How Does Private Equity Source Deals?

In the simplest form, it is a brand building exercise. It goes back to your initial comment about and deal sources and intermediaries being a channel partner, not a competitor. The complexity of building a private equity brand has to factor in lenders, deal sources, LPs, company owners, company operators are all a part of that brand. And I look at it pretty simply like the IR team, our customers are LPs. The customer is the management team. There's no magic fountain of thousands of proprietary or interesting deals. You have to set up a system to filter through"