How do you think this is playing out over the next couple of years?

It's something we spend a lot of time thinking about.

It's something we're concerned about.

It brings me to a topic we haven't covered but probably should, which is zombie funds.

A zombie fund is a fund that has stopped making new deals, also can't raise capital.

It's neither dead because the fund still has assets in it.

It's not alive either because they're not adding to those assets and they have no more dry powder.

What was your first paid job and what'd you learn from it?