WHEN DO INVESTORS PAY THE SEARCH PHASE FUNDS? ONCE OFF OR IN TRANCHES?

Looking for some practical advice here - a 2 part question
1.) Do investors pay in the Search phase budget to the fund in one go? Or in tranches (e.g. every 6 months)
2.) What happens to unspent search phase funds? Are these rolled into the acquisition at the 1.5X step up? rolled in without a step up? Or paid back?

In the scenario where you raise for a 24 month search and find a company within, say, 3 months, the way you handle the unspent funds will impact equity dilution. Would be keen to understand what's worked for others.



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