Wonderful. All ready. Thank you very much everyone for making the time to join today's webinar. Beyond Traditional Sourcing: Discovering Opportunities with AI Origination in Private Capital. Before we get started today, I would like to just quickly say this presentation may contain information regarding future services, features, or functionality that are not currently available. The timing and delivery of these features, functions, and functionality is subject to change and may not be delivered at all. The information contained in this presentation is not a promise to deliver these services, features, or functionality and therefore should not be relied upon in making a purchasing decision. All right, with that over, we can get started here. Thank you all very much again for making the time to join today's webinar. My name is Yoel Bublick and I'm a Product Marketing Manager for DealCloud. We'll start today's session with a brief overview of Intapp as a company and DealCloud as a product before moving into a discussion on the state of the private capital markets with a particular focus on the topic of origination with Rudy Saad, our Global Head of Private Equity and Capital Markets, and Nicholas Graff, our Director of Product Strategy and Growth. Following this discussion, we'll turn it over to Michael Hoyt, our Senior Product Manager for DealCloud, who will walk us through a demo of Origination, our brand new AI sourcing capability which we're very excited to talk to you all about today. We'll make sure to save time for questions at the end, so if folks have questions throughout the duration of today's session, please feel free to use a Q& A box that you'll find at the bottom of the screen. Submit questions there. Intapp is a leading global provider of cloud-based, industry-specific solutions for professional and financial services firms with a strong focus on the private capital sector. We bring decades of experience to serving a broad client community of over 2,650 clients worldwide, with over 1,700 of those coming from the financial services industry. We proudly serve firms of all sizes, from small to midsize, all the way up to large-scale firms. As for DealCloud, we'd like to say around here it is much more than just a CRM. It's an AI-powered, purpose-built platform designed specifically for the complex needs of partner-led financial services firms. Think of DealCloud as your centralized hub for all of your firm's collective relationship and business intelligence, helping you to manage relationships, track and forecast pipeline, streamline deal execution, and ultimately drive growth. All right, so joining me today, as I mentioned, is Rudy Saad, Intapp's Global Head of Private Equity and Private Capital Markets. Recognizing the immense potential for innovation in the industry, Rudy joined Intapp from Investcorp, a $50 billion global private markets investor where he was a Partner and Managing Director. Most recently based in London, Rudy has over two decades of private equity experience across both investing and fundraising. He has more than 10 years of investing experience from deal origination and execution to post-acquisition, value creation and exit. He also has more than 10 years of fundraising experience from capital formation and relationship management to co-investments and private wealth. Rudy is a recognized voice on the convergence of private equity and AI, having guest lectured at Oxford, Cambridge and McGill, and as a frequent speaker at industry forums. Joining Rudy today is Nicholas Graff, our Director of Product Strategy and Growth. Nicholas joined Intapp as part of our acquisition of Delphi, a Berlin-based AI and data company he built alongside Dr. Robin Tech at the seed stage. He was instrumental in designing Delphi's AI system as a lead data scientist. Delphi emerged as a pioneer in applying AI to aggregate, process, and integrate firmographic data. It invented a natural language search interface for M&A deal sourcing which later evolved into Intapp Assist for DealCloud origination capability which we're of course here to talk about today. Lastly, we have Michael Hoyt. Michael's a Senior Product Manager for DealCloud. Michael has been with Intapp for over four years and takes pride in turning user feedback and evidence-based insights into actionable product improvements. Michael played an instrumental role in making origination a reality for the DealCloud platform and its users. Now, with introductions over, I'd like to turn it over to Nicholas. Hello everyone. It's great to have you today and it's especially a privilege to have you, Rudy, and talk about origination in private capital markets. I couldn't think of someone better. I mean, let's start with a fairly generic question to kind of get everyone up to speed. Could you tell us what origination refers to in private capital markets? Where does it play a role? All thank you, Nick. Thank you all. Good morning and good afternoon everyone. I'm delighted to welcome you all to our webinar today on origination in private capital markets. Nick, origination is the. It's the lifeblood of growth in private capital markets from private equity and venture capital to private credit to secondaries to GP staking. I've certainly lived this experience for over two decades in industry and I also see it every day across our 1,200 firms that we work with today, including two thirds of the PEI 