Good day, ladies and gentlemen, and welcome to the MSCI Investor Conference Call to discuss the acquisition of Burgiss. As a reminder, this call is being recorded. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session, where we will limit participants to one question at a time. We will have further instructions for you at that time. I would now like to turn the call over to Jeremy Ulan, Head of Investor Relations and Treasurer. You may begin. Thank you, Mandeep. Good day, thanks for joining us on short notice to discuss MSCI's acquisition of Burgiss. Earlier this morning, we issued a press release that, along with an investor presentation, can be accessed on our website, msci.com, under the Investor Relations tab. Let me remind you that this call contains forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements which speak only as of the date on which they are made and are governed by the language on the second slide of today's presentation. For a discussion of additional risks and uncertainties, please see the Risk Factors and Forward-Looking Statements disclaimer in our most recent Form 10-K and in our other SEC filings. During today's call, we may also refer to non-GAAP measures, including with respect to Burgiss financial results. We believe the non-GAAP measures provide additional information that is pertinent to core operating performance for both Burgiss and MSCI. You'll find additional information regarding these non-GAAP measures in the materials we issued today. On the call today are Henry Fernandez, our Chairman and CEO, Baer Pettit, our President and COO, and Andy Wiechmann, our Chief Financial Officer. Finally, I'd like to point out that members of the media may be on the call this morning in a listen-only mode. With that, let me now turn the call over to Henry Fernandez. Henry? Thank you, Jeremy, and thank you to all our analysts and shareholders for joining us on short notice to discuss a transformational milestone in MSCI's journey. Today, we're taking our commitment of becoming the MSCI of private assets to the next level. I am thrilled to announce that MSCI has entered into a definitive agreement to acquire the remaining 66% of Burgiss that we do not already own. Our vision is to drive transparency and a common language for investors in private and public assets, serving all investors and managers globally. Together, MSCI and Burgiss bring over $60 trillion of transactions, holdings, and funds data globally. This acquisition makes us a leading private asset data and analytics provider to the investment community worldwide. As Baer will tell you later, we see enormous opportunities to create the next generation of private asset solutions for the global investment industry. Data will be the foundation of this transformation. Burgiss offers $15 trillion of private asset data, including leading research, quality, performance data on over 13,000 private funds and funds of funds around the world. They are sourced directly from their LP clients and their GP managers. Just as MSCI turns data into insights and signals for investors, Burgiss data brings transparency and insights to relatively opaque private markets. Burgiss helps private asset investors across mission-critical workflows, such as sourcing terms and conditions, evaluating operating performance of underlying portfolio companies, and other tools for an LP to assess a GP's performance. For many years, my colleagues and I have spoken with you at great length about our commitment to driving consistency, transparency, standards, and a common language for global private asset investing, which continues to capture an increasing share of global allocations and capital flows. For more than a decade now, MSCI has been working on this initiative. In 2012, we acquired Investment Property Databank, or IPD, which has been the foundation of our commercial real estate business. We significantly enhanced our real estate position in 2021 with the acquisition of Real Capital Analytics, or RCA. In 2020, we made an initial investment in Burgiss, enabling us to collaborate on transparency tools and value-added datasets in private equity, private credit, real estate, and infrastructure. Some of our accomplishments together so far include the MSCI Burgiss carbon footprinting tool for private equity and private debt funds, the Infrastructure Risk Model, and other private asset portfolio analytics, research, and models. We are now acquiring the remaining 66% of Burgiss that we did not own. Burgiss has a leadership position serving the limited partners, or LPs, in private assets, who are the asset owners of this industry. That is very important. In public assets, MSCI has always made it a priority to serve asset owners, the real influencers of the investment world. This commitment has paid off in space by giving us an entry point into asset managers. Burgiss is also laser-focused on serving asset owners or LPs in the private asset lingo, who are also the influencers of general partners or GPs in the private investing world. Burgiss has a client base, including endowments, foundations, pension funds, sovereign wealth funds, family offices, and other leading LPs in private equity, private debt, and other private assets. We have a strong conviction in our ability to create incremental value from this acquisition, and we are now reaffirming our private asset long-term target for revenue growth in the high teens%. In a moment, Baer will speak further about tremendous opportunities