Finding the right investors is one of the most critical steps for entrepreneurs pursuing Entrepreneurship Through Acquisition (ETA) or the search fund model. With a growing number of investment firms specializing in funding searchers, understanding their focus, check sizes, and investment approach can make all the difference in securing the right partnership. This extensive directory highlights most of the top ETA and search fund investors in the US, providing key details on their industry preferences, funding strategies, and what makes them unique. Whether you're just launching your search or are already under LOI for an acquisition, this guide will help you navigate the investor landscape and find the best fit for your deals.
The list is organized in no particular order, so we encourage searchers to explore each firm based on their unique needs and criteria. Below you'll find a summary table after which we dive into more detailed overviews of every firm on this extensive list.
If you're looking for ways to improve and automate your deal flow check out our AI-powered search tool.
Number | Name | Website | Short Description |
1 | Main Street Capital Network | A syndicate of over 160 lower middle market investors offering equity capital to independent sponsors and searchers. | |
2 | SIG Partners | A firm dedicated to empowering entrepreneurs in acquiring and growing exceptional businesses. | |
3 | Entrepreneurial Capital | Self-funded search investors who have run businesses and completed a self-funded search acquisition themselves. Investing in trustworthy searchers buying enduring businesses. | |
4 | Search Fund Ventures (SFV) | An investment firm dedicated to partnering with exceptional leaders to transform and grow enduring small businesses. | |
5 | Legate Partners | An investment firm dedicated to supporting search fund entrepreneurs in acquiring and growing stable, cash-flow-positive businesses. | |
6 | Archipelago Capital Partners (ACP) | An investment firm that provides private capital to search funds, aiming to support talented entrepreneurs in becoming successful CEOs. | |
7 | communEtA | An investment firm that provides value-added capital to acquisition entrepreneurs, focusing on facilitating control acquisitions of established businesses. | |
8 | Housatonic Partners | A private equity investment firm founded in 1994, managing over $1.5 billion in capital. | |
9 | Search Fund Accelerator (SFA) | A pioneering organization in the search fund industry, dedicated to transforming aspiring entrepreneurs into successful CEOs through a structured and supportive framework. | |
10 | NextGen Growth Partners (NGP) | A private equity firm that partners with talented entrepreneurs to acquire and build successful companies in growing industries. | |
11 | Snell Ventures | A family-owned holding company dedicated to stewarding assets to positively impact communities through permanent ownership of companies and partnerships with committed employees. | |
12 | CapitalPad | A platform designed to streamline the fundraising process for small and medium-sized business (SMB) acquisitions, connecting acquisition entrepreneurs (sponsors) with accredited investors. | |
13 | Talus Holdings | A private investment firm founded by the family office of John Fitzgibbons, dedicated to providing early-stage capital to leaders aiming to acquire, build, and operate businesses that deliver lasting value to customers and stakeholders. | |
14 | Walker Street Capital | A private investment firm dedicated to supporting founders of mission-driven companies aiming to create positive and lasting impact. | |
15 | PROX Capital Group | A private investment firm founded in 2019, dedicated to partnering with businesses to provide access to capital and build solutions for sustainable growth. | |
16 | Argentum Group | A private equity firm specializing in growth equity investments in B2B software, tech-enabled, healthcare, and business services companies. | |
17 | Mosaic ETA | A lower-middle market private equity firm dedicated to investing in companies acquired by high-performing, underrepresented individuals. | |
18 | Hadley Family Capital | An investment firm that focuses exclusively on entrepreneurial acquisitions and search funds. | |
19 | Feta Fund | An investment firm dedicated to supporting search fund entrepreneurs throughout their journey to acquire and manage successful companies. | |
20 | WSC & Company | A private investment firm specializing in acquiring businesses through the traditional search fund model. | |
21 | Anacapa Partners | A private equity firm specializing in search fund investments, providing capital and guidance to entrepreneurs aiming to acquire, manage, and grow small to mid-sized companies. | |
22 | Main Street Capital | A Houston-based investment firm that offers both equity and debt capital solutions to businesses. | |
23 | Siwa Capital | A family office investor focused on Search Funds, ETA (Entrepreneurship Through Acquisition), and independent sponsors. | |
24 | Hise Group | HISE Group invests in search funds, partnering with entrepreneurial leaders in the U.S. and Canada. | |
25 | Fruition Capital | Fruition Capital partners with self-funded search entrepreneurs to acquire high-quality, profitable businesses. | |
26 | Endurance Search Partners | A family office that partners with exceptional search fund entrepreneurs to acquire businesses. | |
27 | Innesto Partners | Innesto Partners focuses on investing in search funds across Europe, helping entrepreneurs acquire and operate small businesses. | |
28 | Workbench Capital | Workbench Capital invests in self-funded search deals, providing capital and support to entrepreneurs acquiring profitable, growing businesses. | |
29 | Mission Support Partners (MSP) | Mission Support Partners (MSP) invests in and partners with search funds to acquire and grow small businesses within the aerospace, defense, and government services sectors. | |
30 | Smash VC | Smash.vc is a firm that invests in small to medium-sized business (SMB) acquisitions. | |
31 | Post Trellis Ventures | Post Trellis Ventures focuses on providing minority equity stakes in leveraged buyouts, partnering with self-funded searchers and independent sponsors aiming for long-term growth and acquisitions. | |
32 | Martell Capital Partners | Martell Capital Partners is a Miami-based private equity firm that focuses on providing investment opportunities for entrepreneurs. | |
33 | Abstrakt Capital | Abstrakt Capital is a private equity firm that focuses on partnering with self-funded searchers looking to acquire high-quality small businesses. | |
34 | Hunter Search Capital | Hunter Search Capital partners with entrepreneurs to acquire and grow small businesses, offering flexible support throughout the acquisition process and beyond. | |
35 | Slack Water Capital | Slack Water Capital specializes in partnering with acquisition entrepreneurs to acquire and grow small businesses. | |
36 | Moonbase Capital | Moonbase Capital partners with talented search fund entrepreneurs to acquire and grow small and medium-sized businesses. | |
37 | ETA Equity | A search fund investor firm focused on supporting entrepreneurs seeking to acquire and lead growth-oriented companies. | |
38 | EtA Club | Connects accredited investors with opportunities to co-invest in small, profitable, and scalable businesses, typically in the $500K to $7M EBITDA range. | |
39 | Miramar Equity Partners | The private equity arm of Miramar Holdings, a family office based in Dallas. | |
40 | ADEC Private Equity | A family investment firm focused on direct investments in small, privately owned businesses and third-party sponsored private equity funds. | |
41 | Relay Investments | Relay Investments partners with search fund entrepreneurs, offering mentorship, capital, and operational guidance throughout the search and acquisition process. | |
42 | Pacific Lake Partners | Pacific Lake Partners focuses on empowering search fund entrepreneurs to acquire and build exceptional small businesses. | |
43 | Old Line Equity Partner | Old Line Equity Partners focuses on the lower middle market, targeting businesses with an EBITDA range of $1 million to $10 million. | |
44 | Novastone Capital Advisors | Novastone Capital Advisors specializes in assisting mid-career entrepreneurs in acquiring and managing small to medium-sized businesses. | |
45 | Brydon Group | Brydon Group works with experienced entrepreneurs to acquire and grow small to mid-sized businesses via their “CEOs-in-Residence (CIRs)” program. | |
46 | Pursuant Capital | An independent sponsor focused on acquiring and investing in small business ETA deals primarily in the U.S. Sunbelt region. Led by Sam Rosati. | |
47 | Minds Capital | Minds Capital partners with searchers and independent sponsors to provide equity investments and strategic guidance for acquiring profitable small to medium-sized businesses. |
Main Street Capital Network is a syndicate of over 160 lower middle market investors, including funds, family offices, business owners, and professionals, offering equity capital to independent sponsors and searchers.
