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A search fund is a form of seed funding enabling an entrepreneur to find and acquire an established, profitable business and lead it as CEO. 

What we like investing in

Traditional Search Funds and their acquisitions

Acquisitions of Search Funds we had not initially backed

Roll-ups / programmatic acquirers

Our Investment Criteria

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1

Exceptional Entrepreneurs

  • High energy, drive and big ambition paired with deep analytical acumen

  • Top education and track record of career success

  • Dedicated to hands-on operational leadership, not a passive capital allocator

  • Full commitment to this path, despite high opportunity costs

2

Enduring Companies at attractive terms

  • Hidden gem company with typically €1-5m EBITDA, highly predictable FCF, in a growing industry

  • Solid business: recurring revenue, diversified customer base, simple operations, etc.

  • Growing, fragmented, non-cyclical industry, with little regulation

  • Owner retiring, no succession, values legacy

3

Clear value creation opportunities

  • Opportunities for technology / software / AI adoption to reduce costs, drive growth.

  • Diverse, experienced, dedicated non-exec. board 

  • Collaborative, entrepreneur-first culture to support growth & development

  • Focus on operational growth and disciplined capital allocation

  • Clear IRR & MOIC return targets

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