Investing with Purpose: global capital investment plan

4. Leading with Opportunity: Attracting Global Capital Investment

4.1 Introduction

We set out in Chapter 2 our ambition to maximise capital investment flows into Scotland and identified the three levers for doing so – increasing demand for capital, increasing supply of capital and increasing viability. In Chapter 3 we examined the sources of private capital and highlighted specific categories of investors that are of interest to Scotland. We have looked at what makes an attractive investment environment and highlighted what investors look for when making their investment decisions. In this chapter, we set out Scotland's best offer to private capital markets.

4.2 Scotland's Investment environment

Scotland is a stable, safe and secure location with a transparent government and robust legal institutions with coherent regulatory practices, making it a safe and attractive investment destination. Our integrated, agile approach allows us to work with investors in support of their capital investment activities in Scotland, ensuring greater attraction and retention of capital flows into our economy.

Scotland offers a well-developed legal, advisory and professional framework, and easy access to finance. To ensure that this economic environment translates easily into capital investment flows, the Scottish Government has developed a highly competitive package of support to encourage and de-risk investment. Measures include rental guarantees, business rate exemptions, innovative funding schemes, and planning reforms that all catalyse development. We have made major investment ourselves, into our infrastructure (over £20 billion in the past ten years) and our people through our education system. The level of coordination that is possible in a small jurisdiction like Scotland is an attractor in itself. We will now turn to how we leverage these strengths to our advantage.

4.3 Scotland's Proposition: Turning Strength to our Advantage

In addition to a good and maturing investment environment, Scotland's economy has some real strengths which drive demand for investment.

Shaping Scotland's Economy: Scotland's Inward Investment Plan has already identified the sectors in Scotland's economy which are globally competitive, crisis-resilient and likely to offer growth which benefits the broader economy and society as well as the business itself.

Using the same analytical approach, in we have identified those global capital investment flows which are strongest in terms of deal numbers and value, and matched them to globally competitive sectors in Scotland's economy. This is summarised in Figure 4.1.^[39]

• The sectors in the top right quadrant are those which the analysis identifies as strengths for Scotland, and where there is also a large market for deals
• The top left quadrant are sectors where Scotland again has strengths and, while they may not have such a large market for deals, there is the opportunity for Scotland to achieve significant market share in the sector
• The sectors in the bottom half of the chart are generally not prioritised as they are not identified as substantial enough strengths to compete in international markets. However, there are some exceptions for 'commercial products' and 'software' sectors, both of which are very large and where Scotland has some particular strengths in underlying subsectors

Source: Source: Office of the Chief Economic Adviser analysis of Pitchbook data

Figure description:

Figure illustrates the analysis undertaken to identify the sectors which offer the greatest opportunity for Scotland to meet its ambitions. The X axis shows Scotland’s comparative advantage and Y axis annual average deals into Europe. The size of the bubbles indicate the average deal size for projects into Scotland.

This analysis finds the strongest deal flows in the same sectors, underscoring them as the best opportunity we have to use the global economy to build on our domestic strengths.

These opportunities can be grouped into four sectors:

• Low carbon transition
• Health and life sciences
• Digital
• High value manufacturing

These four sectors are the most likely drivers of future economic demand in the economy. They are broad, and that is deliberate. Whilst the focus has to be on those sectors which can drive growth and recovery precisely because they are already strong, this approach leaves space for different sub-sectors to develop and come to the fore, for particular regional clusters of expertise to be brought out, and for the broader macro-economic and regulatory frameworks to change (e.g. around nature based technologies and solutions to climate change).

4.4 Turning Need into Market Demand: Supporting Place and Net Zero Ambitions

We have identified Scotland's strongest opportunities for engaging with international markets, and a significant focus will therefore be on stimulating and supporting the pipeline of investable propositions within those sectors. This isn't only a plan to attract company investment. We have set out from the beginning to align with and help deliver the private capital element of the investment needs identified in the Infrastructure Investment Plan, Climate Change Plan and Housing to 2040. We want to use the strengths of these sectors to deliver the broader spill-over impacts in the economy we set out in Chapter 1.

Firstly, our commitment to Net Zero must underpin all that we do. We should simply no longer be putting public resource into originating, structuring and promoting investments in Scotland which are not aiming at Net Zero. The combination of strong sectors and place has the potential to act to create baseloads markets and offtakes for new Net Zero infrastructure.

