IESE Search Fund Conference 2025: Recap and Key Takeaways

The IESE Business School hosted its annual Search Fund Conference in Barcelona, bringing together hundreds of search fund entrepreneurs, investors, operators, and academics from across Europe and beyond. The conference, which has become the premier European ETA event, featured panel discussions, case studies, and networking opportunities.

Conference Highlights

Growing attendance: This year's conference saw increased attendance compared to previous years, reflecting the European ETA ecosystem's continued growth. Attendees came from over 20 countries, with strong representation from France, Spain, Germany, the UK, and Italy.

Panel: "The State of European ETA": Senior investors and operators discussed how the European market is maturing. Key themes included the professionalization of the searcher pipeline, the emergence of dedicated European investors, and the persistent challenges of cross-border deal execution.

Case studies: Several completed search fund acquisitions were presented as case studies, offering candid insights into both successful and challenging outcomes. Particularly valuable were discussions about post-acquisition operational challenges that searchers face in their first year as CEO.

Key Takeaways

• Self-funded search is growing faster than traditional search in Europe: Several panelists noted that the self-funded model is gaining traction, particularly in markets where the traditional two-year funded search model is less established.
• Industry specialization matters: Successful searchers increasingly develop deep expertise in a specific industry before or during their search, rather than applying a purely generalist approach.
• Succession planning conversations are becoming easier: As ETA awareness grows among European business owners, sellers are increasingly familiar with the concept and more receptive to discussions about search fund acquisitions.
• Cross-border deals remain complex but rewarding: Several case studies highlighted both the challenges (legal, tax, cultural) and opportunities (less competition, attractive valuations) of acquiring businesses across European borders.

Networking and Community

Beyond the formal program, the conference's networking sessions remain its most valuable feature. The ETA community is inherently relationship-driven, and the personal connections formed at events like the IESE conference frequently lead to co-investment opportunities, mentorship relationships, and deal referrals in the months that follow.

Looking Ahead

The IESE Search Fund Center continues to play a central role in building the European ETA ecosystem through its research, education, and community-building activities. The next conference is expected to be held in spring 2026.