Jay Hoag

Now, fun lives also mean you can't own it forever.

Netflix market cap Friday was $480 billion.

And at the time of the IPO, TCV owned 43%.

43% of that would be a much bigger number.

I don't think the structure is wrong because we entered into a contract with our limited partners.

And so we abide by it.

And it's always easy to look back.

Hindsight's just perfectly crystal clear.

But I think that is why some have explored Sequoia or Sutter Hill or others explored kind of the permanent capital, evergreen-like vehicles.

Did you ever consider that?

No.

Why not?

I just think the financial structure is...

Great as it is.

Often as a GP, we have a European waterfall structure.

So once we return all the limited partner capital, then we start getting our carried interest.

And once we do that and we're distributing stock, we can choose to retain the Spotify or Netflix shares as a release to our own financial assets.

What I personally think about, I've never been motivated to let's go globally dominate.

I do think, and I'm only a casual observer or student, say, of a Blackstone.

I think they had a very simplifying organizational assumption, which was they were on a path to go public.