Heard from LPs this week. A bit of an LP pullback is underway. It’s not anything like 2022 - and may just last a few months - but it’s happening for a few reasons: - LPs are completely drowning. They have 30+ annual meetings to attend in a period of 8 weeks, and many funds that pulled forward their fundraising 6 months with “one and done” close - Boards, Committees and CIOs are concerned that money was just plowed into an AI hype cycle. Pulling in sizing a bit until the path of markets is clear - 2025 started with hope of big liquidity which hasn’t really happened. Its been a “some but not much” liquidity story so allocations are still pretty tight, especially as deal flow has ramped up this year - In many institutions - but especially RIAs, Banks and Family offices it’s really hard to focus on new commitments at the end of the year. Anyone “wealth” related is focused on tax planning and must-do’s not nice to do’s. Hard to get a principal to make decision as holidays approach. So my guess is that for alot LPs - if it’s not obvious, necessary or easy, it ain’t happening…. try again in the new year 🙏