300. Let me quickly go through what origination means throughout the private equity cycle when it comes to raising funds, when it comes to investing funds, and when it comes to ultimately exiting funds as well. First, during the fundraising phase, this is a critical foundational moment in a GP's life. This is an intense process. It requires active identification and engagement with the investors, finding anchor investors for the first closing, re-upping existing LPs, onboarding new investors, and increasingly penetrating the private wealth channel. The capital is raised either from the institutional base or from the private wealth base. It can be either on a direct basis through the internal investor relations functions of a GP, but also indirectly through mainly placement agents, but also distributor banks. The objective here in this phase is to raise larger funds against what we're experiencing today in the market. Fundraising cycles are getting stretched longer and longer. Lastly, I would say for fundraising, there's a very marked trend of consolidation. The largest multi strat firms are really gaining a greater market share of the overall capital raised. That's the first phase, the critical fundraising phase, where origination plays out. The second phase is equally critical. Once the capital is raised, it needs to be invested. For the next five years, after a fund is closed, the deal team needs to originate, it needs to source deals, typically between eight-15 deals in a fund, depending on the strategy, of course. It's very intense. You're trying to find a needle in a haystack, and to do so you need to originate or source deals, you need to manage a pipeline of deals, and you need to be very focused on collaborating on the shortlisted set of deals. Now, the proactive best practice method of doing so is through market mapping by geography, by sector, and then honing in on the segments with the highest growth, best margins, highest barriers to entry, and so on. These opportunities are typically sourced through a combination of either the deal partners, industry contacts, but also through intermediaries like investment banks that would have auction processes as well. It's important in this phase to balance out, casting a wide enough net, but also at the same time being very disciplined about focusing on the real opportunities, because five years goes pretty fast and you only have a dozen or so bullets to use, so use them wisely. The objective here is to find the right deal, the right price, and at the right time. Of course, it's a lot easier said than done, especially because today there's $3.7 trillion of dry powder and it's aging dry powder that needs to be deployed. That's the second critical phase of deal sourcing in that origination spectrum. The last and critical phase is really around exits. The objective here, of course, is to maximize the return with due regard to deal certainty. The exits could be either through an IPO, a sale to another financial buyer, or to a sale to a strategic buyer. Now what we're seeing today is you have muted IPO activity. We've seen an increase in exits specifically to strategic buyers, trade sales. Determining the type of exit, the valuation at exit, the timing of exit really requires origination of exit opportunities, which is especially difficult in the current environment. The market before technology innovated from a financial perspective through the likes of secondaries, through the likes of continuation vehicles where not companies but fund positions as a whole are getting traded. Today secondaries are a core asset class in its own right. It's important to remember that no one makes money when you buy or hold, you make money when you exit. This is a fundamental part of the overall value chain and its circle. Right. Nick, when you think about the overall process, today you have $3.7 trillion of dry powder. When you couple that with just somewhat depressed distributions to LPs, DPIs have been relatively low. It makes it very difficult for GPs to go back to LPs requesting more capital. It is a circular system between raising capital, deploying capital and exiting capital. Fantastic. That's amazing. Rudy, thanks for the pretty comprehensive overview. I have to say I wish I attended some of your lectures in the past. Would have left it, I mean obviously in the private capital space you love ROIC, like return on invested capital as a metric, and I mean you already alluded to that when it comes to invested capital into specific assets, into companies. There's obviously also a ROIC for investments in software that companies and private capital deploy to optimize their processes. It would be fantastic if you could walk us a little bit through that with a specific focus on origination. Sure. I think that's a very good question, Nick. I would say that, you know, first and foremost, it's about maximizing potential returns. So when you have AI-powered origination, if you're able to optimize your process that we just described across the private equity life cycle in terms of raising funds, deploying funds, and exiting funds, if we're able to, you know, raise larger funds, if you're able to shorten the fundraising cycle, a key pain point today for a lot of GPs. If we're able to use technology to penetrate the private wealth channel in an efficient and scalable manner and if we're able to find the right deal through data, through