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)
94
New funds in 2023
US search funds raised that year
35.1%
Gross IRR
Aggregate to investors (all funds)
4.5x
Gross MOIC
Aggregate multiple on invested capital
2.0-3.0x
Net MOIC
Returns after fees & carry
320+
International funds
Search funds raised outside the US
$14.4M
Median acquisition price
For completed US search fund deals
20 mo
Median search duration
From fund close to acquisition
Return distribution
Gross returns to investors across all completed US search fund acquisitions. Stanford GSB 2024
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 class | IRR | MOIC |
|---|---|---|
| Search Funds | 35.1% | 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
| Metric | US / Canada | International |
|---|---|---|
| Median purchase price | $14.4M | $11.7M |
| Median revenue at acquisition | $7.3M | $7.8M |
| Median EBITDA margin | 22.5% | 24% |
| Median employees | 40 | 50 |
| Aggregate gross IRR | 35.1% | 18.1% |
| Aggregate gross MOIC | 4.5x | 2.0x |
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
Top international markets
Cumulative search funds raised by country. IESE Business School 2024
Industries & searcher profiles
US / Canada
Sectors acquired
Share of completed acquisitions by industry. Stanford GSB 2024
Searcher backgrounds
Professional background before launching a search fund. Stanford GSB 2024
International
Sectors acquired
Share of international acquisitions by industry. IESE Business School 2024
Searcher backgrounds
Professional background (2022-2023 cohort). IESE Business School 2024
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
| Structure | US / Canada | International |
|---|---|---|
| Partnership (2 co-searchers) | 19% | 40% |
| Solo searcher | 81% | 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
$190K
Median CEO salary
After acquisition
18%
Female searchers
New searchers in 2023 (record high)
71%
MBA graduates
International searchers with an MBA
42%
US MBA programs
International searchers from US business schools (down from ~50%)
16
Median investors per fund
Number of LPs in a typical search fund
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
$6.1M
Average CEO equity (operating)
Entrepreneurs still running their acquired company
$5.7M
Average CEO equity (exited)
Entrepreneurs who have completed an exit
21
International exits to date
15 positive returns, 6 total losses
Why some deals fail
Top causes of partial or total loss for search fund acquisitions. Stanford GSB 2024
Sources
- Stanford GSB (2024). 2024 Search Fund Study: Selected Observations. www.gsb.stanford.edu/faculty-research
- IESE Business School (2024). 2024 International Search Fund Study. www.iese.edu/entrepreneurship
- Yale SOM (2025). How Are Search Fund Investors Really Faring?. som.yale.edu/sites
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.