Thoughts on acquiring "creative" businesses? E.g. game studios, ad agencies

You could mitigate the uneven hit-based revenues by going for the underlying tools & services supporting games. Video Game Middleware's model tends to be licensing for the entire span of a game's life, so the recurring revenues there play nice with the search fund model.

My thought is that it would be somewhat difficult to finance certain types of creative acquisitions given unevenness of the cash flows (especially areas like video games where there is a sizable upfront investment with unpredictable revenues based on whether it becomes a "hit" with consumers). If a lot of the forecasted return is going to be from leverage not sure how attractive this would be from an investment perspective.