empowered data, where you can see effectively the signal for the noise and be really focused on spending more time on the deals that make the most sense, being very disciplined using data, using technology, using workflows, a lot of which we provide today with Intapp DealCloud, further enhanced with assisting the origination capability that we recently launched, you're able to be a lot more deliberate in market mapping, a lot more deliberate in building watch lists, building a shadow portfolio, being very targeted in how you approach the opportunities and deal opportunities. That is one aspect. The second aspect is an exit. Again, if you're able to optimize the process of identifying who are the right strategic buyers for my business, what is the right long term home for this asset, who is willing to pay the highest price for an asset I currently. Have in my portfolio. All these factors individually and collectively will ultimately generate in higher returns. To put it differently, Nick, it's a question of how can you translate the operational alpha that comes from AI powered solutions across the investment divestment cycle to ultimately result in better market alpha, better market returns. When you optimize fundraising, optimize investing, optimize exits through these processes, through these workflows, that should result in greater returns for the fund. The second way is through the efficiencies and productivity gains. We think about the process of origination, its ability to optimize critical processes, workflows for managers. It's really around reducing the cognitive burden of really time-constrained investment and fundraising professionals to kind of shift your mindset, shift your time from data mining and aggregation to really focusing on data analysis and trying to draw key commercial decisions from the data, spending more time in the sense where we want to ensure that our clients, we currently work with over 42,000 professionals in the sector, we want to make sure that the high-value professionals are not preoccupied with the low-value tasks. That is the second core aspect of value efficiency and productivity gains. The last thing I would say, Nick, is it's really around minimizing risk. Let me elaborate on this point a little bit. Relationships at the individual level are fundamental, right? Be it between an investor and a fundraiser, or see a deal maker, an intermediary, they're ever so important in private capital markets, but they may also give rise to over reliance or a dependency risk. Ensuring that the individual relationships of the partners are systematically captured, they're tracked, they're analyzed, it enables better collaboration, it enables better coordination between the team and also it enables smoother succession planning. Both GPs and their LPs as a fiduciary of capital are focused on this aspect of partner led businesses. After all, the saying goes, Nick, that in partner led industries, your main assets, they go home every evening. Business continuity is important. Institutional longevity is important. It's critical, especially when you're entrusted with patient capital. Private equity has a 10 year fund life, so life cycle. It's very important to keep this point in mind as well. From a risk standpoint. Okay, no, that's very, very interesting. I mean, you also kind of definitely talked about the timing aspect. You want to be, you know, you want to be the first to the deal. Whenever you are in the cycle, whether you're in fundraising and investing exiting, you always want to be the first because you want to have all the options. I mean, to have a segue to perhaps my last question before we go on, I mean, why is it important now? Why is origination important at this stage, especially using AI to get an edge potentially over competition? Why now? Look, I think that's a key question. Because, Nick, you know, when you look at the market today, it is at an inflection point. The competition is absolutely relentless and you're beginning to see an accelerating trend of consolidation. There is a general flight to quality. The best LPs are seeking the best GPs. The best GPs are seeking the best assets. The market is consolidating and the largest players are basically getting larger and larger. That's one core aspect. The second aspect is when you think about the evolution at the firm level, against this kind of market backdrop, at the firm level, the largest multi- strat firms today, compared to say 20 years ago when I started in the sector, they're very sizable, they're very complex, they're diversified by geography, by investor base, by investment strategy. The firm's AUM is growing rapidly, but their operational complexity and the resulting loss of value that you get from inefficient fundraising or inefficient deployment of capital, not seeing the right deals, not onboarding the right investors becomes exponential. We are seeing this trend where firms are also at an inflection point, while the market is also an inflection point. Lastly, and what's exciting for us, of course, is there's a technological inflection point, you know, Intapp, we collaborate with 130 data and technology partners that we integrate with. We are able to provide a comprehensive value proposition to the product help firms we work with today. It is very exciting to see this technological transformation where today the AI is put to the test. The AI is rapidly