June 1, 2025

Book Review: Acquired by Jacob Orosz — Essential Reading for Search Fund Entrepreneurs

Acquired by Jacob Orosz gives search fund entrepreneurs a rare inside look at the seller’s mindset, revealing what drives business owners to exit and how they prepare for a sale. Written for owners of $10M–$100M revenue companies, this book is an essential resource for searchers who want to understand seller psychology, spot value drivers, and structure win-win deals. Learn how to identify motivated sellers, recognize red flags, and position yourself as the buyer of choice—all from the perspective of the people you hope to acquire.

May 19, 2025

Beyond Germany: What Searchers Need to Know About the DACH Region

Explore key lessons for search fund success in the DACH region- Germany, Austria, and Switzerland. Learn how cultural nuance, local networks, phased strategies, and personal flexibility can help entrepreneurs and investors navigate this dynamic market of 84 M+ people and $5.9T GDP. Insights from ASPEON Partners and Moonbase Capital reveal what it takes to thrive across borders.

May 3, 2025

The case for search funds in Germany 🇩🇪

Explore Germany’s evolving Search Fund landscape in this installment of our Deep Dive Series-an in-depth look at the rise of entrepreneurship through acquisition, the pivotal role of SMEs and family businesses, the looming succession crisis, and the unique cultural dynamics shaping business transitions in Europe’s largest economy.

May 1, 2025

Broker Networks and Direct Sourcing: How This Searcher Duo Navigates the French Acquisition Landscape

Meet Pierre Nicolet and Baptiste Guez—two dynamic search fund entrepreneurs reshaping the French-speaking business landscape. Backed by Moonbase Capital, they’re combining entrepreneurial grit with financial acumen to acquire and grow a standout SME across France, Belgium, or Switzerland.

May 1, 2025

Poland’s Search Fund Pioneers: A Conversation with Constantin Marek and Michał Kamiński

Meet Constantin Marek and Michał Łukasz Kamiński, co-founders of Lynx Trail Capital and pioneering search fund entrepreneurs in Poland. In this in-depth interview, they share their journey, strategy, and why Poland is primed for the next wave of search fund success.

May 1, 2025

Building Effective Boards for Search Fund Companies: From Governance to Growth Acceleration

Discover how effective board construction can dramatically accelerate growth in search fund-acquired companies. Drawing on real-world experience and research from Yale, this article outlines 10 actionable strategies for CEOs to build high-impact boards that support both leadership development and long-term value creation.

May 1, 2025

Managing Seller Involvement Post-Acquisition: Strategies for Business Transition Success

How involved should the previous owner be after you acquire a business? Moonbase Capital's Aly Abdel Baki breaks down the risks, benefits, and strategies for managing seller involvement post-acquisition—so you can lead with confidence and clarity.

January 27, 2025

Breaking New Ground: Lisa Stuhler, Germany’s First Single Female Search Fund Entrepreneur

In this edition of Search Fund Squared, we’re thrilled to introduce Lisa Stuhler, the very first single, female search fund entrepreneur in Germany and founder of Tilia Nachfolgekapital GmbH. We, at Moonbase Capital, are proud to be investing in Lisa’s search fund as she embarks on her journey to acquire and grow a business in the DACH region.

January 14, 2025

From Corporate Ladder to Search Fund Pioneer: Kenneth Cheng’s Journey in Southeast Asia

Moonbase Capital is proud to announce its investment in Mission Kay Capital, founded by Kenneth Cheng. A seasoned leader, Kenneth’s journey began with launching one of Australia’s early e-commerce ventures in the 2000s, successfully exiting after 4 years. His career has since spanned global roles at Accenture and BHP (formerly known as Billiton), but a desire to build something of his own led him to the search fund model.

December 16, 2024

Partners in Search: Pablo Delclaux and José de la Campa on Teaming Up for a Search Fund Adventure

Running a search fund can be an uphill journey, but is it better to go it alone or team up with a partner? In this edition of Search Fund Squared, we spoke with Pablo Delclaux and José De la Campa, co-founders of Third Square Capital, a search fund targeting opportunities at the intersection of Mexico and the U.S. market.

December 2, 2024

Navigating the Mexican Market: Insights from Antonio del Valle

Have you ever wondered what it takes to be a successful Search Fund entrepreneur in a developing economy? In this edition of Search Fund Squared, we speak with Antonio del Valle Sierra, a Search Fund entrepreneur based in Mexico City, to explore his unique journey and the challenges and opportunities in the Mexican market.

