Tim Barrett

It flows through at our pipeline meetings, and it also flows through at our strategy meetings that we have.

And those are every two weeks.

So they're pretty constant updating on what the managers are seeing.

Think of it as just a funnel of knowledge, right, is how we think about it.

haven't gone through and done that per se i think when we think about co-investing which is really what we're talking about here we really are looking for asymmetry in the co-investment you know five years ago we did a lot of co-investments and we've really slowed it up and we slowed it up for two reasons when we went back and looked at it when we were doing lots of co-investments and we did that because we thought we could one lower fees

And two, improve our returns because these were great ideas for managers, right?

It had to be from a manager that was in our book that we trusted that was already putting it in their portfolio, right?

So that was our way of like keeping the guardrails on and allowing a small team to still be able to do co-investments.

is what we found is that we still did too many.

The returns were kind of middling, like they kind of did okay right around the fund returns, but they weren't providing outsized returns.

When we look back and decided to really dig in and say which ones were outsized returns, they were ones that we really commented on the high asymmetry of the trade.

And I'll give you an example.

One of the companies that we invested in recently

has contracts with the U.S.

government.

And it's a very technical company that uses lasers and atomizes metals to then print, right?

So you could, for instance, if you wanted, print a missile or you could print anything, really, anything metal.

It does it at a super fast speed.

It's an autonomous factory, basically, is what these printers become.

And we looked at the contracts that they had that were coming in and we said, this has a lot of asymmetry in it.