I mentioned to some friends that I am looking for referrals to potential investors for my self-funded search. As a result, a few of them offered to intro me to investors who don't typically invest in search funds, such as tech VCs, and Private Equity firms.

My thinking was that these guys are not normally looking at search fund types of investments, but since they are people with capital, there is no harm talking to them, and you might get the odd eccentric VC who is also interested in the search fund model.

My question: Has anybody got suggestions on whether your investor base should be coming exclusively from the search fund world? Any thoughts about building an investor consortium in a deliberate manner? I suspect it might not be good long term to accept any cash that comes your way. Look forward to your opinions!