November 18, 2024

Building Success Through Networks: Pedro Dorea’s Insights on the Search Fund Model

Have you ever wondered what it takes to become a successful search fund entrepreneur? In this edition of Search Fund Squared, we sit down with Pedro Dorea, a Brazilian search fund entrepreneur who shares his unique insights and experiences on his journey to acquire and manage a company.

November 4, 2024

From Banking to Search Funds: Guilherme Tavares’ Journey in Brazil’s Evolving Entrepreneurial Landscape

Is the Search Fund model the secret to unlocking entrepreneurial success with lower risk? In this edition of Search Fund Squared, we sit down with Guilherme Aleixo Tavares, an experienced tech executive turned Search Fund entrepreneur, to explore his fascinating journey and glean valuable insights for aspiring searchers.

October 21, 2024

Searching in Southeast Asia: A Conversation with Gustav Astrom

This week, we’re excited to speak with Gustav Astrom, an already-experienced entrepreneur embarking on a search fund journey in Southeast Asia. With 18 years of experience building businesses in China, Gustav brings a unique perspective to the search fund model in emerging markets. Now based in Kuala Lumpur, he's set his sights on acquiring and growing SMEs in Malaysia and Singapore through his search fund Seastar Partners. His deep understanding of the region's economic potential, combined with his cross-cultural expertise, gives him a significant edge in this dynamic landscape.

October 7, 2024

The case for Search Funds in Italy 🇮🇹

The Search Fund model in Italy is still in its nascent stages, but it's gaining traction in a country known for its vast landscape of small and medium-sized enterprises (SMEs). This emerging trend is resulting in an increasing number of Italian searchers launching their own investment vehicles each year.

September 23, 2024

From startups to search funds: a conversation with Rehan Netarwala

In this edition of Search Fund Squared, we continue our deep dive into global search funds and sit down with Rehan Netarwala, a pioneering entrepreneur at the forefront of the new but very promising search fund movement in India.

August 26, 2024

Searching across the DACH Region: A Conversation with Anton Stockert and Stephan Pöll of ASPEON Partners

In this edition of Search Fund Squared, we speak with Anton Stockert and Stephan Pöll, co-founders of ASPEON Partners, a search fund focused on the German-speaking DACH region.

August 12, 2024

Pioneering Search Funds in India: a conversation with Anurag Sinha

In this edition of Search Fund Squared, we speak with Anurag Sinha, one of India's pioneering search fund entrepreneurs. Based in Hyderabad, Anurag's professional journey is marked by significant challenges and achievements, including launching his first venture as an undergraduate, witnessing explosive growth at Oyo Hotels, from a team of six to 3,500, with monthly GMV skyrocketing from zero to $20 million in just two and a half years, and managing crises in the hospitality industry during COVID-19. Then, at 27, he became CEO of a $100 million business unit in automotive retail.

July 29, 2024

Search Funds provide greater rigour and predictability than Venture Capital

Vagn Knudsen Salazar's professional story is nothing short of remarkable. Educated in three countries, he has worked in finance, led a successful family business, served as the CEO of an e-commerce venture that exited for $120 million, and raised $32 million for a startup.

July 1, 2024

Searcher Duos are unlocking higher returns in complex acquisitions

Searcher duos are on the rise and favoured by investors for numerous reasons. According to Stanford and IESE, searcher duos tend to bring higher returns, can buy better companies, and handle more complex acquisitions.

FIRST KNOWLEDGE

Search Fund General Info

IESE Business School in partnership with the Stanford Graduate School of Business has released the results of a biennial study of global search funds, providing important new insights on the financial returns and main characteristics of international search funds, along with the qualities of successful search fund entrepreneurs.

IESE Business School in partnership with the Stanford Graduate School of Business has released the results of a biennial study of global search funds, providing important new insights on the financial returns and main characteristics of international search funds, along with the qualities of successful search fund entrepreneurs.

Search Funds, 2020

The 2020 Search Fund Study reports on the financial returns and key qualities of search funds formed in the United States and Canada since 1984. This report updates the previous 2018 study with data through December 31, 2019.

The 2020 Search Fund Study reports on the financial returns and key qualities of search funds formed in the United States and Canada since 1984. This report updates the previous 2018 study with data through December 31, 2019.

Search Fund Primer

For those contemplating either pursuing a Search Fund or investing in one, CES has created a practical guide to answer the most frequently asked questions.

