Dear all,

I started raising search capital for my search fund in West Africa in early January###-###-#### However after preliminary discussion with some potential investors, I felt the need to generate pipeline. Thanks to my past experience in Private Equity, I managed to source few proprietary opportunities I like (with NDAs signed and information shared) and I think there is opportunity to have a closing in the coming months. Therefore at this moment I don't feel the need to raise the search capital anymore (except maybe for due diligence and closing fees, but i have not decided yet). I still plan though to do the fundraising for the acquisition as I don't have myself the funding. Hence my questions are:
- As a searcher what does this situation change for me in terms of shareholding structure I could expect vs a traditionnal search fund and vs a self funded search fund. I have read about traditionnal and self-funded search but i guess my case is somewhere in the middle?
- If I decide to raise funds for diligence, structuring and closing fees, how would it count? I am guessing a 50% step up on those funds but I am wondering the kind of shareholding benefit would i expect as a searcher in that case

Many thanks in advance,