Peter Lacaillade

Directionally, they've had a number of businesses where they sell half their stake, get a multiple of money,

and then are rolling half their stake with a great sponsor into the next transaction.

So if you just do the math, you might make two and a half times your money back in two years, and then roll.

If that two and a half that you rolled does a 3X, then you're talking returns that can be kind of in the range of six to 10 times your money.

On the downside, you're in a business that's basically breakeven.

These are bootstrap businesses that can be profitable.

They want to be your minority preferred security.

So you have really good downside protection,

the ability to get interim liquidity and get really differentiated returns on the upside.

It's a really good profile.

A number of people try to do this, I think that are not that good.

So we're always on the lookout.

If you think of new things we do, it's like often it's either something that we do not have that we strategically want to add, or it's something that we absolutely love and we want more of.

I'll start by saying my wife being married to me and my kids are so kind and lovely.

That goes without saying, but when you think about who are the truly kindest, like my son and my daughter.

But investment-wise, to answer your question, I would say it's been a lot of people that have mentored me and been very kind over the years.

But when I started at SCS, I was 30 years old.

I hadn't really done this.

We were building out the program from scratch.

And Steve Rustaglio, who was our CIO, Pete Mattoon, who was our CEO, founder, Tony Abbiati, Doug Ederle, who were co-founders with Pete, leading the client service.