Historical Search Fund Returns

The Stanford Business School does a fantastic job with the annual search fund report. 

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 buying an SMB using the 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.