Michael Woolhouse

and rolling their original GP co-invest, which just pick a number, might have been 2%.

They're rolling that into the new deal.

And then they're putting all the carry that they're realizing on top of that.

That's what drives it.

It's just math.

The expectation in this market that buyers have is that GPs will not take liquidity on the sell side of these deals and will roll it all into the continuation vehicle.

And that's what drives the outsized GP commit.

Let me bring it together, maybe just making two points.

First point is the private equity business is competitive.

It's difficult, it's hard.

And when you own a company and you've owned it successfully and done all that work, remember there's 15, 20, 25 businesses in a fund that you invest in.

And there's the one company that everything's working.

It's actually probably working better than you thought.

You got the strategy right.

The company is in a great competitive position.

The management team is really, really strong.

The last thing you want to do is sell that.

And the good news is, in a sense, there's going to be one of these in every single private equity fund that exists.

There's always one special company.

And to that end, sponsors...