Peter Lacaillade

But I think we're trying to be intellectually honest around the things that do make the most sense.

So try to find the best ones.

Yeah.

With very talented people behind them.

In real time, there's another manager we think extremely highly of who's considering doing a holding company structure.

And the question that

we're gonna have to work on with this manager, because we definitely want to back them.

I love the fact that he's thinking this way, because he doesn't want to be like regular way private equity.

But like, is this helping him and his partner get to the optimal structure for their strategy?

Because their strategy historically has been to aggregate, like roll up a bunch of businesses, loosely integrate them to a certain extent, but then punch out and move on or sell a larger stake to a larger private equity firm or someone who will take things to the next level while they then they find the next area to consolidate.

So that strategy might not be as conducive.

to a holding company structure.

And what we try to do, this gets back to what I was saying earlier, is really just be like open-minded, supportive partners.

If in our business, we're really focused on what's best for the client, if you have that as like your North Star, with managers, it's maybe like, how can we all win together?

Having that ability to put kind of agendas at the door and just have a supportive, intellectually honest conversation, that's helpful.

I'll back up for a second.

When I started at SCS in 2011, really great timing.

Financial crisis had really kind of shaken things out a bit.

had a firm that had a sticky growing capital base and was able to start relationships with a number of emerging up and coming firms like Thrive, but Founders Fund, Andreessen Horowitz, and a few others.

At that point in time, you had Sequoia, Sequoia, Kleiner Perkins, Greylock, Accel.