Alan Waxman

I think the other thing, and I think it's an opportunity, look at the average person

wealth investors, so the wealth channel, they're underexposed to private alternatives relative to, say, a pension fund at 40% or an endowment at 50%.

So at 3% to 5%, that should probably go up.

But again, the transition, everyone's all about the wealth channel, everyone's talking about that.

The transition to do that in a way that's responsible to those wealth investors, those in-market

And I think getting to the right structures so that that's done in a responsible way, I think that is something to watch out for.

Jamie Gates, the Godfather of Sixth Street, one of the things he taught me early on is just because you can raise capital doesn't mean you should.

As a manager, just because you can raise it in the wealth channel doesn't mean you should.

And I would espouse that advice to all of our people in our industry.

I actually told David Vineyard, who was a mensch in March 2008, that I wanted to basically rebuild what we did at Goldman, but doing a more entrepreneurial approach.

backdrop.

I stayed through 2008 just to make sure everything was well, because I wouldn't have felt good if the rails were to come off.

There's no way I was going to leave those guys at that time.

And then I took six months off, got married, went on a honeymoon.

But before that, really started constructing the idea of Sixth Street, which was formulated in a business plan called Project Austin.

Project Austin laid out our values, our culture, our investment philosophy, all laid out our five-year strategic plan, which is a big thing at Sixth Street.

We're now in our fourth five-year strategic plan.

We've been doing that since day one of the firm.

And that set out the idea of Sixth Street.

TPG, we're set up a little bit differently.