IESE vs Stanford: Two 2026 Search Fund Studies Side by Side
Stanford and IESE 2026 search fund studies disagree on acquisition rates and returns, but agree on what matters: speed to a first LOI and a second searcher.
Research · Perspectives · Practice
Articles & analysis
SMB investing, search fund, and co-invest playbooks. Fundraising tips and operator tactics for accredited investors and advisors.
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LOI Prices vs. Closing Multiples: The Gap Is in the Tails
Two years of LOI prices on deals presented to us (n=272) against Axial's closed-deal multiples: the medians match, the tails don't.
Search Fund Terms: What an LP Nets at 2x, 3x, 5x
The same exit pays an LP a different amount depending on the structure. A waterfall model at 1.5x, 2x, 3x and 5x shows where terms matter and where they don't.
What SBA Loan Charge-Off Data Shows About SMB Acquisitions
SBA loan-level data shows which acquisition loans charged off and when, but it cannot measure whether an acquisition failed or what its equity investors lost.
Broken Searches: What Acquisition Rates Leave Out
Understand broken searches, distinguish acquisition rates from investment losses, and learn which population and source questions to carry into further reading.
Search Fund PPM: Read Alongside a Co-Investment Memo
Read a search fund PPM alongside a co-investment memo to distinguish disclosure, assumptions and evidence, and clarify open questions before making a decision.
Search Fund Return Dispersion: Headline Aggregates Mislead
Understand search fund return dispersion, how exclusions change an aggregate, and what loss figures leave unresolved. Check evidence before drawing conclusions.
Search Fund Returns vs Private Market Benchmarks
Read search fund returns vs private market benchmarks with the limits intact. Compare populations, periods and measures before drawing portfolio conclusions.
Search Fund Study Comparability: Check the Sample
Check search fund study comparability before using return figures. Identify populations, periods, metrics and exclusions to keep research claims in context.
SMB Investment Liquidity: Holds and Capital Calls
Understand SMB investment liquidity before relying on proceeds. Separate capital calls, distributions and exits, and identify unanswered timing questions.
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