Yuval Rooz

Because if it takes me a very long time to onboard new customers and do capital calls, well, then my capital distributions also will have this inherent latency.

Uh, in it.

So I think that when it comes to the efficiency of these funds, there's, there's a lot, and we're doing quite a lot of work there.

I think the other thing, and we talk about this utility is today, the only way for LPs for the most part to get money out is by selling their holding.

And that's just one way of doing it.

I think that, again, if we increase the utility of these assets and you gave LPs tools to borrow more efficiently against some of their holdings, that's also can alleviate some of the requirements of I have to get the money out.

I have to sell my position versus I can just borrow against my position.

And again, this idea of creating more utility and leverage of these assets is definitely something that we can be helpful with.

There is a lot of people that would be willing to lend you against your $10 million position.

So if you have a $10 million position, and for whatever reason, you just needed $5 million right now,

You would rather, given, like you said, it's very hard to get into Citadel, can you actually borrow against that $10 million?

And can you do that in a way that is so cheap and effective?

Because a lot of times, a lot of people will say, yes, Yuval, but you could do those things today.

People put these positions into SPVs and then they do all of these things.

When you actually end up looking at the cost

the operational costs that it takes to set these things up and to actually administrate them, these loans or these things become so expensive that when you compare them to anything else that is available to you to borrow against, it becomes very unattractive.

And that's why I'm saying like, what we're trying to do is we're trying to reduce the OPEX

and the friction associated with these products to be just as efficient as buying and trading equities.

And it doesn't necessarily mean that you'll just be able to buy and trade it 24-7.

But if you were to do that, it would be just as efficient as taking a loan against any other asset class.