Investment Approach:
The network provides more than just capital; it offers collective experience across various industries to support both the transaction and operational phases of acquisitions. This expertise is accessible to partners throughout the investment process.
Check Sizes:
Main Street Capital Network has a combined capital availability of tens of millions of dollars per transaction, targeting companies with an EBITDA ranging from $750,000 to $10 million.
Industry/Sector Focus:
Located in the U.S. or Canada
Consistent growth and profitability
Operating history of over 10 years
High barriers to entry
Fair purchase price
Limited customer concentration
Not highly cyclical
No key person risk
These criteria indicate a preference for stable, established businesses with sustainable competitive advantages.
SIG Partners is a firm dedicated to empowering entrepreneurs to acquire and grow exceptional businesses. Their mission focuses on significantly increasing the probability of success for entrepreneurs through a comprehensive support system that ensures a smooth transition into the role of CEO.
Investment Approach:
SIG Partners specializes in leveraged buyouts of mature, high-quality businesses that possess distinct competitive advantages and operate in stable, growing, and recession-resistant industries. They emphasize preserving the legacy of the businesses they acquire by ensuring operational continuity, retaining all employees with their existing roles and benefits, and maintaining the company's brand name. Their approach guarantees the certainty of closing, supported by their committed capital base, which eliminates the need for external equity raises or investment committee approvals.
Check Sizes:
SIG Partners targets businesses with an EBITDA ranging from $750,000 to $5.0 million, aiming for acquisition multiples of less than 5.0x. This financial profile indicates a focus on lower-middle-market companies with strong margins, low capital expenditures, consistent historical performance, recurring revenue components, and modest growth.
Industry/Sector Focus:
Industrial services
Business services
Government services
Professional services
Healthcare services
Niche or asset-light manufacturing
Critical equipment maintenance and repair
Non-discretionary home services
Restoration services
Distribution in non-cyclical end markets
Facilities or equipment inspection
These industries align with SIG Partners' strategy of investing in businesses with stable and recession-resistant characteristics.
Track Record:
Over the past four years, SIG Partners has facilitated more than 26 successful ownership transitions, demonstrating their expertise in executing acquisitions and managing seamless transitions for business owners. Their portfolio includes companies across a wide range of industries, reflecting their diverse sector focus and commitment to preserving business legacies while fostering growth.
Entrepreneurial Capital invests in Self-Funded Searchers and Independent Sponsors. They have completed a self-funded search acquisition themselves and run previous businesses for 8+ years, including multiple exits. EC partners with high-integrity searchers buying enduring businesses.
Investment Approach & Personal Support:
Entrepreneurial Capital invests in trustworthy searchers who are buying enduring businesses. Their personal entrepreneurial experience allows EC to provide both capital and support for searchers: so much of success and failure in small businesses is about grit, persistence, and managing your own emotions, not just figuring things out on spreadsheets. EC exists to support searchers both professionally and at a human-to-human relational level. Searching and small business ownership is a deeply challenging (yet rewarding) experience, and EC works to support searchers in that journey every step of the way.
Target Investment Parameters:
500k+ Earnings
3-5x Multiple
USA & Canada
Low capital requirements
Non-cyclical businesses providing non-discretionary services and products
Track record of consistent profitability
Low customer and supplier concentration
Core Values & Beliefs:
Encouraging: EC loves cheering on their search partners, in good times and bad.
Love of Business: EC loves helping searchers build businesses; it's a calling, not a job.
The American Dream: It's not dead. EC loves seeing searchers bet on themselves and win.
Search Fund Ventures (SFV)
Search Fund Ventures (SFV) is an investment firm dedicated to partnering with exceptional leaders to transform and grow enduring small businesses. Their investment approach is guided by a rigorous and disciplined process, centered around value creation, operational excellence, and strategic innovation.
Investment Approach:
SFV invests in businesses with strong fundamentals, stable cash flows, and significant growth potential. They focus on improving operational efficiency, enhancing strategic direction, and driving long-term profitability through a hands-on partnership. Their strategy aligns with self-funded search models, providing both capital and expertise to empower entrepreneurs in scaling companies and generating attractive returns for investors.
Key Principles:
Operational Excellence: Prioritizing improvements that drive efficiency, scalability, and profitability, including optimizing supply chains and implementing advanced technologies.
Data-Driven Decision Making: Leveraging AI and data analytics to uncover actionable insights, guiding investment decisions and operational strategies.
Strategic Value Creation: Collaborating with management teams to implement strategies fostering sustainable growth, such as expanding product lines and entering new markets.
