Peter Lacaillade

So my view is to really focus on a smaller number of higher quality meetings.

not doing spray shot across 100 different LPs globally, but to really be deliberate about picking the 10 to 25 you want to talk to to get to with a 30 to 60% hit rate.

That is the way to do it.

You have to understand, okay, what is this LP's capital situation?

What are they looking for right now?

If you...

either through a third-party placement agent fundraiser or just your network.

People say, oh, yeah, you should talk to Liberty Mutual.

They're looking to do this.

Or you should talk to Notre Dame or whoever it might be.

And then when you get the introduction from those people, that's super powerful.

That's my advice.

to GPs.

Because what I really hate too is when people are on the road.

We're talking about some of the GPs I'm upset with right now.

They raised $550 million from their existing, but they're trying to push it to their $700 hard cap and do that for six to nine months and do a ton of meetings.

What is the point of this?

They're distracting themselves from investing.

That's a great question.

Well, I'd definitely give it to Kevin Kelly at Sequoia Heritage.