 Caroline, do you want to start by introducing yourself? Hi, everybody. I'm Caroline Pugh. I am a partner at 8090 Origin. 8090 Origin is an investment partnership of 23 families. 23 families represents just over $50 billion in aggregate net worth, spanning 19 different countries, 25 different industries. We have been set up as a partnership where we work with these families to deploy capital into specifically venture and tech companies. So over the last two years, we've been able to invest in 18 different companies around the world. Thank you so much, Caroline. And then Maya. Hi, everyone. I'm Maya Monal. I'm the founding partner of Moda Partners, a chance for mother-daughter. So that is my mother and I's private venture firm. We also, I also represent two family foundations, the Monal Foundation and the Vettelson Foundation, each focused on early stage research in the earth and life sciences. And I guess in my day job, because that's not my day job, I'm also a fintech founder, founded a consumer fintech focused on improving quality of life through financial health, basically after seeing a gap in the space of consumer fintech focusing on outcome space solutions for the everyday human. And that is called NABIT. These people always make me feel like I'm not doing anything because you're doing so much. Speaking of, Jenna, please. Hi, it's really wonderful to be here. I'm Jenna Nicholas. I'm the co-founder and CEO of Impact Experience, where we work with families and companies and entrepreneurs to build bridges, particularly focused on unlocking capital into communities and people that have been overlooked and underestimated. So we look at equity across a number of different systems, investments, education, and the environment and health care. And then I also lead early stage investing for a group called One Planet VC, where we invest into seed stage companies looking at contributing towards the betterment of the world and some broader advisory work with groups like Apollo's Impact Fund. It's really wonderful to be here. And Luke. Great. It's great to be here with such a distinguished panel. I'm the co-founder and CEO of Sorenson Impact Group. As the name suggests, Sorenson Impact is a multidisciplinary organization dedicated to accelerating the impact investing in the environment, the ecosystem. So we do that through a number of ways. We have an advisory business. We have a private investment platform that enables thesis-driven fund managers to set up a fund. We have a foundation. And then in the corpus of our endowment, we have a large portfolio of mission and program-related investments. That's awesome. Well, I love Sorenson. It's been great working with you for the past seven months, but we go back a long time, actually. So really excited to be kind of coming back around. But just to put way too fine a point on it, a lot of people are always really interested when we say family offices, like what does it actually mean? How much are we talking about? How much are we talking about? You guys are sitting, some of you, at the intersection of many, many family offices, and some of you are leading family offices or leaders among family offices yourselves. How much are we talking about with 80, 90 origin? Yeah, great question. So over the last two and a half years, we've deployed about $200 million worth of capital, most likely by the end of this year, about a quarter billion, and we're very confident that we can invest another quarter billion within the next 16 to 24 months. I mean, this is with lots of money. Maya? Yeah, so on the family office front, again, I kind of helped steer two ships, both on my mother's side and my father's side. They've always kept two different family offices completely separate, far before family offices was really coined a term. And so combining all of that, that's about $800 million. Yeah, so through impact experience, a big part of our work is facilitating and working with companies and families on the impact investing strategy. And so over the last seven years, we've had about $1 trillion in assets and the management across the different groups that we've been working with. I'm gonna answer that, get to the heart of your question with a little bit different metric. We have direct, about 70 direct investments in venture and growth equity impact businesses. We're invested in about 30 fund managers and then we have, of course, the association with the Sorenson Impact Center and then the corpus of the foundation capital and public and private investments. Well, thank you all for taking time to, I mean, this is such an impactful amount of capital that you're putting the work for impact. And it's just amazing. Like really, just thank you for doing this work. So I know everybody is really excited to get into the meat of everything, but before we do, what does impact actually mean to you guys, like individually and the groups that you represent or across the families that you engage with, what does impact mean to you? And maybe we can shift it up a little bit. We just keep going this way, right? So maybe Jenna and then Maya, Caroline, Luke. Sure, thank you for the question. I think it's a really important one. And actually it was coming to places like Socap and the conferences over the years that one of the elements that really struck us as we were building impact experience was how do we ensure that as we're having these conversations we're grounding this in the reality of communities that are so often overlooked and underestimated. So a lot of our work has been in cases like Montgomery, Alabama or Southern West Virginia or New Orleans and ensuring that as we're making these decisions around how assets are allocated that we are looking at both the historical context of how do we get to where we are right now, particularly as it relates to the structural racism, but also when we look at society writ large