Partnership with Leadership: Backing talented entrepreneurs committed to the long-term success of the businesses they acquire, providing capital, resources, and strategic oversight.
Target Searcher Profile:
SFV partners with searchers possessing backgrounds in P&L leadership, entrepreneurial experience, sales and operations expertise, or investing experience. They work with self-funded searches, independent sponsors, and traditional searches requiring additional equity to close a live deal.
Financial Metrics:
SFV targets companies with attractive gross and EBITDA margins, consistent historical revenue growth, strong free cash flow, and aims for a return of capital within three to four years.
Industry/Sector Focus:
While industry-agnostic, SFV focuses on sectors where they can leverage their expertise, including B2B and B2C services, value-add distribution, contract manufacturing, specialty manufacturing, software, and e-commerce.
Legate Partners is an investment firm dedicated to supporting search fund entrepreneurs in acquiring and growing stable, cash-flow-positive businesses.
Investment Approach:
Legate Partners seeks companies with a long history of stable cash flows in growing industries, preferring those with recurring revenues and operations that do not require searchers to learn highly technical skills. They emphasize partnering with exceptional talent, looking for individuals with distinctive intellectual capabilities, resilience, and a proven track record of success. The firm favors conservative capital structures with thoughtful scenario planning for both upside and downside outcomes, aiming to share in exciting results with searchers and employees. They prioritize doing the right thing over maximizing every dollar in a deal, viewing searchers as partners and fostering a supportive community.
Support and Resources:
Legate Partners offers comprehensive support to searchers, including:
Deal Support: Leveraging extensive experience in due diligence and deal-making, with a background that includes over 50 years at firms like Bain & Co., CIBC Capital Markets, Morgan Stanley, and McKinsey.
Network Access: Providing connections with customers, key employees, vendors, and advisors to enhance the searcher's success.
Advisory Services: Offering mentorship and advice from partners and investors who have built businesses and navigated similar challenges.
Additional Capital: Investing additional capital when a company is positioned for continued growth, with experience in scaling businesses to significant revenue milestones.
Value Creation: Assisting in areas such as sales and marketing, talent acquisition, technology, operations, finance, and strategy.
Long-Term Investment: As patient investors, they are structured to hold great companies for longer than traditional investors, aligning with long-term growth objectives.
Archipelago Capital Partners (ACP) is an investment firm that provides private capital to search funds, aiming to support talented entrepreneurs in becoming successful CEOs.
Investment Approach:
ACP's investment strategy encompasses three primary phases:
Search: Leveraging extensive research and experience, ACP has developed a framework to guide searchers through the process of identifying and evaluating potential acquisition targets. Having backed over 75 search funds, they share insights into effective strategies and common pitfalls.
Acquire: ACP assists searchers in navigating the complexities of the acquisition process, including offer formulation, seller negotiations, and deal closure. They emphasize the importance of building rapport with sellers and crafting compelling offers, noting that the highest bid does not always secure the deal.
Grow: Post-acquisition, ACP adopts a patient investment approach, allowing CEOs the time and space to develop into effective leaders and build successful organizations. Their focus is on fostering long-term growth and sustainability in the acquired businesses.
Check Sizes:
Specific information regarding the typical investment amounts or "check sizes" ACP commits to each search fund or acquisition is not publicly disclosed on their website. However, their extensive experience in backing over 75 search funds indicates a capacity to support a range of investment sizes tailored to the needs of individual entrepreneurs and opportunities.
Industry/Sector Focus:
ACP does not explicitly state a preference for specific industries or sectors on their website. Their diverse portfolio includes companies operating in various fields, such as:
Healthcare Services: The Shandy Clinic
Professional Services: Newbury Franklin
Training and Development: Kantola Training Solutions
Media and Technology: MotionVFX
Market Research: Voxco
Industrial Services: LG Letourneau
Information and Communication Services: Athena
This variety suggests that ACP is open to partnering with searchers targeting a wide array of industries, focusing more on the quality of the opportunity and the capabilities of the entrepreneur rather than a specific sector.
CommunEtA is an investment firm that provides value-added capital to acquisition entrepreneurs, focusing on facilitating control acquisitions of established businesses.
Investment Approach:
Equity Financing: Offering substantial equity investments directly from their fund, with the capacity to provide significantly more through their network of investors.
Acquisition Process Support: Providing closing and due diligence assistance from MBA students at top business schools worldwide, ensuring thorough evaluation and efficient transaction processes.
Community Engagement: Building a community of investors, acquisition entrepreneurs, and MBA students united by a commitment to value creation and empirical knowledge.
Check Sizes:
While specific investment amounts are not detailed, communEtA mentions the ability to write sizable equity checks directly from their fund, with the potential for larger investments through their investor network.
Industry/Sector Focus:
Attractive Industries: Sizable, growing, and resilient sectors with healthy competitive dynamics.
Outstanding Businesses: Companies with diversified and recurring revenue bases, offering mission-critical products or services, and possessing strong growth plans.
Entrepreneur Profile: communEtA seeks exceptional entrepreneurs with a proven track record of superior performance, integrity, and work ethic, who are uniquely suited to acquire, manage, and grow the target businesses.
Housatonic Partners is a private equity investment firm founded in 1994, managing over $1.5 billion in capital. The firm focuses on investing in growing, profitable businesses with highly recurring revenues. The Managing Directors of Housatonic Partners helped to pioneer the search fund community, and have backed over one hundred search funds over the past two decades.
Investment Approach:
Housatonic Partners seeks to partner with exceptional entrepreneurs and management teams to build lasting companies that redefine their categories. They provide transformative capital, time-tested expertise, and access to a deep network of seasoned executives and thought leaders. The firm emphasizes long-term relationships, with an average investment hold period of over seven years, and 65% of their investments remaining in the portfolio for more than five years.
Check Sizes:
While specific investment amounts are not detailed on their website, Housatonic Partners has demonstrated flexibility in their investments. For instance, their platform company, Keeping Count, is actively pursuing partnerships with accounting and bookkeeping services firms ranging from $1 million to $20 million in revenue.
