Dani Burger

And you almost get kind of a vote, or she, I don't think we can gender these things, on the IC.

Would you ever do something like that?

Would you use that for actual decision making?

OK, well, you have to let me know.

Well, you mentioned the things that you should be doing if you are in this industry and delivering value to your LPs.

One of them, of course, is exiting.

And this is an industry that has struggled with that as a whole after maybe over investing in 2021 and 2022.

You've seen the rise of continuation vehicles, for example, liquidity solutions.

And many people would say it's just a way to provide liquidity.

It's the creativity of this industry and it's a natural progression.

Other people would say it's a failure that you didn't get the exits and that you're continuing things on.

Where do you stand on it?

Well, as you mentioned, when we had spoken earlier this summer, you were really out front with saying private equity has lost its way.

Where do we stand in that cycle now?

Every now and then you hear a news report of a company or a fund that tried to fundraise.

It doesn't do so as successfully as it has in the past.

Where are we out in the shakeout?

Are we about to see some real visible pain between the haves and have-nots?

What does it look like for funds to just go away?

Is it they kind of quietly wind down?