DFX Intelligence
Private Equity Intelligence
Firms, funds, people, portfolio companies and transactions from sworn filings and cited announcements, kept as a graph with a date and a source on every edge. Reported gross assets are never fund size, regulatory AUM is never dry powder, and a deal value prints only when someone disclosed it.
The names on this page are hidden. Create a free account and they fill in. No card, and every figure, date and source on this page is public either way.
Firms / P•••• S•••••• L•••
P•••• S•••••• L•••
Venture firm with private equity activity · probableLower middle marketAberdeenp••.comSEC exempt reporting adviser
P•••• S•••••• Companies is an American multinational investment bank and financial services company, focused on mergers and acquisitions, financial restructuring, public offerings, public finance, institutional brokerage, investment management, and securities research.
Classification
- Class
- Venture firm with private equity activityprobable, confidence 70%
- Basis
- R1c: the venture graph classifies the same adviser CORPORATE_VENTURE
- Size band
- Lower middle marketdefined by: proxy: $0.09bn Private Equity Fund GAV on the Form ADV filed 2024-03-15
Classification history (2)
- Sep 13, 2026Venture firm with private equity activity (probable, 70%, cls-pe-2)R1c: the venture graph classifies the same adviser CORPORATE_VENTURE
- Sep 13, 2026Buyout firm (confirmed, 85%, cls-pe-1)R6: 2 of 2 distinct vehicles are sworn P•••••• Equity Funds; 2 reported gross assets on a filing in 2022 or later
Regulatory footprint (Form ADV)
- Adviser type
- exempt reporting adviser
- Form ADV filings
- Apr 2, 2012 to Mar 15, 2024
- RAUM
- unknownregulatory assets under management of the adviser; not dry powder, not a fund size
- PE funds, latest filing
- 2
- PE fund GAV, latest filing
- $88.7Mreported gross assets (Form ADV), not fund size
- All private fund GAV
- $88.7Mevery private fund type, latest filing
- 2024 PE fund GAV
- $88.7Msum over funds typed Private Equity Fund with a 2024 or later as-of date
- PE share of funds, lifetime
- 100%
- Fund type mix
- filed 2024-03-15, latest gav Private Equity Fund $88.7M, latest counts Private Equity Fund 2, lifetime distinct Private Equity Fund 2
- Employees
- unknown
- Headquarters
- Aberdeen, United Kingdom
- Office address
- 22 WAVERLEY PLACE, ABERDEENSHIRE, Aberdeen, AB10 1XP
- Business phone
- 44 1224 202300
Stated criteria beside observed behaviour
2 observed deals
Stated by the firm
- Sectors
- not stated or not yet read
- Geography
- not stated or not yet read
- Revenue
- not stated or not yet read
- EBITDA
- not stated or not yet read
- Enterprise value
- not stated or not yet read
- Equity check
- not stated or not yet read
- Control
- not stated or not yet read
- Thesis
- not stated or not yet read
Observed from deals on record
- roles
- platform 2
- period
- to 2025-09-15, from 2024-06-06, undated holdings 0, dated observations 4
- window
- last 2025-09-15, first 2024-06-06
- control
- control 2
- companies
- 2
- geography
- investments
- 2
- seller kinds
- transactions
- 2
- cadence by year
- 2024 platforms 1, 2025 platforms 1
- platform add on
- add ons 0, platforms 2, add ons per platform unknown
- sector known for
- 1
- disclosed value usd
- n 0
- sector distribution
- count 1, share unknown, value financial services, examples Aviditi Advisors
- holding period years
- n 0
- repeat counterparties
- subsector distribution
- count 1, share unknown, value financial services, examples Aviditi Advisors
2 companies on the graph (2 transactions); most in financial services (1); 2 platforms and 0 add-ons; observed 2024 to 2025
Funds
2 on record
| Fund | Vehicle | Vintage | Reported gross assets (Form ADV), not fund size | GAV by year | Form D sold | Lifecycle |
|---|---|---|---|---|---|---|
| S•••••• P•••••• E••••• I• L••• ADV: P•••••• Equity Fund | Buyout fund | 2014 first reported on Form ADV | $77.0M as of Mar 15, 2024 | no Form D | Unknown | |
| S•••••• P••••••• E••••• L• ADV: P•••••• Equity Fund | Feeder or parallel | unknown | $11.7M as of Mar 15, 2024 | no Form D | Unknown |
Team
29 current, 10 former
Managing partner (4)
- C••• R•••••• A•••••• · Chairman, Chief Executive Officer · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- D•• S•••••••• · President · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- D••••• L••• S•••••••• · President/P•••• S•••••• C•••••••• · since Jan 1, 2018 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- K••• E••• M••••••• · Ceo, Managing Director E••••••• Investment Banking C•••••••s · since Apr 1, 2020 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
