Tony James

So I think there'll be some correction in private markets, but it's not going to be 2008 where you were destabilizing the system because it's not owned by banks at 30 to 1 leverage.

These days the leverage is lower, but plenty were 20 to 30 to 1.

So, okay, there'll be a correction.

There'll still be an opportunity when that shakes out.

to buy private debt and get higher returns than publicly traded high yield debt.

Yep.

Okay.

You know, the AI revolution, I would say you get these things periodically where a new technology makes you question the old business models and that's an adjustment, but it's just an adjustment.

I think one of the great opportunities right now is there's about 30,000

portfolio companies of mid-market private equity firms that can't be sold, can't go public, there's no strategy, you know, 20 trillion or something worth of value, all those companies need to be, will and net and eventually need to be sold.

So for capital pools to

There's going to be an immensely attractive being able to pick company by company, whether it's co-investments or it's continuation vehicles.

You're getting a seasoned investment at an attractive price with much lower fees.

And you're able to, with a sponsor that's doubling down his commitment, and you're able to really analyze it.

I think it's one of the great things.

times to put money to work.

Similarly, look what's happened in your business, you know, more than I do, but the scale of the business is so radically larger than it used to be.

You know, a big venture fund used to be a billion dollars and, you know, and there weren't firms like Andreessen Horowitz that had lots of different funds.

And companies are staying private longer.

And I think there's an opportunity to ride those companies longer.