The Future of Private Equity

The day that an institution gated a fund was the end of that institution. That was the cardinal sin, preventing investors from getting access to their liquidity. I think it has come to a head and you can see it in the investment bank earnings. It looks pretty bad right now, but I don't see any reason for the backdrop. And frankly, this business, the private equity business only works in a low rate environment. So my concern is whether or not that's all fully priced, whether or not we've seen the worst?