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Search Funds: A Rising Asset Class Outperforming PE and VC

Naumovska, I., and Irarrázaval Zañartu, G. (2025)

INSEAD Knowledge, 12 June 2025

Fetch summary, opened twice (a second URL, https://knowledge.insead.edu/entrepreneurship/why-search-funds-are-outperforming-vc-and-pe, returned the same article). No original data: the only sourced statistic is from the IESE international study ("in 2023 alone, 59 new international search funds were created and 31 companies were acquired outside North America"). An INSEAD-specific claim appears without a source: "MBA graduates launched over 40 funds, many of them in new regions, in the past five years." The outperformance claim in the title rests on investor quotes and two chart images, not on figures in the text. Do not cite as evidence of returns.

Source

Full citation

Naumovska, I., and Irarrázaval Zañartu, G. (2025). Search Funds: A Rising Asset Class Outperforming PE and VC. INSEAD Knowledge, 12 June 2025.

https://knowledge.insead.edu/entrepreneurship/search-funds-rising-asset-class-outperforming-pe-and-vc

This page describes a work published elsewhere. The summary, where present, states what the authors claim; it is not the school's position. Read the source before quoting a figure.