Partner (1)
- T•• S••••••••• · Vice Chairman, P•••• S•••••• & Co. and Managing Director, Merchant Banking · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Principal (1)
- J••••••• D•••• · Vice Chairman, Senior Managing Principal and Head of Financial Services · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Capital markets (4)
- J••• P•••••• · Global Co-Head of Investment Banking and Capital Markets · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- J•••• P••••• B•••• · Global Co-Head of Investment Banking and Capital Markets · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- J••• B•••••••• · Vice Chairman, Fixed Income Capital Markets · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- M••• D•••••••• · Global Co-Head of Investment Banking and Capital Markets · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Platform (11)
- C•••••••• E•••••••• · Chief Human Capital Officer · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- D••••• A••• · Co-Head of Public Finance · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- J•••• G•••• · Company Secretary · since Apr 1, 2013 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- J••••• G••••• · Co-Head of Public Finance · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- J••• G••••• · General Counsel and Secretary · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- K••• V• S••••••••• · Treasurer/P•••• S•••••• C•••••••• · since Jan 1, 2018 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- K••• C•••• · Chief Financial Officer · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- K•••••••• P••••••• C•••• · Cfo/P•••• S•••••• C•••••••• · since Jan 1, 2024 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- S•••• C•••••••• Q•••• · Chief Information Officer/P•••• S•••••• C•••••••• · since Jan 1, 2011 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- S•••• C•••••••• Q•••• · Chief Information and Operations Officer · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- S••••• R••• A••• · Cfo · since Apr 1, 2020 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
Other (8)
- B•••• D•••••• R•••••• · Institutional Sales · since Jan 1, 2024 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- B•••• W•••• · co-head of technology investment banking · start date unknown Press release wires (PR N•••wire, GlobeN•••wire, B••••••• Wire public pages and RSS)
- J•••• P••••• B•••• · Co-Head Investment Banking/P•••• S•••••• C•••••••• · since Apr 1, 2020 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- M•••••• E••••• C•• · Co-Head of Global Equities · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- M••• D•••••••• · global co-head of investment banking · start date unknown Press release wires (PR N•••wire, GlobeN•••wire, B••••••• Wire public pages and RSS)
- M••• D•••••••• · global co-head of investment banking · start date unknown Press release wires (PR N•••wire, GlobeN•••wire, B••••••• Wire public pages and RSS)
- N••••••• J••• D••••••• · Head E••••••• Investment Banking E••••• · since Jul 1, 2021 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- R••• L••••• · Head of Fixed Income Sales · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
10 former (kept with end dates)
- N••• R• M••••••• · Chief Executive Officer · Jan 1, 2011 to Mar 22, 2023 Inference
- C••• R•••••• A•••••• · Global Head Of Investment Banking · Sep 1, 2011 to Feb 13, 2018 Inference
- D•••• ••••• S• B•••••••• · Co-Head Of E••••••• Investment Banking E••••• · Jan 1, 2018 to Mar 29, 2022 Inference
- J•••••• P••• K••••••••• · Global Head Of Equities · Oct 1, 2012 to Feb 13, 2018 Inference
- M••• S•••• R••••• · Head Of E••••••• Institutional Sales & Trading · Jan 1, 2011 to Mar 15, 2024 Inference
- C•••• D••••• · Chief Financial Officer, Compliance Oversight · May 1, 2017 to Mar 31, 2021 Inference
- M••• B••• S•••••• · Assistant Treasurer · Oct 1, 2006 to Feb 13, 2018 Inference
- T•••••• L•• C••••• · Cfo/P•••• S•••••• C•••••••• · Jan 1, 2018 to Mar 15, 2024 Inference
- M•••••• E••••• C•• · Director Of Research · Sep 1, 2015 to Feb 13, 2018 Inference
- C••••••••• D•••• C••••••• · Vp-Ari Ucits Funds Manager · Apr 1, 2014 to Feb 13, 2018 Inference
Portfolio
2 relationships, 2 platforms, 0 add-ons
| Company | Role | Status | Invested | Held | Partner | Source |
|---|---|---|---|---|---|---|
| G• S•••••• C•••••• P••••••• | Platform | active | Sep 15, 2025 transaction announcement | 1.0 years | B•••• W•••• (confirmed) | Fact Press release wires (PR N•••wire, GlobeN•••wire, B••••••• Wire public pages and RSS) |