that we're grounding in the reality and the voices and communities that are so often not part of the conversation. So when I think about impact, it's really how do we think about bringing voices that are traditionally not always in the room. That's very thoughtful. Completely agree. I think our origin story has always been around, again, pre-impact, pre-Sorinson. We kind of grew out of the industrial revolution through a lot of really hard work and dedication towards the earth and life sciences. That's the kind of precipice for the two foundations. And so then thinking about this question, admittedly having known that Aston was gonna ask us this. And I think the kind of founding thesis across all of the different hats and all of the different areas in which we work is an improvement to quality of life. So I mentioned Navit is improving quality of life through financial health to see a kind of a barrier to entry for so many folks in that space. But I think taking it one step further, if you look at the Monal Foundation, if you look at the Bedelson Foundation, we've kind of always had a rooted focus on impact because they were foundation driven, right? I mean, the purpose of us was to preserve, build capital so that we could continue to support these budding innovations that were going to change the lives of so many people. You really see that, of course, so well in those two kind of categories, right? I mean, you think about what's happening in biotech right now, for example. So that's always kind of been the foundational layer at the foundations on our grant making strategy. And then we've started to incorporate, okay, well, we're writing those first checks to those early researchers, how are we then taking that first check and evolving it into a go to market position, right? How are we then evolving that grant check to an investment strategy? And so we never really had to think about it from an impact driven lens because it was basically the work that we were doing and supporting anyway. And I think we were very grateful to be in that position. And then as we started to kind of evaluate the space knowing that we can't help everybody all the time, we started to think about how we can drive some of our own portfolios outside of the existing institutions that we were working within as a family to focus on things like the S of ESG, right? The focus on things like social justice. So mom and I built out Moda to really focus on empowering the economic and educational development of women and girls because that was not something we were as directly affecting quality of life variables in as we wanted to be. So the very long winded answer, Dustin, is we evaluate quality of life and if we're moving the needle on that dial. Beautiful. Yeah, so I think for us, it's threefold. One is really working with the next generation. We're living in a time where 72 trillion dollars of wealth is being transferred from baby boomers to the hands of millennials and Gen Z. So we view that as a very big responsibility, obviously to help impact the way that capital is allocated towards the right things, also helping to be a part of that educational journey. How do we get out of our own bubbles of thinking and what we're influenced by and get exposed to new ideas and new ways of thinking about things? Two is I think helping to even the playing field in terms of who gets access to capital and resources in general. So I'm really proud to say that a lot of the companies that we have backed have female founders on their team or people of color that are leading these companies and senior management as well. And then also being able to be more of a flexible capital base. I think one of the greatest advantages of working with families is that we can act a lot quicker and we can also be a little bit more relatable to the founders themselves. And so one example was there's a young woman named Helen Chen, who's the founder of Nomad Homes. When she first started her company, no one believed in her. She was looking to create a real estate technology platform in the Middle East. And basically, she was going into all these investor rooms. A lot of people were laughter out of the room saying, how is this young woman going to disrupt this market, specifically also in the Middle East? We basically helped her in the beginning invest in her company, a very small check earlier on. And then recently, now her company is actually valued at over $300 million and she's the leading real estate tech platform in all the Middle East. And so she was looking to expand to Europe. Basically, she needed a loan to buy this business, to expand her company. She went to all these different banks, all these different channels. And again, she got turned down even after she had all the success in building out this company. So she came to us saying, I need $10 million to buy this business. And we were able to give her that loan, no questions asked. And so I'm really proud of those types of moments where we were able to give access to people who so deserve that access and that type of flexible capital. And then the third piece, I think, is the silos that we see in the family office or just investment world in general where I see too often so many people working in their own silos, not trading maybe their expertise and notes with others. And I think there's another sector where it's like people do wanna connect with other people, but it's a question of how do you do that? And so with our work at 8090 Origin, a lot of that has been like, how can we actually galvanize and bring people together that really want to do more and are very like-minded and very values aligned? And through that, hopefully we can make a bigger impact by more collaboration. Impact really means a lot of things to a lot of different people, but there's this kind of burgeoning trend of the intersection of inclusive investment and