Peter Lacaillade

They also don't have enough capital.

They can do like one deal.

In order to do this right, I think you need to have a significant amount of capital and a really large, maybe not too large, but a substantial team that has skill sets from both the finance industry and the AI engineering side.

And I think nothing embodies this more than what Long Lake's doing.

Long Lake, for reference, is a holding company that was founded a couple of years ago by a guy named Alex Taubin, who had been at Oak Tree, and another guy named Zach Frankel, who was co-founder of Ramp and co-founder of Cognition.

One of the smartest human beings either of us have probably come across.

I think you would agree with that.

General Catalyst initially seeded Long Lake.

Kudos to Haymont on really believing in them and pushing this.

And then they've gotten capital from Thrive and others at different stages.

And we're looking at an investment right now.

But you look at what they're doing.

They have a team of, call it, eight private equity folks who come from great places like

top vice president or director level at really great firms who have great experience working under Alex on the private equity side.

And then you have engineers who've had senior positions at Scale AI, Palantir, et cetera, that are top of their class, the best schools.

And they're building tools that it's not about the shiny UI or about something you want to sell.

They're going into the workflows.

Their first major area they're focused on has been homeowners associations.

which is a very large and fragmented area that trades at a pretty high multiple.

And they demoed a tool for us.