Angelo, Gordon began investing in real estate in Asia in 2005 and has acquired more than $5 billion of properties in this region by gross purchase price. Our strategy is pan-Asian, with a focus on investments in Hong Kong, Japan, South Korea and China. We have real estate professionals in offices in Hong Kong, Seoul and Tokyo, and are one of the most active U.S.-based investors in the region. We focus on capitalizing turnaround opportunities, primarily created through the lack of real estate expertise, illiquidity and distress in many Asian markets. Additionally, the firm’s vehicles have acquired non-performing loans and distressed real estate assets that are attractively priced due to the inefficiency of the sale process or the seller’s need for near-term liquidity. Our pan-Asia approach allows us to take advantage of the best risk-adjusted opportunities across a wide geography in markets that are at different points in the real estate cycle. As with the other Angelo, Gordon real estate strategies, we joint venture with talented local operating partners and today we have a network of over 50 partners that we work with in the region.