Tim Barrett

And that's after probably seven, eight years of building out the venture portfolio.

Now we're going to keep the ones that we like the best in that portfolio, but we're shrinking that exposure.

So I would say in some ways we're not being sustainable in the venture portfolio because we're not doing it the same size.

But I still think by going to lower middle market, it's a better portfolio for us.

But those changes happen all the time in portfolios and hurt that sustainability.

That's a great question.

If I think about portable alpha 8th grader, I would say...

Market exposure, we get very cheaply.

Now, we do that through a swap, but you can think of that as the same return as an index fund, right?

So we're getting the same return.

What we're getting out of doing in a swap is we're not putting any money out really to get that exposure.

So let's say we want to put a $100 million portfolio together.

I'm going to buy a $100 million swap on the equity.

I've spent no real money, so what am I going to do with $100 million, right?

This is a levered trade, right?

So I get the exposure of the market for $100 million.

Now I'm going to take that $100 million, I'm going to put 70% of it

in multi-strat hedge funds, maybe some short biased hedge funds, stuff that doesn't correlate with that $100 million of market index exposure or very lowly correlated.

And then I'm going to put 30% in treasuries.

Why do I need the treasuries?