https://www.barrons.com/articles/senate-bill-carried-interest###-###-####

I'm sure it will depend funded vs un-funded but it seems like this could hit traditional searchers pretty hard if it goes through. I'm just not sure how searchers would be categorized given that they often put up no capital of their own and are working in the business.

The natural follow on question if this does impact searchers is, "do searchers need to think differently about valuation?"

Thanks for any thoughts!