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Capital Formation, Relationship Management, Product Management - It's So Important
A lot of firms as they've grown have done that not just because they perpetually grow the size of their base, but they've raised additional funds. If you nail the product piece and the relationship management piece, that is what creates the opportunity to get strategic new capital when you want to do flexible things. An intimacy of relationship, trust, a deep knowledge of how you're operating time and time again, that capital does not come from new investors. It almost never comes from new prospect that you've developed a relationship. At TPG, I think as we expanded asset classes, 80% of that capital came from existing investors in our platform.