Drawing on interviews with 17 early search fund pioneers, this IESE note breaks down what actually makes the model work.
- By Rob Johnson of IESE, drawing on 2014 interviews with 17 people involved in some of the earliest search funds in the US and the first one in the UK
- Frames the model around three players: the searcher as jockey, the investor as trainer, and the acquired company as the horse
- Covers the search process, how funds are structured, acquisition financing, and the board’s role