Search funds are quite an established thing among MBA graduates.
Upon completion of the program, some get a 2-year funding for searching a potential buy (that’s where search fund come from), typically a SME with an old owner and with replacement issues.
Once (if) found, the fund gets expanded with additional investors + debt in order to purchase and run the company
Target Companies are in the 5-20M$ revenue range, with high upside potential for growth
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PS the first fund (the search process) you typically cover salary and some searching expenses for two years for the searcher, so it’s not a lot of money