Search Fund Partners

What Search Fund Partners does

Search Fund Partners (SFP) is a boutique private equity firm headquartered in Menlo Park, California, that invests exclusively in the search fund model of Entrepreneurship Through Acquisition (ETA). Founded in 2003 by Rich Kelley and Dave Carver as the first private equity fund dedicated to search funds, SFP provides equity capital, mentorship, and board-level support to individual entrepreneurs who are searching for, acquiring, and operating profitable micro-cap companies. The firm's current partnership consists of five veteran CEOs — Jim Edmunds, Noah Riner, Todd Tracey, Rich Kelley, and Dave Carver — all of whom previously served as searchers and operating CEOs of SFP-backed businesses before joining the partnership.

SFP's core offering is not a product but a capital-plus-mentorship service delivered across the full lifecycle of a search fund: investment thesis development, sourcing tactics, deal structuring, board participation, and exit support. The firm does not develop or license proprietary technology and explicitly identifies as an investment firm rather than a technology company. Its customer base is composed of search fund entrepreneurs seeking to acquire companies typically valued in the $5–50 million range, with portfolio exposures spanning healthcare, SaaS, cybersecurity, veterinary, manufacturing, financial services, education, and consumer services across the United States and select Canadian deals.

The firm's business model relies on equity participation in each portfolio search fund, generating returns through management fees on committed capital and carried interest upon portfolio exits. Deal flow is sourced almost entirely through relationship-driven channels: a 20-year reputation, the firm's Annual Convocation gathering 150+ leaders, alumni referrals, and dedicated first-year and second-year workshops within the ETA community. SFP has supported over 150 search acquisitions to date, making it one of the most established and operationally focused investors in the search fund ecosystem.

Name

Search Fund Partners

Legal name

Search Fund Partners

Website

https://searchfunds.net

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

1–10 employees

Short description

Search Fund Partners is a boutique private equity firm that provides equity capital and mentorship to entrepreneurs pursuing the search fund model, enabling them to acquire and operate profitable micro-cap companies across diverse verticals.

Ownership category

akta.pro rank

Headquarters

HQ city

Menlo Park

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Search Fund Investment Returns: SFP generates returns through equity investments in search fund entrepreneurs who acquire and operate micro-cap companies. They provide capital and support in exchange for equity stakes, earning returns upon portfolio company exits.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Search Fund Partners is a boutique private equity firm dedicated to the search fund model. It invests equity capital into individual entrepreneurs who raise, search for, acquire, and operate profitable micro-cap companies (typically valued $5–50M). In exchange for capital, SFP takes equity stakes and supports these searchers through the lifecycle — investment thesis development, sourcing tactics, deal structuring, board participation, mentorship from former CEO-partners, and resources to maximize outcomes at exit.

Product overview

Search Fund Partners is a private equity and investment firm, not a technology product company. The company provides investment capital, mentorship, and operational support to entrepreneurs pursuing the search fund model (Entrepreneurship Through Acquisition). The firm's offering centers on identifying, acquiring, and managing micro-cap companies. SFP does not develop or sell a software product or technology platform; rather, it operates as a boutique investment firm supporting portfolio companies across diverse industries including healthcare, technology services, logistics, and professional services.

Differentiator

Problem solved

Functional benefit

Products and services

• Search Fund Equity Capital Program Equity capital and full-lifecycle support (thesis development, sourcing tactics, deal structuring, board seats, and exit resources) for individual entrepreneurs raising search funds to acquire and operate micro-cap companies typically valued at $5–50M.
• Annual Convocation Annual in-person event for SFP's search fund community to share best practices and build referral relationships within the Entrepreneurship Through Acquisition ecosystem.
• Searcher Workshops Educational workshops aimed at first- and second-year searchers, focused on sourcing tactics and overcoming search barriers during the search phase.

Named customers10 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Luggage ForwardminorChannel Partner/ Reseller/ DistributorLuggage logistics company for travelers operating in channel partnership with destination resorts and cruise lines. SFP invested in late 2022 and Jim Edmunds serves on the Board.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Aligned Capital Partners: Search fund and small buyout investor serving a broad roster of first-time CEOs. Operates at larger scale than SFP but in the same ETA investment category.
• Ira S. Halperin & Associates: Established search fund investor active in the ETA community for years. Comparable investment thesis but with a longer-incumbent profile versus SFP.

Direct peers

• Banyan Capital Partners: Boutique PE firm dedicated to investing in search fund entrepreneurs and ETA deals. Directly comparable to SFP in target customer (searchers), check size, and operator-mentorship model.
• Pacific Lake Partners: Search fund-focused investor providing capital and support to search entrepreneurs acquiring small companies. Similar thesis, customer base, and deal-size band as SFP.
• Solon Capital: Dedicated search fund investor backing first-time CEOs acquiring micro-cap businesses. Competes directly with SFP for searchers and co-investor roles.
• Skopos Labs: Search fund investor and community platform serving ETA entrepreneurs. Overlaps with SFP on capital provision and community-building (events, education).
• Archimedes Capital: Lower middle market PE firm investing through the search fund model alongside operators. Directly comparable customer and deal-type to SFP.
• Hiro Capital Partners: Search fund investor providing equity capital to first-time CEOs acquiring small businesses. Similar investment thesis, scale, and operator-support approach.
• 4490 Ventures: Search fund-focused investment firm backing entrepreneurs acquiring small/mid-market companies. Comparable in fund size, customer, and operator-led model.
• MBH Capital: Search fund investor focused on small business acquisitions via the ETA model. Overlaps with SFP on check size, customer base, and mentorship-led approach.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/search-fund-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments13 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Search Fund Partners