Peter Lacaillade

That is just a real story that happened 10 days ago or whatever.

And I think that's probably happening a lot.

So I think it just underlies a point that I've made for many years that's a little self-serving, which is you want to have diversity of LPs.

I think that having a mix of single and multifamily office LPs can be great.

But I mean, there's limitations in the single family office world.

Entrepreneurs who make that type of money can be a little crazy.

I mean, they can die.

Single family offices are not necessarily the most stable base of capital either.

No one's perfect.

The endowments and foundations have been very steady, but sometimes when teams change, you can have a real rethinking of the program.

And then this liquidity shock, I did not fully see this coming.

I think it's a surprise and it's a dynamic situation that we worked through, but definitely is going to put pressure on people.

It's going to be interesting to see how all the sovereign dollars approach these markets because they have huge amounts of capital to play.

I think they should barbell it and they probably need partners to help them barbell it.

But there's, I think, a bias from what I understand for a lot of them to try to do it themselves and do it with teams that are often based in the Middle East or elsewhere.

I think that's going to be harder to get on the ground, like some of the smaller stuff we do.

But I think they're getting more and more sophisticated.

There's some really good people at those places.

I think there's a number of fund to funds who are doing very good work.

I mean, if you think of the evolution of certain kind of fund to funds, they were providing access to people who then in the U.S.