This indicates a capacity to support a range of investment sizes tailored to the needs of individual entrepreneurs and opportunities.
Industry/Sector Focus:
Housatonic Partners invests in a diverse array of sectors, including:
Business Services
Technology
Communications
Healthcare
Search Fund Accelerator (SFA)
Search Fund Accelerator (SFA) is a pioneering organization in the search fund industry, dedicated to transforming aspiring entrepreneurs into successful CEOs through a structured and supportive framework.
Investment Approach:
SFA's investment approach is centered on providing comprehensive support to searchers throughout their entrepreneurial journey. This includes:
Coaching and Mentorship: Offering guidance from a team of experienced professionals and external advisors to navigate the complexities of searching for and acquiring a business.
Collaborative Environment: Fostering a high-energy, cooperative setting where searchers work alongside peers, benefiting from shared experiences and collective knowledge.
Best Practices and Technologies: Utilizing proven methodologies and advanced tools to streamline the search and acquisition process.
Equity Financing: Providing the necessary capital for acquisitions from a fund of committed capital, ensuring financial backing when closing deals.
SFA's mission is singularly focused on the success of its searchers and CEOs, offering unparalleled resources to achieve this goal.
Check Sizes:
While specific investment amounts are not detailed on their website, SFA commits to providing equity financing from a fund of committed capital to support qualified searchers.
Industry/Sector Focus:
SFA does not explicitly state a preference for specific industries or sectors. Their focus is on partnering with motivated and skilled individuals capable of acquiring and leading businesses across various industries. The emphasis is on the quality of the entrepreneur and the potential for success in the chosen market, rather than on a particular sector.
NextGen Growth Partners (NGP) is a private equity firm that partners with talented entrepreneurs to acquire and build successful companies in growing industries.
Investment Approach:
Entrepreneur Partnership: Collaborating with Entrepreneurs-in-Residence (EIRs) who are integral to sourcing, acquiring, and leading portfolio companies.
Hands-On Support: Providing EIRs with robust resources, including access to NGP's investment team, a vast network, and committed capital from the outset.
Flexible Transitions: Offering tailored transition plans that align with the goals and needs of business owners, ensuring the preservation of the company's legacy.
This approach ensures that entrepreneurs are well-equipped to drive growth and operational excellence in the acquired businesses.
Check Sizes:
Specific investment amounts are not detailed on NGP's website. However, their model includes committed capital, indicating a capacity to support acquisitions with flexible investment sizes tailored to the unique needs of each opportunity.
Industry/Sector Focus:
NGP seeks to acquire and build companies in growing industries. While specific sectors are not explicitly listed, their focus is on businesses with strong growth potential, where their partnership with entrepreneurs can drive significant value creation.
Snell Ventures is a family-owned holding company dedicated to stewarding assets to positively impact communities through permanent ownership of companies and partnerships with committed employees. Although not explicitly stated on their site Garrison Snell (owner of Snell Ventures) has expressed interest in supporting other searchers in different formats.
Investment Approach:
Permanent Ownership: Maintaining long-term ownership of companies to ensure stability and continuity.
Community Impact: Partnering with dedicated employees to contribute positively to the communities they serve.
Their mission is to steward assets effectively to improve the world around them.
Industry/Sector Focus:
Manufacturing: Through their division, Snell Manufacturing.
Philanthropy: Through the Snell Family Foundation.
Their focus is on companies that align with their mission to improve communities through responsible ownership and partnership.
CapitalPad is a platform designed to streamline the fundraising process for small and medium-sized business (SMB) acquisitions, connecting acquisition entrepreneurs (sponsors) with accredited investors.
Investment Approach:
CapitalPad offers a structured and efficient process for both investors and sponsors:
For Investors:
Curated Opportunities: Access to a selection of search fund and independent sponsor deals, allowing passive investment in SMB acquisitions alongside motivated operators.
Standardized Terms: Investments are standardized, simplifying the evaluation and investment process.
Attractive Returns: Deals typically target internal rates of return (IRR) of 30% or more.
For Sponsors:
Capital Access: Connects sponsors with a vast network of engaged investors, facilitating quick and efficient capital raising.
Simplified Closing: Streamlined processes reduce administrative burdens, with all investors participating as a single entity.
Guidance and Support: Offers trusted guidance from a team experienced in private equity and dedicated to supporting entrepreneurs.
Check Sizes:
CapitalPad enables investors to participate in deals regardless of check size, making it accessible to a broader range of accredited investors.
Industry/Sector Focus:
CapitalPad focuses on established, profitable SMBs across various sectors, including:
Home Services: Such as HVAC and plumbing.
Consumer Services: Including dry cleaners and towing services.
Light Manufacturing: Companies involved in small-scale production.
Digital Services: Like digital agencies.
The platform emphasizes businesses that have operated successfully for many years, ensuring stability and growth potential.
Talus Holdings is a private investment firm founded by the family office of John Fitzgibbons, dedicated to providing early-stage capital to leaders aiming to acquire, build, and operate businesses that deliver lasting value to customers and stakeholders.
Investment Approach:
Operational Excellence: Employing industry-leading lean capabilities to drive operational improvements and enhance business performance.
Diverse Industry Engagement: Creating and investing in companies across various sectors, including energy services, industrial manufacturing, business services, real estate, and investment management.
Strategic Growth: Recognizing and nurturing talent in companies that may be burdened by outdated systems, analyzing ways to build through lean practices, and employing all necessary capabilities to improve and grow.
Check Sizes:
Specific information regarding the typical investment amounts Talus Holdings commits to each acquisition is not publicly disclosed on their website.
Industry/Sector Focus:
Energy Services
Industrial Manufacturing
Business Services
Real Estate
Investment Management
This diverse focus allows Talus Holdings to leverage its operational expertise across various sectors, driving value creation and sustainable growth.
Walker Street Capital is a private investment firm dedicated to supporting founders of mission-driven companies aiming to create positive and lasting impact.
Investment Approach:
Early-Stage Partnership: Collaborating with founders from the earliest stages, providing the support and expertise needed to turn visions into reality.
Global Experience: Bringing direct, personal experience in operating within the financial services and technology sectors through startups and entrepreneurial acquisitions (ETA & Searchfunds).
