Michael Woolhouse

We were $30 billion in rough numbers in 2024 and north of $50 billion a record in 2025.

That's 67, 68% year over year growth.

The need for this, call it new.

And I would argue proven liquidity tool is really high.

Even if you half the growth rate that we've seen in the last year, at least in single asset part of the market, it could be a 200 billion or larger market just looking five years out.

You need to know what the fairway is.

And when you have the opportunity to see all the deals on offer in the market, it's really important to have discipline around

where you have a real right to win.

So one of the lessons that I've learned, it's not just here at TPG, but over a longer period of time, is it can be very alluring.

It's like the sirens call.

I know this deal doesn't quite fit, but oh, it looks interesting and you can get distracted.

And at different points in my career, maybe it's a quieter moment in the market or something just looks too good to be true, even though it's a little, maybe it's on the fringe or it's in the rough.

But the discipline of...

defining what you do and what's of interest, having that widely adopted and embraced across a team, supported by an investment committee, which is a good support and control function in an investment business are all critical here.

So I have found myself from time to time getting

called by the siren and pulled onto the fringe, but we have the right systems, culture, et cetera, around here to pull us back and focus on the core, focus on the fairway.

Let me come at that from two perspectives.

The first is a personal perspective.

So what switches me on?

And then secondly, from a business perspective, the actual, you know, the doing of the thing.