John Zito

And that's like a different thing.

It's a different thing.

You have to be all over all of the risk all of the time.

That's hard to untrain.

Part of that training, though, was create with very little capital.

I worked at a 500 billion, $3 billion fund.

What you had to do in that is you had to design the skill of having the idea, going and creating the idea, getting other people to believe it's another good idea.

having the banks in some cases finance that idea.

And so I was constantly training ourselves and our team with small pools of capital with no brand.

We were small brands, Brencourt, these places were small, not in Apollo, where I learned how to do things without that

business card, that seat, I learned to do it with very little resources.

And so now when you have the resources, all of a sudden you're just like incredibly empowered to do things and you can do the whole deal yourself.

Having that public spark of DNA in the context of a big privates manager, that really differentiates ourselves from a lot of different people out there.

First, you have to agree that privates and publics become one.

overwhelming thesis that most assets get more liquid over time.

So let's just assume that assets get more liquid over time.

So what was seemingly perceived to be less liquid before will be more liquid and more accessible and more acceptable into those portfolios.

There are certain states today which will take a rated private asset and a rated IG private asset, and it eats against their private equity bucket because it's deemed private.

So by definition, we are all wired, and we've talked about this a lot, we are wired to think that private is risky.

But if it's an Intel bond with a 20-year guarantee from Intel, is it riskier or safer than the Intel QSIP bond?