David Friedberg

There's no returns.

And so again, I've said in any of these alternative asset classes, there's only one thing you should always ask if you had to have one critical question.

What are your distributions?

Don't show me your IRR.

What is your DPI?

The distributions on your paid-in capital.

And if the answer is zero, then it is a very challenged asset class.

And what I will tell you in private equity is that over the last four or five years, distributions have been few and far between.

So I think what's gonna happen is that the money is gonna come out of private equity and it's gonna get concentrated into the few companies that know what they're doing, of which Silver Lake has generated over the last 15, 20 years,

tens and tens of billions of dollars of distributions.

They are just an exceptionally well-run organization.

They've done these huge buyout deals successfully before.

So we need to go through that in PE.

Where does the money go?

The money's already leaked into private credit, which is the next big bubble that's building.

It looks like this chart that you just showed.

Look, there are three ways to go public.

There's the traditional way IPO.

There's the direct listing.

And then there's the reverse merger of the SPAC.