Private-market investors have stopped chasing deals out of FOMO. Now they're doing deeper due diligence, using better tools, and concentrating money on fewer, carefully chosen operators instead of spreading bets everywhere.
I could say from speaking with a lot of our user base clients and some new initiatives we're taking around educating people around the private markets is I feel like people are taking a moment to better educate themselves on deploying capital into the private markets. So people are still writing checks, just trying to be smarter about it. Because if you ask someone 4 or 5 years ago, there was such a herd mentality and the FOMO feeling that I'm just going to invest, it'll be all right, trust my gut. And then people lost money. People are still sitting on money, but they don't want to trust their gut as much. And so they're enhancing their toolbox to smarter investors, more sophisticated to make better decisions. I think capital is being deployed into a smaller group of operators that people have made a decision that these are the ones I want to bet on.
