Search Fund Industry Data

Verified statistics on returns, deal flow, and market growth. All figures sourced from peer-reviewed academic studies.

Sources: Stanford GSB (2024) · IESE Business School (2024) · Yale SOM (2025)

Key figures

681

Total funds raised

US traditional search funds (since inception)

Stanford GSB 2024

94

New funds in 2023

US search funds raised that year

Stanford GSB 2024

35.1%

Gross IRR

Aggregate to investors (all funds)

Stanford GSB 2024

4.5x

Gross MOIC

Aggregate multiple on invested capital

Stanford GSB 2024

2.0-3.0x

Net MOIC

Returns after fees & carry

Yale SOM 2025

320+

International funds

Search funds raised outside the US

IESE Business School 2024

$14.4M

Median acquisition price

For completed US search fund deals

Stanford GSB 2024

20 mo

Median search duration

From fund close to acquisition

Stanford GSB 2024

Return distribution

Gross returns to investors across all completed US search fund acquisitions. Stanford GSB 2024

10x+
8%
5-10x
17.5%
2-5x
25%
1-2x
18.5%
Partial loss
20.5%
Total loss
10.5%

How search funds compare

Gross IRR and MOIC across asset classes. Search fund returns are pre-fee (Stanford); net MOIC is 2.0-3.0x per Yale SOM.

Asset classIRRMOIC
Search Funds35.1%4.5x
Venture Capital (top quartile)15-25%2.0-3.0x
Private Equity (pooled)12-16%1.5-2.0x
S&P 500 (20-yr avg)10.5%N/A

Deal metrics

Median acquisition characteristics for completed US search fund deals. Stanford GSB 2024

$2.5M

Median EBITDA

At acquisition

$14.4M

Median price

Total enterprise value

5.6x

Median multiple

EV / EBITDA

73%

Acquisition rate

Searchers who close a deal

20 mo

Search duration

Median time to acquisition

US vs International

Side-by-side comparison of deal characteristics. International funds are younger (62% of acquisitions since 2020), which partly explains the return gap. Stanford GSB 2024 IESE Business School 2024

MetricUS / CanadaInternational
Median purchase price$14.4M$11.7M
Median revenue at acquisition$7.3M$7.8M
Median EBITDA margin22.5%24%
Median employees4050
Aggregate gross IRR35.1%18.1%
Aggregate gross MOIC4.5x2.0x

US data covers 681 funds since 1984. International data covers 320+ funds across 40 countries since 2011. The international ecosystem is significantly younger, with 62% of all acquisitions occurring since 2020.

Growth & geography

New funds per year

US and international traditional search funds. Stanford GSB 2024 IESE Business School 2024

2018
87
2019
107
2020
98
2021
133
2022
148
2023
162
USInternational

Top international markets

Cumulative search funds raised by country. IESE Business School 2024

Spain
67
Mexico
50
United Kingdom
35
Brazil
34
Colombia
28
France
22

Industries & searcher profiles

US / Canada

Sectors acquired

Share of completed acquisitions by industry. Stanford GSB 2024

Healthcare services
25%
Business services
25%
Software / Tech-enabled
22%
Industrial / Distribution
12%
Education
8%
Other
8%

Searcher backgrounds

Professional background before launching a search fund. Stanford GSB 2024

Finance / Banking
23%
Consulting
16%
Operations
14%
Private Equity
12%
Engineering / Tech
11%
Military / Government
8%
Other
16%

International

Sectors acquired

Share of international acquisitions by industry. IESE Business School 2024

Technology / Software
28%
Manufacturing
18%
Healthcare
15%
Transportation & Logistics
12%
Business services
14%
Other
13%

Searcher backgrounds

Professional background (2022-2023 cohort). IESE Business School 2024

Management consulting
26%
Financial services
20%
Line / General management
14%
Other
40%

Solo vs partner searches

Partnered searches have historically outperformed on IRR, but solo searchers are closing the gap with five of six recent 10x+ returns coming from solo funds. Stanford GSB 2024

40.5%

Partner search

Two co-searchers sharing a fund

30.3%

Solo search

Single searcher. 5 of 6 recent 10x+ returns were solo

Partnership rates: US vs International

International searchers are twice as likely to search in pairs. IESE Business School 2024

StructureUS / CanadaInternational
Partnership (2 co-searchers)19%40%
Solo searcher81%60%

Searcher demographics & compensation

Who launches search funds and what they earn. Stanford GSB 2024 IESE Business School 2024

$139K

Average search salary

During the search phase

Stanford GSB 2024

$190K

Median CEO salary

After acquisition

Stanford GSB 2024

18%

Female searchers

New searchers in 2023 (record high)

Stanford GSB 2024

71%

MBA graduates

International searchers with an MBA

IESE Business School 2024

42%

US MBA programs

International searchers from US business schools (down from ~50%)

IESE Business School 2024

16

Median investors per fund

Number of LPs in a typical search fund

IESE Business School 2024

Exit performance & CEO equity

Returns for completed exits and wealth creation for search fund CEOs. Stanford GSB 2024 IESE Business School 2024

42.9%

IRR on exited deals

Up from 36.8% due to recent high-return exits

Stanford GSB 2024

$6.1M

Average CEO equity (operating)

Entrepreneurs still running their acquired company

Stanford GSB 2024

$5.7M

Average CEO equity (exited)

Entrepreneurs who have completed an exit

Stanford GSB 2024

21

International exits to date

15 positive returns, 6 total losses

IESE Business School 2024

Why some deals fail

Top causes of partial or total loss for search fund acquisitions. Stanford GSB 2024

Customer concentration risk
28%
Operational execution
24%
Overpayment / bad deal structure
18%
Industry decline
14%
Management / leadership issues
10%
Macroeconomic factors
6%

Sources

All data reflects published findings as of each study's publication date. Search fund returns are inherently volatile and past performance does not guarantee future results.