we see in this combination. Before we hear from him, Andy will briefly review the financial highlights of the transaction. Let me now turn the call over to Andy. Thanks, Henry. Hi, everyone. As Henry noted, we view this transaction as a tremendous value generator for MSCI. Burgiss is uniquely positioned to help drive the powerful secular trends in the private asset investment process, and MSCI is ideally positioned to unlock the full potential and enhance the financial profile of the business. As with other acquisitions we've made in our recent history, we view Burgiss as a buy-to-build opportunity, and given the significant value that we can bring to the table, we can drive sustained, attractive top-line growth while also driving margin expansion over time. To provide a brief summary of the consideration and transaction structure, we are acquiring the remaining 66% stake in Burgiss that we do not already own. The purchase consideration for those units is $697 million. We are funding that consideration with existing liquidity sources at the time of closing. For reference, we currently have well above $900 million of cash and $500 million of undrawn capacity on our revolver. To provide a brief summary of the financial profile, Burgiss is an incredible franchise with a significant financial potential. The Burgiss revenue base is primarily recurring sub-subscription revenues, and retention rates have been in the low to mid-90% range in the business. For this year, 2023, Burgiss is projecting slightly above $90 million of forecasted revenue with a mid-teen standalone EBITDA margin. Together with the benefits we bring to the business, we're projecting 20% top-line growth in the near term and gradually expanding margins. I would point out that we do expect this to be dilutive for the next 12 months. Given that we are earning north of 5% on U.S. cash balances, and there will be some integration costs like retention awards that will not be excluded from our adjusted metrics, the negative impact on adjusted EPS over the next 12 months is likely to be around $0.25. Beyond the next 12 months, we expect this to become accretive. From a reporting standpoint, Burgiss will be included within our All Other Private Assets segment. It is worth noting that similar to past acquisitions, there will be some amount of MSCI shared expenses that will be allocated to the segment. These allocations will reduce the margins for Burgiss, while slightly increasing the margins in other segments. It's important to underscore that there will be no net impact to firm-wide expenses from this, as these are purely reallocations. We will provide more detail on the financial impacts during our Q3 earnings call. Lastly, importantly, given the $4 billion addressable market, the blue-chip client base, the unparalleled data set, and the value we bring to Burgiss, we're confident that we can fuel powerful, long-term, profitable growth with Burgiss. As Henry highlighted, we're reaffirming our long-term target for the All Other Private Assets segment of high teens% revenue growth, reflecting our confidence in the incremental value and growth that we can drive by unlocking the significant opportunities that Baer will walk us through. With that, let me turn the call to Baer. Baer? Thanks, Andy, greetings to all. I'm pleased to speak with you about how we see two standard setters in MSCI and Burgiss coming together to create truly differentiated offerings and significant value for our clients and our shareholders. The combination will be much more than the sum of the parts, or what I like to describe as the concept of 1 plus 1 can equal 3. Together, MSCI and Burgiss will drive transparency and a common language for investors in private and public assets... The combination enables MSCI now to serve all investors and managers. We will drive connectivity and standardized views across public, private, and total portfolios, and it will be a springboard to create the next generation of private asset solutions for the industry. Burgiss's roughly 1,000 clients will be a tremendous addition to MSCI's extensive list of clients across endowments and foundations, pensions, insurance, family offices, and other private asset investors. Burgiss's client roster unlocks a strong LP client base for MSCI and also provides a larger installed base for cross-selling for MSCI Solutions. MSCI and Burgiss are also well-positioned to serve the needs of the GP client segment together. The acquisition of Burgiss, coupled with our progress and existing footprint in real estate, accelerates MSCI's private asset strategy. The strong foundation of quality data is a critical base for building high value-add analytics and other investment decision support tools. With Burgiss's rich valuation, portfolio company, and fund data, we see a wealth of use cases that we can develop further, as well as integrate with existing MSCI Solutions. We could extend our analytics offerings for performance and risk, for cash flow and liquidity, and for asset allocation into private equity, private debt, infrastructure, and other private assets that Burgiss covers. We're especially excited to continue helping private investors, managers, and other market participants measure and manage climate risks and opportunities in their portfolios, such as with physical risk models for private equity portfolio companies. Burgiss significantly enhances our multi-asset class and total portfolio capabilities through Burgiss's Caissa platform. This