Tim Barrett

Didn't have any idea that the Ring thing was going to come out and six other devices were going to come out and make WHOOP not quite as valuable as we originally thought.

I think venture capital is very tough from that regard.

So we're kind of pivoting to a different way of managing the portfolio than I think the traditional endowment, if that makes sense.

The manager selection and partnering with managers is probably one of the most critical things that we do, right?

That's how we get our alpha.

That's where we get it from.

It's not like anybody in my office is doing really internal trading, right?

It's all through managers.

So that partnership is everything.

So a perfect example of that was when we were in Europe, we were really trying to focus on small, niche, secondary managers that we could find over there, and we found one.

And it was a spin out from another company.

And we sat down and talked with them about how would you go about building a secondary strategy?

And we partnered with them.

I think we're the first institutional capital really to partner with these guys.

For that, we get a piece of GP economics out of them.

And we also have co-investment rights.

And we negotiated rights in the future funds for capacity.

This is a perfect example of like talking to managers and getting out on the road and finding ideas that really work for you and can add value.

I would say the other piece of that is every one of my senior guys on the team, they talk to all of our managers minimum once a quarter.

And some of the managers they're talking to once a month or once every two weeks to pay on how much, how much dialogue they have with that individual manager that flows through to the entire team about ideas and what they're seeing in the market.