Peter Lacaillade

I think there's a taste and a gut instinct.

I think that is intuitive.

And I had it when I started this in 2011, but you also grow and learn and refine what you're looking for.

And I'm just very authentic.

I'm very open and transparent and real.

And what that leads to is very deep trusted partnerships, which then refer people

other people to do that.

And then when you're known as being a leading backer of different firms, then you're sought after.

If Notre Dame is doing something, they might refer it to us.

There's a really good just feedback loop that happens by being a good partner.

But I think it's finding people

I say this frequently, but track record is important, but we're investing in the next fund.

We're trying to go where the puck is going.

And I think really trying to be intellectually honest and strategic with partners about that and not be overwhelmed by, okay, well, who did this and who did that?

And there's a lot of box checking that goes on in the LP world.

And I think it's

Actually, relative to the GP world, it's less competitive.

And I could get into those dynamics, but I will say what we're doing is not off the run anymore, though.

There are a number of folks that are moving into the space.

I don't really think of it that way, but I would say certainly like value and it's relative value.