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2022 Search Fund Study: Selected Observations

via Stanford Graduate School of Business

by Peter Kelly, Lecturer in Management &

Sara Heston, Assistant Director, Search Fund Project

2022 Search Fund Study: Selected Observations

This 2022 study reports on the financial returns and key characteristics of 526 search funds formed in the U.S. and Canada since 1984. It presents data and analysis regarding search funds formed, operating companies acquired, and the resulting financial returns as of December 31, 2021.