{"id":9427,"date":"2026-03-30T13:33:57","date_gmt":"2026-03-30T13:33:57","guid":{"rendered":"https:\/\/arkapandco.com\/?p=9427"},"modified":"2026-03-30T13:34:01","modified_gmt":"2026-03-30T13:34:01","slug":"private-equity-in-smes-signals-that-an-organization-is-truly-investable","status":"publish","type":"post","link":"https:\/\/arkapandco.com\/it\/insights\/advisory-services\/corporate-finance-and-strategy\/private-equity-in-smes-signals-that-an-organization-is-truly-investable\/","title":{"rendered":"Private Equity in SMEs: Signals That an Organization Is Truly \u201cInvestable\u201d"},"content":{"rendered":"\n

Yet only a fraction of companies that seek capital are genuinely \u201cinvestable.\u201d The distinction is profound. Many businesses express the desire to raise external capital; far fewer demonstrate the signals that sophisticated investors, particularly professional private equity firms, consider essential before allocating resources, time, and risk.<\/p>\n\n\n\n

Across hundreds of transactions, advisory engagements, and direct interactions with investors, one pattern emerges with absolute clarity: investability is not a function of ambition, pitch\u2011decks, or sector trends. It is a function of readiness<\/strong>. Not theoretical readiness, but operational, cultural, strategic, and financial readiness.
And this readiness tends to reveal itself consistently through a set of underlying signals.<\/p>\n\n\n\n

Understanding these signals does not guarantee an investment. But missing them almost always guarantees the opposite.
This Insight explores those signals in depth: what they look like, why they matter, and how they influence investor perception long before a negotiation begins.<\/p>\n\n\n\n

The First Filter: Narrative Coherence and Strategic Intent<\/strong><\/p>\n\n\n\n

Private equity firms do not invest in uncertainty. They invest in clarity. Before any financial model, due\u2011diligence checklist or valuation framework, the first assessment is almost always narrative: Does this organization have a coherent, internally consistent story?<\/em><\/p>\n\n\n\n

Narrative is not marketing. It is the ability to articulate, without hesitation, what the company does, why it does it, where it is going, and what stands in the way.
Companies that struggle at this level\u2014those that oscillate between too many priorities, present contradictory ambitions, or fail to distinguish between aspirations and strategy\u2014signal immaturity long before numbers enter the conversation.<\/p>\n\n\n\n

What investors look for is a form of clarity that appears deceptively simple: a well\u2011anchored strategic direction, realistic in its horizon, supported by leadership alignment, and capable of resisting the pressure of external shocks.
This clarity acts as the backbone for all subsequent discussions. Without it, everything else becomes noise.<\/p>\n\n\n\n

Leadership Alignment: The Invisible Indicator of Investability<\/strong><\/p>\n\n\n\n

Among all indicators, leadership alignment remains one of the least visible to the outside world yet one of the most determinative during an investment process. Misalignment does not need to be dramatic to be problematic. Small discrepancies in vision, incentives, roles, or risk tolerance become amplified the moment due diligence begins.<\/p>\n\n\n\n

Private equity firms look for leadership teams that demonstrate three characteristics:<\/p>\n\n\n\n

    \n
  1. They agree on the problem before they discuss the solution.<\/li>\n\n\n\n
  2. They display consistency when questions become uncomfortable.<\/li>\n\n\n\n
  3. They understand their own gaps and treat them as structural\u2014not personal issues.<\/li>\n<\/ol>\n\n\n\n

    When leadership is aligned, investors see stability. When it is not, they see future execution risk. And execution risk, more than almost any factor, impacts valuation, structure, and ultimately the probability that a transaction will close at all.<\/p>\n\n\n\n

    Investors do not expect leadership teams to be perfect. But they expect them to be synchronized. Misalignment is expensive, not because it derails decisions today, but because it threatens decisions tomorrow.<\/p>\n\n\n\n

