverse set of new colleagues, that we have recruited. But if you single out any specific areas, it would be within the capital raising side. There's some more on the fund operation side. And then it is in the new initiatives that we have. Where we have done both internal recruiting, and needed to backfill. And then external recruits, say in growth, and in preparation for the long hold funds. The investments we've made so far from the balance sheet. And in the growth strategy, is in the region of EUR 200 million. When it comes to in general terms, deal flow I think it's fair to say. That deal flow is good across the board. It's also fair to say, that is normal in a strong market like this. Typically, good companies are for sale in good times. It's rarely, that good companies are for sale in bad times. You will have a good deal flow in good times, but of course. It's also quite competitive out there with high prices. And we're very focused on sticking to our return requirements, and not get carried away. There is this balancing act of having very good, and strong deal flow. But at the same time not to get carried away, and that's the balancing act, that we're trying to keep. If I could just follow up on that. In that healthy deal flow you're talking about, do you see prospects to generate the returns you're after? Yeah. The deals that we are doing, we're underwriting the same returns. That we have in the past few years. We have not compromised our return requirements at all. Of course. Thank you. If you take a longer perspective, if you compare now to 10 years ago. We still have the same return requirement actually. I think the difference is maybe, that today you have to work. A little bit harder for your money, and you have to really have a very good sense. Of how you're going to develop the company? That you're buying in order to meet the same returns. Perfect. Thank you. Thank you. Our next question comes from [Arun Kelshiker] from Carnegie. Please go ahead. Your line is now open. Good morning. Thanks for the presentation, and taking the questions. The first one was you write that 70% of commitments in EQT IX. Were from investors or LPs, that are also on the predecessor fund. Could you just say, if that's by volume or number? And could that be an issue for EQT X? In terms of doing it too frequent, with new fundraisers. That there's a capital constraint or is it more just, that LPs want to see some track record. To be willing to commit capital, that they actually have available? Do you take the second one? Yeah, I can take the second question is, I would say in general terms. The vast majority of the investors, the customers that we have. It's not a constraint, with one single GP like ourselves. Basically, it's not because they're going to get capital constraint that they can't. It's more of they want to make sure that, their money has been invested along the lines. That we have said that we're going to do, and that the portfolios are looking good and healthy. It's always a little bit more tricky, t o make that judgment. When you have a very new, and fresh portfolio? Typically, you would want to see some maturity, in that portfolio to make that judgment. It's more of a feeling, rather than a hard restriction. In terms of the volume versus number. Actually, I don't have that figure, but I think if I may. A qualified guess is that, even if it is one or the other. They're typically quite closely connected. I wouldn't say that, it's a big difference either or. It's volume. Okay. Thank you. That is very clear. In terms of the long hold strategy, I am sorry if I have not understood it fully. But how will it actually work? Will that be a fund which you raise sort of upfront? And then you draw capital, or is it more like a mandate? Where you can just reinvest the money? Or how will that actually work? It's the same structure, in terms of fund as in an equity fund. You make a commitment to fund, and the way it works. Just to be very clear, is that it is a commitment. We don't draw down any money, when we raise any fund? Until we actually, have made an investment. It's a pool of commitments. That's basically what a fund is, and as you then start to invest. That's when you draw the capital, from the investors in that fund. And it's the same with any long hold strategy. It's just that the fee calculation, will be based on a different way. Okay. Thank you. The last question was just on Infra III. If we look at the MOIC, that's above the typical threshold. You mentioned for spotting carry recognition. Should we think about that Infra III, will basically start contributing. With carry as soon as it's done one to two exits. If it's still on the same MOIC as it is currently? Again, I wouldn't like to give predictions about specific funds, and their carry recognition. But our rule of thumb still holds, yes. Perfect. Thank you. That's all from me. Thank you. Our next question comes from Magnus Andersson from ABG. Please go ahead. Yes, good morning. First of all, one question just on EQT IX. I saw that you hold the final close at EUR 15.6 billion, while your hard cap was EUR 15. Just so that I understand, I thought the hard cap was a hard cap. But this can actually happen, that you close it slightly higher if the demand is high. There are some. That's the question. Can you end up above your hard caps generally, if the demand is strong in the market? It doesn't have to do with that really. There's some technical reasons around, why it's above the EUR 50 billion? Certain parts of the capital raised, is not counted towards the hard cap. Okay. Secondly, just on performance that's obviously been very strong. I was just wondering, is it possible to shed some light about. How much is that you've