evolving from a focus of technology to a focus on what are the commercial value propositions that it delivers in real time to private capital firms. That rapid adoption, rapid development of data, rapid development of AI, that technological inflection point coupled with the firm inflection point, coupled with the market inflection point makes it very opportune from a timing perspective. I think that's super exciting, Rudy. I'm very excited also as well as part of Intapp providing the software to lead that transformation. I mean, if I just quickly may talk about the three main pillars of value proposition that we have as part of Assist Origination, which is about providing an end-to-end experience. Origination is all what Rudy talked about in the different stages. DealCloud has always been the core product for the process of managing deals through the pipeline until closing. We are now with Origination basically turning the whole product into an end-to-end solution where you already start your journey of originating deals and then managing them through the pipeline. We do that with also a unified data approach. Because I mean in your CRM, in your DealCloud, you have your proprietary intelligence, you have all the data and all the insights that you collected over the years on individual companies, the history that you may have with these firms, you may have spoken to them, you know they are interested in selling in a couple of years, you want to be right there. When these companies are willing to change owners, that's usually what you have collected in your engagements with them. That is in there combined with the public data that we provide through the Origination product. On top of that, it also integrates with this wealth of partners that we have. Pretty much the market standard for all the different data fields through our partners can be brought into Origination such that you have the best of all worlds that ultimately lead to much smarter deal sourcing than you would be able to do with the point solution that only focuses on one thing. That only focuses on sourcing. In this case you basically can stay in the same product for the whole process and overcome the friction that you would have otherwise. That is really quite exciting coming from Delphi, they kind of built this technology for Origination. Now integrating in DealCloud, that coming to life is something that we are really proud of and very excited to see later today. I would love to motivate that with a recent trend that we have observed in the market, and not only us, and I guess many in the audience today have observed it much closer than we have. I mean, in recent years we have seen PE-backed platforms emerge in some of the most unusual industries, including roll ups of veterinary clinics, pet food manufacturers, or just packaging companies. Now the industry seems to be shifting towards roll ups in the accounting sector, with some of the most prestigious firms getting involved. I think that's really exciting. They are all now on the lookout for smaller firms, like in the size range of, say, 50-500 employees, to bolt into these platforms that they are currently acquiring or have already acquired. We thought that's a great use case for the investment use case that Rudy talked about that Origination covers as well. We'd love to take that to hand it over to Mike and show you how you can source these deals and opportunities directly in DealCloud. I'm going to go through an origination workflow today in DealCloud. We're going to use our Explorer page to find the right type of companies that we want to find with everyday language. We're going to start to filter down that set of data to find the most meaningful companies and select a group of companies that are going to be brought on to a list for further evaluation. We're going to take that list and we're going to use that list to create outreach emails and start to build relationships for that direct proprietary deal sourcing. In today's example, I'm going to go and find accounting and tax firms in the U.S. with headcount between 50 and 500. My system is going to take this GenAI input and create a set of filters and criteria for Intapp companies that are going to give us a set of companies back. Give it a second to look. Okay, there we are. The system was able to return a set of keywords for accounting and tax. We were able to translate the headcount into the 50-100 to 100-500 groups. We selected United States as our country and we're looking at only active companies. As a result we have 4,942 companies returned and that's a pretty big list for me. I'm going to go ahead and further refine through the filter sidebar. The way that I'm going to adjust is I'm going to look at the owner type and I'm going to go ahead and select just the firms that have private equity backing, so we can see there's 131 of them. I'm going to go ahead and select that. Now that I have the smaller set of results, I'm going to go ahead and close out of my filter sidebar so that I can better interrogate the results on the data grid here. I've set up these specific fields for my process and what I know is important to my decision making. I can also bring in any other columns that I want via our column configuration and adjust the column width or anything else along those lines within this data grid. I can also go ahead and click on company names to pull up the quick view