This thesis explores the landscape of search funds, a niche yet increasingly popular investment model that enables aspiring entrepreneurs to acquire and manage small to medium-sized enterprises (SMEs) with the backing of experienced investors. Originally conceptualized at Stanford University in the 1980s, search funds have gained global traction due to their ability to combine entrepreneurial ambition with private capital in a structured, risk-sharing framework. It provides a comprehensive overview of the search fund lifecycle, highlighting its unique position between private equity (PE) and venture capital (VC). Unlike traditional PE or VC, search funds focus on lower mid-market companies with stable cash flows and growth potential, often overlooked by larger financial players.