Yes, I would classify the answer in 3 groups: You can fundraise from HNW individuals and/or family offices fairly easily for the right deal. These investors will accept higher risk than institutional investors. The second group is debt providers. Again, they provide debt on the underlying business for the post part. You may not be able to use SBA loans depending on the exact scenario, but if you intend to raise for multiple businesses you wouldn’t want to use this option anyhow. I don’t really like personal guarantees at all. Lastly, institutionals usually have a specific LP remit and it’s unlikely they would invest in your initial deal. However, if you build a platform or organically grow over 3 years of financials you should be all set to exit/raise a second recap.

I believe what you are describing is a PE fund, right? Investors contribute capital to a group to acquire a portfolio of businesses and have existing management / operating partners run the businesses. Terms have to be fixed when you get capital (otherwise, what are investors investing in?). I suppose you could raise capital for the right to invest in any deals you find (on what terms?). I think that would be extremely difficult to raise unless you are Steve Schwarzman, but the universe of options has greatly expanded beyond traditional search and new and innovative models are being used all the time. Give it a shot!