David Weisburd

Why do you think that hasn't made its way into the endowment, foundation, pension fund?

market where these are some of the best counterparties that you can have from a credit risk.

Why aren't more allocators borrowing against their private book?

Is the lack of liquidity in private markets and allocators portfolios a moment in time, or is this a new normal?

Do you know the origin of the four-year investing schedule for startup employees?

Four years used to be the expected timeline to go from private to going public.

I wish that we could see more of that today.

To give you a sense for how much we've drifted from the original assumptions, really going back to the 90s,

We've went from four years to now really 14 years.

This kind of feels like a new normal.

Assuming this is the new normal,

What decisions upstream should allocators be making in order to prepare for this new normal in their portfolio?

A lot of people are looking towards 2026 liquidity via IPOs almost as the savior in their portfolio.

And although it might help minimize some of the issues in the short term, I think you have to take a step back and look at what are the incentives that are driving private marks and private assets to stay private longer.

I think the incentives are

obviously on the asset level, these assets want to stay private longer.

It's only become more and more difficult to become a public company.

You have to deal with a quarter by quarter scrutiny, which in my opinion is value destructive.

Um, and two is you have to look at these other factors like CVS.

I think CVS have now reached a hundred billion dollars.