| A•••••• A••••••• | Platform | active | Jun 6, 2024 transaction announcement | 2.3 years | M••• D•••••••• (confirmed) | Fact Press release wires (PR N•••wire, GlobeN•••wire, B••••••• Wire public pages and RSS) |
Transactions
35 on record
| Date | Type | Target | This firm’s role | Source |
|---|---|---|---|---|
| Sep 3, 2026 | Exit to a strategic buyer | B••• D•• E••••• S•••••••• L•• | Sell-side adviser (confirmed) | lvcpartners.com |
| Aug 19, 2026 | Growth investment | X•• | Sell-side adviser (confirmed) | bannekerpartners.com |
| Aug 5, 2026 | Exit to a strategic buyer | g•••• | Buy-side adviser (confirmed) | eagletree.com |
| Aug 5, 2026 | Exit to a strategic buyer | G•••••• C••••••• | Buy-side adviser (confirmed) | eagletree.com |
| Jun 23, 2026 | Growth investment | H••••••••• W••••• | Sell-side adviser (confirmed) | berkshirepartners.com |
| Mar 10, 2026 | Majority investment | M••• H••••• | Sell-side adviser (confirmed) | prnewswire.com |
| Mar 3, 2026 | Majority investment | C•••••• H••••• | Buy-side adviser (confirmed) | gryphon-inv.com |
| Oct 28, 2025 | Majority recapitalization | X••• | Financial adviser (confirmed) | prnewswire.com |
| Sep 29, 2025 | Growth investment | E• I••••••••• | Buy-side adviser (confirmed) | prnewswire.com |
| Sep 15, 2025 | Platform acquisition | G• S•••••• C•••••• P••••••• | Sponsor (confirmed) | pipersandler.com |
| Sep 4, 2025 | Platform acquisition | K••••••••• S••••••• | Buy-side adviser (confirmed) | rainierpartners.com |
| Aug 12, 2025 | Type not stated | O• E••••••••• | Buy-side adviser (confirmed) | prnewswire.com |
| Jul 8, 2025 | Majority investment | A•• C••••••• D•••••••• | Sell-side adviser (confirmed) | wcas.com |
| Dec 9, 2024 | Growth investment | S•• C••••••••• | Sell-side adviser (confirmed) | prnewswire.com |
| Dec 3, 2024 | Platform acquisition | C••••••••• B••••••• | Sell-side adviser (confirmed) | kpsfund.com |
| Nov 21, 2024 | Growth investment | E••••••• S•••••••• | Sell-side adviser (confirmed) | hgcapital.com |
| Nov 21, 2024 | Exit to a strategic buyer | E••••••• S•••••••• | Sell-side adviser (confirmed) | spectrumequity.com |
| Aug 8, 2024 | Platform acquisition | S••••••••• G•••• A•••••••• D•••••••• | Financial adviser (confirmed) | prnewswire.com |
| Aug 5, 2024 | Platform acquisition | G••••••• | Buy-side adviser (confirmed) | auroracap.com |
| Jul 29, 2024 | Exit to a strategic buyer | S•••• C••••••••• | Sell-side adviser (confirmed) | excellere.com |
| Jun 6, 2024 | Platform acquisition | A•••••• A••••••• | Sponsor (confirmed) | pipersandler.com |
| May 21, 2024 | Majority investment | B••••• P••••••• | Buy-side adviser (confirmed) | marlinequity.com |
| Feb 6, 2024 | Platform acquisition | Z•••••• | Sell-side adviser (confirmed) | globenewswire.com |
| Dec 1, 2023 | Sponsor to sponsor | B•••••• | Sell-side adviser (confirmed), Financial adviser (confirmed) | siris.com |
| Jul 12, 2023 | Platform acquisition | C••••••• | Sell-side adviser (confirmed) | marlinequity.com |
| Jul 10, 2023 | Exit to a strategic buyer | F••••••••• G••••• G••••••••• | Buy-side adviser (confirmed) | franciscopartners.com |
| Nov 17, 2022 | Platform acquisition | S••••••• L•• | Sell-side adviser (confirmed) | middleground.com |
| Jul 28, 2022 | Growth investment | R•••••• | Buy-side adviser (confirmed) | newmountaincapital.com |
| Jun 14, 2022 | Platform acquisition | E••••••••• T•••• • I••••••••• C•••••• | Financial adviser (confirmed) | lidoadvisors.com |
| Mar 16, 2022 | Growth investment | R••••••• B•••••• | Buy-side adviser (confirmed) | prnewswire.com |
| Jan 18, 2022 | Growth investment | M•••••••• | Sell-side adviser (confirmed) | mainpostpartners.com |
| Nov 19, 2019 | Platform acquisition | S•••••• | Sell-side adviser (confirmed) | nexphase.com |
| Sep 1, 2017 | Type not stated | P•••••••• | Sell-side adviser (confirmed) | rossercapitalpartners.com |
| May 23, 2017 | Platform acquisition | C••••••• D••••••• R••••••••• I••• | Financial adviser (confirmed) | oakhill.com |
| Jun 18, 2014 | Exit to a strategic buyer | N•• C•••••••• | Sell-side adviser (confirmed) | prnewswire.com |
Placement agents, lenders, advisers and co-investors
4 relationships
Placement agents (1)
- H••••••• C•••••• L•• 1 shared · one time · last Jan 1, 2014
Financial advisers (3)
- F••••• D•••••• B••••• • R•••• 1 shared · one time · last Sep 15, 2025
- S••••••• • C••••••• L•• 1 shared · one time · last Jun 6, 2024
- B••••••• • W•••• 1 shared · one time · last Jun 6, 2024
LP commitments
0 disclosed
No LP commitment collected yet. An LP edge needs a public disclosure with a quote, such as a pension plan’s report or an announcement naming the LP.