For those contemplating either pursuing a Search Fund or investing in one, CES has created a practical guide to answer the most frequently asked questions.

What it Takes to be a Search Fund Entrepreneur. September 25, 2015

Focusing on what qualities a Search Fund entrepreneur should have, with a short and precise video in the end with further explanation.

Focusing on what qualities a Search Fund entrepreneur should have, with a short and precise video in the end with further explanation.

Isn’t a search fund just mini private equity? January 2021

Article explaining the main differences between Search Funds and Private Equity.

Article explaining the main differences between Search Funds and Private Equity.

Search funds: a niche within private equity. March 1, 2021.

Presentation of the Search Fund model going over the reasons behind the success and what makes them different from the alternative possible investments.

Presentation of the Search Fund model going over the reasons behind the success and what makes them different from the alternative possible investments.

TRENDS

International Search Funds: Tracking Tomorrow’s Trend

Based on Selected observations of 2013, focusing on the initial stages when SF were created, what was the reason behind them, how they were created and what their steps are.

Based on Selected observations of 2013, focusing on the initial stages when SF were created, what was the reason behind them, how they were created and what their steps are.

Search Funds: Entrepreneurship Through Acquisition. April 2019

By Massimo Tiozzo Netti, Francesco Carraretto Focusing on Search Fund life cycle and some differences between Search Fund and Private Equity basics.

By Massimo Tiozzo Netti, Francesco Carraretto Focusing on Search Fund life cycle and some differences between Search Fund and Private Equity basics.

TESTIMONIALS

The Search Fund Model: How To Become A 28-Year-Old CEO, August 2014

Interview with Chris Hendriksen, a successful entrepreneur who raised a search fund and became the manager of a small healthcare business. Next to his partner they grew it over $30 million in revenue sold to a private equity firm.

Interview with Chris Hendriksen, a successful entrepreneur who raised a search fund and became the manager of a small healthcare business. Next to his partner they grew it over $30 million in revenue sold to a private equity firm.

Why You Should Buy a Business (and How to Do It), February 16, 2017

Richard S. Ruback and Royce Yudkoff, professors at Harvard Business School, present the overlooked career path that Search Funds provide in a podcast, where they go over the basics and provide crucial insights.

Richard S. Ruback and Royce Yudkoff, professors at Harvard Business School, present the overlooked career path that Search Funds provide in a podcast, where they go over the basics and provide crucial insights.

Search Fund- What has made them work?

Review of the success factors of Search Funds based on a series of interviews conducted in 2014 with 17 people involved in the early stages of this new asset class.

Review of the success factors of Search Funds based on a series of interviews conducted in 2014 with 17 people involved in the early stages of this new asset class.

M.B.A.s’ Latest Pitch to Investors: Skip the Startup, Invest in Me. March 20, 2022.

Testimonials of MBA students on their path to acquire a business through the Search Fund model to become CEOs after their graduation.

Testimonials of MBA students on their path to acquire a business through the Search Fund model to become CEOs after their graduation.

The Most Exciting Asset Class in Private Equity? Search Funds from the Investor’s Perspective

Approach of the Search Fund model from the investors perspective, what differentiates them to other asset classes and their unique benefits.

Approach of the Search Fund model from the investors perspective, what differentiates them to other asset classes and their unique benefits.

ADVANCED KNOWLEDGE

International Search Funds – 2020: Selected Observations

Biannual study with insights on the financial returns and important growing characteristics of the Search Fund community. Targeting especially Search Funds outside the US and Canada and including differentiating qualities that define successful entrepreneurs.

Biannual study with insights on the financial returns and important growing characteristics of the Search Fund community. Targeting especially Search Funds outside the US and Canada and including differentiating qualities that define successful entrepreneurs.

2020 Search Fund Study: Selected Observations. August 13, 2020

In-depth research of 2020 statistics in the North American Search Fund community. Topics include entrepreneur profiles, searcher strategies, analyses of financial returns, and companies acquired characteristics.

In-depth research of 2020 statistics in the North American Search Fund community. Topics include entrepreneur profiles, searcher strategies, analyses of financial returns, and companies acquired characteristics.

Re-Thinking Search Fund Incentive Structures. July 2017

IESE study with the purpose to generate discussion acquisition-specific among the Search Fund community. Emphasizing the importance of an aligned relationship between searchers and investors.

IESE study with the purpose to generate discussion acquisition-specific among the Search Fund community. Emphasizing the importance of an aligned relationship between searchers and investors.