David Weisburd

Most actually hold both opinions at once.

They have this cognitive dissonance.

Why do LPs like continuation vehicles and at the same time don't like those same vehicles?

In many ways, having LPs play a direct investing role.

A lot of LPs are not set up to do direct deals.

Now they essentially are re-underwriting it on a direct basis.

It's a different skill set almost.

LPs also, and I think rightfully so, have skepticism to say the least about these marks in these CV transactions.

The Abu Dhabi Investment Corporation went so much as to sue one of their managers for

because of that mark.

How do LPs know that this is the right pricing?

What's their mechanism for ascertaining the true value of the asset?

The asset was worth a billion dollars at entry point.

Let's say now another buyout firm wants to come in at a $5 billion valuation, but the GPs from that fund that invests at a billion dollars want to essentially co-invest or co-manage with that $5 billion.

Is that what you're talking about?

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