Brian O’Malley

And if I can be complementary to that, I'm going to have a lot more success in those conversations.

I think one of the reasons why these incentive structures are so complex or so complicated is...

There's very large stakes and there's a lag between rewarded behavior and desired behavior.

In other words, you might make an investment today.

It doesn't go into carry for, you know, seven, eight, sometimes early stage 14 years.

So you have this lag of behavior, these principal agent problems, these North Star differentiations.

And it's something that's underreported, to say the least, and underthought about.

And every GP to your point is going and pushing and talking about their returns.

This is what I did to the last fund.

This is what I did two funds ago.

And sure, that's important, but there's so much more to it than just returns.

I remember it was a podcast, but I think Doug Leone went and was talking about how hard the environment is right now.

And some of that is the strategic value of trying to suck capital away from competitors because having capitals is a real advantage.

I'm having a lot of LP conversations that are moving a little slower than I would like because funds that were supposed to show up next year have gone through their capital a little more quickly.

And now they're having to make re-up decisions faster.

now based on those funds.

And so there is this strategic element at the end of the day, this capital is scarce and that, you know, that is going to be a factor for folks.

There's a budgeting aspect to it.

There's DPI, there's other funds.

It's