I'm trying to understand how the economics work for an investor in traditional search fund. Please feel free to point me to literature to explain.

If I raise 10 units (@50k/each) and an investor takes 1 unit, they get the pro rata right to buy 10% equity of the deal. Now lets say the EV of a deal is 10M (2m EBITDA).

Invested Capital = 6M
Debt = 4M

Would they get the 10% of the business for 600k equity check or 1M? Sorry I know I'm oversimplifying here and this is a remedial question. Any help is most appreciated.