done exits at good valuations? And how much is unrealized valuation, because multiples have generally got up in the market? No. No. Exactly. In general, what you can say is that the way the model works i s realizations. Are typically more important than revaluations. What we are seeing now is primarily, a result of the strong exit activity during the quarter? Yes. Yep, o kay. Finally, just on the. They are part of the same. If you IPO a company, the rest of the company that we still hold. Will also get marked up. Mm-hmm. Finally, just on the operational platform. We got the numbers now for Exeter. Updated numbers. Is it still around 150 employees you expect to add in the old EQT, excluding Exeter, during the year, roughly? As a round number, that's a good hypothesis. Yes. Yeah. Related to employees, what's the most common reason for you to waive some lockups? I saw you have some comments about, that you had granted some waivers. Yeah. That's correct. You saw that the lockup waivers, that were granted were less than 0.1% of the. Yeah. Very small. Share capital, i t's very small. And it's a bit similar to, what we did in Q3? When there are very specific circumstances, and we think it's the right thing to do. Then we granted these exceptional waivers. Keep in mind, it's nothing that would generate any net proceeds to any active partner. We won't comment on the specific individuals, but that's the essence of it, really. Yeah. Okay. Thank you very much. Thank you. Our next question comes from Bhavit Tambe from JP Morgan. Please go ahead. Your line is now open. Hi, g ood morning. Just a couple of questions from me. Firstly, in terms of the realization environment. Could you just comment, where you're seeing most of those realizations coming from? Is it IPOs? Is it selling to other firms? Is it SPACs, for example? Just a bit on the realization side. Can you just clarify, did you say for Exeter? That we should think about asset raising? I know it's EUR 5 billion for this year, but did you also say that for 2022 it should also be EUR 5 billion? Third one is just on the outlook for asset raising this year. We have the rest of Infrastructure V coming. We have the EQT Growth fund. I think, towards the end of the year, and then you indicated Ventures III. Is there any other slightly larger funds, we should be thinking about for 2021 asset raising? Thank you. I'm not sure if I got all the questions there, but I can start with your question regarding Exeter. What I said in the presentation, I think just to correct. It was $5 billion, not Euros, that we said was going to be added during this year. Then I said in the presentation, that we expect to continue, with that pace into next year at least. That's to give you a feeling for that. That's a pace, that we think will continue. Realization environment. And then the other thing. Do you want to comment? Yeah. Realization environment, I think if you look at it. I think right now there's an environment, where all the possible tracks are open? You can IPO. I think both trade buyers, as well as financial-oriented buyers, are very much in the market. That's not always the case. I think, the exit environment right now is very strong. A little bit like I alluded to. It also means that, the competition for new deals is very strong. That's the market that we're in. I think, we will see all routes during this year. In terms of exit from the portfolio, given that this sustains. In terms of capital raising, the list you mentioned. In addition, we've said that we are working on potential long-hold funds. But they will have a different structure, in terms of how the AUM? And thus the revenue comes into play. It will sort of go up over time, as we invest from that fund. In the beginning, it will not be a meaningful number. And then over time, it could grow to a meaningful number. Okay, that's great. Thanks very much. Thank you. Our next question comes from Mats [Rydebaeck] from SEB. Please go ahead. Your line is now open. Yes, thank you and good morning. I thin, we've been through most here. If I should have a question on the thematic long-haul strategy. How I should just think, about your other funds in relation to that? Could you move assets from? Let's say, the previous EQT funds, into the thematic in order to speed up exits. If you don't find the perfect exit strategy, you still like the company. Could you then just move it into there? And therefore, we will have a shorter horizon of the other funds? Am I completely wrong in thinking that way? No. Could there be deals, that go from an existing fund into a long-haul strategy. The answer to that is yes. Obviously, there will be different investors in those funds. We can't do any favors in either direction. Of course, when we do internal transactions like that. It's of course, very high scrutiny on that everything is arm's- length terms. And typically, we do that in competition. With the rest of the market in deals like that. Typically, even also with third-party verification. When it comes to valuation. Could we do those kind of transactions? Yes. Will it affect the holding period for the other funds? I would say no. I would say the only timing, that we would do such transaction is. When that asset is going to be sold anyway. And whether the long-haul strategy, will pick it up or someone else. We will not know at that point in time. Okay. Thank you. Thank you. That's all from me. Just a quick reminder, if you wish to ask an audio question. Please press zero one on your telephone keypad. If you wish to draw from asking a question, please press zero two to cancel. Our next question comes from Jens Ehrenberg from Citi. Please go ahead. Your line is now open. Hi, good morning, guys. Thanks for taking my