Peter Lacaillade

We want to have diversification across these different sniper laser shot people that might be doing subsectors in defense like Albany River or healthcare software, et cetera.

And the venture funds often raise in two-year cycles.

So it's kind of nice.

Thrive or Founders Fund are basically in each vintage vehicle we set up, you're going to have that fund.

But it gives the optionality that if we have a client, say they're an entrepreneur, they start with 50 million with us, then they sell their business and they go up to 250 million.

They can flex up accordingly in their allocation.

We're doing cashflow modeling.

What we're trying to do is, let me just run some simple math for you.

Let's say you're a hundred million dollar client of ours, and we want to have you be 35% private equity.

The rough back of the envelope math, this is a little swag, is that in order to get to that NAV target that you have, say you want to have 35 million of NAV in private equity, is you need to commit a third of that allocation per year, somewhere between 10 to $12 million annually.

We do it every two years.

So you would commit say $20 million, somewhere between 20 is probably good.

So you're going to commit 20 million to the vehicle we're setting up right now, which is called private equity 10.

And then you're going to commit, hopefully your portfolio is growing a little bit.

So you might commit 21 or 22 million to private equity 11 and 23, 24 million to private equity 12.

And then when you get to year six, the modeling would suggest that your NAV, and hopefully your portfolio has grown a little bit, you're going to roughly be at $40 million.

You're going to be at that 35% target NAV.

You're going to have an unfunded liability.

You're trying to be 35% private equity.

You probably have to have about a 15% unfunded