How to Invest in Private Equity in a Recessionary Environment

The way that we've thought about generating returns, you can kind of approach a bottoms up or top down strategy. Our view is if you buy a good asset, a reasonable price, and it's reasonably capitalized, then you can achieve really very strong returns just through operational improvements and free cash flow generation. So in other words, making the investments as little sensitive to whatever the business cycle may bring you.