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Vc Irr
The ArcVenture product is capped at 4.22%. Super high sticker shock on the surface if I think about what typical investors are probably paying with equities. If Cathy and her team, the ArcVenture products, can deliver, I think it's roughly 11, 12% IRR. In other words, below the last 10 years median IRR over the next 10 years, that'd be about a 3X. Their 4.22% fee would actually be cheaper than a 2 and 20 fee. And you'll see more examples of that sort of fun structure. For sure.