We should therefore be looking to build on and expand initiatives like the Green Investment Portfolio, and the cross-organisational work to define projects for carbon capture and storage, heat, hydrogen and natural capital, and seek to systematically turn these into opportunities which are both commercially sound, and structured as investments in a way which support a Just Transition. We are doing this at the right time: ESG investments supporting a transition to Net Zero, aligns precisely with the requirements that both end-users and occupiers, and the investor markets, are shifting towards too.

We also want the benefits to be felt across Scotland. Shaping Scotland's economy: Scotland's inward investment plan sets out where the key growth assets and clusters are located in Scotland. These should form the basis of higher quality place-based propositions to capital markets for business space, backed and supported by stronger company propositions for investment. They should also form the basis of investment opportunities for international connectivity infrastructure, as these are the sectors and locations are where we are most likely to find viable, commercially-attractive propositions.

Successful place-making requires economic, physical, and networking assets to be high quality and well-integrated. Our ambition is to create places where people and businesses want to move to and stay in because they support their needs, reflect their values, and enable their aspirations. Great places to live and work are powerful attractors for economic activity, creating a clustering effect, where different types of investment impact positively on each other.^[40] Leading with our strongest sectors, and their spill-over into the space and talent they need, in turn drives the viability of city and town centres near them. In this way, attracting capital investment can contribute to a very broad range of policy objectives, including:

• 'Mission Clyde' identifies how the area's natural, physical and intangible assets can make it attractive to investors and scaling companies
• In recent years, we have stepped up our efforts to attract private investment into housing provision. Successful initiatives have included using government guarantees and financial transactions funding (including the Building Scotland Fund) in creative housing-led mechanisms to unlock place developments and expand provision of private-rented homes including homes for mid-market rent. This has attracted substantial additional investment from institutional investors including pension funds. The challenges ahead mean that we need to accelerate private investment in housing programmes and projects and in the transition to decarbonised heat
• Supporting tourism and the regeneration of our towns and cities post COVID-19

The globalised nature of COVID-19 has accelerated trends already underway, and is likely to fundamentally transform the way we think of and use our city and town centres. The Town Centre Action Plan Review points to a radical shift away from the existing retail and commercial dominant model, and towards 'local and connected'. There is a positive role that capital investment can play here, in bringing under-utilised assets into different productive use, oriented specifically around business space for future economic opportunities, and the conversion of assets for housing, leisure or tourism.

Investment needs to be supported by a flexible, forward looking planning system that anticipates new business models and enables the types of retail and commercial development that will be needed, and which there will be demand for. We will publish a draft National Planning Framework in 2021 that looks ahead to guide the long-term geography of investment, and is supported by clear, consistent and enabling national planning policies. The Scottish Government's National Planning Framework 4 (NPF4) will guide development and investment in a way that improves our places and helps to deliver on our wider objectives including Net Zero.

Case study – Build to Rent (BTR)

Build to Rent (BTR) is the provision of purpose-built private rented sector (PRS) homes by investors and developers, and has an increasingly important role in helping to redress the gaps in new housing provision and contributes significantly to mixed-use place-making. BTR is a means of providing good quality homes in the private rent sector that are well-designed, and can be delivered quickly at scale.

The Scottish Government has worked closely with industry to develop and launch a well-received package of enabling measures to stimulate growth and private investment in the BTR sector. This package covered planning advice, taxation, tenancy reform, a Rental Income Guarantee Scheme (RIGS) – developed with industry - and a promotional prospectus to investors. Rettie's analysis of the pipeline for BTR units progressing through our planning system shows highly positive signs of health with almost 9,800 units of accommodation currently being advanced, but with a particular focus in our two major cities, with around 22 separate individual schemes presently being brought forward in Glasgow (12) and Edinburgh (10).

4.5 Opportunities, gaps and focus

The following section sets out opportunity-based plans for each of our four sectoral themes, and the wider place-based and Net Zero benefits we believe they can drive. Each of these sectors requires a blend of capital options to support recovery, growth and transition; and each requires a mix of interventions and actions to strengthen demand and viability in parallel with supply of capital. The plans set out here are initial outlines of the investment opportunities, gaps and therefore targets and actions we will take.

