Alan Waxman

And that came up with, it was a convertible debt instrument.

It had a cap.

I think the cap was at $25 billion.

It had a current yield component.

And then obviously the whole idea was to bridge them to get public.

So it was like a pre-IPO security.

to bridge them through that.

And ultimately, it was successful and went way through the cap, which created a win solution for them because they got to their IPO, which they were very focused on doing for a whole bunch of reasons.

And for us, it worked out.

It was almost like an engineering and whiteboarding.

And again, a lot of times the ideas aren't, here's the holy grail idea.

It's from just

talking, playing tennis, asking questions and listening.

And that's what we do.

That's what we train our team to do, how to ask questions, how to listen.

That's literally the process that we went through with the other investors.

When we were doing Project Austin, we literally studied every GP.

We had case studies on every single GP, what they did right, what they did wrong.

We also spent a lot of time on figuring out some of the GPs that were big brand names and then just faltered away.

What we concluded, and this is a pretty obvious thing now, but where people get into trouble is they raise larger and larger funds in a strategy that maybe it's the right time to raise a larger fund, but maybe it's not.