Neil Mehta

Not to take away from that. I think for Benny and I, and maybe it's because we had some success early, we're large investors in our own fund. It's just a more interesting way to try to be in the hall of fame of returns by partnering with the kinds of companies we like to work with. If that's the case, then you want to reach the right limit where you can invest without reducing returns.

Not to take away from that. I think for Benny and I, and maybe it's because we had some success early, we're large investors in our own fund. It's just a more interesting way to try to be in the hall of fame of returns by partnering with the kinds of companies we like to work with. If that's the case, then you want to reach the right limit where you can invest without reducing returns.

And for us... Our largest investments are 500 million to a billion plus in size. And we do that with some regularity. We want the founders we work with to call us and say, we want 500 million to a billion dollars. We are thrilled to get that call. And we want to make sure that we can always answer that call and we can be the partner.

And for us... Our largest investments are 500 million to a billion plus in size. And we do that with some regularity. We want the founders we work with to call us and say, we want 500 million to a billion dollars. We are thrilled to get that call. And we want to make sure that we can always answer that call and we can be the partner.

And that number may move up over time, but that number has served us pretty well. At least a couple of times a year, we'll get a call for, can we get 500 million to a billion from you? And we want to be able to answer that call. So that's kind of determined how we think about our funds have gone from the

And that number may move up over time, but that number has served us pretty well. At least a couple of times a year, we'll get a call for, can we get 500 million to a billion from you? And we want to be able to answer that call. So that's kind of determined how we think about our funds have gone from the

I guess tens of millions to the billions, but it hasn't really been a function of the number of companies. Our funds has not changed at all. In fact, it's gone down. How many is it? 10 to 12. Yeah. That is high as 15 historically, but our numbers actually come down quite a bit. And we only have 55 companies across 15 billion of AUM. Who knows?

I guess tens of millions to the billions, but it hasn't really been a function of the number of companies. Our funds has not changed at all. In fact, it's gone down. How many is it? 10 to 12. Yeah. That is high as 15 historically, but our numbers actually come down quite a bit. And we only have 55 companies across 15 billion of AUM. Who knows?

I could talk to every single one of our founders in half a day and still have tons of time.

I could talk to every single one of our founders in half a day and still have tons of time.

Yes, we have. In fact, Reno started with the idea of an alternative capital structure. What was it? It was a holding company that owned insurance businesses, frontier and emerging market insurance companies.

Yes, we have. In fact, Reno started with the idea of an alternative capital structure. What was it? It was a holding company that owned insurance businesses, frontier and emerging market insurance companies.

Benny and I had spent a lot of time at DSHA studying insurance businesses in places like Ping An in China, Donggu in Korea, Qualitas in Mexico, Solinko in SCB in Thailand, Solinko in Sri Lanka, businesses like this. And actually, the cool thing was... If you study these P&C businesses, they all follow the same kind of curve. You could draw an XY axis. You could put GDP per capita on the X axis.

Benny and I had spent a lot of time at DSHA studying insurance businesses in places like Ping An in China, Donggu in Korea, Qualitas in Mexico, Solinko in SCB in Thailand, Solinko in Sri Lanka, businesses like this. And actually, the cool thing was... If you study these P&C businesses, they all follow the same kind of curve. You could draw an XY axis. You could put GDP per capita on the X axis.

And then on the Y axis, you could put insurance penetration as a percentage of GDP. And it follows this S curve. And the S curve is basically rich country has 10% insurance penetration. The exception to this, by the way, is the Middle East countries. They get really rich on oil and then don't have insurance penetration. And then the really poor countries are at the bottom.

And then on the Y axis, you could put insurance penetration as a percentage of GDP. And it follows this S curve. And the S curve is basically rich country has 10% insurance penetration. The exception to this, by the way, is the Middle East countries. They get really rich on oil and then don't have insurance penetration. And then the really poor countries are at the bottom.

They have very low GDP per capita and they have low insurance penetration. And our view was, if you believe in a country's GDP per capita growth, a levered investment is to buy the best oil. insurance company, the PNC consumer insurance company. Interesting. So we did this and it was a phenomenal investment for Dongbu and Qualitas and SCB. They were really good investments.

They have very low GDP per capita and they have low insurance penetration. And our view was, if you believe in a country's GDP per capita growth, a levered investment is to buy the best oil. insurance company, the PNC consumer insurance company. Interesting. So we did this and it was a phenomenal investment for Dongbu and Qualitas and SCB. They were really good investments.

So our idea at Green Oaks when we started, we had a traditional fund structure. Our idea was let's start a holding company where we buy anywhere between 51% and 100% of these insurance companies. We suck up those premiums, and we can invest them in a wide variety of different assets. It's a phenomenal idea on paper. In fact, we did it right when we started Green Oak.

So our idea at Green Oaks when we started, we had a traditional fund structure. Our idea was let's start a holding company where we buy anywhere between 51% and 100% of these insurance companies. We suck up those premiums, and we can invest them in a wide variety of different assets. It's a phenomenal idea on paper. In fact, we did it right when we started Green Oak.