Bill Gurley

I'm less convinced personally.

I don't know if you'd call it innovation, but the CO2 had an announcement recently that was different.

I haven't talked to Philippe about it.

I'm just mentioning what I read.

So they used to have a $5 million minimum for a commitment.

They're taking it down to $25,000 or something, and they're going to work with an investment bank to place it.

It's a similar reflection of the point I made about how they would pitch their LPs, but it's tapping into a capital pool, which people sometimes refer to as dentists and doctors that might not otherwise have access to a manager like CO2.

bringing more capital to bear.

The same thing I hear is happening in the PE world.

I think one of the big PE firms is in Washington begging to let 401ks invest in privates, trying to unlock different sources of capital.

It's interesting.

Someone pushed back on me when I was testing this series and say, oh, but the U.S.

institutional P's are tapped.

We'll find capital elsewhere.

Look, we're finding it elsewhere.

But

That's just putting more money in the top.

And I couldn't quite think of the best metaphor, but you have a pipe that has input and output and the output stuck.

I guess the human digestive system might be the best way to think about it.

Just eating more food doesn't help with the constipation problem.