Another positive: more widespread knowledge of the search fund model and strong returns in the space will likely drive increased equity and debt investor interest, ultimately leading to better terms for searchers raising capital.

I think it will be good in first stage for investors, who will find more searchers to invest in so, presumably, they should be able to find more talent. On a second stage after some searchers struggling for investors and deals, more investors should enter the ecosystem making it easier for searchers to find investors. At this point an excess of liquidity could drive valuations up, making returns lower for investors. Overcrowded markets aren’t good for anyone since they become beta markets instead of alpha generators.