Mission-Driven Focus: Championing bold ideas and the talented individuals behind them, with a commitment to creating positive and lasting impact.
Industry/Sector Focus:
Walker Street Capital has invested in companies across various sectors, including:
Beverage Industry: Such as Agua Bonita.
Health and Wellness: Including Yumi.
Financial Services: Like Varo Money.
Technology: Including companies like BeeHero and Altro.
This diverse focus allows Walker Street Capital to leverage its expertise across various industries, driving value creation and sustainable growth.
PROX Capital Group is a private investment firm founded in 2019, dedicated to partnering with businesses to provide access to capital and build solutions for sustainable growth.
Investment Approach:
Partnership and Commitment: They prioritize relationships, fit, and total commitment, aiming to be a "strong, safe pair of hands" for their partners.
Value Addition: The firm seeks to invest in companies where they can immediately introduce new value and collaborate with existing team members to design a growth strategy that is additive, meaningful, sustainable, and secure.
Experienced Team: Comprised of individuals who have been founders and executives themselves, bringing firsthand experience to their investment approach.
Check Sizes:
Specific information regarding the typical investment amounts PROX Capital Group commits to each acquisition is not publicly disclosed on their website.
Industry/Sector Focus:
While PROX Capital Group does not explicitly list specific industries or sectors on their website, their focus on sustainable growth and value addition suggests an interest in businesses with potential for operational improvement and long-term success.
Argentum Group is a private equity firm specializing in growth equity investments in B2B software, tech-enabled, healthcare, and business services companies.
Investment Approach:
Target Companies: Businesses generating between $3 million and $25 million in revenue.
Operational Support: Implementing the "Argentum playbook" to facilitate operational best practices, strategic planning, financial reporting, sales model development, and executive recruiting.
Typical Investment Amounts:
Specific information regarding the typical investment amounts Argentum Group commits to each acquisition is not publicly disclosed on their website.
Industry/Sector Focus:
B2B Software
Tech-Enabled Services
Healthcare Services
Business Services
Their portfolio includes companies such as AdhereTech, Alarm Masters Corporation, and EmpowerMX.
Mosaic ETA is a lower-middle market private equity firm dedicated to investing in companies acquired by high-performing, underrepresented individuals. They provide strategic support throughout the process of searching for, acquiring, and operating small to medium-sized businesses.
Investment Approach:
Mosaic ETA's value-add approach is designed to address the most pressing, unmet needs of search entrepreneurs.
Search Phase: They act as tactical partners, often being the first investors searchers connect with. Their support includes developing and refining theses, providing early PPM feedback, and discussing fundraising strategies. They assist with financial modeling, deal sourcing strategy, pre-LOI diligence, and role-playing conversations with sellers, aiming to remove obstacles and prioritize high-potential acquisitions.
Acquisition Phase: Mosaic stands shoulder-to-shoulder with searchers throughout the diligence process, helping to evaluate the merits and risks of deals, negotiations, board formation, and the transition into the CEO role.
Operating Phase: To aid CEOs in scaling the steep learning curve, they have established a Mentor Network comprising over 25 mentors, including more than a dozen current and former search CEOs, committed to supporting their CEOs.
Community Building: Mosaic is creating a community of talented underrepresented searchers, CEOs, and investors, facilitating opportunities for informal relationship building, formal business partnerships, and candid sharing of experiences through matchmaking, online events, and in-person gatherings.
Typical Investment Amounts:
Specific information regarding the typical investment amounts Mosaic ETA commits to each acquisition is not publicly disclosed on their website.
Industry/Sector Focus:
Mosaic ETA does not explicitly list specific industries or sectors of focus on their website. Their emphasis is on partnering with underrepresented search entrepreneurs across various sectors, providing strategic support tailored to the unique needs of each business.
Hadley Family Capital is an investment firm that focuses exclusively on entrepreneurial acquisitions and search funds. Their mission is to facilitate entrepreneurs in building the next generation of enduring small businesses.
Investment Approach:
As operators of small businesses themselves, Hadley Family Capital brings a deep operational skillset to their investments. They position themselves as value-add investors, working closely with their partners throughout the entrepreneurial acquisition journey to ensure it is both rewarding and challenging. Their approach is flexible and long-term, emphasizing close collaboration with entrepreneurs to build successful businesses.
Typical Investment Amounts:
Specific information regarding the typical investment amounts that Hadley Family Capital commits to each acquisition is not publicly disclosed on their website.
Industry/Sector Focus:
While Hadley Family Capital does not explicitly list specific industries or sectors of focus on their website, their emphasis on small and family-owned businesses suggests a broad interest in various sectors where entrepreneurial acquisitions can thrive. Their deep insight into small business operations positions them to add value across a range of industries.
Feta Fund is an investment firm dedicated to supporting search fund entrepreneurs throughout their journey to acquire and manage successful companies.
Investment Approach:
Feta Fund emphasizes providing unwavering support to searchers during the challenging search phase, which often spans approximately 600 days and involves extensive outreach and negotiations. Recognizing that many investors focus primarily on post-acquisition support, Feta Fund distinguishes itself by prioritizing assistance during the search process. They offer guidance on investor agreements, search strategies, financial analysis, and other critical aspects to empower searchers in securing favorable acquisitions.
Typical Investment Amounts:
Specific details regarding the typical investment amounts that Feta Fund commits to each acquisition are not publicly disclosed on their website.
Industry/Sector Focus:
Feta Fund does not explicitly list specific industries or sectors of focus on their website. Their primary emphasis is on partnering with search fund entrepreneurs across various sectors, providing tailored support to meet the unique needs of each searcher.
WSC & Company is a private investment firm specializing in acquiring businesses through the traditional search fund model. The firm's principals are seasoned search fund investors and operators, private equity investors, and operating executives, emphasizing alignment among all partners, operators, and investors.
Investment Approach:
WSC & Company focuses on supporting exceptional entrepreneurs, operating teams, and management teams in acquiring and growing businesses. Their approach centers on partnering with search fund entrepreneurs to identify, acquire, and manage companies, leveraging their extensive experience in search fund investments and operations.
