Stanford GSB’s 2026 study reports on the returns and key characteristics of 862 core search funds launched in the U.S. and Canada since 1984, with an aggregate 33.9% IRR and 4.75× ROI as of December 31, 2025.
This 2025 INSEAD Knowledge piece explains why search funds are gaining traction as an alternative to traditional private equity and venture capital, targeting profitable SMEs that are too small for PE and too mature for VC.
Stanford GSB’s 2024 study remains the benchmark performance dataset for search funds raised in the U.S. and Canada, tracking 681 funds since 1984 with aggregate returns of roughly 35.1% pre-tax IRR and a 4.5× MOIC.
IESE’s seventh biennial international study tracks how the search fund model is spreading well beyond the U.S. and Canada, covering 320 funds across 40 countries with record fund formation and acquisitions.
A Yale School of Management study looks past pooled fund-level averages to ask what search fund investors actually earn, drawing on real investor-level results across 23 funds.
This piece breaks down why search funds have quietly become one of private equity’s most talked-about niches, from staged capital commitments to strong risk-adjusted returns.
The Wall Street Journal profiles a growing trend of MBA graduates raising search funds to buy and run an existing business instead of founding a startup.
Drawing on interviews with 17 early search fund pioneers, this IESE note breaks down what has actually made the model work, framing the searcher, investor, and company as jockey, trainer, and horse.
The Lower Middle Market traces the search fund model back to its Stanford GSB origins and explains what sets it apart within private equity.
SME Ventures unpacks why a search fund isn’t just “mini private equity,” covering how deal size, structure, and time horizon differ from a typical PE deal.
Stanford GSB’s Center for Entrepreneurial Studies put together a practical, unbiased primer for anyone weighing a search fund from either the entrepreneur’s or the investor’s side.
Harvard Business School professors Richard S. Ruback and Royce Yudkoff make the case for buying and running an existing, profitable small business rather than starting one from scratch — covering who the path suits, how to finance a search, and what to focus on when closing a deal.
Forbes interviews search fund entrepreneur Chris Hendriksen, who grew a small healthcare business past $30 million in revenue before selling it to a private equity firm.
