Andy Darroch

So, you know, you might've written a piece of code that's the, you know, the Tinder for dogs or something.

And then if Claude and AI is going to

take the value of that down.

Well, there might be some kombucha and MacBooks in the place, but there's not a pipe factory or something like this.

On the private equity side of things, again, you'll find that private equity and private credit are a very symbiotic relationship that

not uncommon strategy of private equity is to sell hard assets when acquiring a business.

And again, these cover all manner of industries.

There's a huge dispersion of managers.

There's a huge dispersion of geographies, underlying businesses of all manners.

But it does pay to remember, hey, if you're getting a loan as a business from a private credit firm, it might in some circumstances mean that you can't get it from a bank.

I'm sure in many cases they can, but

in some it might not.

Well, it is and it isn't.

So, you know, 12 months ago people thought international was better because it was tied to software businesses.

And so I suppose in the context that Australia is, it depends who you ask.

ASIC estimated that real estate is around 40% to 60%.

Again, you can only do guesstimates.

Of private credit?

Yes.

In Australia, correct.