Antoine Garra

The returns that the funds have reported in private credit are ballpark 10% annually the last few years.

So that's a pretty strong performance, especially relative to a lot of public bond funds.

So they're saying the clients are –

being placed into high-performing funds with a clear merit for an investment.

I think when I talk to wealth management people, what they say is that there's a real question that's entering a lot of people's minds on, like, am I getting a good bang for my buck?

in going into more complex, higher fee, private market alternatives than broad indexes, which is just basically capturing the market return.

And a lot of advisors are now starting to say, I'd rather just have my clients be in

in indices and things like that.

It's hard to beat the market after fees.

Interestingly, they're also saying in the age of AI, people can really understand fees and the different expenses much quicker than they could have in the past where they would have been reading

some pretty dull sort of fun literature documents that, you know, may be hard to parse.

But if you were to ask Claude or chat GPT, they can give you a pretty easy to understand answer within a few seconds.

Thank you.