Peter Lacaillade

Normally you see these things, there's not the logical strategic sense other than like- You're doing it because you can.

You're doing it because you can and you want more assets.

Good for you.

God bless capitalism, but it's really for the sake of, I guess, more money.

The strategic rationale, if there is one, doesn't hold as much water as it could.

Sure, capital is the exception to that, I would say, because Justin Ishbia-

and team.

And we've been investors with Shure since the first investor in Fund One.

And it's been incredible to watch the evolution, but they started off doing micro-cap healthcare buyouts and have been incredibly successful at doing that.

But then over the years, they have been very disciplined in keeping the micro-cap healthcare side small.

So they went from, I might be a little off the numbers, but say 100, 110 million in Fund One to 220 in Fund Two and

For that 220, I think they might have had 2 billion in demand.

So a lot of demand.

Then they've raised maybe in the $300 or $400 million range for their micro-cap healthcare funds on a go-forward basis, which is enabling them to stay in the, say, 1 to 5 EBITDA startup platform.

But then they've continued to build out their organization with all sorts of areas that can help businesses professionalize and grow.

And you can apply that across micro-cap investing in other sectors.

So they built out teams in the food and beverage space, in industrials, in business services, and also in real estate.

And the real estate team has a tie-in to their veterinary practices.

There's strategic synergies of the Shor organization where all the different strategy funds are benefiting from the organization of Shor, which is, I think it's 180, maybe 200 people.

is bringing Gundu and iFight.