Typical Investment Amounts:
While specific investment amounts are not publicly disclosed on their website, WSC & Company has a substantial track record, with over $2 billion in portfolio enterprise value, backing more than 90 companies and over 200 searchers.
Industry/Sector Focus:
WSC & Company does not explicitly list specific industries or sectors of focus on their website. Their emphasis is on partnering with extraordinary entrepreneurs and management teams across various sectors, providing support tailored to the unique needs of each business.
Anacapa Partners is a private equity firm specializing in search fund investments, providing capital and guidance to entrepreneurs aiming to acquire, manage, and grow small to mid-sized companies.
Investment Approach:
Anacapa Partners focuses on partnering with aspiring entrepreneurs through the search fund model, offering both financial backing and strategic support. The firm emphasizes acquiring businesses that can generate superior returns through revenue growth, operational efficiencies, scalability, modest financial leverage, and enhanced management practices. Anacapa adopts a patient investment strategy, seeking companies where management can implement gradual improvements over the first 12 to 18 months post-acquisition, minimizing the need for radical changes.
Typical Investment Amounts:
While specific investment amounts are not publicly disclosed on their website, Anacapa Partners has a substantial portfolio, having partnered with numerous search funds to acquire a diverse range of companies.
Industry/Sector Focus:
Anacapa Partners does not explicitly list specific industries or sectors of focus on their website. Their investment philosophy centers on acquiring businesses capable of achieving superior returns through various strategic improvements, suggesting a flexible approach across multiple industries.
Main Street Capital is a Houston-based investment firm that offers both equity and debt capital solutions to businesses. They focus on lower middle-market companies, providing customized solutions that support growth and business transitions. With over 20 years of experience, Main Street partners with entrepreneurs, management teams, and financial sponsors to facilitate buyouts, recapitalizations, and other capital needs.
Investment Approach:
Main Street Capital is known for its flexible, long-term approach to financing. They emphasize building close relationships with portfolio companies, customizing their investment strategy to meet each business's unique needs. Their capital solutions range from private debt to private equity, depending on the company's specific goals and financial situation.
Typical Investment Amounts:
Main Street typically invests in businesses with annual revenues between $10 million and $150 million, with capital ranging across private equity and debt offerings. Their investments often focus on companies seeking capital for growth, transitions, or acquisitions.
Industry/Sector Focus:
Main Street Capital is industry-agnostic, investing across a broad range of sectors, including manufacturing, business services, and healthcare. They focus on businesses that have strong growth potential, operating primarily in the lower middle market, with geographical flexibility.
Siwa Capital is a family office investor focused on Search Funds, ETA (Entrepreneurship Through Acquisition), and independent sponsors. The firm takes an empathetic approach to investing in small and medium-sized businesses, leveraging its recent experience in ETA to support entrepreneurs dedicated to creating long-term value.
Investment Approach:
Siwa Capital partners with exceptional entrepreneurs, emphasizing a hands-on and supportive approach. They seek individuals committed to driving operational improvements and growth within acquired businesses, while offering capital and guidance through the acquisition and expansion process.
Typical Investment Amounts:
Siwa typically invests in the lower middle market, with flexible investment sizes tailored to the needs of the individual entrepreneur or business, although exact amounts are not specified.
Industry/Sector Focus:
The firm is sector-agnostic, focusing on businesses across various industries that demonstrate strong potential for growth, operational improvement, and value creation. They particularly favor industries where their operational expertise can add significant value.
HISE Group invests in search funds, partnering with entrepreneurial leaders in the U.S. and Canada. They provide capital and hands-on mentorship to both Traditional and Self-Funded Searchers, empowering them to acquire and grow established businesses.
Investment Approach:
HISE Group combines financial support with strategic guidance, focusing on mentorship and long-term value creation. They work closely with search fund entrepreneurs to drive operational excellence and sustainable growth.
Typical Investment Amounts:
HISE Group’s investment sizes are tailored to the needs of each search fund partner, though exact amounts aren't specified.
Industry/Sector Focus:
They focus on industries such as manufacturing, business services, and niche consumer products, leveraging deep expertise and networks in these areas.
Fruition Capital partners with self-funded search entrepreneurs to acquire high-quality, profitable businesses. They provide significant equity capital while ensuring entrepreneurs retain full control and the majority of equity ownership. Fruition emphasizes collaborative support throughout the entire acquisition process and beyond.
Investment Approach:
Fruition Capital’s approach focuses on empowering entrepreneurs to succeed by offering flexible funding without taking control. They provide operational guidance and strategic support throughout the ownership period.
Typical Investment Amounts:
They offer significant equity capital tailored to the needs of self-funded search entrepreneurs, though exact amounts are not disclosed.
Industry/Sector Focus:
Fruition Capital targets enduringly profitable businesses across various sectors, with an emphasis on those that align with their investment criteria.
Endurance Search Partners is a family office that partners with exceptional search fund entrepreneurs to acquire businesses. With over 14 years of experience, the firm provides capital and operational mentorship, fostering long-term relationships to help entrepreneurs achieve their business goals.
Investment Approach:
Focus on long-term partnerships
Capital entirely from the firm’s partners, offering flexible investment structures
Mentorship and access to a wide network of entrepreneurs
Support for self-funded and multi-search funds
Typical Investment Amounts:
Endurance offers flexible investment amounts, focusing on long-term capital structures.
Industry/Sector Focus:
Business services
Healthcare
Software
Innesto Partners focuses on investing in search funds across Europe, helping entrepreneurs acquire and operate small businesses. Their model supports searchers by providing capital for both the search and acquisition phases, along with mentorship through the ownership period.
Investment Approach:
Provides capital for search and acquisition
Mentorship throughout the search and operational phases
Focus on mitigating risks through careful industry selection and due diligence
Typical Investment Amounts:
€450k for search capital to cover living and deal expenses
Industry/Sector Focus:
Companies with stable cash flows and growth potential
Industries that are not subject to rapid technological change and are fragmented
Workbench Capital invests in self-funded search deals, providing capital and support to entrepreneurs acquiring profitable, growing businesses. They aim to offer fair deal terms that benefit both the searcher and the investor.
Investment Approach:
Focus on self-funded searchers
Active support during the acquisition process
Fair and mutually beneficial deal terms
Typical Investment Amounts:
Investment size typically ranges from $200k to $400k.
