The displayed returns are taken from the Stanford Search Fund Study
The Stanford Business School produces a biannual search fund report. The report shares statistics such as trends, background, target industries, and overall returns.
It’s an enjoyable read, and we can’t recommend it enough.
The 2024 search fund study evaluates the returns of 681 search funds in both the United States and Canada. These funds undertook the process of using the standard traditional search fund model.
The report covers topics such as the number of raised funds, industries of acquired companies, and realized and unrealized returns for investors in search funds.
The study finishes off with details on search fund models, success rates (hinting that diversification is key) and exit timing.
For the 2024 study, IRR for search funds was reported as:
Updated: August 22, 2025
This content is for informational purposes only and does not constitute investment advice.
Past performance does not guarantee future results. Search fund investments are speculative and illiquid with substantial risk of loss, including total loss of investment.
The performance data is based on third-party studies and publicly available information. Individual results may vary significantly from historical averages. All investments involve risk and are only available to accredited investors. CapitalPad makes no claims to possible returns by investors.
CapitalPad does not provide investment advice. Consult qualified financial professionals before making investment decisions.