David Weisburd

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I think this is a trend here to stay.

And one of the reasons is if you look at it from a first principles basis, what was going on before continuation vehicles in many ways is absurd.

So you have this five-year hold period, which to your point is arbitrary.

Maybe it should be three years.

Maybe it should be 10 years.

I interviewed Sam Zell's longtime partner, Mark Socher, and he talked about the first year you buy an asset and the last year are problematic.

Last year, you're dressing up the asset to sell.

First year, you're really trying to get a sense for management.

So you kind of have these two dead years, which

Why does that matter?

Well, if you're holding it for five years, 40% of your time is spent either trying to get up to speed on opportunity or trying to dress up an opportunity.

But perhaps most importantly, what's a little bit absurd about that is that the going practice is to build these assets, often cases actually turn them around, replace management, do all these painful things.

And then when you're done within five years, sell it to your competitor.

And that's just been the established practice versus a CV allows you to keep your winners and to continue compounding those winning assets with this asymmetric information where GPs are able to know what's exactly the company that they're buying.

Last time we chatted, you were very frank with me and told me some LPs like continuation vehicles, some dislike it.