Hello Edgar, my knowledge is limited here, but it seems you are talking about independent sponsors where the sponsor takes the management role. I do like those models, but it is likely you willl need to finance the search yourself.

Hello Edgar, Let me try to help based on the insights I’ve gathered from speaking with over 40 searchers while setting up my own Search Fund. I understand you’re referring to a model where equity is raised directly for the acquisition of a company. Regarding your questions: - Investors: The investors who support these hybrid models are generally the same as in a traditional search, since you approach them with a live deal in hand. However, these setups can also attract other types of investors who are less common in traditional searches, such as family offices. - Due Diligence Financing: From the experiences of other searchers pursuing similar approaches, funding the due diligence phase often becomes the main bottleneck. Some raise specific capital for DD, some finance it themselves (self-funded), and others roll those costs into the acquisition price. - Evolution into a Platform: Yes, I’ve seen a few cases where this model evolved into a small investment platform after the first deal. Happy to chat and share more details if helpful. I also hope other searchers can chime in and share additional context or perspectives on this topic.