Aneet Deshpande

Those are the three, I think, biggest challenges in taking what we would say is the traditional endowment approach and applying it to product clients.

The pick in the Python moment for private equity is real.

So you have a general exit problem.

So things look a little bit better than they did, say, 12 months ago, 24 months ago for certain.

But CV is going to play a role.

There's no question about it in that world.

And for those trophy assets where we are working with sponsors that we know can continue to extract value relative to public markets, those are interesting opportunities.

And they will continue to be interesting opportunities.

Again, I think the spread of outcomes there is going to be very wide, as you'd expect, similar to what we would see in traditional

buy out of growth, but that's something that's out there.

Co-invest, you know, interestingly, co-invest is

There's almost two versions of this.

One, there's co-invest strategies writ large, and they want to invest dollars into co-investment funds and take advantage of getting private equity-like returns without the fee burden necessarily.

So there's that component.

There's also just the increasing component of co-invest opportunities that are arising from a lot of late-stage unicorns in the market.

And this is, again,

they need exits, they need to deploy dollars, and they're looking beyond the traditional VC realm to be able to track those dollars.

And they're looking at RIAs as a functional part of where to get that investment, those capital commitments.

And so you're seeing a lot of, you know, buy everywhere moment here on SPVs, but you're seeing a lot of co-investment deals get structured with

but GPs that you may not have historically worked with.