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
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
Sectors acquired
Share of completed acquisitions by industry. Stanford GSB 2024
Searcher backgrounds
Professional background before launching a search fund. Stanford GSB 2024
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.