questions. Just a few left from my side. The first one, just on the exit activity. Clearly looks like you've managed to do quite, a bit in the first quarter. I'm just curious, how you see the environment, a nd your exit activity there? Is this partly driven from sort of stuff, that hasn't happened last year. Or is this really sort of the normalized environment that you now see? How much is left over from last year that was delayed? And how much is really the sort of normalized environment? The second question I had, was just on the flagship fund. Obviously, EQT IX, EQT Infrastructure V, both very large by now at around the EUR 15 billion mark. Just how do you think about that going forward? I'm not looking for specific guidance on the next funds. But more generally, do you see scope for them to increase even further? Or do you think, that you probably reached sort of a plateau in terms of the size there? The last question, just how obviously after Exeter now? How do you think about M&A going forward? Could you potentially still do something, if an opportunity comes along within the next 12 months or so? Or would you rule that out given, that you're probably focusing on integrating Exeter at this stage? Thank you. Do you want to take the first one? Yeah, I can take the first one in terms of sort of is there a spillover? I would say, it's difficult to say yes or no. But I would argue that, in the second half of last year. You saw that spillover, with very high deal activity in general terms. I would say today, I don't think it's really spillovers from last year. I would say it's more of the normal type, of deal flow in this environment. That we are in right now. Yeah. In terms of M&A, we sold credit last year. We did the Exeter transaction early parts of this year. And we are very focused on, the collaboration with them, and ensuring that becomes a success. I wouldn't rule out any further M&A activity. We are constantly, looking for ways of accelerating our growth. Be it geographically or in certain product niches. The focus is on other types of activities right now than M&A. Sorry, on scope to grow for the flagship funds. Yes, there is still a scope to grow, as you pointed out even in your question. We don't want to give any numbers at this point, and it's far too early. But we certainly do think, that there is further scope to grow, on the flagship fund side. Got it. That's helpful. Thanks. Thank you. Our next question comes from Hubert Salam from Bank of America. Hi, guys. Good morning. I just got a couple of questions. Firstly, can you give us your thoughts, o n the impact of rising rates? On both client, and investment activity. Has it changed anything yet? Or at what point do you think it will start to impact? That's the first question. A second question is, can you give us your sensitivity on higher U.S. tax rate, particularly after the Exeter acquisition? For example, what would be the impact of your tax rate, if the corporate rate in the U.S. rises to 28%? Thank you. Do you take the first one? I think on long-term interest rates, I don't think we've seen any impact of that yet. If I should speculate, because it's what it is, it's speculation. I would say, that once you get to maybe around 3%- 4%. Then maybe some of the investors, will actually start to put. A little bit more money back into bonds, rather than to the lower-yielding products. I think if we were still in credit, we would probably see some consequences there. We're not, so I don't think we will. I would argue that, if you look at our product portfolio. It's a long way to go, before we get impacted. On higher rates in terms of investor appetite. I guess the only thing to add is, when you look at the exit activity? The higher rates could, in the short term. Impact sentiment in the capital markets, and potentially. Therefore, ability to do IPOs or sell downs as exit mechanism. We will follow the market sentiment, and see how things develop. That would be the only additional point, I'd make to what Caspar said. On the U.S. tax rates, we have modeled the potential changes on that. From an overall EQT AB Group perspective, it does not really move the needle. It may increase our group tax rate, with some percentage point or so. But not more than that. Great. Thank you. Thank you. Our next question comes from [Arun Kelshiker] from Carnegie. Please go ahead. Hi. Sorry, just one quick follow-up. On Exeter, I was just wondering, when you're saying around the same pace next year in fundraising? If you look to their flagship funds? It looks like they raised new flagship funds both in the U.S., and currently in Europe. What's going to be the driver for, that next step up next year? Is there new strategies being launched, or is it something else? No, I think it will be within existing strategies. Exeter has If you compare it to EQT, they have a broad product portfolio given their AUM. There will be more in continuous fundraising, rather than a little bit chunky. I would expect, when I say continue with that pace. It will still be within the existing product flow. Okay. Thank you. That's all. Thank you. There appears to be no further questions registered. I'll now hand over back to speakers. Okay. Thank you very much. Just to confirm one of the earlier questions on. It's indeed by volume the 70% of the commitments in EQT IX. I think, on a general note there. It's a large number of new investors, t hat have joined us. It's after all a larger fund, and we have several new sizable commitments. From new investors, that we're very excited about, for the last fundraising there. With that, I think we wrap up. And thank you all very much for joining today, and for excellent questions as always. Thank you so much. Thank you.