Michael Woolhouse

Tell me about that.

Every sponsor at some point in their history has owned a great business.

They've made four or five times the money and they sold it to one of their competitors because they needed to get cash back.

Their investors were looking for DPI.

The management team was giving them some pressure to say, we've done what we said we would do.

We could make five times the money.

It's time to reset.

or you're at the end of the life of a fund.

The fund that houses the company is out of time, is out of money.

All these are different pressures to sell.

Historically, the sponsor would simply say, thank you very much.

We've made five times the money and I'm gonna sell the business to one of my competitors.

Not withstanding, I see a lot of upside.

Their competitor would then go on to make four times the money and so on and so on.

And I would go to the sponsor and say, do you remember that company?

And they'd go, oh, of course I remember that company.

There was so much runway left, but we had to sell.

But what's critical about this business is to approach it with sector expertise, to approach it like a private equity business, a private equity investor would do.

And to that end, the core judgment, if I were to distill things down for us, is at the point of entry, at the time that we're facilitating a liquidity option for the existing investors and buying in,

to the continuation vehicle, we wanna make sure that they could sell the business to you if they could.