As someone that worked for a bank for many years before spinning our team out because of Volcker I don't think this will have a dramatic impact on search funds. While there may be some, I don't foresee many banks wanting to invest in the "search" phase of the typical searcher, especially directly. Maybe some people will raise fund of funds and now be able to target banks as LPs. For the big/more sophisticated banks their minimum investment size is going to be above most search funds and for smaller banks unless you have a personal connection we have found them extremely risk averse to "equity" type of investments in general. I think the more direct impact will be on your potential debt capital providers like ourselves at Tecum.

Tyson, I should have specified impact to search fund acquisitions vs. the fund itself. Thanks for your insight.