platform is fit for purpose for institutional asset allocators, providing a comprehensive and integrated view of both their public and private investments. This will enhance our ability to help investors build and manage resilient multi-asset class portfolios. We see other significant commercial opportunities for MSCI and Burgiss, given the powerful combination of our people, data, analytics, and applications. For example, we expect to accelerate Burgiss's sales by leveraging our strong global distribution platform and brand strength, especially outside the U.S. We will develop compelling new solutions by integrating Burgiss's and MSCI's high-quality data, content, and IP, from a suite of private asset market indexes to private fund and asset level benchmarks, and enhance multi-asset class performance, attribution, and risk analysis. MSCI's strength in ESG and climate research and content, and Burgiss's leading private asset investment data, form a powerful combination to continue to help private asset investors integrate ESG and climate and build on existing collaborations we've made with Burgiss. As our shareholders, employees, and clients have seen, MSCI has a successful track record of quickly integrating businesses into our operations. With that, operator, please open the line for questions. The floor is now open for your questions. To ask a question at this time, please press star one on your telephone keypad. If at any point you'd like to withdraw from the queue, please press star one again. We ask that you please limit yourself to one question. We'll now take a moment to compile our roster. Our first question comes from the line of Manav Patnaik from Barclays Capital. Please go ahead. Thank you. Good morning. You know, I think acquiring the remaining stake obviously is not a surprise here, but just curious, you know, what has changed? Like, what has your learnings been since the initial stake? You know, just around timing and valuation, I guess, just trying to get some perspective on, you know, you know, why now and, and, and all the things you, you've been, you know, you, you have more confidence around? Sure. Yeah, Manav, just around the timing of, of why now, we, as you know, we took our initial stake back in 2020. As part of that initial stake, we acquired rights to take control of the business in the future, and this transaction is a result of our exercising those rights. Ultimately, it was a negotiated valuation discussion, with Burgiss, and the price that we arrived at here is, is reflective of, of fair value for that remaining stake. Our next question comes from the line of Toni Kaplan from Morgan Stanley. Please go ahead. Thanks so much. I was just hoping that maybe you could flesh out a little bit more how owning the entirety of Burgiss really helps more than owning a stake. I guess, is there some data or capabilities that you didn't have access to before? Or is it that you just feel like this is really important to be able to own the whole thing, because over time, the value is gonna grow, and so you wanna sort of take advantage of that here? You know, just I guess, what, what, what changes, you know, between your position in private markets between yesterday and, and today? Thanks. Thank you, Toni Kaplan. If we were a 40% investor, you know, 3.5 years ago, then with the acquisition of Caissa, our stake went down to 34%, and we put in some additional capital into the business. We didn't, we didn't have control of the business. Day-to-day, it was managed by Jim Kocis and the founder and CEO and his management team. We had a lot of plans, you know, in 2020 to develop a lot of new products together, then the pandemic hit, those plans took a backseat to making sure that the their business and ours will continue to prosper for the next couple of years. Last year, we started working with them on new product development, which I, I mentioned a few examples of that, but we began to realize that there were, you know, significant limitations in us, you know, capitalizing on the full opportunity, both on the client side and on the product development side, with a, with a minority position. Given the rights that we had, we therefore exercise them in order to take full control. We feel that with the two companies fully integrated and with complete management control, and making sure that, you know, we, we, we run a seamless operation, we think we can capitalize on the opportunity significantly more. Thank you. Our next question comes from the line of Alexander Hess, from J.P. Morgan. Please go ahead. Hi, team. Alex Hess from J.P. Morgan here. Just wanted to ask about maybe the competitive landscape in this space. This is sort of a space where there's a lot of firms that partner with each other and, and provide complementary solutions. Meanwhile, you have sort of a contributory solution. How do you sort of see Burgiss's positioning in the marketplace? You know, maybe how does this affect how you're thinking about future partnerships in the space as well? This, this is a very, very large space in private assets. It can be analytically, maybe split into three big buckets. The front-end bucket is transaction data, about who buys, who sell, at what price, and all of that, which helps private asset investors make incremental investments into new assets, new companies, new, new credits, you know, new, new buildings and, and so on and so forth. Some of the well-known names in this space are, that you hear about are, are in that, in