Peter Lacaillade

I was going to go and be a lower middle market by a growth equity investor.

And it was just through networking that this guy was like, I can only have a job for you, but the guys who managed my money, I wasn't thinking about private wealth.

I wasn't thinking about, I didn't know what a multifamily office was.

GPs were really open to taking my call in 2011.

At other points in the cycle, it becomes harder to get access.

Right now is a good time to be launching a program.

I think it's been a tougher capital raising environment because distributions have slowed down.

And then you layer in the fact that the endowments and foundations are in a tough spot right now.

And there's a lot of uncertainty around funding and taxes.

I think that there is room for a number of new players to go into the wealth management area.

But I think the scale is really tough.

If I were to not be at SES and I'm in it to win it here and really love the vision of not only SES, but the focus platform that we're a part of.

If that wasn't the case and I was going to start something, one of the key things is I would want to start with an asset base of around $5 billion going to 20.

Because I think that scale piece, that first couple billion is really hard because it's the chicken and the egg issue.

So buyouts at the large end, I think you have, I mean, this has been happening for a long time, but the bigger buyouts definitely moving towards asset managers.

And one thing that a lot of those firms like Blackstone, KKR, Carlyle, Apollo are focused on is having vehicles that cater to the mass market.

interval funds or things like that, and really also having more customized solutions for their big sovereigns or whatever it is.

They're not private equity investment firms, they're asset managers and they're some of the most important asset managers in the world.

And that's not where we spend a lot of time and play.

Why not?