The graph above is interactive, but here's the same 35 acquisitions as plain text — which private equity fund or investor acquired which company, when, and for how much.
AIJ Global
Hong Kong
Category A search fund investor · Hong Kong · founded 2017 · 90 search fund investments, 31 international; one of the most active non-US search fund investors.
Since early 2017, invested in multiple Search Funds worldwide. One of the most active international Search Fund investors outside the United States. International deal volume + geography coverage increasing.
Backs search fund: Kinase Capital
- Stoque — 2018 (IT SaaS), Brazil. First international investment by AIJ Global, via Kinase Capital (supported by investors in South Africa, Brazil, Spain, USA).
Alza Capital Partners
- IS Entriga — 2017 (Logistics), Brazil
Ambit Partners
Cape Town, South Africa
Category A search fund investor · Cape Town, South Africa · active in 31 countries, 74 search funds backed; check size $400K-$2M, emerging-market focus.
Invests in SFs focused on emerging countries (none found for India). Likes SFs investing in emerging markets: Kerem Capital (Israel), LTP Capital (Brazil), Gaman Capital (W. Europe), Del Lago Capital (Colombia), Gulf Succession Partners (UAE), Tasman & Salomonte (Netherlands).
Backs search fund: Africa Search Capital
- Falcon Security Hub — 2021 (Electronic Security), South Africa. Acquired via Africa Search Capital (ASC), backed by Ambit Partners.
Anacapa Partners
California, USA
Category A search fund investor · California, USA · founded 2010 · $147M Fund IV (2023); 100 search fund investments, 47 exits, active in LATAM & Southeast Asia.
Most common sectors for investment are Services (20%) and IT (20%). Finance and Healthcare are also in focus. Growing trend of international investments (beyond US, EUR, CAN) in IT, Services, Finance and Healthcare sector is a positive evidence of these sectors being lucrative in international regions.
Backs search fund: Dhandho
- Auronix — 2019 (IT/Telecom), Mexico. Co-invested with Applied Equity Partners, BK Growth, Futaleufu Partners, Partner Ventures, WSC & Company (via Dhandho).
- Auronix — 2019 (IT/Telecom), Mexico. Acquired 1994 Mexico IT SaaS company in 2019, expanded to Colombia and Argentina by 2022.
Arada Capital Partners
Backs search fund: Signatus Capital
- IESMAT — 2021 (Scientific Instrumentation), Spain. Acquired by Signatus Capital (led by Enrique Sales), backed by ITACA Capital Partners and Arada Capital Partners
Aspect Investors
Texas, USA
Search fund investor (Category C) · Texas, USA · founded 2012 · 192 search funds backed, 86 companies; Healthcare-heavy, limited international exposure.
Does many investments in Healthcare and HealthTech Businesses but has till now only invested in the US. More about DHANDHO: Focus on investing in Healthcare Services, Business Services, Technology Services and absolutely not in direct manufacturing, construction, and brick & mortar retail.
Backs search fund: Dhandho
- Auronix — 2019 (IT/Telecom), Mexico. Co-invested with Applied Equity Partners, BK Growth, Futaleufu Partners, Partner Ventures, WSC & Company (via Dhandho).
- Auronix — 2019 (IT/Telecom), Mexico. Acquired 1994 Mexico IT SaaS company in 2019, expanded to Colombia and Argentina by 2022.
BK Growth
Backs search fund: Rushmore Partners
- RIA in a Box — 2011 (RIA Compliance Software / RegTech), USA. Acquired by Rushmore Partners, backed by BK Growth
Cerralvo Capital
Florida, USA
Search fund investor · Florida, USA · founded 2019 · 33 deals backed (30% Mexico, 70% elsewhere); first international exit in Spain (2024).
- Cerralvo has invested in 18 technology deals out of 33 deals. - Cerralvo's exit in Bike Ocasion in 2024 was the first international exit they ever made which was pretty successful since Bike Ocasion is on track to do sales of 13M euros this year.
Backs search fund: Reforma Capital
- IMMSA — 2024 (Manufacturing), Mexico. Acquired by Reforma Capital; co-invested alongside Relay Investments, Ambit Partners, JB46, Cerralvo Capital.
