Andrew Milgram

If they pass, then they go to the next cadre and the next cadre and the next cadre.

So there's a real tiering in terms of access.

The biggest, best known firms do have the best portfolios because they get first choice and they have the most complete access to capital and the best teams, et cetera.

So I think there is great things happening in private credit.

I think there are some scary things happening in private credit.

That's my manufacturing division.

Like everything, there are some people who are doing really interesting, really compelling things.

The firms that I like are fundamentally value-based investors.

They do what I would call scratch and dent type private equity.

So they're buying carve-outs or assets that are a little unloved or difficult in some way, and then really applying force to them.

But I think just like in our business, if you're just a financial investor, you're

you're in some way a traitor.

If you are bringing to bear real resources to drive the company's operations forward or to reimagine how that business operates, that I think is really interesting and really value added.

And there's going to be a future for that kind of investing in that style of private equity.

I think the standard group of great deal makers who knows some allocators or rich families that will back them in buying companies, but they don't actually do anything other than buy the company and show up for board meetings.

I think those firms are troubled.

I don't think they had a lot of value.

They probably don't have much of a future.

We sit at a really interesting moment in asset management.

I think that what we do in our business and our investing is acquire assets that are troubled, reimagine what they could and should be, and then apply force to make that happen.