Peter Lacaillade

Well, they might IPO in year six, seven, eight.

Whereas if you're in the typical fund structure, we're actually- You're 20.

Yeah.

So I think we'll have more flexibility.

I think for Long Lake and for Thrive, I think what's really important is that these are really durable, lasting businesses that you want to own for a long time.

because that's the beauty of the compounding.

And so Long Lake is very focused on having real moats, because there's going to be quick wins that can happen that don't have the long-term moats.

And so being very discerning around those things is important.

And another holding company, your guest, you're on a roll, Patrick, with some of my favorite people, but Darren Farber, we helped anchor his holding company, Alley and River.

And

I mean, that's another one where it makes a lot of sense in terms of like, there's real rationale behind why do it in that structure.

I mean, first of all, there's a lot of cashflow that comes off these businesses that can be recycled to drive more acquisitions.

So there's an efficiency from the holding company structure that Darren gets.

But there's also just synergies across cross-sell or customer.

A lot of these businesses are...

selling into the Department of Defense, government.

There's definitely overlap in these companies.

And if you look at whether it's a Transdime or L3 Harris, there is a market for a publicly traded conglomerate of businesses that have certain characteristics.

So I think that is what Darren is trying to do.

I think maybe I'm sure there will be other people that do holding companies where it doesn't make a lot of sense.