Jeff Horing

It was probably 5 million in size when we backed it.

Encino is another public one I'm involved with.

It was 4 or 5 million in size when we got there.

So some of them just grow and have dams to support those exits.

But it's tempting to always go for the shiny objects.

And we fight a lot internally about how do you become part of the generational companies?

That's a little bit more driven from our public strategy, just to be clear, so it's not in the core fund.

That's a good example of one where had I heard the story two years ago, I would have had a much more positive view earlier.

This is a classic case.

Darius is a phenomenal CEO, has a very, very thoughtful, articulate view of his business.

And the second you hear it, you're like, okay, there is a moat or there might be a moat.

And obviously the numbers in the last four months there are incredible.

It inflected with coding and

When you sort of think about how he's invested around that, that's not accidental.

That was intentional and probably defensible.

do.

And one of the biggest ones that came out, I bent over backwards to see if we could find a role.

But in the end, his entrepreneurial drive overwhelmed what we could possibly do without breaking the system.

So sometimes we just can't break our model.

And if you're that good and can raise that kind of money on your own, I can't replicate that economics for you.