'Permanent equity" is the buzzword that permeates the search fund community. And yet permanent equity is hard to define.

Some of you may have spoken to Compounding Labs, a US investor syndicate with a search fund background - and a very long term horizon.

For those of you that haven't, and are toying with the idea of Long Term Hold, check out this article: https://rollupeurope.beehiiv.com/p/64x-moic-target-american-search-fund-royalty-what-permanent-equity-really-looks-like