David Weisburd

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I get why you need a buyout skill set to approach this, but why do you need a secondary part of the team and what value does a secondary perspective bring to it, given that it's just one asset?

It's kind of two different lenses to approach the deal making in the sector because it's essentially two things.

It's a buyout deal in terms of you're getting exposure to one asset, but also you put in a secondary structure and you have to work out all those mechanics.

I believe if you really want to understand what's going on in a market, you have to follow the incentives.

Double click on the incentives of a GP and how they might be in conflict with either you, the new investor, or the LPs.

When I talk to LPs, institutional or otherwise, they all seem almost a cognitive dissonance around CVs.

On one hand, they like the opportunity to potentially take some chips off the table.

Obviously, DPI has been a big issue.

On the other hand, they're not really set up to diligence these one-off opportunities, which is why the opportunity exists.

Give me a sense, what percentage of the times in terms of quantum of capital are LPs selling versus rolling their equity on average?

The factor here is also most of the LP capital is non-taxable, so they don't have to worry about compounding their capital.