Sector 1 – Low Carbon Transition

Investment context

Our landmark Climate Change Act is one of the most ambitious legislative frameworks in the world – committing Scotland to Net Zero by 2045. The commitments of the Scottish Government, and governments around the world, mean that despite the risks inherent in new and emerging technologies there are guaranteed markets and opportunities for investors as part of the low carbon transition. COP 26, in Glasgow in November 2021, sets the global direction for decarbonisation, raising the profile of what Scotland has to offer and demonstrates where there are opportunities for investment on the international stage.

Scottish Government support

The Climate Change Plan Update, 2020 sets out clear steps for decarbonisation. This is supported by a Heat in Buildings Strategy (2021) and a Hydrogen Strategy (2021).

Scotland's 2020-21 Programme for Government set out an initial tranche of £1.6 billion from the Low Carbon Fund, with a further £400 million set out in the recent Climate Change Plan update – providing an additional £2 billion of public investment in Net Zero across 2021-2026.

Alongside wider capital commitments, over this five year period the Scottish Government will invest nearly £1.6 billion to transform heat and energy efficiency of our buildings; £60 million to support the industrial and manufacturing sectors during a green economic recovery; over £550 million in Active Travel; £500 million in bus priority infrastructure; £120 million for Zero Emission Buses; and a £180 million Emerging Energy Technologies Fund to support the development of hydrogen and Carbon Capture and Storage (CCS).

The Infrastructure Investment Plan delivers the National Infrastructure Mission, with £33 billion of Scottish Government investment over the course of 2021=26. The plan covers projects that the Scottish Government or its Agencies and Non-Departmental Public Bodies deliver directly and sets a long-term vision of infrastructure supporting an inclusive, Net Zero carbon economy in Scotland.

Scotland's Green Investment Portfolio will present £3 billion of green commercial projects to market by 2022. The portfolio sets out low carbon propositions which can deliver returns for investors, while supporting Scotland's transition to Net Zero. The first projects – worth more than £1 billion in total – were launched in September 2020 and include opportunities to invest in property, energy and innovative companies. It is expected that the portfolio will also include heat decarbonisation, hydrogen, battery storage, carbon capture, and green transport opportunities for investment.

We need to continue to build on the Green Investment Portfolio to make sure that our opportunities for investment in Scotland have an international profile and showcase the innovation and ambition that we have to offer. To further increase investment we will establish a forum of investors who want a deep level of partnership with government, aligned to the transition to Net Zero.

The Scottish National Investment Bank opened for business in November 2020 as a mission-led development bank providing patient capital to build a stronger, fairer, more sustainable Scotland. The Bank's primary mission, set in December 2020, will be to support a Just Transition to Net Zero by 2045. The Scottish Government has committed to capitalising the Bank with £2 billion over 10 years.

SEPA, NatureScot and Marine Scotland have specific sectoral interests and are developing new ways to harness private capital to support policy ambitions relating to natural capital which will help to support the rural economy.

Key growth subsectors

In Scotland, there are particular opportunities for capital investment in relation to:

• low carbon transportation – including electric vehicle charging technology and infrastructure
• heat decarbonisation – including city-level heat network projects deploying zero emissions heat solutions
• carbon capture, utilisation and storage – both to reduce emissions in key sectors directly and to remove CO2 through negative emissions technologies to balance emissions that are challenging for certain sectors to avoid
• hydrogen – applying this zero-carbon fuel in various settings such as heat, transport, and energy systems management
• emerging energy generation technologies – such as marine

Business investment opportunities

Maximising the economic benefits of the Net Zero transition will require significant capital investment into scaling businesses that will accelerate the development and delivery of new and emerging low carbon technologies across the economy. Scotland benefits from a strong pipeline of innovative businesses in this space, supported by our Universities and Innovation Centres.

Infrastructure investment opportunities

Increased capital flows will be required into low carbon infrastructure projects where established technologies can be scaled beyond existing levels e.g. for heat and electric vehicles. There is already a well-established pipeline for low carbon infrastructure investment, however, the scale of what is needed to meet our 2045 commitment means that there is a role for government to support more private capital investment. For example, the Climate Change Plan signals a major expansion of renewable electricity generation, including the development of 8 to 11GW of new offshore wind capacity before 2030. There are also globally significant opportunities for carbon capture and storage (CCS) deployment available as a result of Scotland's access to the North Sea.