that bucket. There is the middle bucket, which is where Burgiss is, which is once the investment is made, you know, tracking the, the ins and the outs of the investment, the capital calls, the capital distributions, the performance of the investment, the exit of the investment, and all of that. That is a, think of it as a, you know, investment management function to understand, especially for our LP, to understand where is the performance coming from, what's the risk, how I look at the totality of my private asset investing, et cetera. Then there is the, the back end of that, which is the accounting, you know, the accounting of all of the investments that are made, either for the LP or, or the GP, and, and that has another series of, of players in that space. In the middle piece, you know, Burgiss is the largest provider. There's limited competition, and there is a small number of players or participants, you know, in that, but Burgiss has the majority of the attention, the majority of the market share in that middle space. Obviously, over time, our plan is to move forward as well to the front, you know, where the day-to-day investments are made, the information data, the transaction data, the comparison data, which is what we did in real estate. You know, if you think about what our existing real estate business was, again, in that middle piece, and then we bought Real Capital Analytics, which was in the front end of the transactions, trying to understand the coming and going of deals and the valuation of those deals and the implications of those deals. That's what we did in real estate, and over time, that's what we plan to do in private assets, in other private assets. Thank you. Our next question comes from the line of Owen Lau from Oppenheimer. Please go ahead. Hey, good morning. Thank you for taking my question. Could you please remind us some use cases of the existing... I think more importantly, the new use cases for data for your data and analytics product, given that you're going to own 100%, because you talk about some limitation that you want to own 100%, that you can, I think, innovate more new products. What are the use cases of these new products that you can potentially create? Thank you. Sure, Owen. Just maybe a few things. I, I won't go into excessive detail, but clearly the, you know, the, the, the client's existing contracts are with the Burgiss legal entity, and that created certain restrictions. 100% owning them will, you know, will free that up significantly. That will help us build new products and services. Which will likely relate clearly to a continuation of the existing portfolio analytics services. As the data that Burgiss has, has become richer and deeper over time, their growth with GPs is already increasing significantly compared to the historic GP growth rate with Burgiss. The breadth of that data and the utility of it to GPs increases. Additionally, as I referenced in my comments, there are a variety of things that we can do to enhance the data, both from traditional risk and performance tools that we have, but also, very importantly, with climate data and information, where there is a significant demand from private companies. We also will have greater opportunities to build things like benchmarks and indexes. I just think, you know, more broadly speaking, both from a legal and from a general business management point of view, this should free us up to significantly enhance product development. Got it. Thanks a lot. Our next question comes from the line of Ashish Sabadra from RBC Capital Markets. Please go ahead. Thanks for taking my question. I was just wondering, do you provide the historical growth for Burgiss? If you could just provide what the CAGR was over the last three years or the growth in 2023. If I can ask a follow-up question there: As we think about the 20% growth going forward, does that also include the synergies in the rest of the business that you've highlighted on the call? Thanks. Yeah. Yeah, sure, Ashish. Yeah, the 20% growth does include the synergies we bring to the table. That 20% is higher than what the growth rate has been in recent years, and I think that's reflective. The acceleration that we are projecting here is reflective of the commercial and product synergies that we've discussed here and Baer highlighted. It is worth noting that the business has over the last few years, accelerated in growth. So with our help and the focus at Burgiss, they have been investing in the business and building out a better distribution capability, and as a result, have driven the growth higher. Just for reference, I think this year, so for 2023, that $90 million and change of revenue represents a, call it, mid-to-high teens revenue growth over the prior year. I, I think with full ownership here and all the opportunities that we can unlock, we're confident that we can drive sustained 20% growth under our ownership. That's very helpful. Congrats on the acquisition. Thank you. Our next question comes from the line of Seth Weber from Wells Fargo Securities. Please go ahead. Oh, hey, good morning. I, I wanted to ask about the margin profile. You, you mentioned a couple of times in your remarks about expanding the margins over time. I'm just trying to understand, is that a function of scale? Is it, is it the new products? Do you think that the margin can approach the, kind of, the private asset margin that you're running today over time? Thanks. Yeah, so maybe a little bit of historical