David Frankel

And I can tie them into XYZ company where I'm amalgamating a whole lot of companies and they're the tech play. So we've got PE in this company with us and they're going to ultimately sell to like a bigger PE and they've got a 1X Lickpref and they won't take, they'll literally shunt it into the bigger company because they think their outcome could be better.

And I can tie them into XYZ company where I'm amalgamating a whole lot of companies and they're the tech play. So we've got PE in this company with us and they're going to ultimately sell to like a bigger PE and they've got a 1X Lickpref and they won't take, they'll literally shunt it into the bigger company because they think their outcome could be better.

That's how M&A and DPI is going to start to happen now.

That's how M&A and DPI is going to start to happen now.

That's how M&A and DPI is going to start to happen now.

Yeah. You know, there's the saying, like, one swallow doesn't make a summer. And I kind of like think, no, no, no, no, no, no. One swallow can make a summer. So think about this optimistically. One good IPO and everyone will go, IPO markets are open again. I think pre-election in the US, IPOs are pretty much closed for now.

Yeah. You know, there's the saying, like, one swallow doesn't make a summer. And I kind of like think, no, no, no, no, no, no. One swallow can make a summer. So think about this optimistically. One good IPO and everyone will go, IPO markets are open again. I think pre-election in the US, IPOs are pretty much closed for now.

Yeah. You know, there's the saying, like, one swallow doesn't make a summer. And I kind of like think, no, no, no, no, no, no. One swallow can make a summer. So think about this optimistically. One good IPO and everyone will go, IPO markets are open again. I think pre-election in the US, IPOs are pretty much closed for now.

I think post-election, one or two or three great IPOs, every single, you're going to have like the swarm of JP Morgan and Goldman Sachs bankers coming to tell you like, it is open. It needs to be a magnum. And Instacart won't do it. No. There are tons of four, five, six billion ones. SeatGeek's been IPO ready for two years. But that doesn't do it. No, that doesn't move the needle.

I think post-election, one or two or three great IPOs, every single, you're going to have like the swarm of JP Morgan and Goldman Sachs bankers coming to tell you like, it is open. It needs to be a magnum. And Instacart won't do it. No. There are tons of four, five, six billion ones. SeatGeek's been IPO ready for two years. But that doesn't do it. No, that doesn't move the needle.

I think post-election, one or two or three great IPOs, every single, you're going to have like the swarm of JP Morgan and Goldman Sachs bankers coming to tell you like, it is open. It needs to be a magnum. And Instacart won't do it. No. There are tons of four, five, six billion ones. SeatGeek's been IPO ready for two years. But that doesn't do it. No, that doesn't move the needle.

Yeah, the minute that happens, IPO will be open.

Yeah, the minute that happens, IPO will be open.

Yeah, the minute that happens, IPO will be open.

LPs are pissed off at the moment. LPs are looking at this asset class right now, I think, and going, where is the DPI? And they did unbelievably well. And some of them are scared to sit it out. And it depends what kind of LP you are. If you're an endowment or you're like a parastatal or something, you've got to be in this asset class. And your allocation can still be tiny.

LPs are pissed off at the moment. LPs are looking at this asset class right now, I think, and going, where is the DPI? And they did unbelievably well. And some of them are scared to sit it out. And it depends what kind of LP you are. If you're an endowment or you're like a parastatal or something, you've got to be in this asset class. And your allocation can still be tiny.

LPs are pissed off at the moment. LPs are looking at this asset class right now, I think, and going, where is the DPI? And they did unbelievably well. And some of them are scared to sit it out. And it depends what kind of LP you are. If you're an endowment or you're like a parastatal or something, you've got to be in this asset class. And your allocation can still be tiny.

But I think LPs are looking at this right now and going, where is the DPI?

But I think LPs are looking at this right now and going, where is the DPI?

But I think LPs are looking at this right now and going, where is the DPI?