What Can You Learn From Ex Employees on the Outside?

The most sophisticated sponsors really are asking us to do outside in a diligence more and more often, some only do that exclusively because it provides them a leg up on the competition. So this is something that you really can do from the outside, inn with a targetat data request. We're working on an engagement right now two companies in the health care sector where the sponsor has already invested another player in the space. However, before we even received access to the company, our outside incalls told us that the target company's technology is likely more outdated than the portfolio company's. And so that's been a surprise to both the dealt as well as ourselves.