Peter Lacaillade

who built out their own teams.

And so then they moved abroad to do that same thing.

Really, everyone needs to continue to evolve their strategy and just be continuous improvement.

So I give this advice to people.

The best managers can have their cake and eat it too.

You solve for, you want to have a group that has stable and growing capital base with a team that are smart, that you enjoy interacting with, that can be strategic and add value where they need to, but also they're not overburden some box checkers because we certainly see that.

Because there's a lot of LPs that can really detract value or be a pain in the butt because the requirements that they have in terms of check-ins and all these different things, they're not actually asking the right questions.

They're just doing their checklist stuff.

So you want to have the personality of those people and also an understanding of are these people going to be there consistently?

What is the economic situation or the personal ties, if it's an endowment or foundation, that this team has to their alumni?

The Notre Dame guys in South Bend are a great example.

They're very passionate about Notre Dame, and they've had a lot of consistency on their team.

Because when you have either changes in capital or team, that's where you get the instability that can be distracting for GPs.

And then on the fund-to-funds, my hot take has been that the fund-to-funds actually get a bad rap.

However, they often have agendas, whether it's looking good with a seeded portfolio and special co-investment rights or whatever, they can be more transactional.

So just understanding those things.

People that say, okay, well, we don't come into first closes.

We're going to wait till the fund closes.

I was like, well,

I thought we're like in a long time partnership.