EXTERNAL RESOURCES

Search Funds: A Rising Asset Class – INSEAD Knowledge, 2025

December 15, 2025 No Comments

Search Funds: A Rising Asset Class Outperforming PE and VC  A more recent (2025) external-institution article discussing why search funds are increasingly viewed as an attractive alternative to traditional private equity or venture capital Highlights the comparative advantages of search funds: buying stable, cash-flowing businesses rather than backing high-risk, high-growth but uncertain startups which can offer more control and lower volatility for investors

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2024 Search Fund Study Stanford GSB (US & Canada)

December 15, 2025 No Comments

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.

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2024 International Search Funds Report IESE / Stanford GSB

December 10, 2025 No Comments

Search funds asset class maintains global growth – An IESE Report  IESE’s 2024 international search fund report, covering those outside the United States and Canada, examined 320 funds formed in 40 countries on five continents.  International search-fund activity reached new heights last year, with a record-setting 59 new funds formed and 31 acquisitions made. For the searchers, 71% of whom graduated from an MBA program, the most popular industry for acquisitions was technology, followed by services and healthcare.     

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Search Fund Primer

May 30, 2022 No Comments

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.

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Search Funds, 2020

May 19, 2022 No Comments

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.

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Search Fund General Info

May 19, 2022 No Comments

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.

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