Camilo Acosta

then anything is not going to be touched by AI.

So even think, like you mentioned widgets.

So I like to think about industrial, like legacy industry kind of businesses, petrochemicals, you name it, like really old school stuff that requires machinery to operate.

That's also getting automated.

We see, we get pitched ideas in those really obscure industrial areas that you would think of.

EE just buys that, makes the widgets go faster, go, you know, run with less people, the whole operation runs with less people.

All of that is also getting automated.

So even if you're a lower middle market PE firm that does that, and we've actually started to see this, is some of those PE firms are starting to hire AI engineers or AI technologists to look at their portfolio and say, all right, how is AI going to disrupt these companies?

That's the thing that people forget is you think that just because you're not doing it, it's not going to happen.

But the reality is that someone else is going to try it.

And if they're successful, they're going to beat you.

So that's how we see it and we see what's happening.

One of the reasons it's occurring is because too many venture managers came out of the pandemic high when

Anyone with a pulse and a deck could raise a fund, frankly.

And it wasn't necessarily people who should have, to be honest.

There's a lot of skills required in order to raise a fund, build a firm.

A firm is a brand.

And most people don't realize that to be a successful venture manager, you have to be consistently marketing that brand to founders and to LPs, founders and LPs constantly.

They think that it's just a function of having deal flow and making the investment.

And it's not.