Dani Burger

Does more consolidation happen?

Do you have some really high profile shakeouts?

What exactly does that even look like?

So to be clear, the issue isn't just that exits aren't happening.

It's that just straight up managers are underperforming, underperforming public markets.

What do you then make as the shakeout is happening, that there's a serious and big push into wealth and retail?

Some would criticize that and say it's because fundraising has been challenged, that people are looking into other avenues.

Is there a bit of that happening in this industry?

For sure.

I mean, but there are other firms, you can make the argument, they're going full speed ahead.

And maybe there's something of a first mover advantage.

Do you look at some of the things happening, Apollo having an ETF, others discussing trying to get into 401ks, and worry that maybe you need to get in first?

It's really interesting because there's pressure and other people are thriving.

And amid all of that, you had one of the biggest take privates of the year until EA came along with the $55 million.

Are you upset they knocked you off the throne this year?

But they upped you by $55 billion, the biggest LBO in history.

Just given some of the stresses we were talking about, is that a one-off, an aberration?

Is Tama Bravo doing a huge deal with Dayforce and Jepsen?

Is that a one-off?

Or have the mega LBOs returned?