Tim Barrett

And it really wasn't because we planned to.

It was because it was 2022 or 21 where our venture portfolio shot up by over 100 percent in one year.

Right.

Fast forward today, had three years of no returns.

Right.

It's been flatline.

We're starting to see signs of it coming up now.

And that's been like how endowments thought about adding lots of value is really through these private equity portfolios that were massive.

Our teams got together and said, we actually don't even like that model.

So we're probably anti-endowment in that regard.

And we're lowering our venture capital exposure pretty dramatically in favor of what we think is a more consistent returning asset, which is lower middle market buyout.

Yes, we may not get the highs that venture capital does, but we're going to be much more consistent in that space.

And frankly, the companies are easy to underwrite, right?

They have revenue.

They have EBITDA.

There's a game plan that says how many bolt ons we're going to do on that company.

And we're able to underwrite that much easier, at least my team, than a venture capital idea, right?

So WHOOP is a perfect example.

We did a co-investment in WHOOP with one of our managers.

Loved the idea.