With about 30-35% committed to our search capital thus far, I am actively fundraising for the middle portion of our search capital. Most of our committed investors have investments in search funds and/or SaaS SMBs. I am about 2 months into fundraising.

Here is what's interesting: I have spoken with 5 or 6 additional investors who have expressed interest in backing our search (met with them twice, have SaaS investments, and said they like my profile) BUT they stop short of giving me a firm commitment -- instead they ask me to reach out after I have raised ~50% of the search capital. Sometimes they tell me, "It doesn't make sense for us to come in early". While that is not a no, it is also not really a yes. Again, I want to reiterate that these are usually very positive conversations.

Does anyone know why this happens or what the thinking behind an investor asking a search entrepreneur to reach out later?

**If you are a SaaS investor or post-acquisition searcher, feel free to send me a message. Would love to chat!