Matt Whitheiler

When they go public, anybody can buy their shares.

And so the companies on the private side are really starting to clamp down on who am I comfortable with coming into my cap table via an SPV.

I definitely think so.

I mean, if you think about the public market in general, perhaps the return expectations in the private market and public market are different, but the risk profile is also totally different.

And so I believe that, you know, if you think about some of the names coming out and the growth rate of those names, the scale of those names and the potential market opportunities for those names, I think there's still a lot of return potential ahead.

which opens the door for even the Wellington public teams to invest in some of these names, ultimately when they go public, and generate exciting returns for the clients, hopefully.

I think there's opportunity to be had in some of the larger names that are attracting larger dollars, and think about some of the bigger financings coming to play.

But I don't think for us, at least, the right strategy is put all of our chips in that basket.

For us on the late-stage private side, we augment the opportunities of some of these larger financings with comparatively smaller yet still late-stage businesses.

Because as great as AI is, as great as some of those names we just talked about are, you don't have to be an AI business to go public.

You can be a great consumer business, healthcare business, fintech business and go public.

And you don't need to be a trillion dollars of market cap.

There are plenty of exciting mid-cap names, even small cap names in the public market that I know our public teams would be excited to add to when those names ultimately do enter the public market.

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