How to evaluate, allocate, due diligence
Investing in a search fund is not like buying shares in a public company or committing capital to a diversified private equity fund. It is a concentrated, illiquid, relationship-driven investment in a single operator and, eventually, a single business. The due diligence process reflects that reality — it is simultaneously more personal and more specific…
The numbers that circulate around search fund investing are striking. A 35% IRR. A 4.5x return on invested capital. Exits that have returned 200 times initial capital in the most exceptional cases. For investors accustomed to public markets or even traditional private equity, these figures can seem almost implausible. They are real. But they come…
Search fund investing has quietly delivered some of the most compelling risk-adjusted returns in private markets over the past four decades. Yet outside a relatively small community of family offices, former operators, and business school networks, most investors have never heard of it. This guide is for those approaching the asset class for the first…