From your seat, what's beneath the actual headlines? What's going on?

The market is pretty genuinely slow.

Holding periods are seven years up from five over the teens in terms of the 2010s, 2019s.

There's a huge number of backlog.

A lot of this is driven by the interest rates we mentioned, but now the unwinding of that trade.

You've got secondary markets that probably represent around 1% annually of outstanding unrealized value.

So you have, I feel like the market has been focused very much on primary capital, deploying capital into kind of low interest rate environments.

But again, as LPs, that's often not a luxury we have to be able to drill that deep down, nor do we have the time or necessary toolbox.

... you know, generally becoming a more mature industry?

Okay.

Yeah, got it.

I-- I mean, this industry has k- kind of, you know, popped up from kind of g- really over the last 10 years and only in the last, around COVID it kind of meaningfully grew.

And actually, a lot of this came from Europe originally with the likes of 17 Capital.

In terms of the demand, I guess for me it was really a finding kind of where do I fit in, in the market full, full stop.

A, you know, I started my career at Cambridge Associates advising kind of very, very large kind of family offices and kind of worked in direct private equity.

And do you see any patterns like are the bigger GPs more likely to take a, you know, a lower valuation or more conservative valuation, or are there any other patterns that, that you tend to see like that?