Industry committee  Yes. We've created a pool of capital within our fund of funds group, which is dedicated to either co-investing with the funds outside of BDC or investing directly in those growth-stage companies. We've put aside what I think is targeted to be about $100 million over the next five

Industry committee  We've targeted money specifically there, and we've tried to identify funds that address that segment as well.

Industry committee  It's BDC's own investments, both directly into companies and into external funds.

Industry committee  Yes.

Industry committee  All of the companies eventually are audited, but the validation comes primarily from our co-investors. Virtually never, or probably 1% of the time, are we the only investor in a given company, and then only for a short period of time. The validation comes when other investors com

Industry committee  The rule in venture for the external portfolio and through the funds is that each of those funds generates those fair-value calculations with their audit.

Industry committee  Yes. For our direct investments, the rule is always that the valuation comes from either the value established at the last round of financing—

Industry committee  —or in a new round, only if—

Industry committee  —an external party at arm's length, with no connection to BDC, comes in and establishes that value.

Industry committee  The four funds of funds, the primary elements of the program, have all been funded, and so the funds have been committed. Just over half of that has been drawn down.

Industry committee  Yes, it's $220 million, or something like that, as of this particular moment. The rest of it will be drawn within the next year, because the government money goes in first and comes out last.

Industry committee  No, the capital action plan fund is cellular. It sits all by itself. The incubators and accelerators come from our strategic investments and partnerships group. They sit alongside my group—

Industry committee  I'll have to get you the correct number. I know that between the notes that they write directly into companies, and in the incubators and accelerators, it's well over $10 million, or something like that.

Industry committee  I'm happy to get that for you.

Industry committee  Sure. Depending on who you talk to in the industry, there are arguably two valleys of death. One is from the seed to the series A stage, which is going from very early proof of concept to a functioning business. In some markets that is a problem. The one that we focused on most