Peter Lacaillade

Yeah.

For a GP, if you make a lower return on a bigger amount of capital- You make more money.

That can be more money on the carry.

And then you have definitely a bigger management fee that's contractual.

So it's dynamic.

But I think if you kiss enough frogs and you meet enough people, we really feel like we have way more great opportunities than we do capital at the moment.

And I think that's going to persist for a long time.

I mean, it's happening in real time.

It's a big deal.

I mean, you have the pullback in funding that will have a lot of impacts on these budgets, but the tax thing seems like a bigger pull.

Yeah.

These budgets are tight to begin with.

I was speaking to a really great manager.

They are going to raise 60 million from new LPs.

They probably have a billion of interest.

One of the prominent endowments had worked for like two years to get that spot and then just told them, said, we love you.

We have to be on pause.

We might want to do it.

I would invest personally.

We're so sorry.