Empowering Entrepreneurs
Globally

Private Equity & Search Fund Investor

Search Funds offer an innovative pathway for entrepreneurial individuals—especially those with MBA degrees or significant management experience—to build a business. Our approach supports aspiring entrepreneurs eager to identify, invest in, and operate a single established small or medium-sized enterprise (SME/SMB), driving sustainable growth and success.

 

How Search Funds Work

 

The process begins with an entrepreneur—or a duo—raising modest capital from private investors such as angel investors, family offices, or high-net-worth individuals (HNWIs). This initial capital, known as a Search Fund, covers essential living expenses and the costs associated with identifying and evaluating potential acquisition targets.

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These entrepreneurs, often called Searchers, focus on locating a promising private SME. Once a target is identified, they secure additional financial backing from their original investors and transition into an operational role by assuming the CEO position. This leadership role enables them to run and expand the business effectively.​

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Our Global Track Record

 

Since early 2017, our dual investment strategy has yielded impressive results:

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• Search Fund Investments: We have invested in over 110 Search Funds across all continents, including the Americas, Europe, Africa, and the Asia-Pacific (APAC) region.

• Active Portfolio: Our portfolio currently includes over 25 companies across 14 countries.

 

AIJ Global is one of the most active international Search Fund investors outside the United States, demonstrating our commitment to supporting global entrepreneurial talent and fostering business growth.

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Why We Invest in Search Funds

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Unlike traditional investment funds that diversify across multiple entities, a Search Fund concentrates on acquiring and growing a single SME. This unique structure allows us to:

 

• Empower Entrepreneurs: Enable aspiring leaders to step into executive roles—even if they lack extensive top management experience.

• Support High-Caliber Talent: Invest early in high-potential entrepreneurs, nurturing talent from the start of their careers.

• Target Niche Markets: Focus on a less competitive segment of the private equity market, offering promising avenues for attractive investment returns.
   

Equity Gap Investments

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In addition to our investments in Search Funds during the search phase, we periodically invest in equity gaps. These opportunities—often referred by trusted partners or co-investors—help bridge capital shortfalls in promising businesses, ensuring continued growth and stability.

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Entrepreneurship through Acquisition (ETA) Programmes

 

​Apart from partnering with entrepreneurs following the traditional Search Fund path, we collaborate with a select group of entrepreneurs from various ETA programmes, including:

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SMEVentures (APAC)

Contact: Jake Nicholson (e-mail: jake@smeventures.com)

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NCA

Contact: Christian Malek (e-mail: cm@novastone-ca.com)​

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Resources

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Research Centres & Faculty

Stanford Graduate School of Business (GSB)

Center for Entrepreneurial Studies (CES)

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IESE Business School

Entrepreneurship and Innovation Center (EIC)

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Yale School of Management (SOM)

A.J. Wasserstein - Bio Page

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Harvard Business School (HBS)

Rock Center for Entrepreneurship

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The University of Chicago Booth School of Business

Polsky Center for Entrepreneurship and Innovation

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Recommended Readings

Stanford CES, Search Fund Primer

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Stanford CES, Search Fund Study: Selected Observations

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IESE EIC, International Search Funds: Selected Observations

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Prof. Jan Simon (IESE), Search Funds & Entrepreneurial Acquisitions

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Prof. Rob Johnson (IESE), Search Funds –What has made them work?

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Harvard Business Review, Why You Should Buy a Business (and How to Do It)