Rob Goldstein

If you have to do more work, presumably you need to be compensated for that.

But I also believe that, and I feel so old as I talk like this.

I'm only 52, but I feel so old.

As crazy as it sounds to many people, when I started, the way you would get information about public bonds, because even Bloomberg back then was a bit nascent, you would read a prospectus

and you would type into a computer, this is the maturity, this is the sinking schedule, this is the call schedule.

Now today you say that to people who entered the industry in the past 20 years and they think you're nuts.

So I think there's no fighting technology, that's my own opinion.

So I think it is certain that if you say in 10 years are the private markets more or less transparent, they're certainly more transparent.

And I think if you think about your life, almost everything in your life is becoming more transparent.

It's funny, I don't think any of us, I try not to affix technology on my body, but it's very rare that three people would be together where someone doesn't have some device that's monitoring their blood pressure in real time.

So like everything is pointing towards more transparency.

I have a hard time believing that as private markets, exposures and portfolios grow,

the end asset owner is going to wind up with less transparency.

So I think this is just the direction of travel.

I do think over time, certain components of it will start to become more standardized, very similar to things that happened in the public bond markets and the public equity markets.

And then there will be new innovations in other ways.

But I believe that things will become much more transparent.

It's a certainty.

It's a great question.

And I think across industries, if you think of them as a treadmill, everyone's going to have to run faster.