    Financial Hygiene: More Than Clean Numbers<\/strong><\/p>\n\n\n\n

    Private equity investors do not demand flawless financials. They demand credible<\/strong> financials.
    Credibility comes from structure\u2014consistency in accounting treatment, visibility into cash drivers, reconcilable data, and coherent links between strategy, KPIs, and financial outcomes.<\/p>\n\n\n\n

    The companies that struggle are rarely those with weak performance; investors can accept volatility when it is explained. The real concern arises when financial information is incomplete, disorganized, or inconsistent. This creates friction, slows the process, and forces investors to wonder what else may be unclear.<\/p>\n\n\n\n

    Financial hygiene is not about \u201cgood numbers.\u201d It is about demonstrating that:<\/p>\n\n\n\n

      \n
    • the company understands its value drivers;<\/li>\n\n\n\n
    • management is intellectually honest about weaknesses;<\/li>\n\n\n\n
    • and the organization is capable of sustaining investor\u2011level reporting disciplines.<\/li>\n<\/ul>\n\n\n\n

      In SMEs, this is often the single biggest differentiator between companies that appear investable and those that actually are.<\/p>\n\n\n\n

      Repeatability and Scalability: The Architecture of Value Creation<\/strong><\/p>\n\n\n\n

      Private equity investors evaluate not only what the company has achieved, but how it achieved it. The methodology matters as much as the outcome.
      Is growth driven by a repeatable mechanism\u2014commercial discipline, operational excellence, strategic positioning\u2014or is it the result of opportunistic events, founder intuition, or market luck?<\/p>\n\n\n\n

      Investability is strongly correlated with repeatability<\/strong>.
      Investors want to see that historical performance was not accidental, that the organization operates through systems rather than improvisation, and that growth can be reproduced in a new context, geography, or scale.<\/p>\n\n\n\n

      Scalability introduces the next filter: can the organization double in size without doubling its complexity?
      Leadership structure, decision\u2011making models, information systems, and process architecture must demonstrate elasticity. If every incremental unit of growth requires disproportionate managerial intervention, the company may be interesting but not investable.<\/p>\n\n\n\n

      Private equity capital amplifies trajectories. For that amplification to create value, the underlying system must be capable of bearing the weight.<\/p>\n\n\n\n

      Governance Readiness: The Quiet Barrier to Investment<\/strong><\/p>\n\n\n\n

      Many SMEs underestimate how critical governance is in the eyes of an investor.
      Governance is not bureaucracy. It is a mechanism that allows speed, transparency, accountability, and consistency.
      Investors look for governance maturity long before they propose board structures or reporting cadences.<\/p>\n\n\n\n

      Signals of governance readiness include:<\/p>\n\n\n\n

        \n
      • clear decision rights;<\/li>\n\n\n\n
      • defined escalation paths;<\/li>\n\n\n\n
      • disciplined resource allocation;<\/li>\n\n\n\n
      • and the ability to separate ownership logic from managerial logic.<\/li>\n<\/ul>\n\n\n\n

        When these elements are absent, investors anticipate friction: slower execution, diluted accountability, and increased risk.
        When they are present, investors see an organization capable of absorbing change, sustaining pace, and engaging as a true partner\u2014rather than depending solely on the intuition of a founder.<\/p>\n\n\n\n

        Market Positioning: Strength, Not Just Potential<\/strong><\/p>\n\n\n\n

        Potential is easy to describe. Strength is harder to prove.
        A company is investable when it does not merely operate in an attractive market but occupies a position that gives it leverage: customer stickiness, defensible advantage, brand authority, switching costs, proprietary capabilities, or structural cost advantages.<\/p>\n\n\n\n

        Private equity firms differentiate between growing because the market grows<\/em> and growing because the company deserves to grow<\/em>.
        The first is vulnerable. The second is investable.<\/p>\n\n\n\n

        Investors evaluate whether the company has earned the right to acquire more market share, whether it can defend that share when competition intensifies, and whether its advantage is structural or circumstantial.<\/p>\n\n\n\n

        A company with a compelling product in a rising market may be \u201cinteresting.\u201d
        A company with a defensible position is \u201cinvestable.\u201d<\/p>\n\n\n\n