impact investment. It's been really exciting to see. And I know, Luke, you think a lot about this, but how does Florence and Impact think about impact? I would say it's two things. One is that good principles work. And to give some context to that, I spent the last 20 years in traditional venture capital and private equity. And I think one paradigm is that there are the market principles that work and then there's the nonprofit world. And what I've learned is that good principles work. And when you have a good and true principle, it always works, whether you're in a just an absolute return mindset or in a social good mindset, the good principles work. And as a traditional finance guy, when you realize that, you recognize that there are a lot of things that you learned that you need to unlearn. And that once you do that, that it works. Weird how solving really big problems actually has an opportunity to generate outsized returns. And then I think the second part of that is that implementing good principles is ultimately what brings the most satisfaction and happiness that goes well beyond an economic unit of value. That if you're using good principles and creating good, you're going to be happier. And that's the kind of ecosystem that we want to accelerate. Absolutely. Well, all of you represent groups of families or individual families and you have your own individual journeys. I would love to get a little bit deeper with each of you. And maybe Luke, maybe you're up, man. So a lot of next generation leaders in family offices, when they come into positions where they're starting to actually establish themselves as leaders within the family office, have some interesting conversations as they relate to impact. Yours is pretty unique, though. Sorenson Impact has been doing work in the impact space for a long time already. As you are coming into a position of being a leader on the Sorenson Impact side of things, not only Sorenson Capital, which is significant in its own right, how are you thinking about making your mark? And how are you thinking about your position in Sorenson? How have those conversations gone internally? Well, in general, I think it's best, I try to think about, let me back up, working in traditional finance, I thought a lot about how to make my mark. And what's a lot of fun in working in Impact is now the mindset is how do we help others make their mark. And a big part of what we do is trying to return the favor of what was done for me, that I had so many advantages coming into private equity. I worked hard and paid my dues, but when people would ask me, how do I get into private equity? Or how did you start this and how can I do it? And so many times I would have to give the answer, it's not applicable. You didn't tell him about the super cool student program? Was not replicable because of the advantages that I was given. And so what's really fun is being able to work on solving that system, where anyone who can work really hard, who pays their dues, who has really innovative ideas, has access to be able to make their mark. Well, I'm a beneficiary of that student program that you all set up with the Sorenson Impact Center at the University of Utah, which gives people the opportunity to learn how to do venture by doing venture, which is such an incredible thing. So thank you so much. But as we move on and we're thinking about other families and other groups, right? Caroline, you said at the intersection of so many different families that they're navigating these same conversations internally. How have you sort of guided next generation leaders in having those discussions and what have been some of the sticky points of conversation that they've had to navigate with your guidance? Yeah, thank you for asking. I'll just say we're still learning. We certainly haven't figured it all out, but how 8090 actually came to be was me and some of my business partners, we basically realized that a lot of people in our network who were the next generation within their family offices, were having these conversations saying that they found it to be one of their biggest pain points was working with their families to have conversations around where they wanted to invest their capital, how they wanted to work together, what their own positions would be in that context, but specifically investing in things that align with their values and that they were personally interested in and being able to kind of convince the rest of the stakeholders at their table, whether it's other family office members, like the investment team or their parents, that those were the right things to do. And I think the opportunity that I saw was how can we help be a champion for the next generation to both create what that could look like but then also make the case to the stakeholders and to their parents of having real agency within their own family office ecosystem. And so lending them credibility within that conversation. And that's how we got started. And I think we, you know, 90% of the people that we work with made their first venture investment through us, which we're really proud of. And I think the biggest question has always been like, how do I get access and how do I really start learning how to invest in certain things? And so, you know, whether it's expanding the network into certain areas that you wanna invest into, I think we've been able to be helpful in connecting the dots there. But also, you know, taking through, taking example through actually making investment, I think with investing, everyone in this room can probably agree that it's so much more impactful when you make your first dollar and also when you lose your first dollar. You know, it's so easy to read out of a textbook and try to understand, you know, what it means to invest in something, but it doesn't truly stick until there's some sort of net result that you feel whether it's