Aneet Deshpande

And so now it's all long-term capital gain along the way.

You've kind of clipped a coupon that's been tax efficient by having the ROC, return of capital benefit on there.

And then if you're estate planning, you can use that to your advantage by having that asset flowing through an estate plan.

Therefore, there's a step up in basis and then you defer that capital gain even further.

So a little small myopic way of dealing with taxes from an income seeking agent.

I'll give you three challenges.

So one, what is the right number?

What is the number in terms of asset allocation that you're willing to put towards private markets?

The second is, okay, you've got the number.

How do you source for it?

How do you make sure that by locking up the liquidity, you're getting a better than public market outcome?

And then pacing.

So in private clients, we have, I'm going to buy a house.

I have to fund college.

We had a family member pass away.

We are buying this small business.

We have these other tax considerations.

We have all of these investment cash flows.

Whereas an endowment may just simply have, hey, we have to spend 5% of what it looks like over the next year.

So pacing becomes very important to how am I going to build to that number once I describe that number.