Alex Ambroz

And I think your assessment, I've heard that before of private assets, particularly venture capital and private equity are an access class instead of an asset class is 100% true.

And those relationships with those very few top firms, I saw somewhere that the top 10 firms

last year raised over 40% of all private assets.

And if you don't have a relationship with one of those top 10 firms, you're not in what may be some of the largest funds.

And then it feeds upon itself.

The private companies want to partner with the largest firms because that gives them in turn access to a great network and great capabilities to grow as a private company.

The first thing is an understanding of the firm's mission, the private asset firm's mission, the goal that they have as an investor.

And is there an alignment of that understanding?

Because the key as well from the allocator's perspective and what the firm wants is not just an investment in this fund,

but an investment in the next one and the next one after that.

And almost always a growing investment in fund three and then a larger investment in fund four.

The other aspect of it as well is that the private asset fund managers, the firms that are going to allocators, the GPs, they're looking for great partners with which they can have great conversations, great support, and looking for help of, hey, we're raising this next fund.

Would you serve as a character witness for the quality of us as an investment firm and for us as a team?

So each side are looking for great partners.

The key thing is, does this align with the allocator's goals for the portfolio?

Do they have the ability to continue to withstand the illiquid nature of this continuation vehicle?

And so if you had mapped out in your cashflow pacing model that you were expecting, for example, 10 years of, you know, about three to five years of the investment period, and then between five to 10 years of the harvest period, and we're late into that harvest period.

And now the underlying firm is telling you,

that instead of harvesting an asset or some of these assets, we're instead going to put them in the continuation vehicle.

And maybe that is exactly what the firm thinks is the best thing to do for these underlying companies because there's unrealized value.