...Thank you. Good morning all. Thanks for joining this call. I'm pleased to welcome you to our Q1 2025 trading update. Let me walk you through the key highlights for the quarters pertaining to first fundraising, AUM, and management fees. Second, asset rotation, and third, the underlying performance of the unbalance sheet portfolio. We will then be available to take your questions. Let's start with our fundraising activity. We had a strong quarter in Q1 2025 with EUR944 million raised during the period. The strong performance was driven by a pickup in private equity fundraising, which totaled EUR491 million which is almost fourfold the amounts raised in Q1 2024. This was due to the final close of EC 5, our latest MLBO program, La Baya program, is closed at EUR3 billion, exceeding its target size. And the first closing of EPBF, Euras private Planet Boundaries Fund, our impact fund, focusing on buyout, securing EUR300 million in Q1 out of a target of EUR750 million. We also enjoyed the continued...