in a positive or negative way. And so I think really taking action and being action oriented is something that we've always tried to enable. And then the third thing for me, and what I'm really passionate about is making sure that women feel like they have a seat at the table when it comes to their family offices. All too often, we've seen that so many women for one reason or another, again, maybe pigeonhole to philanthropy or maybe are not within the conversation at all within their family offices, depending on the background of the family or the foundation or whatever the entity might be. And so I found that personally very frustrating and I wanted to help be a part of solving that. And so giving a opportunity for those young women to be able to be in an environment where they got to meet with peers who were navigating the same processes, but also be able to ask questions. I think, you know, so often next gens were basically telling us, we don't want to work with our families, our financial advisors who are, you know, oftentimes 67 year old guys in an office just trying to sell me a product. That's not the answer for me. So I want to learn from people who are at the same age as me, care about the same things and we can really do something together. And so I think that for me has been probably the most rewarding part of the work that we've done is working with young people and specifically women to really be able to have their own voice and see at the table. I mean, that really resonates with me, but Jenna, I know that you have been in a similar position guiding so many other families through these conversations as well. Like, are there pieces of what Caroline just outlined that really resonate with you or are there's kind of a different take in your own experience? I would very much resonate with a lot of what Caroline just shared and see that a lot of a big part of our work is sort of bringing together next gen family members with the older generation to really have these really real conversations of, in particularly looking at, you know, where the wealth come from, what does that mean in terms of like both honoring family legacy moving forward and what is it that as a family we care about and being able to recognize that like sometimes those can be really difficult conversations and the building, the trust as it relates to the opportunities, particularly around impact investing and that sometimes it's being seen as being, you know, out there or not aligned with how things have been done historically and so a lot of it is even, you know, practicing and having the support systems of how to have those conversations and what are tactical steps to begin to, whether it starts as a carve out within the border family assets to have some proof points that can then be scaled across the rest of the portfolio so that it doesn't become this overwhelming aspect of where do we even begin but taking those baby steps in the direction that feels aligned with the border approach and I think a lot about this proverb that says when spiders unite they can bring down a lion and that, you know, so often it can seem like oh, this is so small in comparison to the scale of the problems that are out there and instead of being overwhelmed by the complexity of what exists being able to say this is the vantage point that we have how do we begin from this point and take a step from that so very much resonate and think that there's still a lot of work to be done but it's been really exciting to see even in the last just 10 years how much growth and development has taken place in this area and so started a lot of my work initially in China as you're working with next-gen family members in the context of China and kind of building US-China relations around that and just seeing now how much more powerful and nuanced the discourses around blended capital structures and that it not being oh, this only fits within one aspect of our portfolio but actually across all asset classes the ability to have impact and to be able to think about even within the traditional family business like what are ways to thinking about from a hiring and retention and community engagement perspective opportunities to have impact as well. It's hard to even kind of fathom the scope of all of the different conversations that happen with different family members in different contexts. I mean, some organizations have a next generation kind of leadership program. They say, oh, we've got a very structured approach to bring you into the investment decision-making process and the philanthropy process and all of this but I think with everybody here I don't know if there is such a specific program, right? I mean, Maya, you've been kind of like the leader that brought impact investing into the fold with the family and not to say that you weren't having impact before or grant making incredibly important, all of that, right? But from the investment perspective you've really taken a leadership position. Like, what were those conversations like with the family? How much time do we have? It says we have 20 minutes. Yeah, no, I see the timer ticking down. No, I mean, and to be fair, I think we've been able to do it maybe not as quickly as I know Sorenson was able to achieve it on both the private and public side of the investment strategy. However, I do think we've been able to adopt very quickly a sound structure around at least our private equity venture capital strategy for impact. And it would say, and it was also probably the easier approach to take to be totally honest with you. Like, obviously you have to start with the entire portfolio and since we have these two very well-established multi-generation foundations, you have to take a different lens to liquidity. Like, I'm not probably saying anything that anybody in this room doesn't already know. And so for all of those reasons and variables