Tim Barrett

I don't think that's possible in years where Acqui's running at 20%, but that's rare, right?

That's happened the last few years.

That's not going to continue.

The Acqui over time, 70% return.

So if we can get high teens to 20 in our private asset portfolio on the growth side, that's home run.

And that's what we're trying to do.

couple different things when you think about that, right?

I think the first one is governance and turnover.

If from a governance standpoint, the university in this case is not taking care of its team and paying people appropriately, you're going to have massive turnover.

Every time you turn over a private equity guy,

and hire a new one, he has a new strategy that he wants to implement.

There's always turmoil and change.

If you hire a new CIO, that's gargantuan wholesale change at the portfolio level.

Like we run Portable Alpha, we run different strategies.

Most of that stuff would probably be wiped out by the next guy.

That sustainability partly is driven by governance and how they manage their relationship with the Office of Investments at the university.

The second piece is sticking to your long-term netting, right?

Obviously we're not in some ways, right?

Like I'm moving away from venture.

We're making that smaller to go to lower middle market.