What is fund sponsor appetite for non-traditional principal economics?

Searchfunder community -

I'm curious what experience folks have had with non-traditional principal ownership arrangements.

The traditional structure for the search principal is ~25% penny warrants, comprised of a mix of upfront, time vesting, and performance vesting units.

But what is fund sponsor appetite for something like a rollup "promote", whereby the abovementioned warrant % is lower (e.g., 15%), but there are "promote" shares attached to each rollup acquisition? The idea being that an M&A driven growth strategy would be better aligned with some sort of incentive per rollup deal executed, rather than simply a fixed % vis a vis the traditional structure.