What Trilogy Search Partners does

Trilogy Search Partners is a private investment firm founded in 2014 that partners with search fund entrepreneurs to acquire and operate small, profitable businesses. Headquartered in Mercer Island, Washington with a Bay Area office in San Francisco, the firm has completed over 90 transactions since inception and currently manages more than $240M in committed capital, participating as lead or co-lead partner in 80%+ of acquisitions closed by entrepreneurs they back. Investment activity is concentrated in four verticals: SaaS, healthcare and healthcare IT, tech-enabled services, and B2B services, with portfolio companies including Crown Health, Radiation Detection Company, Clariti, ITpipes, Risk Mitigation Consulting (RMC), BSU Electronics, and Ennoble Care. Investment advisory services are offered through TSP Advisors, LLC, a Registered Investment Advisor with the U.S. Securities & Exchange Commission.

The firm operates as an end-to-end partner across the search fund lifecycle, supporting entrepreneurs in five workstreams: raising the search fund, launching the search, sourcing acquisitions, executing diligence and acquisition, and post-close operating and value creation. The 11-person investment team is supplemented by an Operating Executive bench with functional expertise in IT and cybersecurity, HR, marketing and B2B SaaS GTM, finance, public relations, and recruiting. Leadership includes Chairman Mitch Cohen (former Managing Director at Hellman & Friedman), Partners Scott Alderman, Aaron Perrine, and Dylan Rebois (McKinsey alumni), CFO Jay Henniger (ex-CIT Bank), and CTO & Operating Partner Kevin Knoepp (ex-Madrona Venture Labs). Trilogy is part of the broader Trilogy family of investing and operating companies, which also includes Trilogy Equity Partners, an early-stage software and telecom investor.

The business model follows the standard search fund capital provider structure: Trilogy deploys patient, long-term capital into acquisitions led by individual entrepreneurs and earns a combination of management fees on committed capital and carried interest on successful exits, though specific fee terms are not publicly disclosed. Go-to-market is relationship-driven, combining direct outreach, a Searcher Slack community, content marketing through case studies, and industry events to source prospective searchers. Distribution is direct rather than channel-based, and the firm explicitly avoids traditional sales intermediaries, opting instead to engage aspiring entrepreneurs through personal networks, referrals, and its own community platforms.

Name

Trilogy Search Partners

Legal name

Trilogy Search Partners, LLC

Website

https://trilogy-search.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Trilogy Search Partners is a Bellevue, Washington-based private investment firm founded in 2014 that provides committed capital and operating support to search fund entrepreneurs acquiring small, profitable businesses across SaaS, healthcare, tech-enabled services, and B2B services.

Ownership category

akta.pro rank

Product category

Search Fund Investment

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Services-Management Consulting Services (8742)

akta.pro primary industry

Traditional Search Funds (2-year model) (FSANALAA)

akta.pro secondary industry

Venture Capital Fundraising Placement (FSAEALAC)

Keywords

• Search fund investment
• Private equity partnerships
• Acquisition advisory services
• Business acquisition capital
• Entrepreneur investing

Headquarters

HQ city

Bellevue

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Investment Management: Trilogy invests patient capital in search fund entrepreneurs, providing committed capital for acquiring and operating businesses. They participate as lead or co-lead partners in acquisitions.

Go-to-market motion3 records

Distribution channels1 record

Marketing channels4 records

Core offering

Trilogy Search Partners invests patient capital in search fund entrepreneurs seeking to acquire and operate small, profitable companies. The firm delivers an end-to-end partnership spanning fund-raising support, search launch resources, sourcing research, diligence and acquisition support, and post-acquisition operating and value creation services. An internal team of Operating Executives provides functional expertise across IT, HR, marketing, finance, PR, and go-to-market functions to portfolio CEOs.

Product overview

Trilogy Search Partners is a search fund investment and operating firm that provides end-to-end partnership services to entrepreneurs acquiring and operating businesses. The company does not offer a unified software product or platform; rather, it provides investment capital, operating expertise, and advisory services across five key areas: (1) raising search funds, (2) launching searches, (3) sourcing acquisitions, (4) diligence and acquisition support, and (5) operating and value creation post-acquisition. Trilogy's services include thesis development, private placement memorandum feedback, investor alignment, software resources for search setup, industry research, due diligence support, board formation, and access to a team of operating executives with expertise in IT, cybersecurity, HR, marketing, finance, public relations, and recruiting. The company manages a portfolio of over 90 acquired businesses across SaaS, healthcare, healthcare IT, tech-enabled services, and B2B services sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Search Fund Investment Partnership End-to-end investment partnership in which Trilogy commits patient capital (over $240M total) to search fund entrepreneurs acquiring small, profitable companies, with ongoing support across fund-raising, search launch, sourcing, diligence, acquisition, and post-acquisition value creation.
• Operating Executive Advisory Services

Quantifiable outcome

• Over 90 completed transactions
• +2 more outcomes

Named customers7 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.

• Trilogy Equity PartnerscoreOthersPart of the Trilogy family of investing and operating companies. Trilogy Equity Partners is a related investment firm focused on early-stage software and telecom companies.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• FJ Capital: Search fund-focused investment firm backing entrepreneurs acquiring and operating small businesses, with a similar end-to-end partnership model and sector overlap in business services and healthcare.
• Gutter Capital Partners: Search fund investor providing committed capital to entrepreneurs acquiring small, profitable businesses, with a comparable partnership model and SMB focus across services and software.
• Plural Investment Group: Search fund investor (formerly part of Matchstick) that partners with first-time CEOs acquiring small businesses, overlapping with Trilogy in target entrepreneur profile and end-to-end support model.
• Candor Capital: Search fund capital provider and operating partner focused on entrepreneurs acquiring SMBs, with comparable deal sizes and post-close board/operating support offerings.
• Old City Capital: Search fund investor focused on providing flexible capital and operating support to entrepreneurs acquiring small businesses, with similar end-to-end partnership approach.
• Pacific Lake Capital: Specialized search fund investor providing committed capital and operating support to search fund entrepreneurs acquiring SMBs, directly comparable to Trilogy in model, scale, and target entrepreneur profile.
• Auldbrink Partners: Search fund investor providing capital and operating support to aspiring entrepreneurs acquiring SMBs, with comparable deal structure and emphasis on operational value creation post-close.

Broad incumbents

• Riverside Acceleration Capital: Search fund financing arm of The Riverside Company, a large private equity firm; overlaps with Trilogy by providing capital to searchers but operates within a broader PE platform with deeper resources.

Emerging players

• Cambrian Ventures: Search fund-aligned investor backing aspiring operators acquiring SMBs, with a more recent founding history than Trilogy but overlapping in target entrepreneur segment and operating-support value proposition.

Others

• Trilogy Equity Partners: Affiliate within the Trilogy family of companies, focused on early-stage software and telecom investments; comparable as a related investment platform but addresses a different stage and asset class than Trilogy Search Partners.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/trilogy-search-partners-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Funding overview

Funding rounds

Investors

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

M&A

Investments2 records

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

Frequently asked questions about Trilogy Search Partners