Private Equity and Private Markets for Smaller Investors - What Problem Are You Solving for GPs?

The GPs recognize that the institutional segment is finite and that growth is probably going to come outside of the institutional space. As a GP, you need to make sure that you diversify your investor base so you reduce dependence on a few funds. And I think that's what you are seeing in the announcements from the very large asset managers and how they're building up their own retail capabilities.