Owl's co founder and co president, Mark Lip Schultz says he's seen private equity evolve in the 30 years. He's been in the business and along with that, so have the dynamics of fundraising through public and private markets where once private equity was a cottage industry and public markets used to be the stalwart source of capital for businesses. Public markets have become more fickle and reactionary to economic cycles in recent times. And private markets have taken a larger share of capital markets and are now the stabilizing source of capital through market cycles.

You know, the private markets have evolved. I've been in the now called alternative investment business for nearly three decades. And if we kind of wind the clock back the lbos of the time, the sort of handful of shops KKR where I was horseman little were very opportunistic episodic and the public markets were the primary source of capital. Fast forward to today and still the public markets do and always will play a critical role. But private markets have now become a major part of the capital landscape and a stabilizing force. The public markets. We've seen this several times over the last few years, open and close, open and close. They're all on all off the private markets have now become the enduring kind of lower volatility part of this market that stays and continues to provide capital through thick contempt.