The 2024 edition of the study (data through December 31, 2023) tracks 681 search funds raised in the U.S. and Canada since 1984

• According to Stanford GSB, aggregate performance across these funds shows ~35.1% pre-tax IRR and a 4.5× return on invested capital (MOIC)  highlighting search funds as a strong-performing asset class vs. many alternatives.
• This study remains the benchmark for core search funds in North America, providing deep empirical grounding for investors, searchers, and academic reference.