The Impact of Perpetual Capital on PI 300

KKR added a $150 billion of perpetual capital in the year to end of September accounting for a third of their total AUM and marking an eight times increase year on year. Blackstone equally about half of the capital that they raised in the 12 months to October last year was perpetual capital. Perpetual capital is essentially non-closed-end fund structures so in other words the money does not need to be returned to LPs at the end of 10 years or 10 plus one plus one or what have you.