Tim Barrett

I would say we almost have a Goldilocks portfolio.

I think anywhere around $3 to $5 billion is an amazing portfolio to run.

We can do a lot of things that move the needle that a Utimco or a TRS here in town, they just can't do.

Um, we just recently went into a lower middle market secondaries player in the United States.

It was a pretty small firm.

Their fund is like 300 million.

We took a pretty good bite out of that fund and we're taking co-investments for those guys.

TRS or UTEMCO, they would, they would take the whole fund.

So we're able to get into these, what I would call niche year, lower middle market investments.

And it's meaningful to us, right?

20 million is 1% of the endowment because we run two pools of capital, 2 billion on the endowment, about 1.4 billion in operational.

So 20 million is really meaningful.

These guys, they can't even move the needle doing that.

It's not worth doing the deal.

They want to put $100 million to $300 million checks out.

That is a massive advantage.

I think the second advantage goes back to what we talked earlier is the governance.

We can react quickly on all of that because we aren't going through a committee process.

I've probably always been a generalist guy, sector specialist or specialist in general, that whole concept.

The larger you are, the more that makes sense.