Giannini

“Reducing the dominance of large technology companies…is probably not great for some portions of the industry, but good for private equity,” Giannini tells Fortune.

As to what lawmakers do about it, “I’m not sure,” says Giannini, but “to the extent that they do anything to diminish the power of those companies, that’s good for private equity because it creates opportunity for smaller companies.”

For private investors, says Giannini, that just “creates different opportunity sets.”

According to Giannini, whose firm has $73 billion in assets under management and advises on $474 billion in additional assets, the dominance of those FAANG names has been top of mind for private equity firms when scouting for deals.