Let’s start with a brief overview of what makes middle-market investing a unique strategy.

This area of the market is rich in opportunities but relatively underserved. Approximately half of all deals in the United States require $150 million of equity or less, while only 10 percent of capital raised focuses on that size segment. It’s a large, dynamic and highly fragmented market, which frames the compelling backdrop against which we are executing. Importantly, we are able to create value at each stage of the investment cycle — buying well and implementing transformative enhancements in our businesses, with a view toward ultimately harvesting investments to a large and competitive part of the market. By executing this strategy, we target highly attractive risk-adjusted returns and create differentiated portfolio exposures for our investors.

Obviously, a big part of infrastructure investing is working with state and local governments. How d