Real estate investment opportunities

The real estate sector is a large generator of carbon emissions, and decarbonising the built environment will in itself lead to significant investment opportunities. The transformation of our existing building stock as set out in the Climate Change Plan Update (published December 2020) includes a commitment for 50% of buildings to have low or zero carbon heat systems by 2030, in addition to the continued expansion of energy efficiency measures. This will further drive opportunity, reflecting that as well as supporting our Net Zero targets there is a clear economic benefit. According to BNP Paribas,^[41] "green properties improve returns and future-proof the value of real estate investments. These types of properties have lower operating expenses and voids, and can generate higher rents. Green properties are also more liquid and more resilient to technical and operational obsolescence."

National Planning Framework 4 will set out a spatial plan to enable national policies to focus on our commitment to Net Zero.

Target investors

For infrastructure opportunities of scale, the full spectrum of infrastructure debt and equity investors should be targeted. This includes global project finance banks, infrastructure funds, pension funds, sovereign wealth funds, utilities and large development companies. Venture capital and private equity funds with a focus on low carbon and ESG assets would be potential target investors for company investment. There is global and growing investor appetite to invest in suitable low carbon opportunities. Early engagement should include building relationships between Scotland and the City of London, as well as leveraging our global resources (through SDI as an example) to develop relationships with investors globally.

Sector 2 – Health and Life Sciences

Investment context

The Health and Life Sciences sector involves a wide range of activity in animal health, human health, agricultural, aquaculture and marine biotechnology. It includes the discovery, research, development and manufacture of therapeutics; diagnostics; medical devices and platform technologies as well as the specialist suppliers of products and services necessary for these organisations to function.

The sector is fast growing in Scotland: since 2010 we have seen on average just under 10% year on year growth in turnover. Over 40,000 people are employed in life sciences in over 750 organisations. Some of the largest global companies in the sector have a presence in Scotland.

Scottish Government support

In 2017 the Life Sciences sector published The Life Sciences Strategy for Scotland: 2025 Vision (2017). This key strategy set a target to grow the life sciences sector to reach £8 billion in turnover by 2025.

We also have three complimentary strategies for developing related sectors:

Life and Chemical Sciences Manufacturing Strategy (2015)

Aquaculture Growth to 2030 (2016)

Scotland's Digital Health and Care Strategy (2018)

In addition, healthtech is one of 9 priority areas identified in our Inward Investment Plan. Life and chemical sciences are key sectors in our Export Growth Plan. Scottish Enterprise has identified innovative medicines and advanced therapies as an area of strategic focus.

In 2020, the Scottish Life Sciences COVID-19 Strategic Response Plan was created by the Life Science Industry Leadership Group (ILG) to set out how we can work with the life sciences sector in Scotland in response to the pandemic.

Our policy approach forges the vital close working relationship between industry, the NHS and academia (the 'triple helix'). We have invested in developing centres of excellence in order to keep making those ground-breaking discoveries in medical treatments and attracting world class researchers who see Scotland as a choice location for collaborative research. There have also been significant investments in city deals in Glasgow, Edinburgh, Inverness, Aberdeen and Dundee to support the sector.

Scotland also offers a range of funded opportunities for industry to work on pre-commercial innovation in Test Beds. This is mainly via the application of experimental development characterised by prototyping, demonstrating, piloting, testing and validation inside Test Beds.

Key growth subsectors

Drug discovery, biotechnology and diagnostics top Scotland's investment portfolio with over 20% of new capital going into life sciences. The Scottish sector is strong in healthtech, pharmaceuticals, advanced therapies, medtech, precision medicine, and animal health, agritech and aquaculture (AAA). Agricultural biotech, environmental biotech and industrial biotech are also expanding subsectors. With nearly a third of all start-ups in these fields in 2019, Scotland is emerging as the leading centre in the UK.

Business investment opportunities

A key focus of the ILG is on growing Health Technology companies beyond the existing 8% growth rate. The sector has a particularly active risk capital market – capital being invested in high growth/high potential businesses, reflecting strong start up activity. Since 2013, the life sciences sector accounted for 22% of all Scottish deals (343) and 24% of investment (£504 million) according to the Scottish Investment Bank Risk Capital Market Report.

Infrastructure investment opportunities

The ILG has identified advanced therapeutics and diagnostics, health data and digital, and pharmaceutical supply chain capability as a key priority for further developing the sector.

