00:00There's no question that the traditional 60-40 model is being challenged for the reasons we discussed.
00:06And what we're all, I think, talking about is how do you get access to the private market.
00:11For us, as I was discussing, the private market is predominantly investment grade.
00:17So I think what's really key there is origination.
00:22So within origination, the majority of our time would be spending, you know, speaking to CFOs, speaking to management teams.
00:31And by the way, at the time, they have an option.
00:33They can either go to a bank, they can go to the bond market, or they can go private.
00:37And, you know, many times, if they just want something that's cookie-cutter and vanilla, they can go to the public market.
00:42But actually, if they want something that's very specific, very bespoke, then they go to the private market.
00:47And, you know, we have been able to demonstrate that some of the largest businesses, you know, Intel, ABI, InBev, EDF, have started to tap this market.
00:58So we think it's only, so it goes towards the theme of convergence.
01:01So we think it's only natural that you start bringing more transparency across this side of the market.
01:07And we think it's a very natural evolution.
01:10We've been very public around our plants there.
01:12We've been hiring aggressively in order to build our capabilities.
01:16And we have already been trading and helping to trade, you know, billions of capital in the secondary market.
01:23And the question is, once you get the infrastructure right and, you know, you are starting to see more of that trading happening in the so-called private credit,
01:33then what's the difference between public and private?
01:36And, you know, we don't think there is any.
01:39Because ultimately what you're creating is alpha within the private market.
01:43And if you are able to solve for, you get paid a handsome premium for that.
01:47If you are able to solve for that illiquidity, then we don't really see much of a difference versus what's, you know, what's often referred to us as public.
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