Narayan Chowdhury

I think that's part of the reason we've been a little bit reluctant on the solo GPU front.

And that is not a return optimizing strategy.

Right.

Meaning going back again to like K-9 and Manukumar, there's been fantastic Steve Anderson, been fantastic solo GP funds, and there will continue to be.

And absolutely, it works for certain VC profiles.

What we have noticed is that they can engender some operational friction, let's call it, whether it's subsequent fundraisers are a bit more challenging and so they're out of the market for a while, or there's other reasons why they're out of the market for some period of time.

The reporting, the portfolio management, perhaps it's a little bit more loosey-goosey.

Amendments.

just it tends to not be quite the institutional quality that we'd love to see.

And then frankly, we're doing a ton of references on how they behave in tough times through our back channel network, which we've been cultivating now over really 25 plus years going back to our prior employer.

So knowing who those people are, how they behave, how much are they committed into that fund

That, in our mind, some of these softer things are going to help mitigate disaster.

Yeah, yeah.

And I think that that is probably where we've avoided issues more so than fund one or fund two or small fund size, that sort of thing.

I have very few really bad meetings.

To your point, these are all fairly accomplished, articulate, you know, for the most part, unlike I'd say other segments of finance, you usually get into venture because you want to make an impact.

You love company building.

You love that time of whiteboarding and thinking through difficult personnel product, go to market problems with a small team, you know.

there's a certain attraction that most of the folks I meet are pretty awesome.

So the bar is very high.