William Souder: Yes. I was just going to say, it is a great question. One of the things I think you’ll see, because we have such long track records, as Clark pointed out, RCP is about to launch Fund XVIII. It’s a slow-moving ship with LPs. We are in the queue with a lot of them. They’re maybe concentrating right now in the early about funds that are closing at Q1. But we can see pretty good throughout the year of where we are in the queue. And most of LPs, I would say, have us slotted in for some of the vintages. And so that’s a little bit why you might see things in the later in the year. Most of our larger funds right now will probably be open throughout the calendar year of ’23. And so that’s one of the reasons why we’re anticipating maybe a little stronger in the second half than in the first half, although we — I think the first couple of months have been pretty good here. So we’re excited.
Clark Webb: Yes. And I would just add, P10, we are unique. Everyone thinks they’re obviously unique, but we are pitching asset classes that historically are difficult to access and where we do feel like there’s a great moat between our offering and other offerings. And so we are not — many of our peers are able to raise an entire P10 in a week, but they’re in large deep asset classes where there are multiple competitors. We really feel like we live in a world that, although smaller, we really do have more protected verticals. We really are the top player in these verticals. And to the extent that institutions are wanting to commit capital maybe for the first time to things like GP stakes and NAV lending, lower middle market private equity, venture capital, impact equity, venture credit, to the extent they are looking to commit those and those are more structural, less cyclical, we pop up as top of the list.
And I know we haven’t talked about it, but we are still, we believe, early innings on cross-sell. We do feel like if we can get in front of allocators, we have a very unique product offering with a great track record that has invested through many cycles. You think about our venture credit. We hope next year to be in a position to launch Fund XI, that’s a 40-year track record with a lot of different cycles in that. I think we’re able to gain confidence of the LP when they see the types of returns we’ve generated through cycles.
Kenneth Worthington: Great. And this is a little bit longer-term thinking, but the fee rate, the stepdown that you sort of highlighted in the prepared remarks, to 105 as WTI’s 7, I think, rolls off or steps down. As you think about Fund VIII sort of fundraising, should we start to think about 2024 with that fee rate kind of popping back up towards that 110 level as Fund VIII sort of gets fully raised? Or are there offsets to there where it will maybe creep up a little bit but won’t get back to that 110 to 112 range?
Clark Webb: Yes. We’re — we certainly appreciate the question. And giving guidance is something we always want to give guidepost, not get too far in front of our skis. But you’re right. When you think about our fund, I think you meant Fund XI on venture credit. So Fund XI, presuming that does turn on in 2024, that is a higher fee product. So all things being equal, that would raise that average fee. That being said, we’re constantly in the market discussing SMAs and things like that. And so you never know if we can land some other whales in the process. So what we like to do is give guidance for the year and then have additional puts and takes as the year progresses. But all things being equal, you’re absolutely right, Fund XI is a much higher fee vehicle.