Growing health and life science supply chains, as well as direct sales to the NHS, is a core component of driving innovation. A government-wide programme is underway with scope to convert pandemic infrastructure investments in manufacturing into key growth areas. We will develop an Investment Strategy for NHS Scotland and Life Science industries that is globally connected and locally rooted to protect and grow this vital sector. This will build on the success of the sector in supporting NHS Scotland's response to COVID-19 and continue to strengthen local supply chains moving forward. With a renewed strategic focus on retaining strengths and supply chains in health related sectors, this will be the first of our roadmaps to investment for each of our sectoral themes, and will serve as a model.

Real estate investment opportunities

Real estate related to the health and life sciences sector has seen significant investment during the COVID-19 pandemic due to the centrality of the sector in developing and producing a vaccine for COVID-19.^[42] The sector is already rapidly expanding in Scotland and around the world in response to demographic changes, and innovation and advancements in biology that have fuelled demand. Clusters representing the 'triple helix' of industry, health and social care providers, and academic research are developing at pace across Scotland, presenting a range of opportunities for investment. There is evidence of growing institutional investment seeking representation in this emerging but high growth asset class (for example the EG/AXA IM acquisition of Kadans Science Partners and Bruntwood SciTech – a Joint Venture between Bruntwood and Legal & General).

Target investors

The fallout of the COVID-19 pandemic has led to an increase in investor interest in the health and life sciences sector. There are a number of specialist life science investment funds as well as broad-focused investors, and large industry players (e.g. pharma companies) that invest into life science companies, with many specialising at the sub-sectoral level or drug/treatment level. Whilst there is a renewed global interest in investing in life sciences companies, our focus on investor relations focus will initially be in US and European markets.

Sector 3 – (High Value) Manufacturing

Investment context

Manufacturing is a diverse sector and vital to Scotland's economy. It is responsible for over half of Scotland's exports and employs more than 169,000 people across 13,270 enterprises in communities all over Scotland.

Scottish Government support

Our ambition is to support the sector to maximise the opportunities from the Industry 4.0 revolution and the transition to Net Zero to become global leaders in advanced and high value manufacturing.

Working with industry and academia, the Scottish Government has established the Making Scotland's Future Programme to bring together our partners in Scotland to deliver a more collaborative and joined up approach to supporting the sector. The £75 million National Manufacturing Institute Scotland (NMIS) is a central part of this programme. In response to the pandemic, the Programme has pivoted to adapt to the impacts of COVID-19 and develop a Manufacturing Recovery Plan (MRP).

High value manufacturing a key focus within the Inward Investment Plan and is relevant to all of the nine opportunity areas. Engineering services & advanced manufacturing is also a key sector within our Export Growth Plan.

Key growth subsectors

Our manufacturing businesses are embracing innovation and moving into markets that are increasingly advanced and high value. Our particular growth sectors include medicines, low carbon transport, chemical industries, space and satellites, healthtech and food and drink innovation.

Business investment opportunities

To drive growth in high value manufacturing, we will work to target capital flows into manufacturing businesses, with a focus on SMEs and supporting the development of established clusters of manufacturing activity. Investment is needed to unlock progress with product development, process efficiency, digitisation, automation and carbon reduction. There is a need for early stage risk capital to enable start-ups and scaling, recognising that innovative new manufacturing companies often have large capital costs to bear in the early stages. The acceleration and financing needs of manufacturing start-ups involved in the manufacturing of 'hardware' are also distinct from technology companies involved in the development of software.

We will support delivery of the Making Scotland's Future Manufacturing Recovery Plan by helping to enable increased levels of investment in manufacturing companies, especially through the stimulation of demand for investment from SMEs, and by supporting wider efforts to address the early stage funding needs of medium and high growth manufacturing start-ups.

Infrastructure investment opportunities

We anticipate the need for enhanced capital investment flows into plant and equipment as manufacturing companies modernise and adopt Industry 4.0 best practice.

Real estate investment opportunities

Manufacturing companies are found in almost every community in Scotland. Commercial real estate investment is a key element in a strategy to increase capital investment flows into advanced manufacturing through the provision of modern, efficient accommodation. The Advanced Manufacturing Innovation District Scotland is Scotland's flagship initiative to attract more capital investment for the provision of next generation manufacturing facilities. A number of strategically aligned high value manufacturing investment opportunities are already being presented to market as part of the Green Investment Portfolio. Propositions will continue to be of a scale to appeal to both UK and international investors.

