What is the market structure for buy-side banking fee for $200MM to $1B EV deals?

What is the market structure for buy-side banking fee for $200MM to $1B EV deals?

Is there an approximate max or cap for a percentage based fee?

Interested in your thoughts on this fact set: -Seeking an acquisition target for a SPAC -Target is $800MM EV -$400MM Debt -Would purchase 25% of the equity: $100MM

A 1% EV fee of $8MM is 8% of the equity. This is BEFORE fee for raising money, etc. Once adding in fees for financing, etc, the dilution from the fees are a deal killer for the seller. How often are buy-side fees capped, based on equity size, etc. Thoughts would be welcome!

Thanks all.

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