To answer your title question, I think most common is your average everyday entrepreneur who through their lifetime has bought or built more than one company, most likely a lifestyle one, your car washes, laundromats, service franchises, etc. Although many of them have probably never heard the term ETA before. If you mean those that are AWARE they are in the ETA space, I think what is most common is a single venture that they have added on to or have maxed out efficient growth and move on to a new venture with the same playbook, likely roughly adjacent to their previous acquisition. At it's core not very different than the unaware ETA member. Once you scale outside of your individual entrepreneur or partners, I think you'll see most commonly a lot more structured multi-ownership with direct theses, although with the intent to sell their companies within a shorter benchmark.

Agree with a lot of these descriptions from Derrick with another way of summarizing the difference being: Hold Period: "Evergreen fund" vs Planned Future Exit Strategy: Single Industry Thesis Consolidator vs Conglomerate