While capacity is an issue at present with some particularly larger investors, the issue is about 6-12 months premature. There is still capacity left in some very talented managers which will be absorbed in short order. The real talent crunch will occur when the Japanese enter the market en masse. At that time, there will be a dramatic decline in the quality of managers available to take capital (ie. the good ones are filled to capacity). Right concept in my opinion, a bit premature. Best. Neal.