context. You know, when we first made the initial investment in Burgiss, the business was growing, but not at a rate like, like it has in the last 12 months. A lot of it was because it, it didn't yet have a fairly meaningful, you know, front-end distribution, you know, organization, in terms of salespeople and client service people and what we call consultants, to help people understand the analytics and the, and the software applications and all of that. At the time, the margin of the business was extremely high. Obviously, given these significant investments made in the distribution, mostly in the last 2 years, that, that has created this, you know, significant revenue growth in the high teens. Bear in mind that the distribution organization is still young. It is not, you know, totally, you know, experienced in some cases. Some of the latest hires have been in the last 12 months, and so on and so forth. We believe that there is a lot more potential associated with that. Combining it with MSCI's deep relationship with LPs and asset managers and other LGPs around the world, we think that we can meaningfully accelerate the penetration of this. The product line is severely underpenetrated, you know, around the world. It's got a, a very decent market share in the United States. A little bit in Canada, very, very small market shares. By market shares, meaning penetration, not that there are others in there, not that there are other competitors, you know, low, low penetrations in Europe. For sure, very low penetrations in the Middle East and in Asia. That's the first opportunity we're gonna have. The, the second part is, what is the evolution of the, of the margin? The, you know, this is a, our focus in the first, you know, number of years is gonna be on high levels of penetration, you know, high levels of revenue growth, and the investment required to ensure that that continues for years or decades to come. As, as, as that revenue growth accelerates, we will see a gradual increase in the EBITDA margin of the business, like we have done pretty much in every other part of MSCI. You know, MSCI was a, was a, basically a, a, a, a broken business, you know, when I took it over and, you know, we, we were losing a lot of money, then we went to breakeven, and then we went to a, to a margin in the 10s and a margin in the 20s, and obviously, the index business right now is a margin in the 70s. Over a long period of time, you know, the, you know, this data business with some analytics and some technology has the potential of having fair, you know, fairly high margins, maybe not as high as maybe indices, but fairly high margins. We've seen that evolution in our analytics product line as well. You know, you saw that five, five years ago or so, we had margins in the teens, then it went into the twenties, then it went into the thirties, and all of that. You know, but the focus here right now is capturing the incredible opportunity worldwide, you know, of the use of this data, the use of these analytics, the use of these tools, combining with the public, the public asset classes, which MSCI is, is, is the space that MSCI occupies right now, and create, you know, a lot of seamless understanding of risk and return, you know, and asset allocation in a total portfolio made up of public and private asset classes. That is the, that is the, the short term and the medium-term goal, you know, and margin will be a derivative of that. It's very helpful, caller. Thank you. Our next question comes from the line of Heather Balsky from Bank of America. Please go ahead. Hi, thank you. This is Heather Balsky at BofA. I was hoping to ask you about the, I guess, the realization of revenue synergies over time in terms of how you're thinking about timing. It sounds like penetration is top of the list and the first opportunity, can you help us think about when we'll start seeing products on the analytics side roll out, as well as on the index side? Thanks. Yeah. As, as you alluded to, there, there are layers of growth opportunities that we're gonna be accelerating here. I think the first, first and foremost, it is driving distribution and the commer-- a number of commercial opportunities we have, which should start to come through fairly quickly, as we integrate the sales organizations. We, we continue to build out, distribution across a, a number of additional channels. We drive the ecosystem, around the product with, with our installed base. Beyond that, I think there are a range of solutions that we will be releasing, and, and, I think those will be anywhere from, you know, a couple quarters down the road through to years down the road. We will have layers of solutions that I think pretty quickly we can enhance, some of the color on the market we have with our indexes, and new indexes that we launch. We can enhance some of the, the climate and ESG tools that we have out there, for private assets, but more broadly, as you're alluding to, some of the analytics and broader analytics solutions may be further down the road. I'd, I'd say, there's gonna be a steady stream of commercial opportunities that we unlock, and, and that's why we're pointing to kind of sustain 20% growth here, as opposed to an acceleration or, or some trajectory. I think we've got the layers to continue to support ongoing 20% growth in the business. Let me provide an example of something that we're already working on that will, that can be significantly accelerated and made it available to a lot of other