Certainly from my perspective, the challenge we have is lack of capital. In the particular fund I manage, we have 14 companies. All of them are struggling emerging businesses. Some of them are at a very critical stage in their development. It's essential that we have money in reserve to provide follow-on rounds and investments in these companies. It would be a shame to lose some businesses simply because we have no additional capital to invest.
It's a tough environment out there. The current economic climate has made the sale cycles longer for some of these companies. It's harder to attract capital. There's aren't as many players out there. All of those things impact the emerging types of businesses we invest in.
None of the companies we invest in are bankable. We're not providing credit; we're providing equity, which is the first stage in bringing a company to success.
It's a very tough environment. We're going to lose some of these businesses if we don't have the available capital to keep them going.