Advice: setting up a fund with the owner of a platform company

Hello,

I am working on a potential deal with a company owner. The owner does not wish to exit completely and would like to continue to be in the picture.

The idea would be the following:
1) the owner would like to discontinue his role as the CEO of the company and promote someone from within
2) I would partner with the owner to set up a fund and raise capital
3) We would use part of the capital to invest in the company in question - as a platform company / play
3) We would use the remaining capital to acquire minority (or majority) stakes in other companies and build commercial partnerships across the operating companies and accelerate their revenue growth

Not having experience on the deal side, this feels to me like a hybrid between a PE and search set-up and I am not sure how to think about whether this is a common model, what are the risks, considerations, potential conflicts of interests and on how to set this up successfully. If that is not a viable model, I'd also be curious to get insights on alternative set-ups.

I am looking for someone who would be open to chat with me about these questions and can share their perspective and experience on this topic. Drop me a note below and I will DM you!

Thank you