Orlando Bravo

You live quarter over quarter.

That's why it's tough for family businesses to hold software companies, right?

It's not a thing.

You go from one entrepreneur to the other.

And it's also a culture of employee ownership where employees, especially in Silicon Valley, need to have that return and that pop in their options and that restricted stock.

So if you hold these things for 20, 30 years, I mean, we would love to.

It'll be better for our business.

We'll make more money.

But it's not the way to really serve your customers as LPs.

We are in the middle of the shakeout.

It's when you see the few funds that raise all this great amount of money, they have two things.

They have great performance, and they have liquidity to their LPs.

They have high DPIs.

The investors in private equity, states, sovereign wealth funds, that's where most of the capital comes from, the big money, 80% of the money, their boards still believe in private equity.

The 10-year performance beats everything, the 15-year performance, the 20-year performance.

The challenge is they have an allocation usually to private equity of 15%.

Some are growing a little bit from 13%, others may be decreasing depending on their portfolios.

That investor base or that allocation is very stable.

which is really nice for us and for the industry.

But that allocation is stable because people get money back and they redeploy the money.