Search Funds in the Alternative Investment Landscape: A Comprehensive Evaluation of Performance, Mechanism, and Regional Dynamics =

This thesis has been prepared to highlight the rise and importance of search funds, and to bridge the gap between academic research on the asset class with respect to its real world performance. The thesis begins with a brief introduction of the model, its comparison with other asset classes, and its significance in the current scenario. The primary objective of this thesis was then to map search funds across the world, identify key parameters, and draw historical patterns and their evolution across different geographies. Multiple sources such as the 2024 Stanford Search Fund Study, 2024 IESE International Search Fund Report, starting lists, proprietary Search Fund Club data, high comma research, and industry connections were employed to accumulate the data points. These data points were then deeply analysed to draw meaningful conclusion on the performance of Search Funds. In addition to this, several scorecards were prepared to examine the quality of a target company and the search fund based on prior observations. These observations also aided in the preparation of a segment titled “value addition”, which highlights the key areas of focus to maximise shareholder value. These observations have been compiled not just using the data available online but also by taking the inputs of key investors in the European search fund ecosystem. Lastly, a comprehensive risk analysis was carried out to show the main risks associated with the asset class. Therefore, with this thesis we have aimed to answer all the “Wh”questions, that is, the “what, where, when, how, and why” of the search fund world.