Peter Lacaillade

So now if I run into a client that is below $25 million, I'll refer them to my colleagues at Focus.

And we're going to enhance our capabilities just across the board.

So

I think private equity, when done well, can really be incredible for businesses across all different vectors.

That's not to say they're not bad actors, but from a firsthand experience, and of course, there's the investment thing, talking as an employee of a private equity firm, what has me so excited for the future?

Private equity plays a big role in that.

now we have over 50 billion dollars under management at ses yes with approximately 500 clients so an average client of about a hundred million dollars and because of their wealth they can have an allocation to private equity or to alternatives and a lot of private equity that resembles what the top endowments foundation single family offices has so our typical client

at SES might have 30% target to private equity, another 10% or so to opportunistic credit and real assets, et cetera.

So you've got 50 billion.

First of all, as I mentioned, the families themselves are very wealthy.

They have enough money to keep in fixed income cash to fund their lifestyle and deal with things.

So they can have a sizable amount of capital that they lock up.

We have a flexible model, but as I mentioned, the average family is somewhere around 35, 40% in privates.

Some people, and myself too, personally, I'm 60, 70% in privates.

I'm comfortable with that.

And I believe in long-term return potential.

There's a huge opportunity in wealth management generally.

If you look at smaller families, they might have a typical wealth management client that might have $5 to $15 million.

They can't have that type of 30, 40% allocation, 50% allocation to privates, but they can probably do 10 to 15%.

And maybe it's 2 or 4% right now.