MPC Capital has been consistently transitioning its assets under management (currently at €4.2bn) away from retail legacy assets to new, higher-margin institutional business, which represented 61% of NAV at end-June 2019 (vs 52% at end-June 2018). This translated into a 6% y-o-y increase in management fees, which has offset the impact of muted transaction activity in H119. Moreover, MPC was able to realize profits from disposals (which represent the majority of investment income in H119) and completed new meaningful co-investments in H119.