I get the feeling that most searchers are typically and narrowly focused on the search phase of a Search Fund "project" when thinking about their investors (and other things). This is natural, given that the search phase is the immediate first step into the venture, and its binary outcome tends to create anxiety.

However, I believe it is important to remember that a Search Fund "project" has several phases, and the search phase is just a small part of the life cycle of the fund. Therefore, when thinking about what to look for in investors, you need to think about what they can add at the different stages, given that the skills needed in each phase are very different. This is why I believe that searchers need to take advantage of the fact that you typically raise capital from 10+ investors, in order to diversify the experience and skill set base that you can tap into from your investor group.

A serial search fund investor once told me, you need to look for the three Ts from your investors: time, treasure and talent. This is a good general rule of thumb to keep in mind during raising capital efforts. The specific question, however, is around what "talent" to look for. This is some top of mind qualities I can come up with:

During search phase:
- Experience and involvement in prior search funds, to provide guidance and discipline during search
- Highly networked to provide access to industry experts or "river guides"
- Active in or knowledgable of M&A space in order to provide potential leads

During acquisition phase:
- Deal experience, preferrably in Search Funds, PE or VC, to serve as a guide during deal evaluation, analysis, structuring and negotiation
- Ability and willigness to serve as a "lead investor", in order to at least have someone that will help you manage the rest of the investor base and could help in getting more investors if needed
- Experienced in raising capital or well connected with relevant financial institutions, in order to facilitate capital raising (particularly debt)

During operating phase:
- Experience as a board member of operating companies
- Interest in spending time with you and mentoring you
- Experience running or starting businesses, in order to get guidance from founder-CEOs
- Experienced and exposure to a broad base of SF-friendly industries, in order to have access to expertise and network in the potential industry you will buy yourself into

During exit phase:
- Experience selling their own business or other businesses
- Good network with potential buyers, more so financial given that you would not know which strategics to align yourself with without knowing what industry you are buying yourself into

These are some that I can think of, there are surely more that others will likely share

Mentorship, governance, access to follow-on capital or other funding sources, intros to key talent, open doors to value-chain in current business segment, open doors to new segments. Exit strategic options are down the road and may not be critical near-term.