Search Funds

Entrepreneurship through acquisition

Search funds provide an opportunity for young entrepreneurs to become equity-owning CEOs and for experienced search fund investors to support those young entrepreneurs in their first CEO roles.

IESE International Search Fund Center is committed to supporting entrepreneurs and investors from around the world who are involved in search funds. Working since 2011 in conjunction with the Stanford Graduate School of Business, IESE International Search Fund Center identifies and tracks international search funds and publishes a biennial report on the results of international search funds. Stanford’s biennial study covers search funds in the United States and Canada, while the IESE study covers search funds in all other countries around the world.

Since 2015 IESE has hosted the biennial International Search Fund Conference, bringing together search-CEOs, searchers and investors to discuss issues that individuals in the search fund community face. The International Search Fund Conference alternates each year with the Search Fund CEO Conference held at the Stanford Graduate School of Business. These two conferences have become the premier networking events in the international search fund community.

IESE was the first business school outside North America to offer its students an intensive course focused on search funds — now one of the most popular electives at IESE. Over 60 IESE graduates have raised search funds in 20 countries on 5 continents.

IESE International Search Fund Center forms part of IESE’s entrepreneurial ecosystem for the development of new ventures, innovation and growth.

Stay informed about upcoming IESE search fund community events

Watch video

International Search Fund Conference 2024

6th International Search Fund Conference

International Search Fund Conference 2020 (CANCELLED due to COVID-19)

The 4th International Search Fund Conference, scheduled to be held at IESE in Barcelona in October 2020, has been cancelled due to the COVID-19 pandemic.

International Search Fund Conference 2018

3rd International Search Fund Conference. IESE, Barcelona – October 4-5, 2018

Videos of the sessions:

International Search Fund Conference 2016

2nd International Search Fund Conference. IESE, Barcelona – October 28, 2016

Videos of the sessions:

International Search Fund Conference 2015

1st International Search Fund Conference. IESE, Barcelona – April 24, 2015
At the inaugural International Search Fund Conference in April 2015, over 180 attendees, including 20 searchers and CEOs from four continents and investors from the United States and Europe, learned from in-depth discussions on ideas and issues involving search funds. As one U.S. serial investor stated, “The event far exceed my expectations, the panels were truly world class, producing valuable insights for all.”

Videos of the sessions:

IESE Publications

IESE – Shareholder engagement in the field of Search Funds – 2025

IESE – Search fund transformations: A path to excellence – 2024

IESE – International Search Funds – 2024: Selected Observations

A Note to Investors Who Are New to Search Funds – 2023
This paper highlights certain characteristics that are unique to search fund investing with the objective of sustaining key
factors that have led to past successes in this ecosystem.
Nurturing Leadership in Search Funds – 2023
This narrative allows us to look at the itinerary as a dynamic process of leadership evolution, conceptualizes a
typology that positions the CEO in her leadership journey, shows when a CEO is limited or stuck, and provides
investors and board members with a framework for assisting CEOs in their development.

Tax Strategy as a Capital Allocation Consideration in Entrepreneurial Acquisition – 2023
IESE – International Search Funds – 2022: Selected Observations
IESE – International Search Funds – 2020: Selected Observations
IESE – International Search Funds – 2018: Selected Observations
IESE – International Search Funds – 2016: Selected Observations
IESE – International Search Funds – 2013: Selected Observations
IESE – International Search Funds – 2011: Selected Observations
This note is a biennial study completed by IESE Business School on search funds that were formed outside the United States and Canada. It was undertaken in partnership with Stanford Graduate School of Business.

IESE – Search Funds – What Has Made Them Work?
This note highlights the key success factors of search funds based on interviews with past searchers and serial search fund investors.

Letter to a Young Operator on Managing During a Crisis – EN-0034-E A note by professor Jan Simon.

IESE Re-Thinking Search Fund Incentive Structures
This study analyzes several components of the typical search fund acquisition structure, with the aim of strengthening the alignment between the searcher and investors.

IESE – The First 10 Questions for Would-be Searchers
This note answers ten of the most common questions asked by people who are relatively new to the Search Fund model, or have never heard of a Search Fund before.

IESE – Considerations for Entrepreneurial Acquisitions
This note synthesizes interviews with entrepreneurial acquirers and financiers from across the globe and summarizes the considerations any would-be entrepreneur should address as they embark on the journey of acquiring an entrepreneurial opportunity.

VIDEO – IESE Introductory Session on Search Funds
IESE, October 20, 2014: Simon Webster, Rob Johnson, Marc Bartomeus

E-conferences: Search Funds
IESE, November 18, 2013: Rob Johnson, Sandro Mina, Simon Webster

E-conferences: An innovative entrepreneurial acquisition model: the Search Fund
IESE, February 11, 2013: Marc Bartomeus, Pep Casas, Rob Johnson, Will Thorndike, Simon Webster

VIDEO – Global Entrepreneurship Week: Simon Webster, Mark Egan
A video introducing Search Funds and the Search Fund experience.

Stanford Publications

2020 Search Fund Study: Selected Observations
A study of the financial returns and key qualities of search funds formed in the United States and Canada since 1984. This study provides data and insights to support the search fund community including current searchers, CEOs, investors and entrepreneurs evaluating whether they want to pursue a search fund.

Stanford Search Fund Primer
For those contemplating the pursuit of a search fund, the CES has created a practical guide to answer the most frequently asked questions. The Primer aims to provide an unbiased view of the benefits and challenges, explains the model from the entrepreneurs’ and investors’ perspective, and gives many operational and execution tips from previous search fund entrepreneurs.

Stanford Search Fund Page (including historical studies)
Stanford’s Search Fund Page provides links to their Search Fund Primer and Search Fund Studies.

VIDEO – Search Fund Videos from Stanford GSB
A series of videos from classes and panels focused on Search Funds.

What it Takes to be a Search Fund Entrepreneur
The search fund model explained by experienced investor Coley Andrews.

Other Resources

Intern Training Manual & Director’s Training Manual
These two manuals were developed by a US-based search fund and have since been used by numerous searchers. They provide a step-by-step guide for training interns and the intern manager.

Harvard Search Fund Page
Harvard’s Search Fund page provides an overview of the model and several good videos that cover topics relating to Search Funds.

Tuck School of Business at Dartmouth – Note on Search Funds
This note provides an abbreviated overview of the Search Fund model and is a good place to start for those who are new to Search Funds.

Search Fund Model in Germany
Platform created by Search Fund investor Jürgen Rilling to spread the Search Fund model to German speaking countries.

Blog – Jim Sharpe, HBS
Jim Sharpe is an Entrepreneur in Residence at the Arthur Rock Center in the Entrepreneurial Management Unit at the Harvard Business School. His interests are in the area of search acquisitions.

Search Fund model in France
A platform created by the searcher Bruno Lea to explain and spread the search fund model in France.