Hi Bob, The Fundraising pipeline is for getting commitments and the Closing pipeline is for onboarding them to your fund. There is also a Capital Call pipeline that's used post-onboarding. The system is architected such that a single person/organization/capital account can be in multiple pipelines at the same time. To get started the Fundraising pipeline is the most important one, and the only necessary one, because that's where you get PACTs. When you're ready to do a first close on the fund, you'll start moving prospects into the Closing pipeline.