Looking for Search Fund Investors that have at least 15+ years of experience
September 09, 2025
by a professional from The University of Chicago - Booth School of Business in Chicago, IL, USA
Dear search fund community
With ETA/Search Fund Conference Season happening now, I am finalizing a media piece regarding search fund CEO terminations. We have interviewed or discussed with nearly 30 search CEOs that have been terminated or are in the middle of lawsuits.
I am proactively looking for search fund investors that have at least 15+ years of experience investing. While I have reached out to several notable investors, it's been a challenge to have them open up regarding this topic.
I think it's very very important to maintain neutrality on such a heavy media piece that will likely get wide mainstream attention, so I want to be very mindful and respectful.
If you know any traditaional search fund investors willing to step up, please let me know.
In order to maintain neutrality, I think it's very important we interview at least 2-3 notable search fund investors.
Below is the outline:
1) CEO Terminations Overview
- Basic statistics on how often terminations occur
- Why the true rate is often under-reported
- Why there is an incentivization and misalignment on why these facts are hidden
- Why this could be a red flag compared to other industries such as PE or VC
2) Evolution & Structures
- How terminations have changed over time in search funds based on data we have
- The absence of unemployment/severance clauses in many deals
- Historical reasons why protections were never built in
- How some vendor's have evolved to accommodate these changes over time
3) Human Impact
- Quotes and stories from terminated searchers
- What typically happens afterwards (career pivots, rebuilding)
- The kinds of support searchers can find or create
- 5 stages of grief post termination
4) Why It Happens So Often
- Misalignment between searchers and investors
- Why the pace of terminations increased in recent years
- Factors that make search CEOs especially vulnerable
- Why schools struggle to reconcile high termination rates
5) Stakeholder Perspectives
- Quotes from investors on why they terminate CEOs
- Why schools struggle to reconcile high termination rates
- How the broader ecosystem reacts to these outcomes
- What the continuation of undisclosed search CEO terminations could mean in the search fund ecosystem long term
If you are a seach fund investor, and have been in the game for at least 15+ years, I'd like to hear from you
in Negros Occidental, Philippines