        Cultural Maturity: The Most Underestimated Signal<\/strong><\/p>\n\n\n\n

        Among all metrics, models, and frameworks, one signal affects every dimension of investability: culture.
        Culture determines how organizations absorb pressure, adapt to change, and handle the scrutiny of investors.
        It shapes how decisions are made, how accountability is internalized, and how leadership teams navigate complexity.<\/p>\n\n\n\n

        Private equity investors can tolerate weak processes. They can tolerate limited systems. They can even tolerate imperfect performance\u2014if the culture demonstrates discipline, humility, ambition, and an ability to course\u2011correct.<\/p>\n\n\n\n

        Immature cultures resist transparency. Mature cultures seek it.
        Investors know the difference immediately.<\/p>\n\n\n\n

        Why These Signals Matter: The Investor\u2019s Perspective<\/strong><\/p>\n\n\n\n

        Investors operate under constraints that SMEs sometimes underestimate: time, competitive deal dynamics, risk\u2011reward thresholds, portfolio synergies, fund strategies, and LP expectations.
        They need to allocate capital where the probability of value creation is high, the execution risk manageable, and the partnership dynamic sustainable.<\/p>\n\n\n\n

        Every signal described above reduces or increases these risks.
        Investability, therefore, is not a label\u2014it is the aggregate perception of whether this specific company, at this specific moment, is structurally ready for institutional capital.<\/p>\n\n\n\n

        When investors walk away, it is rarely because of valuation alone.
        It is because the signals\u2014explicit or implicit\u2014suggested future friction, ambiguity, or instability.<\/p>\n\n\n\n

        Becoming Investable: A Deliberate, Not Accidental, Evolution<\/strong><\/p>\n\n\n\n

        Companies do not become investable by chance.
        They become investable when they recognize that readiness is multi\u2011dimensional: strategic, operational, cultural, and financial. They become investable when leadership alignment is not assumed but engineered, when governance is not tolerated but designed, when clarity outperforms ambition, and when systems replace intuition.<\/p>\n\n\n\n

        The organizations that successfully raise capital often discover that the investment is not the end of the journey but the validation of a transformation that began years before investors arrived.<\/p>\n\n\n\n

        Investability, in this sense, is less about being appealing to investors and more about being structurally sound, strategically coherent, and operationally disciplined<\/strong>.<\/p>\n\n\n\n

        When these conditions exist, capital finds its way to the company almost naturally.
        When non\u2011negotiable signals are missing, no pitch deck or valuation expectation can compensate.<\/p>\n","protected":false},"excerpt":{"rendered":"