Events
60 most recent
- Jun 2, 2026P•••• S•••••• Appoints New Co-Heads of Services and Industrials Investment Banking and Enhances Focus on P•••••• Equity Advisory B•••••••
- Apr 27, 2026P•••• S•••••• Strengthens H•••••care Investment Banking Team with the Addition of Patrick McCormack
- Mar 13, 2026Lauren Webster joins BloombergTV to discuss geopolitical risk fueling defense stocks
- Mar 10, 2026P•••• S•••••• merchant banking portfolio company: M••• H••••• acquired by BV Investment Partners
- Mar 10, 2026P•••• S•••••• merchant banking portfolio company: Scientia Vascular acquired by Medtronic
- Feb 25, 2026P•••• S•••••• merchant banking portfolio company: Integrity Orthopaedics acquired by Smith & Nephew
- Feb 25, 2026P•••• S•••••• Appoints Aamer Naseer to Head of Life Sciences Outsourcing and B2B Med Tech
- Feb 23, 2026P•••• S•••••• Strengthens H•••••care Investment Banking Team with the Addition of Jason Arnold
- Feb 13, 2026Jimmy Dunne joins CNBC, live from Pebble Beach, to discuss Fed chair nominee Kevin Warsh, the state of the economy and the outlook for M&A
- Jan 29, 2026P•••• S•••••• Strengthens E••••• & Power Investment Banking with the Addition of Tim Carlson
- Jan 19, 2026P•••• S•••••• Completes Acquisition of MENA Growth Partners
- Jan 12, 2026P•••• S•••••• merchant banking portfolio company: Kandu Announces Strategic Growth Investment from K2 H•••••Ventures and P•••• S•••••• Merchant Banking
- Jan 12, 2026P•••• S•••••• Expands H•••••care Investment Banking Team with the Addition of Dan Wolf
- Jan 6, 2026P•••• S•••••• Elevates New Co-Heads of H•••••care Investment Banking, Consumer Investment Banking, and Equity Capital Markets
- Jan 5, 2026P•••• S•••••• Names J••• P•••••• Global Co-Head of Investment Banking and Capital Markets
- Nov 24, 2025P•••• S•••••• Appoints M•••••• P•••• as Head of Fixed Income
- Nov 20, 2025P•••• S•••••• Launches P•••••• Markets Trading with Three Key Hires
- Oct 23, 2025P•••• S•••••• Announces Acquisition to Strengthen Presence in the Middle East
- Oct 9, 2025P•••• S•••••• Completes 50th Semi-Annual Teen Survey
- Oct 6, 2025P•••• S•••••• Expands Technology Investment Banking Team with the Additions of Eric Matthews and Keith Schellhorn
- Sep 15, 2025P•••• S•••••• Completes Acquisition of G• S•••••• C•••••• P•••••••
- Sep 15, 2025P•••• S•••••• Completes Acquisition of G• S•••••• C•••••• P•••••••
- Aug 1, 2025P•••• S•••••• to Acquire Government Services and Defense Technology M&A Boutique, G• S•••••• C•••••• P•••••••
- Jul 14, 2025P•••• S•••••• Expands Technology Investment Banking Team with the Addition of Anson Tsai
- Jun 24, 2025P•••• S•••••• Strengthens Insurance Investment Banking Team with the Addition of Alex Ring
- May 19, 2025P•••• S•••••• Enhances Technology Investment Banking Team with the Addition of Jim Roney
- May 8, 2025M•••••• Kantrowitz joins CNBC's "Closing Bell Overtime" to talk U.S.-China trade relations
- May 8, 2025D•••• Hunker, global head of activist defense and shareholder engagement at P•••• S••••••, joins 13D Monitor to discuss the latest in the world of activism and corporate governance
- Apr 24, 2025Andy Laperriere joins CNBC's "Power Lunch" to discuss why he believes that Trump tariffs will be overturned in court
- Apr 21, 2025P•••• S•••••• merchant banking portfolio company: Paragon 28 acquired by Zimmer Biomet
- Apr 9, 2025P•••• S•••••• Completes 49th Semi-Annual Taking Stock With Teens® Survey
- Apr 8, 2025Nancy Lazar, chief global economist at P•••• S••••••, joins Bloomberg Surveillance to discuss tariff-related inflation
