I was wondering how do searchers usually structure follow on deals when i.e. building a platform company from which they add on new companies.

Do they open access to follow on deals to new investors? Do they just do a regular capital raise to fund the new acquisition? Is it structured as some kind of side pocket to the original deal? Are IRR/MOIC tables for searcher compensation (equity accrual) revised when a new deal is closed?

Any thoughts and ideas would be useful. If anyone here has closed follow-on deals on their SF, it would be very interesting to know how they personally structured it.