and get a better sense of who that company is via company logos, information like the sector and the subsector classifications, ownership information as well as descriptive information on the company. I'm going to go ahead and select a few of these companies that I'm going to bring into a origination search list. We'll grab Tax Guard, we'll grab FMS Solutions, I'll grab Jackson Hewitt, grab Crosslink and Source Advisors. Okay, that looks good. Origination is automatically built in with the ability to add these to standard lists. You can add it to a working list or you can add these directly as deals and flow into the deal pipeline like that. In this case, we've set this system up to be using a origination list intermediary object. We're going to go ahead and bring us into the list. Building action with add to list. I'm going to go ahead and add a new origination search called US accounting and tax firms 2025. I have a quick description that I've written up previously for this that I'm going to enter. Great. That just created that entry and now I'm able to send these five companies to that list. We'll go ahead and click on that and behind the scenes, those five companies are going to be synced into DealCloud and then we'll also add them to that new list. Now you can see that these five companies that we just synced in are now linked. They now have DealCloud entries associated with them and we can go take a look at what they look like on the other page. Okay, so I've moved over to our origination search page here and as you can see I have an outreach process detail page here that is going to help me find the right contacts for my origination search and then go ahead and reach out to them via email. Starting, we have just the five individual companies that we've added to our list here. I've gone ahead and created some of these contacts ahead of time so that we could use that for the conversation today. But we'll walk through how to find those and then how to reach out to them. We're going to start by moving over to the Find Contacts tab. Here you can see all of the different contacts that we have from Intapp data associated with these different companies. I'm just going to go ahead and look at the most important contacts. We'll grab C- level, we'll grab owner, we'll grab partner, and we'll grab board member. Here now I have a set of 17 contacts across the different companies and I've gone ahead and synced a few of those already so that we can reach out. Here are the five different contacts that I've synced in already based on that work and I'm going to go ahead and select these five and I'm going to go ahead and send an email outreach. Go ahead and click on Send email here which will open applied outreach and I'll be able to draft some content. I'm going to call this Introduction to DealCloud Capital and then I'm going to grab a quick message that I've used before just talking about how we help rising professional service organizations reach new heights through access to capital, industry experience, and executive network and that we're looking to have a conversation about their growth goals so we can help them accelerate. The gen system will go ahead and create some content for me based on that and I can go ahead and put that into my email. I'm going to go ahead and move to the next step. I made this my US Accounting and tax firm's origination search and I'm going to update the search status to email sent. After I send these, I'm going to go to finalize and I can look through each of these and the individuals that I'm emailing to show them that there is some good information coming their way or just validate these emails and I'll go ahead and send these emails. Yes, we'll do that. Now I've gone ahead and gone through the full workflow of finding the companies that I want to originate through natural language, interrogating the results, adding additional filters to further refine my results, taking individual entries that I find valuable and bringing them into DealCloud and into my working origination search list, and then using that origination search list for an outreach process where I use Intapp contact data to create new contacts and then email those individual contacts to start to build a relationship with each of those individual firms. I hope you guys enjoyed our workflow today and are really excited about the origination functionality. I know we are, and we can't wait to hear more from you. All righty. Thank you very much, Michael, for that demo. We have reached the point of the presentation where we will be doing a little bit of Q and A. I know we have some questions in the chat, so let me just pull some of those up. The first one is, is it U.S. only? I presume they are likely referring to the data set and the companies that we are pulling from those data sets. I would say maybe Nicholas or Michael, if you guys just want to address this one quickly. Sure. Our Intapp data set is not U.S. only. It has data across Europe, across Asia. The use case today was just U.S., but it applies globally. Wonderful. Thanks, Michael. Someone asked, it looks like the use case is focused on the deal sourcing phase. Do you have plans to expand the use cases to other phases of the cycle? Nicholas, maybe you can take this one. Yeah, definitely. I mean, we had to start somewhere, so we focused on the investment use case. Ultimately this product is here to serve all