Aneet Deshpande

If you go from pre-fund, pass the hat, to a fund one, fund two, you get to a fund three, and now you're institutionalizing your business and roles, responsibilities, and all those kind of things that you would expect more complex LPs or platforms to ask questions on.

That kind of evolving is also very difficult.

Necessity is never good.

It happens, but you want to have a glide path to what success looks like.

We ask those questions.

If you're at a fund two or fund three, what does success look like?

What does a fund four or what does a fund five look like?

What does the resource bill look like for you internally?

And having a business plan or a strategic plan is really important.

Oddly enough, you know,

GPs will enforce that of their own portfolio companies.

Yet, if you look at their own businesses and ask them for that, they probably don't exist in many cases.

So what is that strategic plan is very important because those are the soundbites that get us comfortable with the next fund and then the re-up and everything else down the road.

And that's where I think there's a little bit of that dilemma, which is interesting.

Thank you, David.

Appreciate the time and your wisdom as always.

Appreciate it.