TRADITIONAL FUNDED SEARCH IRR THRESHOLDS

I understand the traditional funded solo search is most typcially structured as up to 25% ownership (is this equity or promote?) separated in three equal tranches which vest: (1) immediately at closing of the transaction, (2) equally over five years (accelerated in certain cases), and (3) increasing based on achieving certain IRR targets.

Do I have any of that wrong?
Also, what are typically the IRR targets and associated awards related to #3?



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