DO SEARCHERS EVER PARTNER WITH PE FIRMS (AS A SINGLE SOURCE)?

Do searchers ever partner with a single private equity firm as their source of capital rather than partnering with a larger number of funding sources? Working in banking, I see the approach of entrepreneurs, sometimes called operating partners, working with private equity firms and taking economics on the deal when they acquire a company, then operating it for a few years. If this model is different fundamentally, could someone please help me understand why? If taking funding from 1-3 private equity firms f0r a single deal isn't common (or then disqualifies the vehicle from being a "search fund"), why is this? Would the terms be too stiff for the entrepreneur to have good economics? Would it difficult to achieve the partnership?



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