Does anyone have some insight they'd be willing to share on what market terms look like for a search fund targeting companies in the $1-2 million EBITDA range? Specifically, the following things would be helpful to discuss:
- Equity conversion premium (%) on search capital for investors to roll into the acquired business
- Promote hurdle(s) for Management (if any)
- Annual yield on equity post-acquisition
- Management Fee charged to acquired company (either $ or as a % of free cash flow)

I should also be sure to note that this is my first time raising funds to acquire a business, and as such the risk should be more carefully considered (and rewarded) for any investors. Investors will come from my network, all of which I will have a pre-existing relationship with, and are likely going to be more willing to invest based on the kindness of their hearts and faith in me to succeed.