Kate Simpson

So I think it's very...

situational and probably a bit more, it's less common, I think, today, but certainly we have faced situations where we've had to understand the dynamics and those decisions.

Yeah, so I think anytime you make a commitment as an LP, we do so thinking that this is going to be a multiple fund sort of relationship and a very long-term partnership.

But things happen, right?

Life happens, opportunities happen.

So yes, when a GP...

decides for whatever reason not to raise a new fund.

Sometimes it's because they don't aspire to be to build a generational firm.

Sometimes it's maybe it's because of performance, but maybe it's because of a different opportunity going forward.

Those opportunities can be those situations can be tricky for LPs.

I know LPs are pulled into that situation and are sort of asked and forced to be more hands on in that situation because of the ongoing portfolio.

And those can be tricky, very time-consuming types of puzzles to figure out.

But again, as an LP who's been investing for decades, you see all sorts of situations over time, none of which are exactly the same, but there are learnings from wind-downs, if you will, over the years.

I'd like to think I haven't made too many costly mistakes in my career.

I think this is more of an answer on a personal level than anything from an institutional level.

But I do think I would encourage my younger self to be a better advocate for myself with those that I'm working for and with.

Yeah, yeah.

And I think, look, not to turn this conversation on its head, but as a younger woman in this field, I think the importance of showing up, of being in the room, of making sure your voice is heard, I think those are important things that, you know, I think to my younger self, I would...

I would make sure I understood the importance of my voice and again, advocating for myself.

Thanks, Darren.