Hi all -- New to the site here and exploring the search funder world seriously. I'm wondering how searchfunders fare against lower MM PE funds. Due diligence and talent aside, it seems to me that search funds are at a distinct disadvantage for good deals because they must get sign-offs from every LP during an acquisition, whereas a PE fund will have committed capital and can act fast. For this reason, perhaps search funds are not ideal for consolidation plays that require multiple acquisitions -- yet, it appears that some of the most profitable exits have used precisely this strategy. Would love to hear about how you think about this and if I'm missing something big here.
How do you think about search funders vs lower MM PE? Does the structure of a search fund prohibit certain strategies?