Graham Weaver

That's an awesome question. I'm just going to go back for a second on that question, which is, I worked at four private equity firms before I started Alpine. The leader of every single one of those firms looked at their job as being a deal person, trying to close deals.

That's an awesome question. I'm just going to go back for a second on that question, which is, I worked at four private equity firms before I started Alpine. The leader of every single one of those firms looked at their job as being a deal person, trying to close deals.

And in many ways, they almost were competitive with me and like, my deal's better and I'm going to grab your analyst because, you know, whatever. And they spent virtually no time, if any time, saying, how do I make this the place where the best people want to stay? And I remember the last place I worked, if they'd spent 25% of their time doing that, they'd probably have the best returns.

And in many ways, they almost were competitive with me and like, my deal's better and I'm going to grab your analyst because, you know, whatever. And they spent virtually no time, if any time, saying, how do I make this the place where the best people want to stay? And I remember the last place I worked, if they'd spent 25% of their time doing that, they'd probably have the best returns.

And so I remember thinking that, tucking that away in my head and thinking, gosh, so to answer your question, I think that's the most important part of my job is, is Alpine the place where the best people want to come and work and spend their lives and their careers? That's the most important part of my job.

And so I remember thinking that, tucking that away in my head and thinking, gosh, so to answer your question, I think that's the most important part of my job is, is Alpine the place where the best people want to come and work and spend their lives and their careers? That's the most important part of my job.

And then similarly with our portfolio companies, which are really an extension of us because we're putting our own teams in there. Are those a place where we can attract the very, very best people? I spend a lot of my time on that. How are we structuring the deal teams? What does career advancement look like? How are we recruiting?

And then similarly with our portfolio companies, which are really an extension of us because we're putting our own teams in there. Are those a place where we can attract the very, very best people? I spend a lot of my time on that. How are we structuring the deal teams? What does career advancement look like? How are we recruiting?

Meeting with world-class people on our team and trying to say, hey, how are things going? What's working well? What's not? And then that's a big part of my day. But to answer your question specifically, I have gone through periods where I'm doing, I mean, the first 10 years at Alpine, I just did deals. And then I've gone through periods where I wasn't working on deals and wasn't on boards.

Meeting with world-class people on our team and trying to say, hey, how are things going? What's working well? What's not? And then that's a big part of my day. But to answer your question specifically, I have gone through periods where I'm doing, I mean, the first 10 years at Alpine, I just did deals. And then I've gone through periods where I wasn't working on deals and wasn't on boards.

I think for me, the right balance is to probably spend around 25% of my time in the action, because I think it's good for me to keep one hand in the action so I can know what it's like building one of these companies and what problems they're facing. I don't want to be totally out of that. And then I'm spending probably 75% of my time working on Alpine itself.

I think for me, the right balance is to probably spend around 25% of my time in the action, because I think it's good for me to keep one hand in the action so I can know what it's like building one of these companies and what problems they're facing. I don't want to be totally out of that. And then I'm spending probably 75% of my time working on Alpine itself.

Where do you think private equity is going? It's a very interesting time in the news because Yale and others have just sold these big secondary interests and a whole bunch of their private equity exposure, venture exposure. It is an industry. I mean, it is professionalized, mature, huge. There's huge public companies that do this.

Where do you think private equity is going? It's a very interesting time in the news because Yale and others have just sold these big secondary interests and a whole bunch of their private equity exposure, venture exposure. It is an industry. I mean, it is professionalized, mature, huge. There's huge public companies that do this.

When you started Alpine, it was very much still in its, you know, whatever, earlier innings, let's say. Yeah. How would you describe it today? What does it kind of feel like to you having been in it a while? Where do you think it might go?

When you started Alpine, it was very much still in its, you know, whatever, earlier innings, let's say. Yeah. How would you describe it today? What does it kind of feel like to you having been in it a while? Where do you think it might go?

Well, if you go back to when I started, say 1990, I started in 94, but let's say 1990, I think the 10-year treasury was around 8%. Then you watched over the subsequent 30 years from 90 to 2020. interest rates steadily went down. I mean, they had a little few spikes, but they went basically from eight to zero over a very steady period of time throughout that. And that had two massive impacts.

Well, if you go back to when I started, say 1990, I started in 94, but let's say 1990, I think the 10-year treasury was around 8%. Then you watched over the subsequent 30 years from 90 to 2020. interest rates steadily went down. I mean, they had a little few spikes, but they went basically from eight to zero over a very steady period of time throughout that. And that had two massive impacts.

One is the pension funds pretty much all underwrote their pensions at eight or 9%. I don't know why they picked that number, but they all did. And all of a sudden your risk-free rates at zero, you have to find alternatives. And so over that same period of time, that last 30 years, you had allocations just steadily increasing. It was a biggest tailwind.

One is the pension funds pretty much all underwrote their pensions at eight or 9%. I don't know why they picked that number, but they all did. And all of a sudden your risk-free rates at zero, you have to find alternatives. And so over that same period of time, that last 30 years, you had allocations just steadily increasing. It was a biggest tailwind.