I'm looking to better understand the current market for deal-by-deal equity in the lower middle market. For those of you actively investing alongside searchers or independent sponsors: -What check size do you typically write per acquisition? -At what point does a sponsor become "institutional" enough for you to invest? -What are the biggest factors that separate sponsors you back from those you pass on? I'm building an acquisition platform focused on founder-owned hospitality, event infrastructure, and business service companies. Rather than raising a blind pool, my intention is to pursue acquisitions on a deal-by-deal basis with long-term capital partners. From conversations I've had so far, it seems there are many investors writing $250k+ checks, but I'm trying to better understand the landscape for investors who regularly commit $500k–$1.5M of equity per transaction. If you invest in that range, or know firms or family offices that do, I would appreciate any guidance or introductions. Even general insights on how sponsors typically build those relationships would be incredibly helpful. Thank you in advance for sharing your experience.