Mr. MacArthur: The rate at which growth equity exploded onto the scene caught everyone by surprise. We have seen a tripling of the size of the private-equity industry over the last 10 years in terms of deals, fundraising and the amount of dry powder available for investments. This industry has really grown up and has grown up very fast.

There is a huge amount of confidence going into the marketplace and returns have been strong even during the pandemic, those are driving the continued success of the private-equity industry. And it’s not only private-equity, but also growth equity, infrastructure, venture capital and secondaries that are growing very quickly as well.