This happened in 2002. Not all LP commitments have the same durability. It’s like leasing a building to a first time restaurant owner or a big public company

This happened in 2002. Not all LP commitments have the same durability. It’s like leasing a building to a first time restaurant owner or a big public company doing restaurants and getting identical rent. One is more durable (and valuable) than the other. But it gets left out of cash flow. Same with counts of dry powder.