James Kirby

I talked to them during the week.

They have about 200 million linked with Blue Owl.

And they...

Well, they would be watching it very carefully.

In particular, they have a thing called the Blue Owl Credit Income Fund, which is a fund which is linked with the fund in the US.

Crucially, folks, make the point that though it's gated in the US, Andy was explaining what gated is, only 5% of units can be withdrawn at any given time, which is kind of partially freezing.

The Australian fund is not gated, the Blue Owl Credit Income Fund.

And also, Andy, one of the big super funds, NGS Superfund, also has about 200 million on the books relating to Blue Owl.

It's one of their investment managers.

Is this just the tip of the iceberg?

Which would you prefer, to be in a big super fund...

knowing that they have exposure to private credit, or to be an investor, what they say, a self-managed super fund, an active investor who went through a wealth manager and has taken an investment in a private credit fund, which would you prefer to be?

Sorry, institutional investors, is it?

Yes, well, I mean, to be fair to the wealth boutiques out there, and we all know who the

felt they must provide this.

People would have been sitting opposite saying, hey, the Future Fund is making, you know, moths out on private credit.

I want in.

And so they went off and made arrangements with what they thought were the best players.

And it now turns out their best players are in trouble.

And I want to say one thing, folks, about this thing about being gated.