parties, and that is the intersection of private credit and climate risk. You know, we believe at MSCI that the, the, the front-end repricing, recosting of capital, and reallocation of capital due to climate risk will be in fixed income. Particularly, it will be in, in credit, in public credit, meaning corporate bonds, and in private credit, which is, one of the fastest-growing private asset classes, in the world, if not the fastest growing. A lot of banks will have to de-risk their corporate loan portfolios, and a lot of insurance companies will have to de-risk their corporate bond and their private credit portfolios. We're working with one of the leading alternative asset manager firms in the world on helping them launch a fund that is private credit with low climate risk or low carbon emissions and the like. We, we are now in a better position, you know, and our role there is we're, we're the party that is gonna be, you know, indicating what private credit is low climate risk, what is high climate risk, what is low carbon emissions or high carbon emissions. For these, these alternative asset managers to make the investment and stay within the mandate of the fund. Now, you know, with a lot more integration into Burgiss, we can look at the private credit data of Burgiss, which is very significant, and do better service, better product to this alternative asset manager and expand that to others. That's an example of something that can be scaled up significantly in the world, in between the combination of our climate capabilities and Burgiss' data capabilities. Our next question comes from the line of Craig Huber, from Huber Research Partners. Please go ahead. Great, thank you. You talked early on about 1,000 or so clients at Burgiss. Just wondering, is there much of an opportunity going forward here on the revenue synergy side to sell your existing legacy products into the Burgiss client base? Yeah. For sure, the great strength is, of Burgiss is notably the U.S. endowments and foundations and other investors of that kind, which has never been a strong area for us. Part of that was suitability of certain of our products, but part of it was for certain, the fact that we didn't focus on that segment as much because we had other growth opportunities in other areas. You know, we think that that is, you know, a, a, a great opportunity for us, without a doubt. The, you know, I would put maybe slightly more emphasis on the other side, as it were, which is the breadth of the MSCI client base, notably, you know, as, as we alluded to in our prepared remarks, and Henry mentioned, you know, outside the U.S. We think there are tremendous opportunities for the Burgiss services outside the US, where their, you know, their client coverage was, you know, really not, not really there until very recently. We think that that opportunity is, is really, you know, of some dramatic scale. When you think about it, MSCI has roughly, you know, 60% of our revenues outside the US. You know, Burgiss has 20% of their revenues outside the US, so that is a very significant opportunity. Craig, just to give you one more stat there, and Baer alluded to this, roughly 50% of Burgiss clients are already MSCI clients, or you can think of the flip side, 50% of Burgiss clients are not MSCI clients. As, as Baer alluded to, from a geographic standpoint, 80% of the revenue from Burgiss is coming from the Americas, which gives a potentially significant opportunity outside of the Americas for us to help drive growth. Great, thank you. Our next question comes from the line of Greg Simpson from Exane BNP Paribas. Please go ahead. Hi, good morning. I was interested in, in the indexing side. It does seem like investors do struggle to compare private equity and public equity returns in a like-for-like way. With the benchmarks you're developing, can you share some thoughts on the potential challenges around index construction, that, perhaps there's times where there's a lack of observable transactions for valuations in, in private markets? Thank you. It's a great question, Greg, and I'm glad you asked the question because we, in the last 24 hours, as we were preparing, you know, all of this information, we, we realized that the index and benchmarking opportunity in private assets was understated in a lot of our material here. That could be big because... Also the comparison of the investment opportunities and the performance and the risk of private assets compared to public assets. One of our first order of business will be to create a more robust, more comprehensive, you know, market indices in private equity, in private debt, in private credit, in, you know, obviously we're doing that in real estate, and all the information that goes with that to understand the markets in one area or another. Clearly, you know, private equities is made up of buyouts and growth equity and venture capital. You know, just classifying that properly and classifying the various, you know, the various sectors and the various types of investments and all of that. Now, indices here are going to be used differently than in public assets, because in public assets, you know, passive investing is a big trend, index investing. Here, obviously, you have, you know, less liquidity to be able to move in and out in order to replicate an index. In some areas, like private credit, we believe that there will be a vibrant secondary market, you know, of private credit over time, and that will, that will allow us to to have