Dears, unlike a traditional search fund with a 5-7 year exit horizon, we are building a permanent holding: no forced exit, cash flows reinvested, and a dedicated CEO / operating partner in each company. I'd like to learn how others have structured the investor side: which investors were comfortable with this model (family offices, evergreen vehicles, institutions), how return expectations and liquidity were handled compared to a classic IRR-driven structure, and how governance and searcher compensation were set up. Examples from Europe are especially welcome. Thanks for the support, Francesco