Target investors

Investment into advanced manufacturing includes a broad range of sources as the sector includes elements of low carbon, life sciences and digital as well as more traditional manufacturing that is high value. The target investors for this sector will be highly dependent on the nature of the opportunity and the specialism. Venture capital, private equity investors, as well as large multi-national corporations, will be our main targets for engaging with investors.

Sector 4 – Digital

Investment context

Scotland's digital technology sector is one of the biggest contributors to the economy, and one of the most underpinning, including for the other sectoral themes. The sector is forecast to grow at twice the rate of the rest of the economy, and with businesses that have embraced new technology outperforming those that have not.

The benefits of a digital economy will only be fully realised and retained in Scotland if we have a digital infrastructure that enables the seamless and cost effective movement of data and the real-time data processing and computing capability that is central to the development of machine learning, AI and other drivers of future growth.

On average, every £1 of risk capital invested in the tech sector generates £6 for the economy.

Scottish Government support

Over £1 billion has been invested in recent years in programmes such as Digital Scotland Superfast Broadband (DSSB), Reaching 100% (R100) and Scottish 4G Infill (S4GI). This investment, alongside substantial commercial investment, has greatly extended the reach and capacity of fibre networks across Scotland.

The Scottish Government published a 5G Strategy for Scotland in 2019 and a new strategy for Renewing Scotland's Full Potential in a Digital World will be published in 2021.

Our policy priorities are informed by a study undertaken by Deloitte: Scotland's Digital Potential with Enhanced 4G and 5G Capability: Final Report for the Scottish Futures Trust (2019); and an independent review by Mark Logan of Skyscanner on the Scottish Technology Ecosystem (2020).

Key growth subsectors

Fintech, software development, data science, AI, digital health, sensors and connectivity.

Business investment opportunities

Growth in Scotland's digital technology sector will be driven by the presence of high potential business enterprises. As these businesses scale, access to growth capital will be critical to their success. Our focus will be on supporting businesses to scale, and facilitating investment to deliver growth in Scotland.

Infrastructure investment opportunities

Both the Infrastructure Commission for Scotland and the Scottish Government Advisory Group for Economic Recovery (AGER) identified that significant investment in fibre connectivity is required to strengthen digital connectivity resilience and increase Scotland's international competitiveness. The Infrastructure Commission also recommended that the Scottish Government prioritise support for an indigenous data centre market to underpin the development of the data and digital technology sector. With the appropriate support, interventions and investment, Scotland can generate significant new economic growth from data storage, management and innovation.

The long-term and capital-intensive nature of digital infrastructure projects provide opportunities for largescale capital deployment. Our Town Centre Action Plan Review recommends that project demonstrators for digital towns are carried out working in partnership with capital investors.

The Scottish Government is working with Scottish Futures Trust and industry partners on a vision and action plan for datacentres and international connectivity. Renewable technology is important here. This work will identify and map out future digital connectivity investment opportunities. We will also support the development of business cases for private, public or partnership investment in new international subsea cable routes and terrestrial wholesale fibre connectivity as a priority for improving Scotland's critical national infrastructure.

Real estate investment opportunities

Digital disruption is having and will continue to have a profound impact across all asset classes in the commercial real estate sector. It is changing the nature of demand for office space, meanwhile retail is experiencing a structural shift online. And it is increasingly important that industrial assets are digitally enabled for high value manufacturing and high-tech operations. This is equally the case for non-commercial and community owned property. The Town Centre Action Plan Review (2021) makes a recommendation for project demonstrators around digital towns, to harness the benefits of new technology as part of revitalising towns.

Target investors

Increased demand for digital infrastructure, in response to Scottish Government's connectivity commitments, will continue to attract both debt and equity infrastructure investors in the form of, for example, project finance banks, infrastructure funds and telecom companies. In relation to company investment opportunities, the COVID-19 pandemic has demonstrated the relative attractiveness of digital technology investment opportunities across a range of sectors including communication, entertainment, healthcare and AI. As a result, investors have increased their focus on the digital tech sector. Depending on the maturing of the specific opportunity, we would expect to engage with a broad range of investors including early venture capital investors, private equity investors and multi-national corporations.