The 2nd cheque

Kind of going through this right now. We modeled a 10% buyer injection, some of which would come from a capital raise. We had always considered that we would try to over subscribe the raise and were lucky that we did, majority of the lenders on the deal I'm looking at are requiring a cap injection closer to 20%. Although it changed my percentage ownership a bit, it was not significant enough to dilute my control. So my advice, when raising capital, plan to raise more than you need. the Total project acquisition cost may be higher than you think.

Thanks for the tag ^Searchfunder member‌. ^Searchfunder member‌, I don't have any direct experience as an investor or searcher (sorry, just an M&A lawyer). As you no doubt know, capital calls are often negotiated upfront. We've certainly included them in stockholders agreements. It depends on the power dynamic. The GP (or equivalent) usually wants that discretion. The LPs will fight it. Hoping others in the community can give you practical examples from recent experiences. Happy to discuss further, if helpful.