With fewer funds surving, the returns enjoyed in the future will be better. Less competition on getting into deals. The funds that survive will get higher quality deals at lower valuations.

There is going to be a huge survivor bias for funds that close this season. There will not be much doubt on this. The LPs that are out there willing and able to invest are already able to drive good deals. It is going to be the case all down the line.

So a good crop will be harvested in five to seven years. And then another rush to alternate assets will occur. But that is for a later time.