The Different Types of Search Funds

There has been, I would say on average, probably one or one and a half new search funds every year in that geographic area over the last seven, eight years. So there is traditional search fund activity. There's also opportunity funds where private equity people have these kind of opportunity funds that they run next to their private equity fund. Of course, it doesn't mean that every search or every searching vehicle or every ETA vehicle is going to find an acquisition to buy.