private credit market indices that are maybe a little more similar to public public bonds, for example. Anyhow, I think that that is, you know, clearly our belly weight, clearly what, what that we know how to do, and that's gonna be a, you know, a big area of focus early on in in new in new product development. Going back to the prior question, I think that in terms of the client base, I think, there are three buckets. There is the client base where Burgiss is very good at, endowments, foundations, family offices, and the like, that we are going to, you know, to sell more things coming from MSCI through that distribution and that relationship. There is the flip side of that, which is Baer Pettit emphasize, which is how do we, how do we sell a lot of Burgiss into MSCI client base, especially the mainstream institutional investors in the whole world? There is a third component, which is where neither we nor Burgiss is still, it is very strong on, which is the manager of the asset. In the, clearly, in the, in the industry, it's called the GP, in the private equity, in the private asset class, it is called the GP. We call that the asset manager. We have a lot of abilities to create, you know, new products, new functionality, that are gonna help the existing GPs, the existing alternative asset managers of the world. One of the things that is happening, you know, in space, is a lot of our traditional long-only public asset class managers are eyeing entries into the private assets. They need, you know, a lot of data, a lot of tools, a lot of understanding in order to have that entry, and they need major differentiators to create competitive advantage, you know, in their entry, and that's what MSCI does. You know, in the recent, you know, six months or so, half of the discussions that, with that, that I have had with the CEOs and the CIOs of, of, of long-only traditional, you know, public asset class managers, is their desire to expand their private credit, you know, operations, which is not dramatically different than public bonds, you know, public corporate bonds, to expand their growth equity, you know, operation, which is not dramatically different than what they do in public equities. You know, they, they are asking us for help in that direction. That is another, a, a revenue source and product development area. Our final question comes from Alex Hess, from JP Morgan. Please go ahead. Hi, guys. Sorry, sorry to round back with a final, secondary question, but just to clarify on the reaffirmed high teens target, is that organic and pro forma for Burgiss, or is that on an as reported basis? Any sort of clarity there would be very helpful. Thank you so much. Sure, sure. No, thanks, Alex. It's a good question. It's important to underscore those are long-term targets that we have, but those are organic growth targets. We are reaffirming the long-term organic growth for our All Other Private Assets segment to be in the high teens revenue growth. The reported growth over the next year is gonna be quite a bit higher, just as we have the revenue coming in from Burgiss and comparing to prior periods when we did not have Burgiss, but that long-term target is a organic long-term growth target. Thanks, thanks for allowing me to get in the second question. I would now like to turn the call over to Henry Fernandez for closing remarks. Thank you everyone for attending, in short notice, and in this, you know, like, a time of a lot of people taking vacations, and some of you are calling from, from your time off, so we appreciate that. At MSCI, we're always very open and transparent in everything we do, and this call that we wanted to have was important for us, not because the financial profile of, of this acquisition is, is, is that big relative to our company, but because the strategic direction, the layers of incremental growth and incremental opportunities we are at the cusp of developing, you know, could be very large and very significant. We obviously have to execute on, on that vision, day in, year out... day in, day out, year in, year out. But it is, it's very important for us to share with all of you our excitement about the doors that are opening up for us here in this whole space. As all of you know, the allocations to private assets are increasing significantly, and we believe that they're gonna continue to do so in the next 10, 20 years to such an extent that major institutional investors in the world will have a very large majority, and in some cases, a majority of their assets in private assets, you know, compared to what exists today. They're asking us, you know, to help them develop those tools of transparency, of understanding risk and understanding performance, and comparing it to the public asset classes, so they have a more optimal and more efficient asset allocation, and a more, you know, efficient way and effective way of understanding their investment. That is a lot of what we're we're trying to do. I hope you can see the excitement that we have, you know, about this, not for not yet because of its financial size, but because of the strategic layer of incremental growth that we can that we can create. We will be updating you, as we go along, especially in the third quarter of earnings call, or more, you know, as we close the transaction, so that you know more about it, and, and over time. Thank you all for joining us. Thank you, ladies and gentlemen. This does conclude today's call. Thank you for your participation. You may now-