You will need to go through a typical application process to be 'hired' as an employee with these groups. They will give you 15% to 25% of the equity, likely in the form of phantom stock. Some will also give you a small percent of equity in your fellow cohort members deals - to encourage collaboration. They will own your dealflow and decide if you can acquire a business you source. If you fail to acquire in the pre-arranged timeline you may be able to negotiate an extension of some kind. This is a potentially great way to become a CEO of a small business - but keep in mind that during your search phase and your operating phase, you are an employee. They can fire you at any time and while it is rare, it happens. You must also meet certain goals to earn your equity, just like a traditional search. In exchange for all of this you do not need to provide a personal guarantee, you will be paid a salary similar to a traditional search, you do not need to find multiple investors, you will be provided tools and technology and guidance at whatever level you need to succeed. Imagine doing a 'partnered search' where your partner has already successfully gone through the entire process....
https://www.searchfundaccelerator.com/
https://www.spuracquisitions.com/
https://www.gtentrepreneurs.com/