Orlando Bravo

If not, that allocation would grow on indefinitely.

So when we meet with our own investors, we have a sheet for every one of them.

And that's the one piece of paper we have is how much money they've given us, how much money we've given back, and therefore how much money maybe they have left to redeploy.

Because also as a manager, they cannot be, we would love to, 100% concentrated in Toma Bravo.

by continuing to give us capital.

They need manager diversification.

So the people that don't have liquidity and are having problems...

They're just going to go away.

And I've never seen that in the industry in 30 years.

The best managers are going to get a lot more money.

And we're seeing that also in the business.

We're seeing a lot of funds wind down and close.

um we meet with you know we have most of most of our our partners are most of the states and most of the sovereign wealth funds and i spend about 25 to 30 percent of my time with them to see how our performance matches up to our competitors to see how they're doing how else could we help them are we doing enough co-invest we are so close to to our partners and they are very open and they tell us we're really worried

about these dormant or zombie funds, because they've lost half their team, they've gone to do something else, and their senior people know that they'll wind down the portfolio and that there's no future fundraise.

It is still, private equity is still a bit of a momentum business.

When you're returning a lot of money, your people have confidence to put money out.

Investors have confidence to give you money.

People are happier.

Everybody that carries worth something to the team.

People are getting promoted from within.