Jeff Horing

It's really hard to export judgment.

We had a European...

that raised the European fund.

And it was the worst of all timing.

It was 2000.

I was ready to pull my hair out.

It was so hard to create consistent thinking and judgment that you could say, okay, that judgment reflects the same judgment that we built over the

five, 10 years before that at Insight.

But geographic scaling is a really common strategy for a lot of folks.

But I could see why LPs would be nervous about that.

And then lastly, people scale by doing something that they weren't doing before.

I'm a great software investor.

Now I'm going to do healthcare.

Now I'm going to do financial services.

Or now I'm going to do credit or something maybe that's outside my...

core competency in Blackstone.

Others have done that really successfully, but you could argue it's not easy.

Maybe Blackstone did a great job of it, but two other firms didn't get those top quartile funds in the areas that they didn't have a lot of experience in trying to scale.

And certainly there's plenty of examples where firms had bought something in a different asset class and struggled to make it work.

We kind of said, well, we don't need to do any of those things.