The Importance of DPI in Fundraising

The big unlock is obviously going to have to be getting back the deal making a scale, providing a lot of liquidity and getting some of these 26,000 portfolio companies liquidated. That will then stoke the fundraising machine and allow the industry to continue to grow on attractive trajectories it has in the past. Now the last thing I'd like to say about fundraising is that DPI or distribution is a percentage of paid in capital has come into focus. There's a quick that we've used and seen in a number of environments that says DPI is the new IRR as LP's look to both validate GP performance and recycle capital into new fund commitments.