- IMMSA — 2024 (Manufacturing), Mexico. Co-invested in IMMSA acquisition by Reforma Capital, alongside Relay, WSC, Ambit, JB46.
- IMMSA — 2024 (Manufacturing), Mexico. Acquired by Reforma Capital; co-invested alongside WSC & Company, Ambit Partners, JB46, Cerralvo Capital.
Dellin Investments
Backs search fund: Broadtree Partners
- Semify — 2021 (SEO/Digital Marketing Agency Services), USA. Acquired by Broadtree Partners, backed by Dellin Investments
Feta Fund
Washington, USA
Search fund investor (Category C) · Washington, USA · founded 2022 · $13M fund; backs 60+ search funds (targeting 1000), strict investment-criteria checklist.
Why you might want to launch a search fund in an emerging market: while the search fund model has a generous flow of talent and transactions in the United States, there are intriguing ways for a search fund to be launched in other developing countries.
Backs search fund: Fairfield Enterprises
- Objective Management Group — 2022 (IT SaaS), USA. Acquired via Fairfield Enterprises; global leader in sales force evaluations.
Fruition Capital
Colorado, USA
Search fund investor (Category C) · Colorado, USA · founded 2023 · $500M+ across two funds; old-economy/manufacturing focus, currently US/UK/Canada only.
Interested in smaller, consistently profitable, old-economy businesses to generate cash flow and diversify risk in unconventional industries. Actively looking for opportunities in fuel distribution, specialty distribution (incl. food products), consumer products/services, tech-enabled services, niche manufacturing, and industrial services.
- Hueson Corporation — 2023 (Manufacturing), USA. Anchor investor & board member; wire and cable manufacturing.
GT Entrepreneurs
Pennsylvania, USA
Search fund investor (Category D) · Pennsylvania, USA · founded 2017 · 20 search funds backed, no international exposure beyond this deal.
- PDSM (Pittsburgh Dental Sleep Medicine) — 2018 (Sleep-Apnea/Snoring Treatment Services), USA. Direct acquisition by GT Entrepreneurs
Housatonic Partners
Boston, USA
Search fund investor (Category C) · Boston, USA · founded 1994 · $1.5B AUM, 100+ search funds backed; Healthcare, Technology, Business Services, mostly US-focused.
Housatonic mostly invests in technology, healthcare & business services sectors. Housatonic is more of a traditional PE firm with couple of investments in Search Funds.
Backs search fund: Forge Partners
- Cicero Therapies — 2020 (Healthcare), USA. Acquired by Forge Partners; pediatric speech pathology/OT clinics.
Inversiones Cabiedes
Spain
Search fund investor (Category C) · Spain · 55 investments, 10 exits (2 international); ~75% of portfolio in Europe, check size EUR400-500K, FinTech & Consumer focus.
Active global player with 150+ SF participations. 75% portfolio in Europe, half in Spain (declining 18 months). 25% spread across LATAM, Japan, Australia, Egypt. Avg ticket €400-500k.
- UnDosTres — 2017 (FinTech), Mexico. Cabiedes & Partners, Martin Schrimpff, Soldiers Field Angels and Saba Investments invested $1.4M.
Istria Capital
Madrid, Spain
Search fund investor (Category B) · Madrid, Spain · 43 total acquisitions (6 international); shifted focus from LATAM to Europe in 2023, Software/Services.
Shifted focus from LATAM to Europe in 2023, declining intl investments. Focuses on Software/Services for growing economies with European manufacturing. Favors majority stake acquisitions (70-100%).
Backs search fund: Lemuy Group
- Demarka S.A. — 2021 (Distribution), Chile. Lemuy Group acquired 80% of Demarka, an industrial labelling and office supplies company.
ITACA Capital Partners
Backs search fund: Signatus Capital
- IESMAT — 2021 (Scientific Instrumentation), Spain. Acquired by Signatus Capital (led by Enrique Sales), backed by ITACA Capital Partners and Arada Capital Partners
JB46
Spain
Category A search fund investor · Spain · 100 backed search funds, 32 portfolio companies (5 international); active in Brazil and Mexico, Business Services/Healthcare/Distribution.
No intl exits yet; two possible reasons: positive growth trajectory or inability finding exits. Brazil exit opportunities declined 2023 but rebounded 2024.
