David Weisburd

you're really diligencing on the same aspect, which is, does that manager have a right to win?

Now, it has a deal attached.

In many ways, the most differentiated platforms also highly correlated to different takes to the same space.

So if everybody is Blackstone, Apollo, then you could argue how truly differentiated are they versus somebody that might be an operator or the endless amount of ways somebody could differentiate themselves.

How would you categorize the world of independent sponsors today?

You're really doing two things at once, which is you're underwriting the deal.

And oftentimes these have short circuits.

Ideally, I know you like to have at least 60 days, but sometimes it is 30, 45 days, even shorter.

And then you're also underlying the manager.

So it's almost like having to align two things.

It's almost two times as hard or probably realistically four times as hard as just underwriting a fund.

Tom, this has been an absolute masterclass on independent sponsors.

What would you like our audience to know about you, TIFF, or anything related to independent sponsors?

It was great to have you on.

Huge fan of what TIFF is doing and looking forward to sitting down again soon.

Terrific.

Thank you, David.

Thank you, Tom.

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

If you're a GP with over $1 billion in AUM and thinking about long-term strategic partners to support your growth, we'd love to connect.