        Private equity interest in small and mid sized enterprises has grown steadily over the past decade<\/p>\n","protected":false},"author":245296781,"featured_media":9430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[368],"tags":[1057,1056],"class_list":["post-9427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-finance-and-strategy","tag-investability","tag-privateequity"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/arkapandco.com\/wp-content\/uploads\/2026\/03\/vertical-shot-buildings-manhattan-new-york-city_181624-61872.avif","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pfryM9-2s3","jetpack-related-posts":[{"id":9415,"url":"https:\/\/arkapandco.com\/it\/insights\/advisory-services\/corporate-finance-and-strategy\/private-equitys-2026-priorities-what-deal-teams-are-really-targeting-now\/","url_meta":{"origin":9427,"position":0},"title":"Private Equity\u2019s 2026 Priorities: What Deal Teams Are Really Targeting Now","author":"Alessandro Raschella","date":"Marzo 30, 2026","format":false,"excerpt":"Private Equity enters 2026 with an unusual mix of discipline and urgency. Funds still have capital to deploy, but they are no longer competing to win deal volume; They are competing to win precision.","rel":"","context":"In "Corporate Finance & Strategy"","block_context":{"text":"Corporate Finance & Strategy","link":"https:\/\/arkapandco.com\/insights\/category\/advisory-services\/corporate-finance-and-strategy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/03\/colpo-verticale-di-angolo-basso-dei-grattacieli-di-aumento-una-facciata-di-vetro-francoforte-germania.jpg?fit=800%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/03\/colpo-verticale-di-angolo-basso-dei-grattacieli-di-aumento-una-facciata-di-vetro-francoforte-germania.jpg?fit=800%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/03\/colpo-verticale-di-angolo-basso-dei-grattacieli-di-aumento-una-facciata-di-vetro-francoforte-germania.jpg?fit=800%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/03\/colpo-verticale-di-angolo-basso-dei-grattacieli-di-aumento-una-facciata-di-vetro-francoforte-germania.jpg?fit=800%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9447,"url":"https:\/\/arkapandco.com\/it\/insights\/advisory-services\/cost-management-and-optimization\/the-hidden-cost-of-waiting-for-the-right-moment-2\/","url_meta":{"origin":9427,"position":1},"title":"The Hidden Cost of \u201cWaiting for the Right Moment\u201d","author":"Alessandro Raschella","date":"Marzo 30, 2026","format":false,"excerpt":"Waiting is often framed as a prudent choice. In uncertain environments, postponing decisions can feel responsible, disciplined, even strategic","rel":"","context":"In "Cost Management & Optimization"","block_context":{"text":"Cost Management & Optimization","link":"https:\/\/arkapandco.com\/insights\/category\/advisory-services\/cost-management-and-optimization\/"},"img":{"alt_text":"","src":"https:\/\/arkapandco.com\/wp-content\/uploads\/2026\/03\/hiddn-cost.avif","width":350,"height":200,"srcset":"https:\/\/arkapandco.com\/wp-content\/uploads\/2026\/03\/hiddn-cost.avif 1x, https:\/\/arkapandco.com\/wp-content\/uploads\/2026\/03\/hiddn-cost.avif 1.5x, https:\/\/arkapandco.com\/wp-content\/uploads\/2026\/03\/hiddn-cost.avif 2x"},"classes":[]},{"id":9436,"url":"https:\/\/arkapandco.com\/it\/insights\/uncategorized\/capital-allocation-the-choices-that-differentiate-a-resilient-company-from-a-fragile-one\/","url_meta":{"origin":9427,"position":2},"title":"Capital Allocation: The Choices That Differentiate a Resilient Company from a Fragile One","author":"Alessandro Raschella","date":"Marzo 30, 2026","format":false,"excerpt":"Capital allocation is often described as a financial discipline","rel":"","context":"In \"operativit\u00e0\"","block_context":{"text":"operativit\u00e0","link":"https:\/\/arkapandco.com\/insights\/tag\/operativita\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/03\/capitale-e1774879161284.webp?fit=1200%2C708&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/03\/capitale-e1774879161284.webp?fit=1200%2C708&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/03\/capitale-e1774879161284.webp?fit=1200%2C708&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/03\/capitale-e1774879161284.webp?fit=1200%2C708&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/03\/capitale-e1774879161284.webp?fit=1200%2C708&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":6930,"url":"https:\/\/arkapandco.com\/it\/insights\/industries\/private-equity\/the-state-of-private-equity-in-2025\/","url_meta":{"origin":9427,"position":3},"title":"The State of Private Equity in 2025","author":"Alessandro Raschella","date":"Gennaio 2, 2026","format":false,"excerpt":"Private equity is entering 2026 in a more complex, selective and disciplined environment. The industry is evolving, not slowing down, changing how value is created and sustained","rel":"","context":"In "Private Equity"","block_context":{"text":"Private Equity","link":"https:\/\/arkapandco.com\/insights\/category\/industries\/private-equity\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2025\/12\/gruppo-di-partner-commerciali-abiti-formali-che-punta-all-edificio-per-uffici-riunioni-all-aperto-discutendo-di-proprieta-immobiliari-vista-posteriore-concetto-di-immobile-commerciale.