Nicole

You've got exceptional talent that is often being put in a box because they have so many rules that they need to follow.

And they're a real mission-driven group.

I mean, if you're going to commit your career to working at a state pension when you know that you could leave and go and work elsewhere and probably make 2x what you're making, it takes a very special individual to commit to that career path.

And so I think that there should be some empathy and respect from the GPs to the LPs because I think that they do...

They make, they're the ones, the LBs are the ones that are making it happen for the GPs.

And it's, it's a lot.

Sometimes they really have to push politically to get certain partnerships through.

Sometimes they have to really work the system a lot harder than they would normally need to.

And therefore they're going that extra mile for the GP and the GP may not even realize it.

And so it's,

I just think maybe having a little bit more empathy kind of going both ways and, you know, kind of working together to understand what problems are each other trying to solve for being a bit more transparent about that would probably make for better, deeper, longer relationships over time.

It's so true.

So, look, I think that if I look back on some of the key success factors that I observed when I saw managers, you know, emerging managers being launched and the ones that did well and the ones that didn't, there are a couple, there's a couple threads there that I think are consistent.

So number one is

Track record for sure.

But having a team that's worked together and has been through the ups and downs, the good, bad and ugly, building a portfolio, managing out a portfolio in addition to producing, you know, great outcomes.

I just think that that's a much better place to start than have some rock star leave and say, I'm going to go form a firm and try to hire, you know, the 10 best people that I can get to join me.

I think a team lift out, a carve out approach, in my humble opinion, just is a good place to start.

I think before you do that, though, I think you have to have an honest look in the mirror and say, can I go to a couple of folks and see if my street cred is there?

Are there groups that may give me working capital?