three use cases and there are more updates to come later this year. We are excited to host future webinars on the other use cases. We will not stop here for sure. Thank you very much, Nick. Alrighty. The next one is, someone was curious, where does the data come from? Are we doing web scrapes, pulling from LinkedIn? I think Nicholas or Michael can answer this one, but I think this is probably one of the pieces we're most excited about with respect to origination. Yeah, I can go ahead and answer this. It looks like there's two questions very similar here on the company and contact data. All of our company data is scraped from public sources, so website data, other sources like that, LinkedIn included. What we do is we actually take all that data in and we have a pipeline through the Delphi team and the Delphi product that we acquired that goes ahead and uses natural language to refine all of that data and to pull out the core attributes for each individual company that we have. We're going to be able to take all that information and consolidate it down and distill it down into what does that company, those individual companies actually do, what spaces do they work in, what specialties do they have? That's what we're using in that origination search. We then attach that to a demographic data set that we pull typically mostly from LinkedIn. That allows us to connect the dots between that company data set and the contact data set. When we look at that use case of looking at the contacts and finding the contacts, that's the primary source for that data and that's what we're able to provide. If I may, Yoel, if I may add to that, I could not have presented our own capability better, but I also want to highlight what our partners have to offer and we have this fundamental data set that you saw but also integrate with the data that comes from our partners. So the likes of Preqin, PitchBook, SourceScrub, FactSet, and I already feel bad that I'm leaving out names here, but pretty much all the market has to offer. I also want to highlight them here because that's ultimately what the product really sets apart. Yeah, no, thank you very much, Nicholas. I think that's probably one of the most compelling pieces is, you know, origination is pulling together your proprietary firm data, our Intapp data, foundational data set, and as well as third party data partners, all in a single location. All right, for Rudy here, so in addition to origination, what other forms of AI usage exists in the private capital sector? In private capital there are three broad AI themes. The first, what we discussed today, which is really around relationship management and AI powered relationship management, be it for originating deals, exits or capital. The second is more quantitative and the third is more qualitative. Let me touch briefly on these two. From a quantitative standpoint, there's a lot of financial evolving that is necessary in the industry. The ability to rapidly develop what's called quick LBO modeling, to have an initial indicative view on the potential returns for a deal, is very important to be able to do quickly to help screen through the pipeline of opportunities. The data, the quantitative aspect. AI is very powerful when it comes to aggregating data. When it comes to enabling greater visibility from a reporting standpoint, be it operational metrics, financial metrics, to be able to measure, to manage, to monitor assets and look at it both from a, from a systemic risk perspective across a portfolio, it's also the idiosyncratic risk of a particular portfolio company. It has that ability to optimize that process as well. Valuation and portfolio reporting. The last and third theme is qualitative and a lot of this is around being able to ingest a lot of industry due diligence, information canvas, large bodies of information, parsing them, summarizing them in a structured format that could be palatable and digested by an IC. In addition to that, there's also a lot of great technology when it comes to being able to draft, share purchase agreements, shareholder agreements, fund documentation, prospectus, loan documentation, and so on. There's a lot of technology happening also from that perspective as well. It's relationship management with AI empowerment, it's quantitative analysis and it's qualitative analysis. Excellent. Thank you so much, Rudy. Someone was curious, what are the plans for using this with investment banking outreach versus direct company outreach? When is origination launching as well? Michael or Nicholas, maybe one of you can take this one. Sure, I'll take that one. Let's just start with when is Origination launching? We actually already l aunched our initial version earlier in May and it is available to any client that has Intapp Assist already. If you don't have Intapp Assist, please talk with your account manager or your account representative to add that functionality on so that you can get access to the origination functionality. In regard to expanding to investment banking outreach, we do actually have coverage for financial service companies within the Intapp data set. We are looking to continue to build out that data set. One thing that we're also really excited about for the future of Origination is the ability to leverage multiple data providers within one interface. As we think about kind of our differentiation and why you should be doing origination