Thomas

So a vast amount of money, private equity wants to deploy it.

Public markets, yes, as a savvy founder, you should keep an eye on it, but it doesn't affect transactions at $35 million, or even $100 million, to be completely honest.

Yes?

That's a good question.

So most private equity firms we see generally have a fund lifetime of 10 years.

But I'd say most would probably aim five to 10 years for an exit.

This particular fund do not have anything in mind immediately.

But I'd say as a founder or as a private equity firm, you should always be opportunistic.

If you asked me privately, Thomas, do you want to sell your business?

The answer would be no.

But if someone turned up with a billion dollar check and said, do you want to sell your business?

I would not be here today as much as I enjoy being on stage.

And like Nathan and the team, I would be on a beach.

So you should always be thinking about selling, even if it's not necessarily a mandate.

But most funds, 10 years.

And I'd say if you saw 100 funds, most of them would be around that level.

Sorry, James.

My team also said our booth is over near the VIP area.

So if you want to go see them, they would definitely appreciate if you went to say hi, because I think they're getting a bit lonely.

We're like the last booth.