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Have a friend there. People are smart and everyone works hard, but still somewhat sweaty. They are trying to move away from the chop-shop reputation - were known for taking on struggling carve-outs, etc. which comes with its own general environment, but are trying to step up now and pay for some more competitive assets. Think you learn a lot - you've got to be pretty in the weeds there - and honestly I wouldn't be surprised if they stack a couple successful funds up and the brand becomes stronger than it is today. But upshot is they've had to be scrappy and "creative" historically, and who knows how long the effects of that will linger.  

 

They just raised a $4.2bn fund earlier this year; I think the asos will be ok 

 

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