Industry/Sector Focus:
No specific industry focus mentioned, but the firm has supported businesses in manufacturing, SaaS, and service sectors.
Mission Support Partners (MSP) invests in and partners with search funds to acquire and grow small businesses within the aerospace, defense, and government services sectors. MSP aims to support companies that play a vital role in national defense and innovation.
Investment Approach:
Focus on long-term growth and sustainability
Collaborates with both self-funded and traditional search funds
Provides strategic support in addition to capital
Typical Investment Amounts:
Investment details are not specified, but focuses on small businesses with strong margins and growth potential.
Industry/Sector Focus:
Aerospace
Defense
Government services
Smash.vc is a firm that invests in small to medium-sized business (SMB) acquisitions. They focus on providing minority equity capital to search funds, independent sponsors, and acquisition entrepreneurs. Rather than aiming for rapid growth or venture capital-type investments, Smash.vc seeks long-term partnerships with profitable companies that prioritize a healthy work-life balance and a profit-first mentality.
Investment Approach:
Minority equity partner
Provides capital to self-funded searchers, independent sponsors, and traditional search funds
Focus on profit-first, sustainable business models
Flexible approach, offering support but allowing autonomy to business owners
Typical Investment Amounts:
Specific amounts are not mentioned, but the focus is on small to medium-sized businesses generating positive cash flow.
Industry/Sector Focus:
General SMBs, including:
Local service businesses (e.g., towing companies)
Fast-growing SaaS businesses
Profitable, solid companies across various industries
Post Trellis Ventures
Post Trellis Ventures focuses on providing minority equity stakes in leveraged buyouts, partnering with self-funded searchers and independent sponsors aiming for long-term growth and acquisitions. They emphasize experienced, hands-on support throughout all stages of the deal process.
Investment Approach:
Minority equity investments.
Focus on self-funded searchers and independent sponsors.
Hands-on support with guidance on acquisitions, consolidation, growth, and exits.
Targeting businesses with recurring revenues and viable growth plans.
Typical Investment Amounts:
Specific amounts are not detailed, but the firm is open to funding deals under LOI.
Industry/Sector Focus:
Medical homecare
Holiday home maintenance
Electricity backup services
IT support
Restaurant maintenance
Niche manufacturing
Waste management
B2B software
Martell Capital Partners is a Miami-based private equity firm that focuses on providing investment opportunities for entrepreneurs. The firm supports entrepreneurs by offering mentorship, expertise, and customized investment solutions, prioritizing the success of each individual’s journey.
Investment Approach:
Invests in a variety of search fund models, including traditional search funds, self-funded search funds, and independent sponsors.
Focuses on providing tailored solutions based on the specific needs of each entrepreneur.
Typical Investment Amounts:
Details on specific amounts are not mentioned on their website.
Industry/Sector Focus:
No explicit industries are mentioned; the firm is open to various sectors as long as they align with the entrepreneurial goals of their partners.
Abstrakt Capital is a private equity firm that focuses on partnering with self-funded searchers looking to acquire high-quality small businesses. The firm aims to provide long-term support, combining capital with strategic guidance to help entrepreneurs maximize the value of their acquisitions.
Investment Approach:
Focus on self-funded searchers at various stages of the search process.
Provides long-term partnership with an emphasis on maximizing business value.
Typical Investment Amounts:
Invests in businesses with $200k to $2mm in annual EBITDA.
Industry/Sector Focus:
Prefers businesses with loyal customer bases or that offer mission-critical services.
Interested in companies with high customer retention, long operating history, and low cyclicality.
Hunter Search Capital partners with entrepreneurs to acquire and grow small businesses, offering flexible support throughout the acquisition process and beyond. They engage in a variety of ETA structures, including traditional search funds, committed capital vehicles, and multi-acquisition strategies, providing significant resources and mentorship.
Investment Approach: Focuses on authentic partnerships, offering tailored support from search fund launch to post-acquisition growth.
Typical Investment Amounts: This is not explicitly mentioned, but they support a range of ETA structures with flexible capital.
Industry/Sector Focus: They invest across diverse sectors, including healthcare, technology, and industrial services.
Slack Water Capital specializes in partnering with acquisition entrepreneurs to acquire and grow small businesses. The firm emphasizes a collaborative, hands-on approach, providing both capital and operational expertise to unlock the potential of businesses, primarily in stable industries.
Investment Approach: Slack Water Capital focuses on providing equity capital to entrepreneurs aiming to acquire small and medium-sized businesses, offering both minority and control equity investments.
Typical Investment Amounts: While specific amounts are not mentioned, the firm targets small and medium-sized businesses, implying investments suitable for micro-cap companies.
Industry/Sector Focus: The firm prefers simple businesses in stable industries, with a broad scope across sectors.
Moonbase Capital partners with talented search fund entrepreneurs to acquire and grow small and medium-sized businesses. The firm focuses on providing both financial and operational support to entrepreneurs, leveraging its expertise in business transformation.
Investment Approach: Moonbase Capital emphasizes mentorship and hands-on involvement, providing equity capital to entrepreneurs while assisting with operational challenges.
Typical Investment Amounts: While specific amounts aren’t listed, the firm targets investments for smaller businesses, often in the lower middle market.
Industry/Sector Focus: Moonbase invests across various industries but seeks stable, profitable companies ripe for operational improvements.
ETA Equity is a search fund investor firm focused on supporting entrepreneurs seeking to acquire and lead growth-oriented companies. They emphasize a hands-on partnership model, offering valuable insights and mentorship throughout the search and acquisition process.
Investment Approach: They provide guidance and resources from fundraising to post-acquisition, acting as thought partners.
Typical Investment Amounts: Specific amounts are not listed, but they support entrepreneurs in the acquisition of small to mid-market companies.
Industry/Sector Focus: Primarily interested in scalable, service-based businesses across diverse sectors, especially those with strong growth potential.
EtA Club connects accredited investors with opportunities to co-invest in small, profitable, and scalable businesses, typically in the $500K to $7M EBITDA range. The platform offers a diverse set of investment opportunities led by motivated entrepreneurs, and its members can actively participate or invest passively.
