Benjamin Carper

And LPs need to feel like it's truly an option for them to be able to do exactly just that.

So that rollover option is a particularly important leg of the stool for these transactions full stop.

Typically, we see LPs either take full liquidity or roll over their entire position in a CB, but

You know, you'll have a host of LPs that go in either direction.

And you do have a bunch of LPs that also say, gosh, I'd love to take my cost basis back, but I can probably roll the rest.

I'll answer that question two different ways.

One of which being the just general profile of the company that is in consideration.

There's a really broad

level of interest from continuation vehicle investors for mid-market companies um that in to call it 25 to 250 million dollars of of ebitda zip code that have reoccurring revenues predictable future cash flows uh inorganic and organic growth vectors um be it a bolt-on

M&A strategy or a cross-selling strategy where they can build market share or build products to be sold to their existing customers.

Those are the profiles of companies that we really love to bring to market.

and absolutely resonate with continuation vehicle investors.

In terms of general transaction, we obviously prefer to work with sponsors that are willing to eat their own cooking and roll the vast majority of their crystallized interest into the continuation vehicle.

That sign of conviction and alignment

is one of the reasons that the continuation vehicle market exists, frankly, and operates as seamlessly as it does.

Is a great gating initial question for LPs.

Background of the investment, how did it perform?

What were the...

specific layers of growth that have benefited from how you thought about monetization up until this point.

What strategic alternatives did you consider for the company before deciding that you wanted to attempt a continuation vehicle transaction?