IESE Business School: Europe’s Search Fund Capital
14 min read
In 2019, Yoshiaki Kurosawa walked out of IESE Business School with an MBA, a network that spanned four continents, and a conviction that the search fund model could work in a country where nobody had tried it. Within a year he had raised capital, incorporated JBS Partners GK, and begun the painstaking process of sourcing acquisition targets across Japan. No playbook existed. No local investor understood the traditional search fund structure. Kurosawa built the market from scratch, becoming the founder of Japan’s first search fund. His journey illustrates what makes IESE different from every other business school in Europe: IESE does not merely teach the search fund model; it exports it to new geographies.
Kurosawa’s story is not an outlier. More than 60 IESE alumni have raised search funds across 20 countries and five continents, making Barcelona the unlikely epicenter of the global search fund movement. For anyone considering getting started with a search fund, IESE deserves serious attention.
Why IESE matters for international ETA
Stanford GSB invented the search fund in 1984. Harvard Business School built the deepest case-study library. But when the model crossed the Atlantic, it was IESE that caught it and turned Barcelona into the academic home of international ETA. Today, IESE occupies a unique position: the only European school with a dedicated research center for search funds, a biennial study tracking hundreds of international funds, and a faculty member whose entire academic appointment revolves around the model.
The school’s influence extends well beyond the classroom. The IESE International Search Fund Study is the definitive dataset for search funds outside North America, cited by investors, searchers, and academics worldwide. When European and Latin American investors evaluate a search fund, they benchmark it against IESE data. When a searcher in Southeast Asia wants to understand comparable returns, the IESE study is where they look. This data authority gives IESE alumni a structural advantage: they enter investor conversations already speaking the same language. For a broader comparison of top programs, see our ranking of the best MBAs for search fund careers.
The International Search Fund Center
Established in 2011, the IESE International Search Fund (ISF) Center was the first institution dedicated to search fund research outside North America. The center tracks the full lifecycle of international search funds, from initial fundraising through acquisition and exit, across every continent where the model has taken root. By the time of its 2024 study, the center had catalogued 320 international search funds.
The ISF Center serves three functions. First, it produces the biennial International Search Fund Study, the most comprehensive dataset on non-US search fund activity. Second, it connects current MBA students with the global community of searchers, investors, and advisors through events, mentorship, and deal-flow introductions. Third, it acts as an institutional advocate for the search fund model within European and international finance, helping to legitimize a path that remains unfamiliar to many traditional investors outside the United States. For context on Europe’s growing role in ETA, see our overview of European search fund research.
Faculty
IESE’s search fund teaching is led by Jan Simon, Professor of Practice and Academic Director of the ISF Center. Simon teaches the MBA search fund elective and co-directs the center’s research agenda. His position as a Professor of Practice means his teaching draws directly from the real-world economics of search fund deals rather than purely theoretical models. Simon brings operational credibility to a field where academic expertise alone is not enough.
On the research side, Ann-Sophie Kowalewski, a PhD candidate at IESE, serves as lead author of the 2024 International Search Fund Study. Kowalewski’s work has sharpened the study’s methodology and expanded its geographic coverage, making the 2024 edition the most rigorous to date. The combination of Simon’s practitioner lens and Kowalewski’s research rigor gives IESE a faculty profile that few European programs can match.
Course offerings
IESE offers two structured pathways into search fund education: an MBA elective and an executive education bootcamp.
Search Fund Course (MBA Elective)
The four-module MBA elective, taught by Jan Simon, walks students through the full search fund lifecycle. It covers fundraising mechanics, deal sourcing and screening, due diligence, negotiation and structuring, post-acquisition operations, and investor relations. Students work through real case studies drawn from IESE alumni experiences and ISF Center data. The course is designed for students who are seriously considering a search fund after graduation, though it also attracts those interested in finding investors for other acquisition-driven strategies.
Search Fund & Entrepreneurial Acquisitions Bootcamp
The executive education bootcamp is a four-day intensive program priced at EUR 4,500. It targets working professionals, career changers, and early-stage searchers who want a concentrated introduction to the model without committing to a full MBA. The bootcamp covers the same strategic framework as the MBA elective but compresses it into an immersive format with guest speakers from the IESE alumni network. For those weighing the MBA-and-ETA decision, the bootcamp can serve as a useful trial before a larger commitment.
| Program | Format | Duration | Cost |
|---|---|---|---|
| Search Fund Course (MBA Elective) | MBA curriculum | 4 modules | Included in MBA tuition |
| Search Fund & EA Bootcamp (Exec Ed) | Executive education | 4 days | EUR 4,500 |
The IESE International Search Fund Study
The biennial International Search Fund Study is IESE’s most significant contribution to the field. The 2024 edition, led by Ann-Sophie Kowalewski, tracked 320 international search funds and documented record-breaking activity: 59 new funds launched in 2023 and 31 acquisitions completed in the same year, both all-time highs.
