Permanent equity - what is it exactly?

'Permanent equity" is the buzzword that permeates the search fund community. And yet permanent equity is hard to define.

Some of you may have spoken to Compounding Labs, a US investor syndicate with a search fund background - and a very long term horizon.

For those of you that haven't, and are toying with the idea of Long Term Hold, check out this article: https://rollupeurope.beehiiv.com/p/64x-moic-target-american-search-fund-royalty-what-permanent-equity-really-looks-like