fee income

…or just not really, I guess you want to call that the carry, just the general fee income, but they're not really making money for the investors in the way they were. At some point, That pushes investors to keep on staying with this, or they say this has got so democratized that we go back to S&P index funds and stocks. But that's today's discussion. What's…

…is not happening right now that's the 20 percent they make on the you know the two and twenty is the general fee two percent fee income twenty percent profits on exits right now they're not seeing that so that's where you're starting to have trouble right now as investors aren't hitting their rates to return and ultimately the private equity funds if they'r…

…They are winning on the fee income business, but they're losing on the exit business and making money from their investment business. So one of the things that Carlyle said in their report was, and they try and say this as quietly as they can, aside from fundraising being a little tepid, a little slow, that essentially the juice in the sale of businesses is…