David George

The market is definitely more competitive now.

It's become a lot more institutionalized.

It's become a lot more institutionalized for good reason, though.

The thing that I'm telling our team and I talk about with my partners now is we're a grown up industry now.

This is no longer some little bespoke asset class.

When I started my career, you and I were getting out of college.

There were probably one or two technology companies in the largest 10 market cap companies in the world.

Now it's eight of 10 and seven of the eight are West Coast technology venture-backed companies.

That realization hasn't really fully hit the finance industry.

But if you look at that, tech has overtaken all of the market cap creation and is mostly driving force of the stock market and the economy.

The private markets have become a real asset class.

This is something I'm studying now because the venture industry is seen as this small, non-scalable thing.

Turns out there's $5 trillion of private market cap that is up 10x in the last 10 years.

And it's honestly some of the best companies in the world.

That market cap represents almost a quarter of the entire S&P 500.

It's more than half of the MAG-7.

So I think that we now are in the grown up in the big leagues and we need to start acting like it.

So we've adapted our firm a lot to that realization.

And oh, by the way, one other comment just on that industry, how it's changed.

We just did this analysis.