John Zito

I'd say I joke because there's always a headline that the banks are getting upset with the alternative managers.

They're stealing deals from each other.

On one hand, we've built out our own origination, but we're still partners with them in so many ways that it's still working.

The same thing's happening with the LPGP relationship.

They've built out their investment capacity.

And so we've had to pivot our business as well.

So the whole chain is pivoting their business to be more partner-like and figure out the appropriate Venn diagram on how we work together.

I don't know why this is happening, but I laugh that you go meet with venture guys

And they all want to get into private equity.

Talk to the private equity guys.

They all want to get in hybrid.

Talk to the hybrid guys.

They all want to get in credit.

Talk to the credit guys.

They all want to get an investment grade.

And I'm like, wait, what's going on?

I can't actually figure out.

I don't know what's happening.

I think because markets have been up for so long that these businesses, who's very narrow in whatever they're doing, they're trying to go into bigger asset categories.

Yeah.