- Apr 7, 2025P•••• S•••••• Expands H•••••care Investment Banking Team with the Addition of C•••••••• Draisbach
- Mar 18, 2025P•••• S•••••• promotes Benj Becker to managing director in its special district group
- Mar 18, 2025M••• R••• promoted to managing director at P•••• S••••••
- Mar 18, 2025Movers and Shakers: Blaine Hawkins, P•••• S••••••, promoted to associate vice president
- Feb 24, 2025Nancy Lazar, P•••• S•••••• chief global economist, joins CNBC's "The Exchange" to discuss the consumer sentiment and inflation expectation data, and more
- Feb 19, 2025P•••• S•••••• Expands P•••••• Capital Advisory Group with Three Key Hires
- Jan 28, 2025P•••• S•••••• merchant banking portfolio company: Paragon 28 to be acquired by Zimmer Biomet
- Jan 15, 2025M•••••• Kantrowitz, P•••• S•••••• chief investment strategist, joins ‘The Exchange’ to discuss why higher rates pose the biggest risks to markets and more
- Jan 13, 2025P•••• S•••••• Expands H•••••care Investment Banking Team with the Addition of J••• Kerins
- Jan 10, 2025P•••• S•••••• merchant banking portfolio company: Akoya Biosciences to be acquired by Q••••erix
- Jan 7, 2025American Banker names D•• S•••••••• as one of The Most Powerful Women to Watch in 2024
- Jan 6, 2025P•••• S•••••• Hires Three Key Infrastructure Investment Bankers
- Nov 27, 2024Bill Burgess, co-head of financial services investment banking, featured on S&P Global Market Intelligence’s "Street Talk" Podcast with Nathan Stovall
- Oct 9, 2024P•••• S•••••• Completes 48th Semi-Annual Taking Stock With Teens® Survey
- Sep 3, 2024P•••• S•••••• merchant banking portfolio company: Fooda Acquires Foodsby, Joining Forces to Create New Opportunities for Clients and Local Restaurant Partners
- Sep 3, 2024P•••• S•••••• Appoints D•••• Hunker as Global Head of Activist Defense and Shareholder Engagement
- Sep 3, 2024P•••• S•••••• Bolsters C•••••••s Investment Banking Team with the Addition of Jeff Chen
- Aug 26, 2024P•••• S•••••• Completes Acquisition of A•••••• A•••••••
- Aug 14, 2024Nancy Lazar, P•••• S•••••• global chief economist, joins "Money Movers" to discuss whether recent economic data changes any of the economists’ forecasts, whether the Federal Reserve has room to focus on its employment mandate and more
- Aug 5, 2024P•••• S•••••• merchant banking portfolio company: Minnesota health care startups see investment rebound after lackluster 2023
- Aug 1, 2024Nancy Lazar, P•••• S•••••• chief global economist, recognized on the Forbes 50 over 50: Investment list
- Jul 25, 2024P•••• S•••••• Strengthens Services & Industrials Investment Banking Team with Three Managing Directors
- Jul 17, 2024P•••• S•••••• merchant banking portfolio company: Exabeam and LogRhythm Complete Merger and Announce New Company Details
- Jul 10, 2024Scott Siefers joins CNBC's "Squawk Box" to discuss state of the financials sector, what to expect from bank earnings this week and more
- Jun 26, 2024Nancy Lazar joins Bloomberg Surveillance to discuss fast food pricing, the labor market and more
- Jun 6, 2024P•••• S•••••• Enters Definitive Agreement to Acquire A•••••• A•••••••
- Jun 6, 2024P•••• S•••••• Enters Definitive Agreement to Acquire A•••••• A•••••••
- May 13, 2024P•••• S•••••• Strengthens E••••• & Power Investment Banking with the Addition of R••• Tull
Across the graphs
P•••• S•••••• L••• is the same institution as 1 record in Venture Capital.
Venture Capital1
Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.
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