The headline return metrics tell a story of solid but disciplined performance. International search funds have generated an aggregate return on investment (ROI) of 2.0x and an internal rate of return (IRR) of 18.1%. These figures sit below the North American benchmarks published in the Stanford Search Fund Study, which is expected given the younger vintage of international funds and the added complexity of operating across diverse regulatory environments. Still, 18.1% IRR is a compelling risk-adjusted return for an asset class that gives operators direct control over value creation.
| Metric | Value (2024 Study) |
|---|---|
| Total international SFs tracked | 320 |
| New funds launched in 2023 | 59 (record) |
| Acquisitions completed in 2023 | 31 (record) |
| Aggregate ROI | 2.0x |
| Aggregate IRR | 18.1% |
| Top country by cumulative funds | Spain (67) |
| % of founders with an MBA | 71% |
Spain leads all countries with 67 cumulative search funds, reflecting both IESE’s Barcelona base and Spain’s fragmented SME landscape. The study also found that 71% of international search fund founders hold an MBA, confirming the degree’s continued relevance in ETA even as non-MBA pathways expand. For those exploring the Spanish market specifically, our guide to ETA in Spain provides additional context.
Alumni spotlight
Yoshiaki Kurosawa (MBA ’19) – JBS Partners GK
Kurosawa arrived at IESE from Japan with a background in corporate finance and a growing interest in entrepreneurship. During the MBA, he took the search fund elective and connected with the ISF Center team. The experience convinced him that the search fund model could work in Japan, a market with tens of thousands of aging business owners seeking succession solutions and virtually no awareness of the search fund concept. After graduating in 2019, Kurosawa returned to Tokyo, raised search capital, and incorporated JBS Partners GK. He became the founder of the first search fund in Japan, opening a market that has since attracted additional searchers. His story demonstrates IESE’s unique ability to serve as a launchpad for searchers targeting non-traditional geographies.
Lenka Kolarova (MBA ’11) – Istria Capital
Kolarova graduated from IESE in 2011, the same year the ISF Center was established. She went on to become Vice President at Istria Capital and co-authored the IESE International Search Fund Studies, contributing to the research that has defined the field. Her career illustrates a less-discussed pathway: rather than launching a search fund as a principal, she became one of the most knowledgeable investors and researchers in the international search fund ecosystem. For aspiring investors, this path is worth considering alongside the searcher role. Our article on finding search fund investors explores the investor perspective in more detail.
ETA Conference and community
IESE co-organizes an annual ETA Conference with London Business School, HEC Paris, and Cambridge Judge Business School. The 6th Annual ETA Conference was held on March 28, 2025, bringing together searchers, investors, operators, and faculty from across Europe and beyond. The conference functions as the primary annual gathering for the European search fund community, serving a similar role to the Booth-Kellogg ETA Conference in North America.
Beyond the formal conference, IESE’s community advantage lies in its alumni distribution. With graduates operating search funds across 20 countries, an IESE MBA plugs you into a network that is genuinely global. A searcher in Colombia can call a classmate in Germany; someone launching in Southeast Asia can draw on alumni experience in Spain. This breadth of network is difficult to replicate at schools with more geographically concentrated alumni bases. For comparison, see how Stanford GSB and Harvard Business School approach community building.
Tuition and financial considerations
For the 2026 intake, IESE MBA tuition is EUR 114,000 total, split across two years: EUR 47,000 in Year 1 and EUR 57,000 in Year 2. This positions IESE in the upper range of European MBA programs but below the sticker price of most top US schools when living costs are factored in. Barcelona is considerably cheaper than Boston, New York, or the San Francisco Bay Area for housing and daily expenses.
| Component | Cost |
|---|---|
| Year 1 tuition | EUR 47,000 |
| Year 2 tuition | EUR 57,000 |
| Total tuition | EUR 114,000 |
The financial calculus for an IESE MBA depends heavily on where you plan to search. If you intend to operate in Europe, Latin America, or Asia, IESE’s network and data authority offer direct returns on the tuition investment. If you plan to search exclusively in the United States, the alumni network advantage tilts toward Stanford or HBS. For a deeper analysis of whether an MBA makes financial sense for ETA, see our guide on the MBA and ETA decision.
Who should choose IESE
IESE is the strongest choice for MBA candidates who meet one or more of the following criteria:
- You plan to launch a search fund outside the United States and want access to the most comprehensive international search fund dataset and alumni network.
- You want to search in Spain, Latin America, or Southern Europe, where IESE’s alumni density and local reputation provide a direct operational advantage.
- You value a two-year MBA format that gives you time to take the search fund elective, build investor relationships, and potentially begin sourcing deals before graduation.
- You are interested in contributing to or building on the ISF Center’s research, whether as a future academic, investor, or informed practitioner.
- You want the credibility of a Tier 1 ETA program without the cost and visa complexity of a US-based MBA.
IESE is less ideal if your target geography is exclusively the United States, where Stanford GSB and HBS dominate investor networks. It is also less suitable if you prefer the speed of a one-year MBA, since IESE’s program runs for 19 months. For one-year options in Europe, consider INSEAD, which completes in 10 months and offers ETA resources across two campuses.