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Library/Yale School of Management

M19Case notedue diligence

On the Nature of Due Diligence in a Search Fund Acquisition

Andrew Seth Jacobs, A. J. Wasserstein. (2022)

Yale Case, no number printed, May 6, 2022

A 31-page primer organised as preliminary then confirmatory diligence across eight pillars, with two first-person searcher vignettes and about 20 practitioners consulted. Useful practice heuristics, none of them findings: "We recommend searchers enter an exclusivity period with 8-12 overall key bets" (p18); an illustrative budget (figure, p27, "Prepared by case writers") of $30,000 to $40,000 for quality of earnings and $75,000 to $125,000 for legal diligence, with transaction legal work "approximately $100,000 to $200,000 per deal" on top.

Source

Full citation

Andrew Seth Jacobs, A. J. Wasserstein. (2022). On the Nature of Due Diligence in a Search Fund Acquisition. Yale Case, no number printed, May 6, 2022.

https://som.yale.edu/sites/default/files/2025-04/On%20the%20Nature%20of%20Due%20Diligence%20in%20a%20Search%20Fund%20Acquisition%20FINAL_0.pdf

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