we had a very, I don't think a family member is in the room. So we had a very archaic strategy towards our allocation and our approach. So we started to think back towards was, okay, how have we been so successful in the last few generations? Why have we been able to scale in such an impressive way? How have we become leaders in these very niche spaces within the earth and life sciences community first and foremost? And I think a lot of our now impact strategy has been derived from and honoring in honor of where we were and how we've built out the foundations because we love to be the first check in the door for early stage research projects. So why wouldn't we apply that same philosophy to our early stage direct investment approach? Why wouldn't we apply the same philosophy to our emerging fund manager approach if we can? So that really started to be kind of like the foundational layer of does everybody in this room feel comfortable with this? Like we've done it for years, you should feel comfortable with this. Start with common ground. Start with common ground. Okay, now that we're starting with common ground, what are the things that we know? We're a few different family offices, as I keep saying, but we're a small team in aggregate, we're still a small team. So what are the areas in which we can truly affect impact that we can truly affect kind of our values and entrust ourselves and our team members to go out and source deals and opportunities that we can not only champion internally, but that we can mention in rooms like this, that we can champion at a broader scale. So we started to think a bit more about direct investing first, because again, that's most similar to a grant. So like how do we replicate the grant approach and apply it to our impact investing strategy? So we started with directs, started to find some leaders in that space that we could really trust, trust with the capital, trust to understand our very unique situation because it wasn't a newly formed entity that had always had an allocation set aside and carved out for direct early stage venture deals, for example. That then led us into, so we took a few years of learning there and then that started to build out our appetite for say the venture space. So we started to dive into then our emerging fund managers, recognizing that we wanted to be exposed to different experiences than the very homogenous experience of the board was. The best way to do that is to partner with a variety of different fund managers who are going to bring in deals that represent them, their communities and the quality of life, fact quality of life they hope to see. So that was kind of step number two and I think now step number three is us kind of chipping away at the public equities, public securities and larger portfolio approach because again, liquidity is key here. So how do we start to evaluate a broader portfolio, recognizing where we've come from, recognizing how we've scaled, recognizing how we preserve wealth for the long term and bring a very prudent lens to that approach. I think it's been a really fun opportunity and then I would say from Mota's side of kind of carving out a new vehicle specifically focused on female fund managers and female founders, honestly that came to fruition because of my own experience in venture capital as a female in financial services trying to raise her first few rounds. People were laughing me out of the room asking me if I knew what a P&L was, asking me who did the balance sheet? Do I know how to forecast? And I realized at that moment that, and this was just a couple of years ago, I realized that at that moment if I was getting that feedback as an Uber privileged white woman in that room I cannot imagine what founders who don't come from my background, what feedback they get and what founders who don't look like me, what kind of feedback they get. I think it's also easiest to lean on your, again, past experiences, right? What's the past experience of the family? How can you pull on those different levers? We've got strong interest in biotech right now because one of the family members is really focused on healthcare and preventative healthcare metrics. So how do we kind of give people a space in this really fun and exciting new kind of, I guess, venture approach and impact approach because you can find something for just about everybody on the team for them to get really excited about pretty quickly. I don't really remember the question, is that the question? You did great, you did great, don't worry about it. But Luke, I mean, you had a very succinct answer earlier. I often feel like when I am on a panel and I have a very direct and to-the-point answer earlier and then everyone has these beautiful beautiful, loquacious answers, I'm like, ah, man, I should have mentioned like four other things. I think he's calling you out on your line. No, I'm just asking if there's anything else you would like to add. And you could say no, that's fine, about your experience and how you're coming into a position of leadership within the Sorenson Impact Group. That's a great question. You asked about dynamics with coming into a family office and I could touch upon that. I really need to talk about my father, Jim Sorenson. And the most important things were not financial things. So something that my dad used to say from when I was young enough that I didn't really understand what he meant by saying it he used to say, I never want to rob my children of their accomplishment. And so that's kind of a, I think a good principle that's embedded into our family office, if you will, is that members of the family can have self-selection. They're not pressured to do anything and they're not just given anything. Because that would rob them of their accomplishment. But we do want to create opportunities in which someone can succeed. And that starts inside the family. It