Knowledge & perspectives
A curated selection of relevant research, literature and insights for the search fund community.
Recent studies and perspectives on search funds, entrepreneurship through acquisition, private equity and venture capital from leading academic institutions.
Last updated: November 2026The definitive biennial study of U.S. and Canadian core search funds. As of December 31, 2025, it reports an aggregate IRR of 33.9%, ROI of 4.75x, an aggregate public-market equivalent of 2.88, a 58% historical acquisition rate, and a typical acquisition timeline of about 20 months. These are study findings, not guarantees.
Read the studyAnalyzes international search-fund activity and returns through December 31, 2025, including an aggregate ROI of 2.8x and IRR of 30%.
Read the studyStudies early-stage venture-capital decision-making using predictive methods to examine venture-success choices. The model informs analysis; it does not replace investor judgment.
Read the studyDiscusses search funds as an emerging entrepreneurship-through-acquisition asset class and the role of the INSEAD ETA and Search Funds Hub in supporting the ecosystem.
Read the studyA policy and research perspective on the growth and democratization of private markets and the systemic risks it may introduce. Presented as a research perspective, not investment advice.
Read the studyBaker Library’s curated help-center guide for those interested in search funds and entrepreneurship through acquisition, covering company and industry research databases and referencing the work of Professors Richard Ruback and Royce Yudkoff. An ongoing reference hub rather than a dated study.
Read the studyLBS’s ETA programme page, featuring the MBA elective led by Simon Webster — who raised the first search fund outside North America — and case studies such as “Nova Ventures: Searching for gems in the UK” and “Insearch Ltd: Searching for a company to buy.” Presented as teaching materials, not investment advice.
Read the studyThe material on this page is for information and research purposes only and is not investment advice. Performance figures are study findings reported by the cited institutions, not guarantees of future results. Always consult a qualified professional before making investment decisions.
The definitive biennial studies on the search fund market in the US and Canada.
Comprehensive data on search funds outside the US and Canada.
Insights and articles from the INSEAD Centre for Entrepreneurship.
Market analyses and legal context for Germany, Austria and Switzerland.
Platforms and podcasts for exchange within the search fund ecosystem.
Foundations for getting started in business acquisition.
Perspectives on leadership, strategy and business development.