Tim Barrett

At our size, we wouldn't have the budget to even hire enough specialists to cover the market, right?

I think that'd be very difficult for us.

What I like about the generalist approach is it's about total portfolio management thesis.

If I have a specialist in healthcare, healthcare is always going to look good in private equity healthcare to a healthcare specialist.

He'll always find stuff to do and put money in, but he's not thinking about industrials.

He's not thinking about real estate.

He's not thinking about anything else in the portfolio.

He's hyper-focused on the healthcare space.

Will he find good deals?

Probably.

But if the beta of that market is not good and is struggling, he'll still put that money to work.

Whereas a generalist, I want them looking across the portfolio.

I'm not even, if you think of my generalist in credit, he's public and private credit.

I want him to think about that.

But we also use hedge funds in our stable value and other strategies.

I want him understanding, knowing those as well, because it's what we want.

is the best risk adjusted return, whether it's in your book or the hedge fund guy's book.

Having the generalist for me allows the team to think more holistically about the portfolio.

in the same way I think about it.

And it gets buy-in from them that, hey, why are we doing this hedge fund strategy versus another private credit?