1. What is the size of the current fund you are investing from?* $2bn or less $2-$5bn $5-$10bn $10bn+ 2. Across Business Services what areas do you focus on primarily?* White collar Blue collar Both 3. Firm position on new platforms:* Business as usual Open for business but value has reset High bar across the board 4. Relative to Jan 1, 2025 is your expectation to deploy capital this year:* More Likely Same Less Likely 5. Has the current environment impacted your traditional equity check target size?* Yes No 6. Has the current environment impacted your traditional leverage target on new platforms?* Yes No 7. Have you experienced any material negative impact in the direct lending market on terms or leverage capacity?* Yes No 8. Top macro issue when evaluating new platforms:* Tariffs / trade Immigration DOGE / government spending Performance in recession Inflation Uncertainty of demand 9. Which statement do you agree with most?* Seller expectations need to come down meaningfully for me to lean in If I had a strong business ready for sale, I would be hesitant to launch in this market Exits need to be looked at a CV/Exit/Recap "triple track" for the foreseeable future I am optimistic about a rebound in IPOs in 2H 2025 10. What impact are you seeing to portfolio company performance?* Immaterial Immaterial but expecting / preparing for a slow down Meaningful impact 11. Top topic with LPs:* DPI Deployment Portfolio marks 12. Has the topic of focus with LPs changed recently:* Yes No 13. Current environment impact on fundraising:* Negative impact on active fundraising Delaying plans to fundraise No impact on fundraising 14. Based on dialogue with bankers do you expect overall level of activity for this year relative to YTD to:* Increase Decrease Remain current pace Submit Δ
