John Stepek

And that's, I mean, I think that's a daft thing in the first place.

But that's not the only driver.

If you're looking at putting 30% in and you're suddenly taking out half a billion of exposure to US private credit.

So, you know, I do find it odd that there's this push for a full third to be in unlisted assets when the kind of illiquidity premium does not seem to be there at the moment.

What are you looking at?

Infrastructure.

No, it's... A bit of infrastructure, yeah.

I was just looking on Citywire for an overall view this morning.

I read an article, a recent article there that said it's already at 15% overall.

Well, I'm looking at the... Rather than specific funds.

Yeah, I was looking for that.

That's what I was looking for this morning because we were briefly, we sort of mentioned maybe talking about price controls and I wanted to look at who Tesco's shareholder base was.

And I was kind of looking at, you know, pension funds.

And obviously Tesco's is owned by a lot of different institutions.

And obviously, Nest does own some Tesco via other pension funds.

But you're right, I was kind of like flicking through all the kind of funds.

And yeah, there is no listed, there's no specific UK equities go here.

And I think that's...

Goodness me, yes.

Yeah, and I mean, all you're really doing then is leaving the, you know, the way open to, you know, the Black Rocks and the Vanguards, this world, or the Norwegian pension fund.