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“We've already seen situations where the LPs who are not electing to continue are getting stuffed with fees. We're seeing deal fees that the manager's taking, and because there's not enough management fee, they're not being offset against it.”

“So I think that the whole co-investment phase is going to be a great opportunity for many of the restructuring funds because people are just paying way up. They're pricing some of these deals at perfection. You have people who don't have the resources that are…”

“Organizational expenses have gone up. You know, you're seeing three million dollars for a fund for They've already done all the docs, and so now all of a sudden you're using private planes, you're using things like that.”

“There's a lot of money going into cyber. I think cyber is going to be very difficult. I think a lot more money will be lost than made because you always have to ask yourself the question, what's stopping Microsoft from coming in and walking over XYZ company.”

“Another manager had gotten up to about three and a half billion, was charging travel, and I said, Listen, we are big fans of Hyatt, so here's my Hyatt number, and if we're paying for the rooms, use my Hyatt courtesy number so I get the points, because those ar…”

“People aren't being forced. They're choosing to be tactical. There's no downside to exploring the market right now. I think a lot of people are looking, but I'm not hearing anybody who's in a forced situation.”

“I think you're seeing on some of the more long only, but disguised as hedge funds, that the fees are coming down. With returns coming down, people are starting to push back. You're seeing a lot more zero and 30, more alignment where you're not going to be able…”

“When the story's written about Ukraine, especially on drones and AI and open source data, It's really going to be a game changer and a real inflection point in these industries.”

“We spent a lot of time looking at our IRR with hedge fund managers. We've been able to add a couple hundred basis points by taking money away when they're up and adding when they're down.”

“And we're spending a lot of time on that from an investment standpoint, because the amount of money that's going to be going into this It's going to be extraordinary, and you've already started seeing it.”

“Many times our managers are not the highest bids in some of these more regional areas. It's because people trust them. They know what they're going to do with their business and how they're going to be as a partner.”

“And I think that going into oh eight, a lot of people thought about what is your net exposure? Not enough people thought about what's your gross exposure. And you ended up, a lot of people lost money on both sides.”

“George Walker, who's now running Neuberger, had come up with this idea that I really described as the first outsource CIO at Goldman. We were over the wall working with large institutional families, a lot of times pre-transaction.”