- APS — 2021 (Business Services), Brazil. PE-backed deal.
Kamylon
- Label World — 2006 (Digital/Flexographic Label Printing & Packaging), USA. Direct acquisition via Kamylon Capital
M2O Inc
Backs search fund: Eagle Rock Capital
- Swoogo — 2020 (Event-Management SaaS), USA. Acquired by Eagle Rock Capital (CEO Chris Sykes), backed by M2O Inc and Red Forest Capital
Miramar Search Partners
Dallas, Texas, USA
Category A search fund investor · Dallas, TX · founded 2018 · 86 companies backed, 70%+ in Technology & Healthcare; will plug equity gaps up to $25M+.
Founded 2018, one of newer intl SF investors. 70%+ portfolio in Technology & Healthcare. No exits since founding, still holding nearly all deals. Coinvests alongside WSC in many intl acquisitions. Willing to plug equity gaps up to $25M.
Backs search fund: Aurias
- Saepio Information Security — 2024 (Technology/Security), UK. Acquired by Aurias, co-invested alongside Ethos Partners & Maven Equity Partners.
Moonbase Capital
Spain
Search fund investor (Category B) · Spain · founded 2020 · EUR24M fund, EUR15M raised for international expansion; Manufacturing, Web Services, Medical Services.
They invest mostly internationally and expand their support by raising more funds to support more SFs and diversify.
- ASP Group — 2023 (Manufacturing), France. B2B services to industrial CNC tool makers.
Next Coast Ventures
- Enboarder — 2022 (People Activation Platform), Australia
Northspring Partners
- Big Box Storage Inc. — 2023 (Portable Storage Services), USA. Direct acquisition by Northspring Partners
Novastone Capital Advisors
Switzerland
Category A search fund investor · Switzerland · 19 companies across 10 countries; 94% of backed searchers successfully transitioned, Healthcare/Light Manufacturing/Logistics focus.
-NCA has completed 16 profitable acquisitions across Europe, the USA, and Canada. More impressively, 94% of these businesses have been successfully transitioned to the Searchers
- Formeds — 2022 (Healthcare Manufacturing), Poland. Dietary supplements manufacturer.
ONEtoONE Asset Management
Backs search fund: Visconti Capital
- ELTI — 2024 (Testing, Inspection & Certification), Italy. Acquired by Visconti Capital, backed by SCIPIO Holding Group and ONEtoONE Asset Management
Pacific Lake Partners
Backs search fund: Philip Borden
- LabShares — 2023 (Life Sciences Shared Lab Space), USA. Acquired by Philip Borden with backing from Pacific Lake Partners
Red Forest Capital
Backs search fund: Eagle Rock Capital
- Swoogo — 2020 (Event-Management SaaS), USA. Acquired by Eagle Rock Capital (CEO Chris Sykes), backed by M2O Inc and Red Forest Capital
Relay Investments
Boston, USA
Category A search fund investor · Boston, USA · $200M AUM · 200+ search funds backed; heavy technology focus with fast-growing international exits since 2019.
International exits skyrocketed from zero in 2017-2018 to 11 exits from 2019-2024. Out of 31 intl deals 2019-2024, 14 were technology. 8/9 deals in 2023 were intl. Coinvests frequently with WSC & Company.
Backs search fund: Reforma Capital
- IMMSA — 2024 (Manufacturing), Mexico. Acquired by Reforma Capital; co-invested alongside Relay Investments, Ambit Partners, JB46, Cerralvo Capital.
- IMMSA — 2024 (Manufacturing), Mexico. Co-invested in IMMSA acquisition by Reforma Capital, alongside Relay, WSC, Ambit, JB46.
- IMMSA — 2024 (Manufacturing), Mexico. Acquired by Reforma Capital; co-invested alongside WSC & Company, Ambit Partners, JB46, Cerralvo Capital.
Riviera Capital
Mainly focused on Healthcare and Technology, such as WellStreet, Canaan Home care, Addtronics, Alert Cicero Therapies, etc.
- Advanced Aesthetics Partners — 2022 (Healthcare), UK. Medical aesthetics and cosmetic dermatology clinics.
