WCAS believes that our value-added investment strategy is best executed when we acquire operational and strategic control of companies. Since 1995, approximately 90% of WCAS equity capital has been invested as a control investor. Private equity transactions occasionally involve consortium deals with multiple buyout firms. WCAS generally avoids participating in club deals or consortium investments. To take advantage of larger opportunities, WCAS secures additional co-investments from our Limited Partners. Over the last three Equity Partnerships and WCAS CP IV, Limited Partner co-investment opportunities totaled $3 billion of invested capital in 11 transactions.