Nicole

Like you may not want to lean into that same notion around venture.

Like venture might not be the area where you

lean in with really big checks on co-investment.

You might want to, you know, temper your excitement around the venture assets on the co-investing side so that you're not, you know, bringing on more risk than you understand, which is, you know...

a whole other topic around risk management.

But I do think the regular way, buyout programs, infrastructure programs, credit programs, where you're deploying these massive amounts of capital that just make your head spin, that if you've done the work, and I think helpers as a whole are very good at manager selection, they have real deep talent in that area.

I think if you're really good at manager selection, then you should feel good about choosing a subset of those managers and setting up these programmatic programs.

Well, I mean, this is definitely self-serving because we'll talk about my credit program in a moment.

But I think that firms like CalPERS really benefited from super smart folks that when we first got the allocation into credit really leaned into kind of the regular way direct lending that made a ton of sense.

I think as that program has evolved and matured, there's definitely some wide open space for them to be thinking about some more adjacencies in credit, just adjacent to the regular way direct lending.

And I think there are definitely opportunities to do more co-investing for groups like Helpers who were very thoughtful in their approach when they first got their allocation into credit.

And I think they've now

shown that they can graduate into more of this programmatic approach that we talked about that we kicked off on the private equity side.

I think I'd start off by saying I've always been very entrepreneurial.

I just had to do it within really large shops.

I was pretty young when I became a single mom.

And so there's just in life, you just have to choose your spots.

And so once my kids, I knew I had line of sight to them going off to college.

That's when I really decided the time made sense for me to lean into launching my own program.

I think taking, look, taking a sabbatical is a real luxury to be able to do that.