SCIPIO Holding Group
Backs search fund: Visconti Capital
- ELTI — 2024 (Testing, Inspection & Certification), Italy. Acquired by Visconti Capital, backed by SCIPIO Holding Group and ONEtoONE Asset Management
Search Fund Partners
Predominantly invests in the US in a various range of sectors such as software, healthcare, manufacturing, IT etc.
- Growth99 — 2024 (Software/Digital Marketing), USA
Sentinel Capital Partners
Transaction Types - "Management Buyouts Purchase of Family Businesses Corporate Divestitures Going Private Special Situations/ Restructurings Operational Turnarounds" Also does Roll-up investments
- Elevate Care — 2023 (Healthcare), USA. Global homecare services for seniors.
SIG Partners
Texas, USA
Search fund investor (Category C) · Texas, USA · 27 deals in 4 years, $8M average check, majority-control only; Healthcare & B2B/B2C services, no international deals.
Loves traditional brick & mortar businesses, primarily healthcare & B2B/B2C services. Only control deals; might take 2nd largest stake after searcher. Partnerships with independent sponsors/self-funded SFs.
- Prospector Plumbing & Heating — 2024 (B2C Services), USA. Minority investment by SIG with a partner taking a board seat.
Spectra Investments
Brazil
Search fund investor (Category C) · Brazil · founded 2017 · ~$1.23B AUM, 700+ investee companies; LATAM-focused, prefers mid-market over startups.
Like medium-size enterprises over startups. Current focus LATAM only. Building medium companies takes less time, preferred strategy.
Backs search fund: Voke
- Agasus — 2019 (Computer Leasing/Resale), Brazil. Voke's searchers invested in Agasus; revenue grew from ~R$45M to ~R$543M.
Trilogy Search Partners
Washington, USA
Category A search fund investor · Washington, USA · 70+ completed transactions, $240M fund; SaaS, healthcare, tech-enabled services.
We help by providing access to industry-leading research at no cost via the Trilogy/Grata ‘PPM builder’ partnership, which gives prospective searchers guided access to Grata to assist in completing a private placement memorandum.
- Advanced Aircrew Academy — 2024 (Education and Training Services), USA
TTCER Partners
California, USA
Category A search fund investor · California, USA · founded 2007 · invested in 200+ search-acquired businesses; deeply active international coinvestor.
1M&S Partners TTCER Partners Kortschak Investments, L.P. Das Capital Crescent Enterprises Venture Capital Al-Nasser Holdings 2. TTCER Partners Massar International Iron Pillar Crescent Enterprises Venture Capital Al-Nasser Holdings
- Freshtohome — 2019 (Ecommerce), India
Vonzeo Capital
Vancouver, Canada
Search fund investor (Category B) · Vancouver, Canada · founded 2017, first search fund investor outside the US; $40M fund across 13 non-US countries, check size $500K-$1M.
Coinvested in Oasis Capital (Israel) with Relay Investments, Anacapa PArtners, TTCER, BM Holdings Source https://oasisisrael.com/ Coinvested in Pivot Capital (Columbia) with Pacific Lake Partners, Anacapa Partners, TTCER Source https://www.pivotcapitalfund.com/investor-group
WSC & Company
Charlotte, North Carolina, USA
Category A search fund investor · Charlotte, NC · $2B+ portfolio enterprise value · 90+ companies backed; frequent co-investor with Relay & Miramar.
WSC & Miramar backed 4-5 SFs in 2024 alone. Coinvested in IMMSA, Nexti, Metabolic Solutions. Zero intl exits as of 2024. Started aggressively deploying intl capital 2017-2018, still holding many intl investments.
Backs search fund: Reforma Capital
- IMMSA — 2024 (Manufacturing), Mexico. Acquired by Reforma Capital; co-invested alongside Relay Investments, Ambit Partners, JB46, Cerralvo Capital.
- IMMSA — 2024 (Manufacturing), Mexico. Co-invested in IMMSA acquisition by Reforma Capital, alongside Relay, WSC, Ambit, JB46.
- IMMSA — 2024 (Manufacturing), Mexico. Acquired by Reforma Capital; co-invested alongside WSC & Company, Ambit Partners, JB46, Cerralvo Capital.