Robert Blabey

It's also an acceptance, I'll call it, of what family's value is and what they can bring and what they lack.

So if you have a family that's a specialist in

healthcare, and they're looking at a healthcare deal, they may know the science around the healthcare opportunity and the business metrics and the competitors and the marketing opportunity angles and whatnot, but they may have less sophistication on the capital stack side.

And so they may not be as comfortable on how to structure the deal or if, you know, a certain level of leverage is sort of prudent or whatnot, or how to manage maybe the physical side, the real estate side of that healthcare development, you know.

And it's not to say that they're

newbies in this.

It's just to say that I find a lot of families are accepting and open to bringing in other specialists and ideas from others on the outside.

And so for us, at least, that's been effective.

And, you know, you see some of the biggest, wealthiest families in the world often co-investing.

So I don't think it's a capital, a lack of capital thing.

I think it's more of a, you know, kind of, hey, two plus two equals 10 or whatever.

Yeah, exactly.

And the other side is, you know, in the institutional world, it's quite competitive, right?

You know, if you have a fund that is, you know, out, you know, performing another fund, that the opportunity for them to gather assets and greater AUM around their performance can be notable.

And so it is a competitive atmosphere.

Families are different.

They're not competing one family office versus another to outgrow the other.

Of course, they want to do as well as possible, but they are...

in my experience, more collaborative.

And quite frankly, family office folks tend to come to the office looking to preserve their wealth and maintain that wealth in the office.