I speak to 3-5 LPs every week for different manager reference calls. Three takeaways from calls this week. 1. The mega platforms raised way more than expected this year. 2. They are investing much faster than expected. They raised this year and will be back in market next year. 3. Budgets for smaller managers $200M and seed have been cut almost entirely as a result. Across all 4 calls this week. Same message.