Alex Behring

The possibilities of a business being disrupted in this day and age as compared to maybe 20 years ago

are significantly higher.

And therefore, the investment process and the investment discussion around disruption needs to be significantly more detailed and thorough.

We're not well suited to manage businesses that require high IQ.

Yeah.

be honest with you.

Two of the things that are different, two or three of the things, one is the proportion of house capital.

We and our group of co-founders and partners and whatnot are the largest investors on each and every deal that we do, number one.

Number two, the balance of the capital that's not ours is different from a traditional PE firm in the sense that it's a much higher component of high net worth individuals and families around the world.

Some sovereigns also, but a very different LP base.

And also the fact that we over the years have devised mechanisms that allow us to be invested for a long period of time.

We invested in RBI for 15 years and counting and so on.

So I think those are the three main differences.

I've met Ralph in the mid-2000s, first in Switzerland, and then we got also close to his family here, the two sons.

One resided in Greenwich too recently, and the other one resided here near the city and

They had a good relationship going for a long time.

I think that not until a few years ago as Ralph aged,

And he was trying to organize his family affairs.

And he was trying to carve a solution for the fact that one of his sons wanted to remain involved in the business, which is David, our partner.

And he also cared what happened to Hunter Douglas following 100 years in the family.