Aneet Deshpande

And combine that now with the fact that you've had realizations anemic.

You have capital call, commitments that have been called increasingly now, but also very slow.

So you have this natural fatigue of like, why am I locked up in private markets?

I'm looking at the S&P going up 75% in three years.

What is the benefit here?

So now you have the inverse of the denominator effect, which you have increasing public market investments and lower proportionally, the numerator effect.

So we have to figure out how you actually go about solving that.

And for us right now, it's simply just making sure that we have the number.

We have this saying here, our head of sales says, if you don't know where you're going, any road will take you there.

That's the same construct in asset allocation.

If you don't know the number,

you will have a very hard time ever getting to that point in time versus being disciplined about the S&P 500 is going to be volatile no matter what.

That's why it has the 18% standard view.

It's going to go up and it's going to go down.

Over time, it will go up.

Private markets are going to be a staple and stable part of portfolio.

How do we get to the number that you want over time?

And so pacing models are a very important part of that once you describe the number that you want to get to ultimately.

And that's being committed through time over time by vintage.

And David, your point of how do you