Luca Ferrari

And like we said, we raised $700 million at an $11 billion valuation in equity.

These two initiatives certainly took a substantial part of my time.

When we're not in fundraising mode, that goes down to a trickle, maybe have some calls with investors, but much less.

So it varies.

But I would say probably a fair split would be 50% of my time, talent.

I check each candidate before we extend an offer.

I extend the offer.

I talk to many of the new hires.

I help with talent density.

I help trying to push for being demanding.

So that's probably 50% of my time.

50% of my time is on average in time, probably financing and external relations, I would say.

50% of my time is these transformations of companies we newly acquire.

And 50% of my time would be either call it long tail platform work, which is probably where I would put that thinking creatively about how to improve the strategy.

And I work all the time.

So I probably work as two FTEs like I think most people in my position would.

But it's probably these four categories are comparable in investment on average in time.

The mindset is quite different because an equity investor tolerates the risk of losing money vastly better because they have an upside that's essentially uncapped within reason.

A lender is almost entirely intolerant to the possibility of losing because their upside is

That 3% spread, 5% spread, depending on the exact financial instrument, it's still a limited and generally fixed upside they have.