Jonathan Gray

Not really.

We're an organically focused business.

We're celebrating our 40th anniversary over that period of time since Pete and Steve founded the firm.

There have been a small number of acquisitions, relatively small in the scheme of the firm.

We would look for those type of acquisitions that give us some intellectual capital and capabilities we have.

But in general, we find we don't want to buy AUM from another firm because we can raise capital.

For us, what we really want is great talent to move into a space.

We did this more recently, maybe seven years ago in life sciences.

We did it 10 or so years ago in the secondaries business.

So it would be very interesting

tactical, where we're getting a capability we don't have.

But in general, we found we can continue to grow this business organically.

The rates of growth have been quite strong over time.

And it's because investors have so much confidence in us.

So

I think of us as an organic business building firm, and I think that's the path we'll continue on.

The exception is if we found something very special that we could add to the firm.

My expectation, though, is that would be pretty small relative to the overall firm.

Well, I would say it's a little bit of a harder task in aggregate, but there are elements of what our people do where we can continue to improve their productivity and have them do things they frankly don't enjoy doing.

We've seen huge evolutions in the 33 years I've been in this business.