We expect the PE story to be sector-focused rather than geographically focused over 2019. Proptech, data centres, specific sub-sectors of industrials such as cold storage, as well as operator-led business models in specialist sectors such as senior housing, could see increased PE interest. From a geographical perspective, parts of Latin America have experienced geopolitical turmoil and currency depreciation against the dollar in recent years. There are indicators that things could stabilise in some areas, however, providing scope for opportunistic PE investment.