Stockbridge managing director Mark Carlson says the boutique pension fund adviser has value, core, and opportunity funds in addition to separate account clients, operating in major metros in the US. San Francisco and Silicon Valley have proven to be way more cyclical than people thought, he says, but the market has legs. He sees tech tenants that started in the Valley moving north into San Francisco instead of expanding south into San Jose, because it's all about recruiting talent and San Fran has a vibe. What we haven't seen is a recovery in the FIRE tenants.