IESE's eighth biennial international study tracks 492 search funds outside the U.S. and Canada: returns rose to 2.8× ROI and 30% IRR, but the median fund slipped to 1.1×.
A Yale SOM analysis of 59 search fund exits shows about 80% of value creation came from multiple expansion, and warns current return profiles may be hard to sustain if that trend shifts.
IESE's Jan Simon documents why search fund deals go wrong, starting with the seller relationship and leadership failure, and offers practical fixes for each.
