I'm looking at a deal that could require $40m+ of equity from LPs/investors (I'd put in some personal cash, but not meaningful given size of transaction). Have an engaged Seller, but still in very preliminary stages of DD, and closing wouldn't occur until end of calendar###-###-#### The deal would come with a management team and I'd be involved, but not running day-to-day

Curious to hear hear what folks have seen for economics to the searcher in similar situations - (a) would imagine the traditional 2/20 wouldn't work here? (b) I've heard of others receiving 10-15% of the equity for similar transactions + ~$150k annual mgmt fee, but I don't appreciate the nuances (vesting schedule, how about for a partnered search, hurdles, liquidation preference, etc.)?

What are the typical hurdles for LPs that you'd see before you are "in-the-money"? 8% preferred return?

Where are the best pools of capital to tap to raise the $40m+ (family offices, high net work individuals, search investors, etc.)?

Thank you