Peter Kelly, Sara Heston
2024
The 2024 Search Fund Study reports on the financial returns and key qualities of search funds formed in the United States and Canada since 1984. This report updates the previous 2022 study with data through December 31, 2023.
Peter Kelly, Sara Heston
2022
The 2022 Search Fund Study reports on the financial returns and key qualities of search funds formed in the United States and Canada since 1984. This report updates the previous 2020 study with data through December 31, 2021.
Peter Kelly, Sara Heston, Andrew Freiman
2023
This study examines the executive hiring and termination decisions of 40 search fund CEOs during their first two years post-acquisition. CEOs from various industry sectors and return profiles were surveyed in April 2023.
Peter Kelly, H. Irving Grousbeck, Austin Yoder, Sara Rosenthal
2018
Since 1996, the Center for Entrepreneurial Studies at Stanford Graduate School of Business has conducted a series of studies on the performance of search funds. These studies endeavor to gather data and gain insight into all known search funds. The…
David Dodson, Peter Kelly, H. Irving Grousbeck, Jason Luther, Sara Rosenthal
2014
Since 1996, the Center for Entrepreneurial Studies (CES) at the Stanford Graduate School of Business has conducted a series of studies on the performance of search funds. This study, as well as its predecessors, has endeavored to gather data and gain…
Peter Kelly, Sara Heston
2020
The 2020 Search Fund Study reports on the financial returns and key qualities of search funds formed in the United States and Canada since 1984. This report updates the previous 2018 study with data through December 31, 2019.
Peter Kelly, David Dodson, H. Irving Grousbeck, Susan Pohlmeyer, Sara Rosenthal
2016
Since 1996, the Center for Entrepreneurial Studies (CES) at the Stanford Graduate School of Business (GSB) has conducted a series of studies on the performance of search funds. These studies endeavor to gather data and gain insight into all known search…
H. Irving Grousbeck, Arar Han, Sara Rosenthal
2012
Since 1996, the Center for Entrepreneurial Studies (CES) at the Stanford Graduate School of Business has conducted a series of studies on the performance of search funds. This study, as well as its predecessors in 1996, 1998, 2001, 2003, 2005, 2007, and…
H. Grousbeck, Aimee LaFont Leifer, Tjarko Leifer, Lisa Sweeney
2010
This is an updated version of the Search Fund Study that is done every approximately every two years. The study briefly explains the concept of a Search Fund and surveys all known Search Funds to determine demographics, financial results, and other…
H. Grousbeck, Sean Harrington
2008
A search fund is a pool of capital raised to financially support the efforts of an entrepreneur, or a team of entrepreneurs, to locate a privately held company for acquisition. This study, as well as its predecessors in 1996, 1998, 2001,2003, and 2005…
H. Grousbeck, Mu Li
2003
A search fund is an investment vehicle in which investors financially support an entrepreneur’s efforts to locate and acquire a privately held company. This study, as part of an on-going effort at the Stanford GSB to monitor the performance and evolution…
Christopher Flanagan, H. Grousbeck
2002
A search fund is an investment vehicle in which investors financially support an entrepreneurs’ efforts to locate and acquire a privately held company. This study examines investment returns of first-time search funds.
H. Grousbeck, Mike Harkey
2005
A search fund is a pool of capital raised to financially support the efforts of an entrepreneur, or a team of entrepreneurs, to locate a privately held company for acquisition. This study, as well as its predecessors in 1996, 1998, 2001, and 2003…
H. Irving Grousbeck, Sara Rosenthal
2022
Coley Andrews could never have anticipated when he cofounded Pacific Lake Partners, a search fund investment firm, in 2009, that he would spend as much time managing people as he would the firm’s investment strategy. Pacific Lake had grown its portfolio…
David Dodson, Scott Mitchel
2020
The Rowell & Mackenzie case follows husband-and-wife executives Sarah Rowell and Scott Mackenzie as they weigh the decision whether or not to embark on a search fund. The case addresses the potential benefits and drawbacks of the search fund experience…
David Dodson, Blake Kavanaugh
2020
This case describes the formation of Trista Engel and Jessica Markowitz’s search fund. It begins by describing their process for deciding if they should pursue entrepreneurship through acquisition and, if so, if they should partner together. Upon deciding…
David Dodson, Blake Kavanaugh
2020
This case describes the tumultuous experience Eduardo Ruiz had as CEO of Retail Services & Technologies. Ruiz had acquired Arizona-based RST at the end of his search process, but soon began to experience difficulties with the seller and former CEO. These…
Peter Kelly, Sara Heston
2024
This note provides the most up to date insights on Long Term Hold.
William Barnett, Brad Wolfe
2004
This case documents the many challenges faced by protagonists John Fowler and Josh Greenberg, two young post-MBAs who embarked on a brave journey otherwise known as the search fund process. Although possessing limited real-world experience, these best…
Robert Siegel, Imogen Mansfield
2021
The Tender case follows the journey of Miles Parker from his early days of joining an equipment financing company as a partner to the company’s founder, through pivoting the company’s product, and working with several different investors including high…
Jim Ellis, Justin Randolph
2014
The case profiles the protagonist, Luke Tashie, CEO of Yobella — a self-serve frozen yogurt retail chain that Tashie acquired via a search fund — as the company struggles post-acquisition.
The case provides an overview of Luke Tashie’s background, his…
David Dodson, Gelila Bekele
2022
This case study examines the founding of Vitana, a dentistry-focused search fund founded by Ashish Bagai, Monika Srivastava, and Amir Fardshi. In this case, students are encouraged to explore the advantages and disadvantages of being solo founders versus…
H. Grousbeck, Alicia Seiger
2004
The case takes the reader through Julie’s initial effort to raise money simultaneous to identifying an industry and an acquisition target. Julie eventually settles on the for profit post-secondary education industry and raises funds to purchase a small…