Will we start to see a decline in the number of traditional searches? I think so

At Footbridge Partners, ^redacted‌, ^redacted‌, and I are seeing what feels like a meteoric rise in the number of committed capital vehicles / HoldCos at the expense of entrepreneurs pursuing traditional search. (Note: we're excited about these vehicles and leaning in where there's a compelling thesis, strong entrepreneurial talent, and a right to win in the target industry). I suspect these CCVs / HoldCos will continue to pick up steam, and I bet we'll start to see a decline in the number of traditional searches raised on an annual basis. Hard to say by just how much, but in a handful of years, I think we'll look back at 2025/2026 as a turning point in the ETA ecosystem. What are other people seeing? Do you all agree?