Patrick O'Shaughnessy

And that's the opposite of what happens in wealth management.

Something interesting must have happened.

So what would be the headline stats that you would hold out?

Yes.

That sounds like Harvard or Yale or any of these very big famous foundations.

that have been the allocators of choice for the marquee private asset managers.

Yes.

And what's interesting to me is that everyone talks about how wealth management as a channel for new capital is going to be so important as endowments and others are sort of tapped out or fully allocated.

So I am curious about like the ingredients for it seems like there's going to be more people like you that try to build an institutional grade bellwether allocator.

that's in the same breath as Yale, but serves the wealth management market and the private equity being a force for good concept.

And so the pool vehicle thing, which is like an interesting like structural innovation maybe, what does that unlock?

It's just uncertainty.

So you can then go to the GPs of the world and just feel like Yale or something?

Yeah, exactly.

There's a couple of things I would say.

And each time they are choosing with you the amount of their marginal allocation to the new pool vehicle?

Do they generally take your recommendation?

Yes.

So in some sense, they are committing, but they trust you.

Okay, so through the unique way that you've structured it and maybe the unique capital base that you've gotten to work with these very high net worth families, you've created a situation where SES is a private's heavy allocation, but it is an allocator that feels like the great institutions out there.