Patrick O'Shaughnessy

They haven't run their own thing before.

How do you know which of the independent sponsors to back?

What are his attributes?

What's he like?

This is what I'm trying to get at.

I want to press on what makes you good because on my screen here, I've got the list of funds that you've invested in and some of the deals that you've done.

And

it is in some ways the who's who of the category leaders in the different spaces.

And in most cases that I know the details, you've been a partner with them for a long time.

Now it's the who's who, but you were a fund one, two, three, four investor in those funds.

So what does it take to

You mentioned two of the other great allocators that feel more front footed than lots of allocators do.

Literally, just what does it take to win in the same way that you would hope a GP would win finding the best assets?

Is it just the same exact stuff?

Is it just hustle and taste and intelligence?

In the public equity world, when you study the factors that drive returns, most all of the studies come back to three things, value, momentum, and quality.

Do you think those three ideas apply to the style of investing that you do effectively investing in people and teams in private markets?

I think the idea of size and flexibility without bureaucracy is a very interesting combination.

Literally, thinking of your top four things, and I'm throwing back in there the fact that you serve as a signal for other LPs, whether you lean into it or not, it's attractive to GPs for sure.

It actually sounds very similar if you go up a level from GP to LP to Thrive.