On the venture capital side, I would say our loss ratio is quite comparable to that of private sector investors doing the same stage of investment. A portfolio of seed-stage investments is going to have a much higher loss rate. Sometimes as many as eight out of 10 of the portfolios will be absolute losses. At a later stage, in what is called a series A, a start-up round or a growth round, then the loss ratio will decline to perhaps only 40% of the companies, but still the losses are very high.
We have recently done an accounting of all of the venture capital investing that BDC has done for the last 30 years, and we are just now able to say that for every dollar we've put into venture capital in Canada—obviously that is the only place we invest—it is now worth a dollar. We have sustained substantial losses over those many years to help bolster the industry to invest in multiple sectors of industry and multiple stages of companies. We're encouraged that the system seems to be working better now, but we do believe it's our job to find the spaces where others aren't investing and try to deploy capital and resources there.