Michael Woolhouse

I'll just give you an example.

If the sponsor owns a business and it's financially performed very nicely,

but is dependent upon an IPO exit.

And if the IPO markets are closed, rolling 100% of your, actually crystallizing your carry and rolling into the CV, that actually sounds like a de-risking event or de-risking opportunity to me.

We call those life preserver deals in our market.

It's really important

for any participant in the secondaries market, including venture, to appreciate the problem they're solving.

The problem we wish to solve is that we've had this great company.

We could sell it today, but don't wish to because we see too much upside.

The problem I'm less interested in solving is can't sell it today for one of the following long list of reasons, need to generate liquidity for my LPs because they're a little bit upset.

And this is almost a transaction from a position of weakness.

This market exists.

because of the combination of private equity now, I'm talking private equity broadly speaking, has been growing.

Companies wish to stay private for longer.

Second thing is we have these closed-end fund structures.

They're 10-year vehicles, plus one, plus one.

finite time and finite capital and then we have these businesses these special businesses that we've been talking about that are long-term compounders and have a path a clear path to generating compounded you know attractive compounded returns over a long period of time that doesn't necessarily fit with the within the constraints of the of the closed-end funds that they're housed in

The secondaries market over time has created different solutions to provide liquidity to different stakeholders in the market, as we've talked about, and it's not going away.

We had a record year hitting $226 billion of volume this last year, roughly 40% year over year.

The single asset continuation vehicle market was actually driving a big part of that growth.