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2025\/12\/gruppo-di-partner-commerciali-abiti-formali-che-punta-all-edificio-per-uffici-riunioni-all-aperto-discutendo-di-proprieta-immobiliari-vista-posteriore-concetto-di-immobile-commerciale.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2025\/12\/gruppo-di-partner-commerciali-abiti-formali-che-punta-all-edificio-per-uffici-riunioni-all-aperto-discutendo-di-proprieta-immobiliari-vista-posteriore-concetto-di-immobile-commerciale.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2025\/12\/gruppo-di-partner-commerciali-abiti-formali-che-punta-all-edificio-per-uffici-riunioni-all-aperto-discutendo-di-proprieta-immobiliari-vista-posteriore-concetto-di-immobile-commerciale.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2025\/12\/gruppo-di-partner-commerciali-abiti-formali-che-punta-all-edificio-per-uffici-riunioni-all-aperto-discutendo-di-proprieta-immobiliari-vista-posteriore-concetto-di-immobile-commerciale.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":9442,"url":"https:\/\/arkapandco.com\/it\/insights\/advisory-services\/corporate-finance-and-strategy\/smes-and-the-financial-gap-the-most-common-pitfalls-in-extraordinary-transactions\/","url_meta":{"origin":9427,"position":4},"title":"SMEs and the Financial Gap: The Most Common Pitfalls in Extraordinary Transactions","author":"Alessandro Raschella","date":"Marzo 30, 2026","format":false,"excerpt":"Small and mid sized enterprises approach extraordinary transactions, acquisitions, divestitures, capital raises, ownership transitions with a mix of opportunity and vulnerability","rel":"","context":"In "Corporate Finance & Strategy"","block_context":{"text":"Corporate Finance & Strategy","link":"https:\/\/arkapandco.com\/insights\/category\/advisory-services\/corporate-finance-and-strategy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/03\/sme-1.webp?fit=800%2C533&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/03\/sme-1.webp?fit=800%2C533&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/03\/sme-1.webp?fit=800%2C533&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/03\/sme-1.webp?fit=800%2C533&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":8045,"url":"https:\/\/arkapandco.com\/it\/insights\/advisory-services\/corporate-finance-and-strategy\/the-hidden-cost-of-waiting-for-the-right-moment\/","url_meta":{"origin":9427,"position":5},"title":"The Hidden Cost of \u201cWaiting for the Right Moment\u201d","author":"Alessandro Raschella","date":"Febbraio 9, 2026","format":false,"excerpt":"Waiting is often presented as a reasonable response to uncertainty","rel":"","context":"In "Corporate Finance & Strategy"","block_context":{"text":"Corporate Finance & Strategy","link":"https:\/\/arkapandco.com\/insights\/category\/advisory-services\/corporate-finance-and-strategy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/02\/risk-protection-eliminating-risk-space-text.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/02\/risk-protection-eliminating-risk-space-text.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/02\/risk-protection-eliminating-risk-space-text.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/02\/risk-protection-eliminating-risk-space-text.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/arkapandco.com\/wp-content\/uploads\/2026\/02\/risk-protection-eliminating-risk-space-text.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/arkapandco.com\/it\/wp-json\/wp\/v2\/posts\/9427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arkapandco.com\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arkapandco.com\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arkapandco.com\/it\/wp-json\/wp\/v2\/users\/245296781"}],"replies":[{"embeddable":true,"href":"https:\/\/arkapandco.com\/it\/wp-json\/wp\/v2\/comments?post=9427"}],"version-history":[{"count":2,"href":"https:\/\/arkapandco.com\/it\/wp-json\/wp\/v2\/posts\/9427\/revisions"}],"predecessor-version":[{"id":9429,"href":"https:\/\/arkapandco.com\/it\/wp-json\/wp\/v2\/posts\/9427\/revisions\/9429"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/arkapandco.com\/it\/wp-json\/wp\/v2\/media\/9430"}],"wp:attachment":[{"href":"https:\/\/arkapandco.com\/it\/wp-json\/wp\/v2\/media?parent=9427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arkapandco.com\/it\/wp-json\/wp\/v2\/categories?post=9427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arkapandco.com\/it\/wp-json\/wp\/v2\/tags?post=9427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}