IESE’s eighth biennial International Search Fund Study (excluding the U.S. and Canada) was released alongside the IESE Search Fund Conference.
- Produced by IESE’s International Search Fund Center with Stanford GSB, tracking 492 core search funds across 48 countries, with data through December 31, 2025
- Returns are up broadly: aggregate ROI rose from 2.0× to 2.8× and IRR from 18% to 30%. Even excluding the top three funds, ROI rose from 1.8× to 2.6×, as more exits give a truer picture
- The median fund slipped: median return fell from 1.4× to 1.1× and the top performer from 31.4× to 23.8×, so the typical fund did worse even as headline numbers improved
- Europe drives the growth: funds grew from 320 to 492, with Italy (17 to 36), Spain (67 to 98) and the UK (35 to 52) accounting for 67 of the 172 new funds
- Why deals fall through after an LOI: problems found in due diligence remain the top reason (59%, down from 63%), followed by valuation disagreements (41%, down from 48%). Lack of investor support is the only reason that rose, to 31% from 27%
- The study points to a maturing international model, though many newer funds have yet to show returns, which makes the next edition worth watching