The Chicken-and-Egg Problem for New Fund Managers

you don't get that until you're able to close on LP commitments. And so you kind of can end up in this chicken in the egg where you don't have a stream of cash flow, you don't have a pile of cash laying around to invest in that firm infrastructure. And you need that firm infrastructure to

entice LPs. And so we built this offering in Q&A fund specifically to address that problem. And we can get into that in more detail. But I think what we identified is under represented managers and