Mezzanine vs Preferred Shares

Hi guys,

4 easy questions for the pundits here :)
1. Is it usual that a "growth equity investment fund" charges an arrangement fee?
2. What's the difference between a Mezz lender and Growth investor that wants to invest via participating preferred shares which resembles a PIK term loan + warrants)
3. Would a high company valuation associated with the preferred shares limits the ability of hte company to raise additional capital later on?
4. I am sure Mezz lenders would have a lien on the assets which the participating preferred shares holder wont have but from an economic perspective couldnt it be cheaper to just borrow from a mezz lender?

Thanks!