The Primer is a practical guide for those contemplating a search fund. It answers frequently asked questions, explains the model, and shares insights from experienced practitioners.
2026 Update:
Four decades have passed since the concept of a search fund was introduced to the business world. Over time, the ingenuity of both entrepreneurs and investors has given rise to a variety of models and deal terms. Search funds continue to evolve and adapt to the times.
This edition reflects developments in the search fund ecosystem that have emerged or become more prominent since the release of the 2021 Primer. It draws on research from the biennial Stanford Search Fund Study and interviews with investors, lawyers, search fund entrepreneurs and other stakeholders. Many exhibits—particularly legal document templates—have been brought up to date.
Bookmark this page for future reference. If you have any questions, contact CES.