David Weisburd

Paid memberships with a connected payment account required.

See experian.com for details.

And I want to get into your portfolio construction later, which I think is fascinating.

But on the LP mix, you mentioned that that institutional investor came in fund two, and now they're one of the larger investors.

How has your LP mix evolved from Fund 2 to Fund 4?

As I mentioned, you were overscribed.

There's a lot of demand.

How did you pick and choose which LPs you wanted to add to Fund4?

So how did we select our LPs?

And that's just geographic diversification.

And to your point, it's not just the relationship with the person.

It's also the quality.

I just interviewed the former CIO of Utipco, the second largest endowment in the world.

And I learned they're going to be the number one largest endowment in the next 10 years because they get one and a half, $2 billion from the state of Texas from oil reserves every year.

So kind of knowing where what's going on with the underlying capital base is

is also really valuable versus a pension fund that might be overfunded or other pools of capital, otherwise great relationships, but they might be in a difficult situation from capital base.

So one of the most interesting parts about your fund is your portfolio construction, right?

Tell me about your portfolio construction and how did you come about with this unique structure?

You guys have figured out what private equity has taken a long time to figure out, which is if you have a great company, why are you selling it four or five years later to your competitor?

We're going to keep on investing and helping that company grow.