The Tailwind of Private Equity Allocations

The private client world is allocated less than 5%. Once you get into the high net worth segment, it's much, much north of that. If advisors are managing traditionally 60, 40-ish type of portfolios, if they tilt to 50, 30, 20, you're talking about a massive amount of wealth that can transition into alternatives. Again, it's not just private equity. It's real estate and it's credit. And you know, it's pretty phenomenal to be able to watch that, you know, over the next decade, how that plays out.