Is Semper directly competing with platforms such as Carta in conversations with issuers, and what sets Semper apart in these conversations?

Carta is definitely the most serious form of competition that we have at this point on company-initiated programs. There are many technical reasons why companies are better off working with us, but it's true that if there is one kind of deal where it's tough for us to compete, it's U.S. companies with exclusively U.S. employees selling exclusively to U.S. investors. On that, and especially if it's on the tender offer product, Carta has great product-market fit. 

With regard to international teams and smaller caps, we got feedback from the Head of Coverage at Carta, who said that they were focused on Series E and above. We work with companies as early as $250 million valuation. Since we go to slightly younger and more international companies, I don’t think we're competing much with Carta for now.