jason: that was hugh macarthur.ith that as the backdrop, i asked the managing partner at tbg capital how that changes his pitch to investors in berlin? todd: i've been hearing this for at least the last 20 years of my career, but it's true. it's even more true today because in some respects, we are returning capital. we are investing at the point that we have planned, and returning capital at almost three times that pace. as a result, there is a lot of capital and people want their allocations in private equity. what we need to do, and what our lps and important partners talked about, we need to stick to our knitting and stick to our strategy. for us, it is pretty clear. we invest heavily in our sector teams and spent years thinking about not trends but themes, the investable themes in the sectors that we can deploy resources against and create an ecosystem around, to find opportunities that are differentiated. oftentimes in this world, proprietary is not proprietary. companies that we can grow once we own those com