# Deal-by-deal funding

Raising the equity for one acquisition at a time, with no fund behind it.

A committed fund pays a [searcher](https://searchspheresource.com/glossary/searcher) to look and has the money ready when a deal closes. A deal-by-deal raise has neither, so the search runs on savings and the equity is found again for every acquisition. The cost is speed and certainty, since any investor can pass on any deal and a seller watching a diligence clock will notice. What it buys is control: nobody holds a claim on the next company, the terms are set once against a real business instead of in advance against a hypothetical one, and the searcher keeps more of what they build.

In numbers: Buying a $4M business with 80% debt leaves $800k of equity to raise, found from scratch again on the next one.

Source: https://searchspheresource.com/glossary/deal-by-deal
Not dated: A definition is editorial: what a term means, why it matters, and an example. None of it reads a source that can go stale, so there is no date to take and a stamped one would be the build time wearing a costume.

Site index for machines: https://searchspheresource.com/llms.txt