The search
12 – 24 months
Initial capital funds a full-time search. The principal screens hundreds of targets with a track record of profitability and positive cash flow.
From Stanford, since 1984
What is a Search Fund
An investment vehicle with over 40 years of track record. It identifies, acquires, and directly operates a single existing, profitable private company.
- 35,1%
- Aggregate pre-tax IRR (Stanford GSB 2024)
- 79%
- International acquisition rate (IESE 2024)
- 40+
- Years of institutional track record
The lifecycle
Four phases, from search to exit.
The acquisition
Signing & closing
Once the company is identified and the LOI is signed, we raise the capital to close. Phase 1 investors have right of first refusal — not obligation.
Management and value creation
4 – 7 years
The principal takes over as full-time CEO. Goal: institutionalize, expand margins, accelerate growth.
The exit
Returns distribution
Sale to a strategic buyer or to a private equity firm. Returns are distributed to investors.
The right moment
Why it works in Italy
The Italian search fund ecosystem has reached maturity. End of 2025: the number of active vehicles has grown significantly, the success rate is the highest in the world, and the first dedicated Italian institutional fund supporting this category has been launched.
- 37
- Active search funds in Italy (end of 2025)
- +11
- Year-over-year growth (vs. 2024)
- 93%
- Acquisition success rate
- 34
- Median principal age (years)
Sector lifecycle
Where the surveyed Italian search funds stand today.
Source: Italian Search Fund Observatory, Politecnico di Milano · Eureka! Venture, 2026.
- 20 in active search
- 15 in operation
- 2 exits completed
The arrival of dedicated Italian institutional vehicles — the first of their kind — marks a new phase of legitimacy for the search fund as an asset class in our country.
The phenomenon in Italy
What happened in 2025
Ten years of trajectory, seventeen Italian companies under new leadership, and a generational handover that remains at the heart of the model.
Active search funds, year by year
Cumulative number of mapped initiatives, 2016–2025.
37
201620202025
Where the 17 acquisitions landed
Regional distribution of completed deals as of end of 2025.
- Lombardy6
- Veneto2
- Tuscany2
- Emilia-Romagna2
- Piedmont1
- Marche1
- Lazio1
- San Marino1
- Undisclosed1
The seller doesn't step away
Three data points that describe the nature of the handover.
- 78%
- of sellers reinvest in the transaction
- 53%
- stay in the company in an operating role
- 75%
- of deals include a vendor loan
Data: Italian Search Fund Observatory, Politecnico di Milano · Eureka! Venture · DeepTree — Research Report Full Year 2025 (April 2026).