How do you structure returns between searcher and multiple investors?

When thinking about launching a search fund, do you typically embed a standard search fund economic split between the searcher and investors in your PPM first, then take that PPM to present it to investors in hopes of raising capital? Or do you negotiate the economics with your investor first, and then pencil it down in the PPM afterward? If the latter, how do you go about negotiating a term with multiple investors given that each investor may want to have different return parameters? I'm just trying to get an understanding of the order of operations...many thanks!