Peter Lacaillade

I mean, you could pay 15 times for a software business that's growing a lot, could be a great relative value.

And I think that you want to be in the market leaders.

That is a key thing.

I've been disappointed.

I don't know, not disappointed, because I'm a class half full type of person, but there hasn't been more of a correction in Ventureland.

I think there's a lot of...

Businesses out there that were overvalued and are not the one or two leader in their category, they might be number five or 10, and they probably, there's not a lot of value there, but they're being somewhat zombies.

And these things take a long time to play out in private markets and the way things are marked.

I think that's one theme you'll get if you get to know me is I'm not really concerned about marks.

At the end of the day, I'm trying to have great partnerships that will deliver distributions in due time.

And if something goes wrong, I'm like, okay, well, maybe that's a learning experience.

And that creates a situation that can be advantageous to us because the fund's smaller, there's more co-investment, whatever.

It's not necessarily a bad thing.

In the venture world, the reckoning was definitely put off majorly, and I don't know how it's going to play out because so much capital is coming to AI.

These bigger funds had issues with the later stage stuff, and so then they're doing the seed things, and the seed hasn't really corrected, even though public multiples are way down.

That would be another reason why...

I really love lower middle market buyouts because I think the ability to generate alpha by professionalizing businesses, or it could be carve outs too.

Some of our greatest deals have been very operationally focused, like teams that carve out division.

They take on a ton of degree of difficulty through complexity.

But what's really hard to do is to generate alpha