Scott Chan

And we connected private equity debt in the sense that within some of the real estate embedded, we can offer some of the space to venture capitalists. And so we can gain equity interest in that. But at the same time, we have this robust return just on the economics of the real estate itself. Connecting the ecosystem, how can we do that? But then there's significant challenges, right?

And we connected private equity debt in the sense that within some of the real estate embedded, we can offer some of the space to venture capitalists. And so we can gain equity interest in that. But at the same time, we have this robust return just on the economics of the real estate itself. Connecting the ecosystem, how can we do that? But then there's significant challenges, right?

I mean, the market has to be a certain size for us to even play in it. So we're going to X out a lot of the world just because it's not scalable enough for us. And there's not much we can do about that. Our check sizes are going to be, you know, very minimum $100 million, but most likely more in the $500 million range. Otherwise, that's got to be a pretty significant market issue.

I mean, the market has to be a certain size for us to even play in it. So we're going to X out a lot of the world just because it's not scalable enough for us. And there's not much we can do about that. Our check sizes are going to be, you know, very minimum $100 million, but most likely more in the $500 million range. Otherwise, that's got to be a pretty significant market issue.

I mean, the market has to be a certain size for us to even play in it. So we're going to X out a lot of the world just because it's not scalable enough for us. And there's not much we can do about that. Our check sizes are going to be, you know, very minimum $100 million, but most likely more in the $500 million range. Otherwise, that's got to be a pretty significant market issue.

But I would say that probably the largest challenge is us coordinating our approach across divisions. If you think about coordinating across so many different divisions at scale dynamically, if you underline dynamically, that's hard to do. That's very, very hard to do. And so there are a number of challenges that we've identified that I think are difficult.

But I would say that probably the largest challenge is us coordinating our approach across divisions. If you think about coordinating across so many different divisions at scale dynamically, if you underline dynamically, that's hard to do. That's very, very hard to do. And so there are a number of challenges that we've identified that I think are difficult.

But I would say that probably the largest challenge is us coordinating our approach across divisions. If you think about coordinating across so many different divisions at scale dynamically, if you underline dynamically, that's hard to do. That's very, very hard to do. And so there are a number of challenges that we've identified that I think are difficult.

We talk five years from now, I'd say, Dave, those are some of our competitive advantages now. But I think shifting allocation, the relative value amongst should we be, you know, I'll give you another example. In our diversifying space, fixed income is generating a lot more returns than it had over the last decade, right?

We talk five years from now, I'd say, Dave, those are some of our competitive advantages now. But I think shifting allocation, the relative value amongst should we be, you know, I'll give you another example. In our diversifying space, fixed income is generating a lot more returns than it had over the last decade, right?

We talk five years from now, I'd say, Dave, those are some of our competitive advantages now. But I think shifting allocation, the relative value amongst should we be, you know, I'll give you another example. In our diversifying space, fixed income is generating a lot more returns than it had over the last decade, right?

I remember a time during the zero interest rates, we were forecasting sub 2% returns in fixed income. It turned out 1.7% over kind of the last five years. But if you look forward, that's 6%, 7% now with interest rates where they are, and they're most likely to remain higher for longer. So we have to get better and better at how do we shift capital from divisions based on better risk reward

I remember a time during the zero interest rates, we were forecasting sub 2% returns in fixed income. It turned out 1.7% over kind of the last five years. But if you look forward, that's 6%, 7% now with interest rates where they are, and they're most likely to remain higher for longer. So we have to get better and better at how do we shift capital from divisions based on better risk reward

I remember a time during the zero interest rates, we were forecasting sub 2% returns in fixed income. It turned out 1.7% over kind of the last five years. But if you look forward, that's 6%, 7% now with interest rates where they are, and they're most likely to remain higher for longer. So we have to get better and better at how do we shift capital from divisions based on better risk reward

And I think the other element is really capitalizing and managing the risk and the opportunities of what I would call mega themes. It's across all geographies. It's across all asset classes, sectors, and companies. It has a huge TAM. And we're seeing that convergence right now in AI and power on the infrastructure side.

And I think the other element is really capitalizing and managing the risk and the opportunities of what I would call mega themes. It's across all geographies. It's across all asset classes, sectors, and companies. It has a huge TAM. And we're seeing that convergence right now in AI and power on the infrastructure side.

And I think the other element is really capitalizing and managing the risk and the opportunities of what I would call mega themes. It's across all geographies. It's across all asset classes, sectors, and companies. It has a huge TAM. And we're seeing that convergence right now in AI and power on the infrastructure side.

You've likely seen the headlines of $80 billion from Microsoft and $75 billion from Google. And so...

You've likely seen the headlines of $80 billion from Microsoft and $75 billion from Google. And so...

You've likely seen the headlines of $80 billion from Microsoft and $75 billion from Google. And so...