AI is a technology that results in business process change. You must start with business objectives, not the technology itself.

People are fascinated by the technology and it's so easy to use that you start using it and then say, 'Now I have to change this and change that' - that might be the reverse approach.

AI has tremendous productivity potential and is starting to cause labor dislocation, but will also create new products, services, and jobs.

The default answer when faced with growth is not always to add people, but to think about the process and where technology and people can be deployed in an intertwined way to drive value.

Private equity firms can help accelerate AI diffusion by combining business process understanding with OpenAI's technology through joint ventures.

There's a shortage of high-quality implementation personnel who understand both technology and business processes.

Democratization of private assets through retail products requires careful education about liquidity features and long-term nature.

Retail investors want access to longer-term investment vehicles but still like liquidity features. The education process is more challenging through intermediate channels.

Private credit BDCs face challenges with retail investors who may not understand liquidity terms during market cycles.

There's been proliferation to a much broader set of investors including retail and micro-retail. Both sides are getting used to designing products that work together while managing through unpredictable situations.

Private IPOs are an innovative response to public market volatility, meeting capital needs from large institutional investors.

Public market anemia is driven by high volatility from government policies and exogenous events. Large pools of capital like sovereign wealth funds want to deploy into interesting compounding assets.