International Search Funds - 2013: Selected Observations
Lenka Kolarova, Peter Kelly, Antonio Dávila, Robert Johnson. (2014)
IESE ST-342-E, 18 pp
Dated June 2014; data as of year-end 2013. Sample: "a pool of 28 first-time search funds, the earliest of which was formed in 1992", self-funded searches excluded, "international searchers in 12 countries across four continents" (p5). Status: eight searching or raising acquisition capital, seven operating, five deviated, eight terminal (four exited for a positive return, two shut down at a loss, two ended without an acquisition) (p5 to p6). Again no return figures ("it is too early to publish meaningful performance data", p8); exhibit median purchase price / EBITDA 5.6x and purchase price / revenue 0.9x (p12). Caveat: "additional searchers may be retroactively added to the sample set as they become known" (p5).