UK Search Funds

The studies

Search fund statistics: the IESE and Stanford GSB studies

Updated

Two business schools count search funds: IESE for funds outside the US and Canada, and Stanford GSB for the US and Canada since 1996. Each figure below is the study's own.

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IESE: international search funds

IESE reports a record 96 new international search funds launched in 2024 and 46 acquisitions in 2025.

Source: IESE: search funds' record expansion

Of the funds in its sample, 216 had acquired companies, 80 had abandoned their search without acquiring and 17 had deviated from the model. Of the 216, 167 were operating the company, 38 had exited with positive returns and 11 had exited at a loss.

Source: IESE: search funds' record expansion

Among concluded international searches, 73% resulted in an acquisition, against 79% in the previous study.

Source: IESE: search funds' record expansion

Partnerships of searchers show slightly higher acquisition rates than solo searches, 77.5% against 69.9%.

Source: IESE: search funds' record expansion

Stanford GSB: US and Canada

Stanford's centre has tracked over 850 core search funds in the US and Canada since 1996, and the aggregate acquisition rate since its first report has been 58%.

Source: Stanford GSB: search funds keep offering a proven path

Stanford publishes its search fund study every two years; the 2026 study is the latest.

Source: Stanford GSB: search fund research

Tell us what you want to buy

Sector, area, price range and timing. Joseph Ellul reads it himself and replies directly. Free, no obligation.

What you want to buy

A town, a region or anywhere: it is the first filter on any search.

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It changes the tax, the diligence and who takes on the liabilities. Not sure is a fine answer.

  • Free, and no obligation
  • Read and answered by Joseph Ellul himself; no firm receives it
  • Information only: no tax, legal or investment advice

Sources

This site's own datasets, every figure quoted from its source and dated:

  • The UK Search Fund Investors carries 1 published figure read from 1 source's own page, from 350 to 350 search, read 28 October 2026.
  • The UK Search Funds Register carries 2 published figures read from 2 sources' own pages, from 58 to 73 percent, read 28 October 2026.
  1. IESE: search funds' record expansion
  2. Stanford GSB: search funds keep offering a proven path
  3. Stanford GSB: search fund research
  4. Searchfunder: UK traditional search capital raise
  5. Gust: P6 Capital
  6. Searchfunder: launch of Roxbi Capital
  7. Searchfunder: Juxon Capital Partners launch
  8. Shawbrook: what specialist funders look for in search fund deals

Tell us what you want to buy.

Sector, area, price range and timing. Joseph Ellul reads it himself and replies directly. Free, no obligation.

Send my brief
Send my brief