Renaissance Technologies

7884.492 - 7906.814 Ben Gilbert

Yeah, so essentially, David, the real magic is they've got one fund, it's Evergreen. And when you start at the firm, you're only getting sort of paid the carry amount. But over time, you become a meaningful investor in the firm, and you sort of shift to that 51%, you're kind of the LP. And then over time, you eventually graduate out entirely, and you're only an LP. And so you're right.