Alan Waxman

So it's almost like it's a little bit circular.

That's really interesting when you start thinking about ETFs and now there's going to be trading private capital.

So all this stuff is a little bit circular, but it's a real dynamic.

And I think it's something that anyone that's thinking about investing and thinking about capital allocation needs to take real note of these dynamics because they're real dynamics.

And by the way, I think for some of the traditional investors,

sovereign wealth funds and pension funds, they've had unfettered access to GPs.

And I think they've got more competition coming in from the wealth channel and insurance channel.

So it's going to be interesting to see how all that plays out.

It's starting to happen.

You're starting to see with some of the larger LPs that are the traditional sovereign wealth funds or pitch fund, they're looking for access because they're worried about access in the future because they see what's happening.

They see all this wealth capital coming in.

I mean, there's not an earnings call where people aren't talking about the growth of the wealth channel and how much money they're raising the wealth channel, obviously seeing the insurance.

So I think access...

to your best GPs, those conversations are accelerating because again, ultimately everything's a choice of alternatives.

And I think that dynamic is the other part of this.

When I got to Goldman Sachs, I met Jody on the airplane and I showed up to Goldman Sachs.

I didn't know anything about finance.

And I remember going to the first analyst session with all these super smart kids from the best schools, all 4.0s and super intimidating.

I had something very fortunate and also one of the most impactful things in my professional career happened is that when I first started, there was a bank called Amoresco in Dallas, Texas, and they were failing and they needed to raise liquidity.

I got tasked and I literally knew nothing to basically lead the evaluation of buying a portfolio of loans from a group called RTV Ventures.