Peter Lacaillade

I don't even do many on-list reference calls.

I'm generally just assuming they're all good

in focusing on going off list, but also it's really important that you know that you have very trusted relationships with people on the other side of the phone.

There's an example I can think of recently with a fund that we passed on where another LP had shown it to us and they had spoken to

This group looked great on paper, great presenters, et cetera.

They were very excited about it.

My colleagues brought it to me.

I thought it was interesting.

I know one of my good friends works at that firm and I called them and it was like, don't walk away, run.

A lot of detailed reasons why we should not do this fund, why we should not back this person.

We pass this along to this other LP and he goes, oh my gosh, I just spoke to that person's boss and they said the most amazing things about them.

And I'm like, yeah, well, that's the company line.

And so just to summarize, you have to be investing with really great people, but also people who have great character, integrity, and are going to be awesome long-term partners because nothing's a straight line and really making sure we have both those things when we make investments.

It's a huge industry.

It's like close to 160 trillion globally, I think 90 billion plus, I mean, 90 trillion plus pool of assets in the US.

And generally, I think it's pretty crappy.

It's not great.

You have the banks like Goldman Sachs, Morgan Stanley, JP Morgan, et cetera.

They're great firms.

They can do nice things on the lending side, and they will do interesting deals from time to time that they'll offer up to their clients.