David Friedberg

It always goes the same way.

The partners love it because they're looking at minimal distributions, companies that are like good, but not great in many cases.

And they want to see improvements to EBITDA and performance so that they can either sell them or move them out.

No, I've talked to all of them.

Yeah, all of them.

With their existing portfolio companies.

So the GPs are like, this is genius.

We should do it.

Then they're like, here's a handful of companies to go talk to.

And I'll be really honest with you.

What you find in most private equity portfolios are B and C companies run by C and D folks.

And so the ability for them to go and embrace this is basically next to none.

So if I look at my customer distribution and concentration at 80, 90, okay?

run rating into nine figures already, working on a three, $400 million deal, okay?

Not a single dollar comes from a private equity firm, although we spent initially a lot of time trying to sell it, trying to sell our software factory and trying to sell work into them.

It's really hard.

And it's what you said before, Friedberg, which is the people incentives at these businesses are misaligned to the AI outcome.

And you can't fire these people.

And I don't think the right answer is to fire them.

So I don't know what the right answer is.