Ibrahim and Khaled explain the Moonbase Capital business model
What makes Moonbase Capital unique in the search fund investment space? Ibrahim and his brother and co-founder Khaled Abdel Rahim sat down together for Episode 2 of Search Funded: The ETA Podcast, host Nick Lall’s show — making this the very first of what would become a recurring relationship between Moonbase and the podcast, with Ibrahim returning for at least two more appearances in the years since, including a milestone conversation five years later reflecting on how far both the firm and the wider ETA ecosystem had come.
With both brothers on the episode, the conversation went deep on what specifically sets Moonbase apart: the Search Fund Squared model, a structure built around backing a portfolio of searchers rather than a single search fund, giving investors diversification across deals while still preserving the hands-on, high-engagement support that makes the traditional single-searcher model work. Ibrahim and Khaled walked through why they built it that way, what problem it solves for both LPs and searchers, and how it positioned Moonbase differently from the handful of other search fund investors active in Europe at the time.
Key takeaways
- Search Fund Squared solves a real diversification problem. Backing a portfolio of searchers rather than a single deal spreads risk across multiple acquisitions instead of concentrating an LP’s capital in one outcome.
- Two co-founders, one aligned pitch. Having Ibrahim and Khaled explain the model together, rather than just one partner, reinforced that the structure reflected shared conviction, not a single founder’s preference.
- This was the start of a longer relationship. Episode 2 marked Ibrahim’s first appearance on Search Funded — a relationship with the show that would continue for years and multiple return visits as Moonbase itself grew.
- Differentiation mattered early. In a still-small European search fund investor landscape, clearly articulating what made Moonbase’s model distinct was as important as explaining search funds themselves.