] backed to support their growth, and it’s been a terrific investment for the fund. We were able to co-invest in the company [funding its purchase of other companies, while also cutting costs], and in less than two years’ time, they have doubled their earnings.
A lot of your fund is invested in other funds, rather than directly in private companies. Does that make it a ‘fund-of-funds’ with layers of fees? And that does include interests in “secondaries,” funds that were previously invested, then sold again [for example, by a state pension fund]. But we are not buying at the initial price. We look at what an owner of those funds is willing to sell, we look at the securities in that portfolio, and we compare to what it would be worth to buy them individually.