David Weisburd

And I think it's, there needs to be a collective effort to educate investors on just what it means to be a liquid.

Cause I think it's one of those things that some people don't even understand that

But even when they do understand, they don't viscerally understand and they may not internalize what it means to be illiquid for 10 years.

I think as much as

GPs and funds can just make it as explicit as humanly possible.

I think that's going to be great for the entire industry.

What's the best use cases for evergreen funds today?

What asset classes?

It's funny because a lot of people in the institutional world will kind of look down at, well, how can you not manage your capital calls?

But they forget a couple of things.

One is they themselves don't have to really manage them.

Usually there's back office.

Some people's entire job is to actually manage capital calls.

And two is to that same point.

I might be investing in venture or private equity and I might want to put in $250,000 into private credit.

Do I want to spend 100 hours

a year managing capital calls, or would I rather put that in an evergreen structure?

Maybe I lose 100 to 200 basis points in alpha, you could argue, which there's arguments to the contrary as well based on fees.

But let's just say even I'm losing a percentage per year, I'd rather actually eat that percentage, pay 2,500 and not spend 100 hours.

So I think there's something very pragmatic about