The other side of the Anglo-Saxon system is represented by the UK market, that together with the United States, really represent the place where private equity was born. As in the United States, in the UK we do not have, like in Europe, laws regulating the entire financial system that are helpful for us to identify characteristics of private equity investors. Like in the US, in the UK private equity is regulated by a mix of ad hoc laws and tax regulations. Also in the UK we have evidence of five different solutions to act as a private investor like in the US. The five solutions are venture capital funds, venture capital trusts, banks, business angels, and local PPPs (public-private partnerships). Some of the information we perfectly know. Venture capital funds are exactly the same as in the US for two reasons, because in the US and UK we have common law, and the second reason is related to the fact that tax laws in the US and UK, want to maintain in a certain sense the same condition, for both players. That means at a global level, investors are really free to select the US or UK to create their venture capital fund relating not to tax issues but to strategic issues or issues located to the country. Like in the US, in the UK venture capital funds that are limited partnerships are the most important vehicle. It’s a vehicle that can operate as a private equity investor using the concept of leverage a lot that multiplies the amount of money that could be invested in private equity. Banks are the same story like in the US and Europe, so I won’t repeat it again, you perfectly know. Business angels: also in the UK we have a very favorable taxation to business angels as in the United States. In the UK we have also some experience of PPPs, but not exactly very powerful like those in the United States where we have the SBIC program; in the UK we have only some players operating at the local level. What is very interesting in the UK framework and completely new, is related to the concept of VCT (venture capital trust). A venture capital trust is a vehicle that was created not a long time ago with a special law in 1997. It started as a UK experience but today we can say that the venture capital trust is becoming a sort of format. For example, in the Indian market, one of the largest markets in the world, VCTs are becoming very popular, but let's focus on the UK market. What is a venture capital trust? A venture capital trust is something unique, where the aim of this strange and special vehicle is to try to combine retail investors with an ideal private equity, which is honestly quite new because when we were discussing closed-end funds, we highlighted the fact that investors in private equity typically are very large investors. In a venture capital trust, the idea is to attract a retail investor to enter in the private equity market. How does it happen? To understand this vehicle we have to know something about a very old institution within the UK market: the concept of a trust. What is a trust? A trust is a vehicle in which someone named a settlor can insert assets. The management of these assets is given to someone else, and this someone else is made the trustee, and the trust has to generate profit and benefits that are created in favor of a beneficiary. Trusts were created in the middle ages and were used in the UK and the entire world for many reasons. For example, it was often used by entrepreneurs to protect themselves during war, or to properly manage a succession within a family business. In a venture capital trust, the concept of trust is used for private equity. The idea is that the settlor is not “someone,” but are retail people. Retail people, retail investors are putting not assets in the trust, but just simply cash. The trustee is not “someone else” but the trustee is a management company and the management company is going to manage this amount of cash to do what? To invest in venture capital and private equity where the beneficiaries are retail investors themselves. What is quite interesting is that every time a retail investor is going to invest, it receives a certificate, and this certificate is listed in the London Stock Exchange. This is to ensure a high level of liquidity to retail people willing to approach the idea to invest in private equity. Some last aspects are related to the fact venture capital trusts must invest a minimum 70% of the amount of cash in private equity and venture capital, and the other aspect is related that the fact that retail people willing to receive a lot of tax benefits in doing that. It's something pretty unique and it's probably the best most effective combination in the world to combine the idea of retail investing with the idea of private business which is typical of private equity.