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An Investor’s Guide to Search Funds

Stephen G. Morrissette and Shamus Hines
The Journal of Private Equity Summer 2015, 18 (3) 21-40; DOI: https://doi.org/10.3905/jpe.2015.18.3.021
Stephen G. Morrissette
is an adjunct associate professor of strategy at the University of Chicago Booth School of Business in Chicago, IL.
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  • For correspondence: stephen.morrissette@chicagobooth.edu
Shamus Hines
is an MBA candidate at the University of Chicago Booth School of Business in Chicago, IL.
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  • For correspondence: shamus.hines@silverfieldcapital.com
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Abstract

The predominance of search fund research is focused on the mechanics of selection or the post mortem analysis of results. Our study seeks to expand on the evaluation of search funds and their role within an investment portfolio from an investor’s perspective.

We review the background of search fund investing and then present a model for self-assessment by search fund investors and a general guide to screening, monitoring, and exiting search fund investments. We find that although participants in this study maintain that the search fund model aligns the interests of investors and entrepreneurs, honesty and ethics are still the most important considerations for investing. Most investors care about sales skills and operational experience over financial skills or deal-making ability.

TOPICS: Private equity, portfolio construction, real assets/alternative investments/private equity, quantitative methods

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The Journal of Private Equity: 18 (3)
The Journal of Private Equity
Vol. 18, Issue 3
Summer 2015
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An Investor’s Guide to Search Funds
Stephen G. Morrissette, Shamus Hines
The Journal of Private Equity May 2015, 18 (3) 21-40; DOI: 10.3905/jpe.2015.18.3.021

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An Investor’s Guide to Search Funds
Stephen G. Morrissette, Shamus Hines
The Journal of Private Equity May 2015, 18 (3) 21-40; DOI: 10.3905/jpe.2015.18.3.021
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  • Article
    • Abstract
    • WHAT ARE SEARCH FUNDS?
    • THE INVESTMENT CLASSIFICATION OF SEARCH FUNDS
    • AN INVESTOR’S GUIDE TO SEARCH FUNDS
    • CONCLUSION
    • APPENDIX
    • ENDNOTE
    • REFERENCES
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