Jeff Horing

Cash flows are good.

And

There are salmon farms and roller coaster ride software and things that nobody's really putting a lot of mind to.

And we did a bunch of those deals back in 23, 24.

Now AI is probably re-energizing some of the growth stuff.

But I like the idea of being able to move around the markets based on where we think the most value is.

They change a lot based on capital flows.

Early stage is like 10%.

Growth is probably 30%.

growth buyout, which is like this, what we call venture buyout.

It's probably another 30, 40% of the LBOs are probably 20%.

The buyout market looked great when interest rates were zero and multiples were expanding and you went from 15 times cashflow to 20 times cashflow.

And that was a pretty interesting time to be leaning in.

It's a little trickier today, but more interest prices are pretty good.

Rates are higher.

Multiples aren't quite as clear.

Growth rates are coming down a lot for big cap software.

That's not a fixed number and we don't want it to be a fixed number.

It's a guideline.

We're never going to get super early as a big number.