While the private transaction market was effectively closed for a portion of 2020, and remains tepid in various sectors including Industrials and (to a lesser extent) Services, our origination and diligence activities ran at full throttle throughout the year. A handful of potentially actionable opportunities proved sufficiently compelling to merit significant diligence and careful consideration. These were excellent businesses which, we believe, could have potentially met our target returns. These businesses, however, fell short of the high bar we set for our platform acquisition, and we decided to keep the bat on our shoulder and wait for an even better pitch.