really starts inside your heart and then into your family. And then you take that model then out to the rest of the world and the community that you want to create opportunities for success, not rob people of their accomplishment, but create an ecosystem and a platform where people that otherwise might not have access just to start a fund can do so. And a great example is with us here today, Gina Klein of Enable Inventures who were partnered with. I've never met anyone who has this kind of depth and passion for the disabled that Gina does. And that is absolutely differentiated. There's not a fund anywhere that's focused on this massive, massive market where 20% of the world's population is disabled. And I'm thinking, why didn't we think of this at Swanson Capital? But I think Gina would probably say it's difficult to get into private equity. That's the most difficult thing is getting in. And that's something that we can, that's a solvable problem. I'm excited to see how we continue to sort of push on that problem and change the way that the system actually operates. But we're going to do questions, I promise. Very quickly, but right before we get into it and we'll just do straight down the line, many people who come up and speak on stage at SoCAP all the time all of a sudden appear very inaccessible. And then it's like, oh man, I don't even know what they're actually looking for here. So what are you looking for at SoCAP, Caroline? Great companies to invest in and other like-minded partners, whether that's family offices, foundations, institutions who want to be a part of a cohort of really amazing people who are putting their money where their mouth is and learning from each other. And you can find me on LinkedIn. So everybody mob Caroline, and then moving on. Can I just like double down? Agree, yeah, no, no, but I totally agree. I would say something that's been really fun for us to build out and exciting for us to build out is kind of the smaller ecosystems. Frankly, female investors, you all heard the shtick earlier about wanting to move more capital in the hands of more women, because when you do so, we know that 90% of women reinvest their income and the capital they bring home into their communities, and that's compared to 30% of men. So if you're a female founder, female founder, please find me. And also Nav, it's raising. So I also always have to do a plug-in. So yeah, find me after. So I'd also echo a lot of what's been said already and just to throw out another number. We look at the $69 trillion that are invested annually, less than 2% are into women and people of color run companies and funds. So it's also a big focus for us. So we're looking for additional partners for our work at Impact Experience. We launched an initiative recently called Business for Climate Finance, where we're working with companies, actually many of which are family businesses, but also more broadly to decarbonize their financial supply chain. So all with a focus around climate justice and looking at 401K plans and broader cash deposits and how do we integrate more of a climate justice focus there. So particularly interested in engaging folks around that, but also just more broadly. I love that, let's talk about that later, yeah. So cool. I'll just hit one purpose I think that SoCAP has. In traditional finance, the best tools that you have, you keep proprietary. You keep them as a competitive advantage. That's one of the things that traditional finance could learn, it's a good principle that can be brought from Impact into traditional finance. Here is at SoCAP, you take the best principles, the best tools that you have, and you wanna share them with everybody because you're mission-driven and the mission isn't to beat everybody, it's to accomplish the mission and help other people do that. So this is a really special place where you can, you can get access to the best ideas and partners and tools in a way that I think you can't most other places. I 100% agree. It's almost like when you're trying to do really big things, you cannot do them alone. I won't say the one line about going fast, go alone, go far, go together, it's too overdone in the Impact space. So I think we'll probably just get to questions and I will lift this like 80-pound iPad and see what people are asking. I mean, one of the things that we've talked about a lot and we've touched upon it like a little bit throughout the conversations. We've talked a lot about direct private placement, which is important, absolutely, but how do you guys think about the public side and what are your thoughts regarding Impact in public markets? How do you like to think about it? I can share. So we do quite a bit of work also on the public side. We actually have been doing a lot of work looking at shifting capital from more extractive agriculture to more agroecology and regenerative agriculture and that's been particularly focused around public equities. We work with a group, for example, Adesina Social Capital, the Integrate Racial Climate and Gender Justice into their public equity portfolio. And I think one of the really exciting aspects, given that, particularly for so many families, that the significant amount that the capital is in public equities, like not having a public equity strategy, just given the current structures, is a really important aspect. I also think the power of shareholder advocacy, it can be huge groups like As You Sow that really help to galvanize proxy voting plays a really important aspect in the ecosystem. So I think it's an underutilized area that there's more to be done. I would also say it's a really great strategy to lean in on if you are a next gen and that's, again, I would assume the bulk of the portfolio is in public equities. So I imagine that for us, it's been a really exciting opportunity for us to really lean into those allocations, understand what