I heard of self funded searchers offering 8% perf plus 20% of the upside to investors. Is anyone actually getting these terms?

I spoke to several potential investors recently and generally understood that investors are looking for 8-14% plus 50-70% with performance tiers depending on deal attractiveness, etc.

I can see how one could raise perhaps $500k or so from small unsophisticated investors and friends on very searcher friendly terms.

However, has anyone here actually raised a larger amount of equity ($2-5M) on terms anywhere close to 8% pref + 20% of upside?