in DealCloud, the main thing that we want to be able to provide is a single experience where you're able to go in and access and find comprehensive company data and bring that directly into the workflows that you're already doing in DealCloud. Right. What that means is being able to offer this same service off of data like PitchBook and data like Preqin, where you can actually leverage some of the information that those data providers have to identify, you know, those right investment banks for your purposes that maybe cover clients in the areas that you care about and then leveraging the contact data and Intapp data or other data provider data sets to then find those connection points where you can reach out. Overall, our goal here is to support all of our financial services use cases and be able to help on all three phases of origination that we've talked about. Originating transaction targets, originating investments, right, which is obviously what we focus on here, but also originating those connections. Right, originating who are the right buyers? If you're an investment bank looking to, you know, having a sell- side M&A transaction, if you're a private equity firm looking for that strategic buyer or that financial buyer, if you're that in that private equity firm, who are the right investment banks to be working with? Our goal here is to be able to get you to the right company and then get you to the right contact so that you can ultimately speed up your origination process. Excellent. All righty. I think we've got about time for one or two more. So for Rolling Rudy, this is a pretty topical one here. What would you say to successful investors who are skeptical about employing AI when they've done just fine without it up until this point? I think it's a very important question, Yoel. I would say that the times have shifted. What brought you here won't take you there. We've seen this across multiple industries and private capital is no different. It's important to embrace the data revolution, the AI revolution, and to empower the new generation of dealmakers, the new generation of fundraisers with the appropriate technology that is directly relevant to their day to day activity. We are very cognizant of the challenges that such investors face. I mean, on a day- to- day basis we work with the largest firms at precisely solving those pain points with them and helping them adopt this technology. Let me quickly go through some of the challenges and how we overcome those to that particular type of investor. First is data availability. Now, unlike public markets, the availability of data is not as pronounced as it is in public markets. The ability to aggregate data and to empower the AI is a first and critical step. That is why we're heavily focused on data cortex. Heavy focus on aggregation of data and the origination capability we have today is an example of that. The second is explainability of data to really make sure that as a fiduciary of third party capital, it's important that the GP is able to explain to the LP the decision making process and it withstands the scrutiny of increasingly sophisticated LP base. Explainability of data. The third is adoption. Really, Yoel, that's more around a new generation taking the steering wheel going forward in an AI world and being able to use highly intuitive interfaces, highly bespoke, purpose-built technology in a manner that becomes a way of doing business as opposed to an added administrative function. What we found is the more successful private equity firms, the more successful private capital firms are very forward- looking in adopting this technology early on, future-proofing themselves because their competition is adopting it. That's what I'd say. That's an excellent answer. Alrighty. I know there's a number of other questions in the chat. Unfortunately, we are at time right now, but I can assure you that we will make sure to address these in post webinar follow up. Rudy, I'll turn it over to you just for some closing remarks. Sure. Yoel, thank you very much. I'd say that, you know, all these innovations, they start and end with the industry and ultimately the client that we have in mind. I'm always amazed when the largest private equity firms in the world that join our advisory board meetings, they really discuss with us openly. We compare notes on where, where is the industry today? Where is it heading? Our North Star has always been the commercial bottom line of our clients, mainly when it comes to maximizing their returns and minimizing their risk. The market has shifted, right? It shifted from what from a technology standpoint to a. So what from a commercial perspective. It's very important to focus on the commercial implications of commercial impact, the tangible impact that we're bringing to our clients. It is truly an incredible time to be in the sector at the intersection of private capital, at the intersection of AI, and to really witness this once in a generation transformation happen firsthand. Thank you all for joining us today. It has been a very good discussion. Thank you. Wonderful. Just as a reminder, a recording of the webinar will be shared, so if folks were unable to attend, no need to worry. Thank you all so much again for making the time to join today's webinar. It was a pleasure speaking to you all about origination. We are very excited about it. Thank you. Thanks everyone.