Does anyone have any experience working as a partially self-funded search? How does the 1.5x step-up work, given that a portion of the search is self-funded. Would the self-funded portion also be entitled to the 1.5x step-up? How would the search fund capital be valued at the time of acquisition?

For example, consider a search fund budget of $500k in total. If it was fully funded by outside investment, I understand the step-up to $750k towards equity value. However, if the budget is $500k, and the searcher puts up $200k and raises $300k, how would the economics work for the searcher-funded portion? (I'm assuming here that the investors, who put in $300k would be entitled to the 1.5x step-up, yielding $450k of equity value. How would the $200k searcher investment be handled?