Peter Lacaillade

The returns for sure are exceptional, but what they've also done is delivered really high quality businesses to their sellers, which is not something you can say for every single healthcare rollup.

So I think there's a durability to that.

As they've evolved, there's a few businesses that they have loved and wanted to stay in longer.

The first was Southern Veterinary Partners.

That is one where they established a continuation vehicle or an SPV, gave their LPs the opportunity to roll into it.

And then recently actually merged that with another veterinary platform, the second time.

They've grown this into a really, really big business, but they haven't done that with the majority of their assets.

When they've gone really deep in something like that,

They've done that in Southern Veterinary and now Mission, bringing it together, as well as Brightview.

But the rest of them, they've sold to other private equity sponsors or things like that.

We do see the CV space get, I would say, arguably abused by some managers where like, wow, you're selling everything to yourself.

What's going on here?

Sure, I think has a lot of third-party validation around their stuff.

But then if you think of the evolution of team, they've grown a lot of great investment professionals.

And these different strategies are places for someone who might be an associate or VP on the healthcare fund to then go into a different vertical and become principal or partner.

And the last thing, very excited about the Shore Advantage Fund, which is essentially going to be picking some of their best companies from their healthcare fund, led by Mike Cooper and John Hennigan, who were two of the original kind of investment partners alongside Justin and Ryan Kelly.

And Justin Ishbia is just beyond driven.

He's that maniac on a mission that we talk about.

His engagement and his drive is next level.

And he's going to be... He just had actually his fourth child.