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The Democratization of Private Equity
We hear more and more about, call it the democratization of private equity. How do you see it changing what happens with these firms? You might get slightly different products offered to retail investors than you do to large institutional funds. The other way it could change the firms I think is that as soon as we reach that tipping point where it's no longer Wall Street serving a bit of Main Street, but it's Wall Street and Main Street are the same thing.