kind of the history behind some of the longer standing holdings and start to then either shift within the portfolio or do a new carve out with a new investment manager. So we've actually, we brought on a new woman, female manager and advisor onto the team who helped and she and I worked together to build out a gender portfolio for public equities. And that was super exciting. And of course now she's outperforming that product but that basket really is outperforming all the other guys. And so the rest of the family wants in on that as well, and so that can actually be a much easier approach. And I think also a really great way to help bring maybe the younger generation into the fold. They're not necessarily going to be able to diligence to the degree that we need from a kind of responsibility and degree of certainty on the maybe private or venture side but they certainly can start to understand your evaluation process for the public equity strategy and to build out those different themes or theses within that larger portfolio has been so much fun. So obviously you're not too far into this at all. Just barely scratching the surface. No, I thought you were looking at Caroline. Already, absolutely, right? You know, you got to put your money where your mouth is. Yeah. That's effectively it, right? Preach. You know, you just, you got to do that. And if you need to do that then you obviously can't do it all overnight. Though I think Lauren circuit somewhere did do that for you all. But I think it's really important to start to lean in to the entire portfolio across the board. And that's often when women are left out of the equation in these family settings. We're so often relegated to the philanthropic side of the house. And that is fundamentally doing the entire family in disjustice because sorry for all the men in the room we're probably gonna live longer. So you're effectively setting yourself up for failure. It's true. And I think it's incredibly important to make sure that every next gen stakeholder has some exposure that's an equal level of exposure across asset classes as soon as possible. I think we just recently learned that two thirds of wealth will actually be in the hands of women by 2030. Yes. So you're really doing your office a disservice if you're not focused on the women in the group, right? I have no wealth. I was just looking at you. It's a global you. Shall I look at Luke instead? How do you think about public equities and in the broad range of things that we do with Sorenson Impact and all of the ways we think about impact, how does the public fits in? Well, public companies care about what their shareholders care about. And so showing as a shareholder what you care about is what's going to make public companies move. And that's what we need to do is show them what we care about. Well, I know we're coming up on time here. We're right near the end. And there's been kind of this pernicious conception across the traditional finance space that impact is a place for concessionary returns. And there are some organizations that really embrace the opportunity to have a blended capital structure and use that to be catalytic with their investments and the change that they wanna see in the world. Others really focus on impact as a way to sort of drive outside returns. How did each of you kind of think about impact? I think we'll end its relation to returns and how do you balance those things? You feel like there's a tension there. Do you feel like it's an opportunity to drive more? And we're really at the end. So we'll try and be like very succinct here. Caroline, how do you think about it? Yeah, I think what I keep hearing over and over again is gone will be the days where it's like impact bucket and then just like investment bucket. My prediction is that like in the next five, 10 years hopefully sooner than that, most family offices or most institutions will be thinking about things through that lens in general knowing that it's number one really important and needed. But also you're not sacrificing returns or all of these different assumptions that people have. So I think that will be the new trend. But are you actually putting your money where your mouth is from really a substantial perspective and something that's really going to drive long-term impact versus just short-term impact? So I think that's gonna be the main question moving forward. Yeah, I completely agree. I think I still have overwhelming hope for the retail investor that's driving these pressures forward at least in public equities as we just mentioned and completely agree with Luke for that reason that if you're not solely focused on impact as a lens of measurement across your asset classes you're probably gonna lose because never before or never throughout time we had more access to both by proxy to share our knowledge and understanding of the space. Oh my God, I'm looking at the time. So I think it's really powerful that there are an increasing number of opportunities in the impact space invested in a fund of funds aluminum capital that are really looking at the intersection of both great returns as well as great impact. But then also we do work around like redistribution of wealth and like more innovative finance and structures that are more concessionary that play a really important gap within the ecosystem. And I think that we need both, right? And we need, because there's a for all of the different challenges that the world is facing being able to ensure that we have the right pools of capital that are aligned with the greatest needs is as well as an opportunity. So excited to continue the conversation. I couldn't say it better than that well said. So impact, thumbs up? I think, I think we're a thumbs up. I think we're a thumbs up. Well, thank you all so much for taking the time and sharing a little bit more about Family Offices. I so appreciate it.