The

Emerging Manager Fund was designed for us to take advantage of a long history of investing in emerging managers.

We'd always done that a part of our core fund.

We had what we called discovery checks, where we would write smaller checks and emerging managers.

And then hopefully that those emerging managers would graduate up so that we could write more core positions and be bigger parts of our flagship fund.

What we realized is a lot of our investors wanted exposure to these smaller micromanagers.

Why do they want exposure? Well, because what we've learned, Turner, is in this industry, alpha has really been generated from managers kind of out of these two buckets is you know what they call it a barbell effector you know it's these blue chip iconic um managers that have moats around them that have the ability to to continue to attract and and win the opportunity um to invest in great founders and then you have this other bucket of of micro smaller alpha generating managers that maybe have a particular expertise and niche focus maybe they have a differentiated network maybe they're connected to a university but they've also been able to generate alpha the challenging part is there's so many of them right i mean i think we did diligence on 430 plus managers last year like deep diligence there's a ton of managers out there and there's a lot more than the ones that we did diligence on so to to have the ability to know who to invest in and who's going to return capital That's a lot of work for larger LPs to figure out.

Yeah, Dan Orlowski.

Yeah.

And I knew that we could do something better.

And it was a very simple thing of let's figure out how to give athletes and individuals that historically didn't have access to the best managers access.

And we could find a way to build a very meaningful way where it was not just about capital, but it was about bringing value across the value chain on both sides.

And so we worked really hard at doing that.

And so that was the impetus of, hey, how do we find a way to give our community of individuals an opportunity to have a seat at the table, to invest, to learn, to engage and connect with the best VCs and best founders in this ecosystem.

But one of the things I was thinking about as well is, could I sum up what greatness and excellence looks like in founders, in chefs and leaders and authors and entertainers and athletes, all the people that have been around? Could I sum it up? Could I sum all those things up into one word? Yeah.

I think that's so powerful.

But first, I want to get your thoughts on what we are seeing in terms of this AI disruption that is roiling the markets.

Yeah, it's pretty fascinating.

Obviously, with the recent launch of Anthropix Cloud Cowork, I think that spooked the market.

Obviously, we've seen the pullback in the software companies and a pretty significant pullback, almost a trillion dollars since the end of January in a very short period of time.

You know, at the end of the day, these software companies also are not going to go anywhere.

These incumbents are well positioned with their distribution, their long history of finding ways to continue to be innovative themselves.

And they're also embracing AI.

But when you see some of the leaps and bounds that are being made on the AI side in the private markets, does it change or shift the thesis in terms of how you'll put future money to work?

Talk about some of the work you're doing at Next Legacy.

Yeah, so at NextLegacy, currently we are, you know, I started the firm 2014.

Fast forward to where we are today.

25 people, about 4 billion under management.

We have really four distinct products that we invest out of.

Our flagship product is our fund to fund product.

I learned early on from my father and many other great men that have invested in Silicon Valley and the world of tech for a long time, that if you're gonna play in this game, you better play with the very best.

It's

Talk about some of the work you're doing at Next Legacy.

Yeah, so at NextLegacy, currently we are, you know, I started the firm 2014, fast forward to where we are today.

25 people, about 4 billion under management.

We have really four distinct products that we invest out of.

Our flagship product is our fund to fund product.

I learned early on from my father and many other great men that have invested in Silicon Valley and the world of tech for a long time, that if you're gonna play in this game, you better play with the very best.

And we're very fortunate at that fund to invest in iconic venture capital funds.

masterpiece.