Peter Lacaillade

but we just kind of manage against that.

And then if you get divorced, God forbid, I'm sure you won't, but if life changes, then you can toggle down.

And that's how we do it.

So it's really to think very long term.

I think it's very important to get the vintage diversification.

Doing this now 14 years at SCS, we're targeting our bar.

If you think of the market generally,

The private equity market generates multiples somewhere between kind of a 1.8 and 2.2x.

IRR is between, say, 10 and 15%.

That's like the average private equity return over the past 25 years, roughly.

Some vintages are better than others.

And we're trying to generate, what we're striving to do in our program is generate top quartile returns, which is typically...

going to be an additional, say, 5% plus of return above that.

But so we're targeting kind of high teens, low 20s IRRs.

We put in our book 16% to 18% net IRR, multiple roughly around 2.5x.

But certain vintages, I think, will have the potential to be north of 3x.

But then you get a bad vintage in the COVID era where you had really inflated multiples out there, and you have to grow into these purchase prices that people paid

you might end up in the low twos and your IRR might be mid-teens or low teens in the top quartile.

So what's really important is to be consistently investing in the asset class.

Because I think one thing that I saw, I worked at Harborvest Partners in the secondary group between like 07 and 09.