I suggest you handle oversubscription by being early, transparent and decisive: lock in core investors first to reduce closing risk, communicate quickly and respectfully with those you can’t include, frame it as an allocation constraint (not preference) and keep relationships warm by leaving the door open for future opportunities.

Thanks Luke. First, I’d step back and pressure-test what incremental equity could actually do for the business: does it meaningfully support growth, provide additional buffer for debt service, or reduce risk in year one? More cash on the balance sheet post acquisition can set you up for success. If you truly don’t need it, I’d then be intentional about which investors you want around the table long term. With the rest, I’d lean into openness and transparency: explain that the deal is oversubscribed (a good problem to have) and that you want to be respectful of everyone’s time and expectations. In my experience, honest communication early tends to preserve relationships better than waiting. Happy to chat more.