Hey all - I’m building a private equity fund for the first time.

This is new to me, but it has elements of search fund while also having a larger focus. To be specific, we are either looking for deals that come with a management team that will stay on (which we would acquire with private equity capital), or deals that would allow a competent and partially funded operator to come in with a small investment alongside the remaining capital needed make the acquisition (which would come from private equity).

Does anyone have experience with a flexible structure like this, where there are options to do either one? I have mostly heard about people doing one or the other, but we like the flexibility it provides, and we know a lot of people looking to buy a business that are not well funded enough and want to benefit from the experience and connections and resources we provide as established entrepreneurs.

Any advice would be appreciated - thanks!