Jay Hoag

But the data intelligence group is an automated tool.

It just has applied the sourcing means we don't have to hire a thousand associates to go out and try to scour the world.

It's a tool where we're much better as humans allocating our time and prioritizing certain companies over others.

Yeah, most of those sectors meets at least weekly and often more.

That is where all that data, as well as an existing pipeline of opportunities is discussed and near-term priorities, long-term priorities discussed.

Company XYZ, we've had a tough time breaking into how can we leverage our extended network to get in.

And that's where the initial sorting out process comes.

We also have a weekly global pipe meeting where all of us professionals are involved, where we're bubbling all that stuff up to where what might be actionable in the next six to 12 months.

The reason I say six to 12 months, there's thousands of financials that happen all the time.

But what we're really trying to do is get to know these companies over an extended period of time and be working today on what might be a 2026 investment.

Because a young company is not yet in the growth stage.

That's part of their by design.

X number of things get through the sector screening process and get presented to the IC.

Say, let's move forward with these.

Let's not move forward with those.

And then we actually have a three-person final investment committee that has to be unanimous on investment.

We have a velocity fund, which is invested in expansion stage companies and the growth fund, which is big fund.

We might typically invest in six to 10 a year.

You start with tracking 11 million companies in an automated fashion down to six to 10.

I couldn't cite your actual percentage, but it should be a reasonable, robust number, which may sound crazy.