you know,

understanding is that if if a participant through their own contributions and employer match gets a 15 they might be saving enough to have an income that's sustainable throughout retirement but oftentimes participants are not saving enough in their younger years so that's one issue they often live longer than they expect and they often lose purchasing power to inflation over time so those challenges have not changed but what has changed is the available investment opportunity set to portfolio managers to address the problem.

So public markets over time have become more concentrated and more companies are remaining private for longer.

So that means a part of a company's growth cycle that we used to be able to participate in the public markets These companies are oftentimes staying private or they're having these massive growth cycles before they become available in the public markets.

Also, simultaneously, private credit and infrastructure have also grown into larger institutional markets.

So a manager may therefore be able to ask whether a public-only portfolio is using the fullest practical opportunity set available to them.

Now, if you're going to bring private assets into a portfolio, you've got to understand that each private asset class plays a different role, similar to that tool analogy you said a couple minutes ago.

Thank you.