David George

Our portfolio on average dollar weight is growing 112%.

And some of these companies are big enough to be the large companies.

And if you look at the small cap universe in the public markets, first of all, public markets have shrunk by half in the last 20 years.

And if you look at the composition of small cap public companies, the quality, I would argue, is so much lower than what is available in the private markets.

So the industry is real.

It shouldn't be a surprise that the competition has intensified.

I think about the competition similar to how our venture folks think about it, which is the market has become a barbell.

So we're faced with the large multi-stage firms that have very strong venture practices on the one hand, and those are the fiercest competitors for us.

I respect my peers there.

They're trying to play the same game as us, which is when we have something special at the Series A or the Seed, we want to hold it really tightly.

And they want to do the same thing.

And sometimes they're effective at it.

Sometimes we're effective at it, but we have to battle that out.

On the venture side, it's bespoke.

In the retail analogy, there's the superstore like the Walmart and Amazon, which is how we would get characterized.

And then the other side is like the Gucci store, the Prada store, which is like deep specialization.

So Nat and Daniel would have been,

an example of the Elad.

And then there's many others that do a really good job at what they do.

So I have respect for a lot of the crossover folks who are in our world and have built private businesses and have done a good job with it.