Collaboration structure for non-traditional partners in a traditional Search Fund
October 30, 2025
by a searcher from IESE Business School in Madrid, EspaƱa
Hi everyone,
I wanted to ask if anyone has experience (either as a searcher or investor) with a collaboration model where an external partner helps bring investors both for the search phase and potentially the acquisition phase in a traditional search fund structure.
We’ve been approached by someone interested in supporting us in this way, and we’d like to understand:
-Whether any searchers have formalized this kind of collaboration, and if so, how it was structured (e.g., advisory role, finder’s fee, phantom shares, equity at acquisition level, etc.).
-What typical arrangements or boundaries would make sense to stay aligned with the traditional search fund model while keeping governance and incentives clear.
Any insights, examples, or advice from those who’ve gone through something similar would be really helpful.
Thanks in advance for sharing your experience!