David Weisburd

not managing all this headache in assets that it's not your full-time job to manage.

Several family offices have told me that they're actually having some of their clients redeem from the flagship funds or from the non-Evergreen funds and invest into the same exact side-by-side Evergreen fund as the core fund because it's just the same structure with more liquidity and lower fees.

What do you think about that?

How strong are these regulatory protections that you know that the side-by-side funds are getting similar exposure to if you were to go direct into the capital called form of the fund?

What are you seeing in the private equity market today, whether large buyouts, lower middle market, middle market?

What's your read on the market today?

And what do you see evolving there over the next three to five years?

And then on the venture side... How do you access those on an individual basis?

I think Menlo invested $500 million via SPV alongside their fund investment, but as a co-invest, $500 million to Anthropic.

And I'm sure there's many others as well.

If you could go back in time...

and give younger Jeff in 2001, as you were graduating college, one piece of advice that would have changed the trajectory of your career, what would that piece of advice be?

A lot of lessons and life lessons people frame as almost these are the mistakes I made and this is how I would have avoided those mistakes.

But sometimes you can actually overlearn and you become too conservative and you almost lose that beginner's mind or that kind of like overly optimistic mind that could sometimes actually be...

be a better way of looking at opportunities than purely with a cynical mindset, which you just naturally get as you get older.

Well, Jeff, I've been looking forward to this.

Did not disappoint.

Looking forward to doing this again.

And thanks so much for taking time.

That's it for today's episode of How to Invest.