David Weisburd

Isn't that, especially if you have multiple companies like that, isn't that clearly you're skillful in picking even if you haven't had liquidity?

So I think there's almost this dogmatic view that unless you have literally returned cash, it's impossible to know whether somebody's good.

Isn't there a little bit of an overcorrection on that theory?

You're invested and you're now two years in.

What's a sign like I hit it out of the park?

This is going to be a home run manager versus maybe the opposite, which is I made a mistake.

Kind of going back to what you said before about LP value-add, that's paradoxically what I see as one of the most value-add thing, which is patient capital.

which is it's very easy to raise in 2021.

It's very difficult to build a franchise today.

Therefore, it's LPs like Gem that have that long-term view, which is actually really LP value-add, which is I'm not going to force you to make short-term decisions in your portfolio just because I have DPI anxiety.

I'm betting on you as a manager, and I want to see you be successful over long-term.

Is that not kind of the greatest part of value-add?

And if not, what are some other LP value-adds that you think are underrated?

Can you double-click on that?

If it's not note-sharing, what is it that you're delivering to LPs, and what are LPs really hungry for in this market?

And I think one of the most underrated aspects is being actively involved in the space.

GPs, just like LPs, have to pick their funnels.

They also have hundreds and they need to pick their couple dozen and where do you spend time?

And upstream of that is who's actually investing, who's deploying capital.

So being an active participant in a space is, I think, one of the most underestimated forms of value add, even though it's, I guess, before the investment even comes.