Tony James

And I love that if you're good enough about picking them.

What I don't like about drawdown funds, the traditional private equity fund is, you know, you commit to them, they charge you managing fees for a while.

They find a deal, they draw it down so your money's not been in the ground for a few years.

And then a few years later, if it's a successful deal, they sell it for two times their money.

You know, you've paid a couple of turns, a couple of tenths of turns.

in management fees, they take off 20% of the gain in carry, and you've got 1.4 times your money, and you've tied up your money for five years.

Go buy a New York municipal bond.

Right.

After taxes, you're getting almost as much.

Totally.

So I think the opportunity to hold assets longer in a private context and really let them grow is very attractive.

And I think the industry models need to reflect that.

LPs...

And certainly private capital and family office capital is much more towards the long hold.

LPs are getting there, but they need to evolve that way.

Yep.

So I think they'll be, you know, and life sciences, I mean, it's another explosive upside.

longer holds harder than the rest of venture.

Totally.

Just because you're in the body and the regulatory and so on and so forth.