Independent Sponsor - Path Ahead?

All - reaching out for the first time in a long time to get some perspective.

I have been an independent sponsor for a few years now, previously in MM and MFPE. I launched right before the interest rate spike, and despite macro headwinds, I've had some moderately good success with a platform and several add-on acquisitions completed. 

Now reflecting on the experience, i have a few structural concerns with this strategy:

•  i) The independent sponsor market has become incredibly saturated, driving up multiples and reducing the benefit of proprietary dealflow (too many groups chasing the same transactions and strategies)
• ii) The path to evolving to a committed fund is now less likely, with the macro disproportionately affecting smaller and emerging managers
• iii) Fee economics are brutal; to properly replace the salary of a traditional mid-level investing seat, you need to land a ~$10M+ EBITDA asset. At this size of asset, you are competing directly with funded groups that offer better certainty of close
• iv) Capital provider terms are getting more aggressive / punitive to independent sponsors; more aggressive use of preferred / private credit versus equity in years past
• v) And ultimately when a transaction is completed, you are unlikely to control the board or have the authority to drive the direction of the business. 

Now granted, this is terrific experience all-around, especially for someone coming out of a traditional investing seat. But what is the path ahead if one wants to transition out? Back to a traditional seat? Will groups be receptive? 

Open to any and all thoughts as I think through this.