So what are the most effective ways to create urgency and scarcity, but don't do it with, in a way that's gonna damage trust with the LPs, and also on the, the GP side with false expectations? How do you do this?

Yeah, well, I mean, fundraising is effectively, it's a momentum machine, right? Um, and we're fond of saying, and, you know, e- everything revolves around the first close, right? Um, so your entire process really, uh, the way we think about it, your entire process in terms of how you approach a fundraise should be engineered around getting that right, right? And it- we- w- let's define what w- we, we view success in a first close.

Um, and I'll tie this back to creating a sense of urgency.

But w- we define success of a first close as if you can cover 60 to 70% of your target, um, in a first close, everything, that kind of drives everything from there.

Momentum, credibility, scarcity, outcome.

Um, uh, because if you don't...

You know, on the other hand, if you don't achieve that, if you don't achieve scale in your first close, particularly in this environment, right? Uh, where we talked about the, you know, how long it's taking funds to get raised, which LPs know, right? Um, if you don't hit that sort, th- those sort of numbers in a first close, then the, the, the, the, the challenge is you get stuck in what we think of as the doldrums of fundraising, right? If you have a sort of a sub 50% first close, the message it sends to the market, to investors, right, is, um, that they've got time, right? And, uh, they've probably, they can take their time.

Let's just talk about, like, what, what are LPs really looking for in terms of, you know, co-investment and fee economics today, and, you know, maybe how's this different over the past few years?