Aneet Deshpande

You're going to have more systematic co-invest opportunities.

And it seems like we've seen a couple of platforms and I, I'm excited to see where this goes in the next, you know, 12, 18 months.

And that's where you got to be careful of, you know, back to the comment by saying you have SPVs being launched all over the place with blind access.

In many cases, they don't have access.

And you have multi-layered SPVs with fees upon fees upon fees upon fees.

Like, what outcome do you expect in that if you're a SpaceX investor on a multi-layered SPV?

Like,

If the thing doubles, now we're talking a $2 trillion company or whatever it is, one, that's got to be your underwrite.

And then two, you have to net out the fee burden of all that stuff.

And then, okay, is that a rational investment?

It starts to get tough.

I mean, we're simply looking at, I think, the retail market now being a liquidity mechanism for a lot of now employees with tenders and other institutions.

I think you have to be careful there, but certainly it hasn't changed, I don't think, the appetite from private clients to want to get exposed to these companies.

And that's an outlier.

There's plenty of other firms out there, late-stage firms that are interesting.

It's a very good question.

And I think about this a lot, actually.

So I'm a runner.

I'm not avid, but I run just to try and stay in shape.

And whenever I do it, invariably, it doesn't matter how much I try to clear my mind, I keep coming back to this idea of replication crisis.