Marc Rowan

The second thing is I believe the ability to guarantee outcomes has value.

Capital is key to being able to guarantee outcomes, both for issuers as well as for people on the insurance side or the retirement income side where you're guaranteeing their insurance.

So we've amassed a massive capital base, and it's going to get bigger.

It allows us to partner with our clients.

I think that is the sweet spot of where we are in a changing world.

So what's happened so far is if you think about our industry, which has only existed for about 40 years in a real industrial form, the entire industry was built out of one capital source.

This was the alternative bucket of institutions.

And essentially it was all in funds.

It was all relatively slow moving.

And yes, there were private equity funds, but then there were real estate private equity funds and infrastructure private equity funds and credit kind of private equity funds.

It was all one business, and it was a pretty simple business.

And you did not need a lot of infrastructure because same institutions, quarterly fine.

Well, there are five new markets.

We serve individuals, we serve insurance companies, we serve the debt and equity bucket of institutions, we serve traditional asset managers, and we serve 401 .

All of these other five markets want nothing to do with a drawdown fund.

They live in a public world.

And so the notion that they are going to somehow conform to us is just hubris.

We are going to have to conform to them if we want to serve them, if we want to exist in their world.

But we have to also do it in a way that does not bastardize our products, that does not create unacceptable mismatches between risk and reward.

And so we're starting with our investment-grade private suite of products, and we will be daily estimated value by June 30.