Investment Approach: Vetted deal flow with a focus on motivated buyers and resilient businesses.
Typical Investment Amounts: Varies by deal, with members choosing their level of involvement.
Industry/Sector Focus: Small to medium-sized businesses across a broad range of industries, typically with $5M-$70M in revenue.
Miramar Equity Partners is the private equity arm of Miramar Holdings, a family office based in Dallas. They partner with talented executives and operators to invest in industry-leading, mid-sized businesses with growth potential. Their investment strategy focuses on creating value through long-term partnerships.
Investment Approach: Focused on mid-sized businesses, leveraging operational expertise to drive growth.
Typical Investment Amounts: Specific amounts are not listed but target mid-sized businesses.
Industry/Sector Focus: Broad sector focus, emphasizing industry leaders with strong growth prospects.
ADEC Private Equity is a family investment firm focused on direct investments in small, privately owned businesses and third-party sponsored private equity funds. Since its founding in 1992, it has made over 100 investments across various industries, with a particular interest in growth capital and fragmented industries through a roll-up strategy.
Investment Approach: Focus on growth capital for small businesses, particularly those positioned for roll-up strategies.
Typical Investment Amounts: Not specified, but typically for small, privately owned businesses.
Industry/Sector Focus: Home services, call centers, carwashes, restaurant franchises, and technology services.
Relay Investments partners with search fund entrepreneurs, offering mentorship, capital, and operational guidance throughout the search and acquisition process. They focus on empowering CEOs and have a broad, industry-agnostic investment approach.
Investment Approach: Relay acts as a lead investor, taking a 15-25% stake and investing between $1M-$3.5M into the equity check for acquisitions.
Typical Investment Amounts: $1M-$3.5M.
Industry/Sector Focus: Industry-agnostic, investing across various verticals.
Pacific Lake Partners focuses on empowering search fund entrepreneurs to acquire and build exceptional small businesses. They provide comprehensive support throughout the entire journey, from fund formation to business acquisition and value creation. The firm partners with ambitious entrepreneurs seeking to make a significant impact through acquiring companies, offering both financial resources and strategic guidance.
Investment Approach:
Focus on long-term value creation through partnership with search fund CEOs.
Hands-on operational and strategic support.
Encourages building sustainable, scalable companies.
Typical Investment Amounts:
Invests in the range of $5-30 million for search fund acquisitions.
Industry/Sector Focus:
Generalist approach but prioritizes industries with growth potential and solid fundamentals.
Examples include software, healthcare, and industrial services.
Old Line Equity Partners focuses on the lower middle market, targeting businesses with an EBITDA range of $1 million to $10 million. They leverage a permanent capital model to acquire businesses from retiring owners and family-run companies. Their operational expertise, honed through military backgrounds and experience in distressed acquisitions, informs their approach to investments, with a particular focus on human-to-human deal-making.
Investment Approach: Focus on operational turnarounds and special situations.
Typical Investment Amounts: Targets businesses with EBITDA between $1M and $10M.
Industry/Sector Focus: Broad, with an emphasis on businesses transitioning from family or retiring owners.
Novastone Capital Advisors specializes in assisting mid-career entrepreneurs in acquiring and managing small to medium-sized businesses. They focus on succession planning, working closely with business owners to ensure smooth transitions and continuity. The firm’s ETA program supports entrepreneurs throughout the acquisition process and enables them to continue growing established businesses. NCA requires applicant entrepreneurs to possess strong industry expertise.
Investment Approach: Focus on succession solutions through experienced entrepreneurs, offering capital, mentorship, and operational support.
Typical Investment Amounts: Targets businesses with an enterprise value of EUR 10 to EUR 35 million.
Industry/Sector Focus: Primarily fragmented industries across Europe, the U.S., and Canada.
Brydon Group works with experienced entrepreneurs to acquire and grow small to mid-sized businesses via their “CEOs-in-Residence (CIRs)” program. Their focus is on delivering operational excellence and creating long-term value by providing capital and leadership support.
Investment Approach: Collaborative partnerships with operators to enhance business performance.
Typical Investment Amounts: No specific figures mentioned; focuses on small to mid-sized businesses.
Industry/Sector Focus: Focus on mission-critical businesses and industries where we and our CEOs have deep expertise. B2B, B2G, and healthcare sectors.
Pursuant Capital is an independent sponsor focused on acquiring and growing small businesses primarily in the U.S. Sunbelt region. They work with founders to build enduringly profitable companies through majority and minority investments. Their approach offers flexibility with capital raising on a case-by-case basis and focuses on long-term profitability and operational expertise. In addition to making their own acquisitions the partners also invest in select ETA deals as minority investors, and run the SMBootcamp ETA accelerator program.
Investment Approach: Founder-centric, flexible capital structure, long-term focus, with no set hold period.
Typical Investment Amounts: Companies with $3M–$30M in revenue.
Industry/Sector Focus: Diverse industries across the U.S. Sunbelt region.
Minds Capital is an investment firm dedicated to supporting searchers and independent sponsors in acquiring small to medium-sized businesses. They provide equity investments and leverage their extensive network and experience to facilitate successful transactions. The firm emphasizes a collaborative approach, partnering with entrepreneurs to navigate the complexities of business acquisitions.
Investment Approach:
Focuses on searchers and independent sponsors who have secured a Letter of Intent (LOI).
Invests equity and offers strategic guidance to ensure deal completion.
Prioritizes deals with predictable revenue streams, a history of profitability, and sustainable margins.
Typical Investment Amounts:
Allocates equity investments of $300,000 to $400,000 per month.
Industry/Sector Focus:
Does not specify a particular industry focus, but seeks companies with:
Minimum adjusted EBITDA of $1 million.
No significant industry headwinds.
Limited vendor or customer concentration.
Sellers with legitimate reasons for exit.
Minds Capital's team comprises experienced professionals deeply embedded in the searcher and independent sponsor ecosystems. Notable partners include Will Smith, host of the "Acquiring Minds" podcast; Niklas James, Executive Chairman at Service Star Brands; and Max Lummis, founder of LCS, a firm providing financial due diligence and post-transaction CPA services.
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