What has Carlyle's experience been in Japan and are you bullish on the country?
We've recruited a team to do buyouts and venture capital in Japan. But we haven't made any investments. Our view is that the Japanese economy has been in a no-growth period for nearly a decade, and therefore there is a lot of reason to be sceptical that things are going to change overnight. Our view, however, is that there aren't a lot of competitors in the private equity area in Japan. We think we can be on the ground floor of private equity growth. I can't predict that the Japanese economy is going to start growing at 3-5% a year, but I do think some of these companies will begin to restructure in the same way American companies did 20 years ago, and so there will be opportunities.
