Adding to Greg’s insights, also has a lot to do with the group you assemble, and how they think about risk and returnfor their “mandate”. If you have a very diversified group of family offices and hnw, that don’t do a lot of direct buyout type investing, that you assemble (on a low priced deal, etc.) you may achieve better terms as the sponsor (ie the preferred return alone may be attactive to them relative to their alternatives). Another example (easier to achieve for more experienced sposnors) If deal is cheap enough on multiple basis or has some assets, you may find a lender who is willing to give away a lot more equity (and or via structured seller note), but while these examples exist, my advice would be to seek a solution in the center of the bell curve, particularly for first time sponsors, or if you have any real question about support for the deal you want to do. Good luck.

Would there ever be the possibility of taking 20% of the equity just for closing the deal? After all, you're doing all the legwork in sourcing the deal, and traditionally you can get 10%. The "doing-it-for-free" should be worth something up front?