The most comprehensive free resource library on the search fund model, covering every stage of the journey from deciding whether to launch through to post-exit, with several notes specifically relevant for European searchers.
The Yale SOM Search Fund Resource Library is the collection of case notes and papers published by A.J. Wasserstein, Senior Lecturer in the Practice of Management at Yale School of Management and a former search fund CEO. Wasserstein founded and ran two companies over 30 years before joining Yale SOM where he has written over 100 practitioner-focused case notes covering every aspect of the search fund lifecycle. All notes are freely downloadable with no registration required from a single faculty page. The library is updated regularly with new notes, making it the most actively maintained free resource in the search fund community.
What it covers
- Personal assessment and decision frameworks for evaluating whether to pursue a search fund
- Fund formation and fundraising guidance including investor selection and investor relationships
- Deal sourcing, owner outreach and seller selection frameworks
- Financial modelling and valuation covering operating models, EBITDA normalisation, add-backs and capital stack structuring
- Due diligence frameworks covering pre-LOI validation, commercial, financial, legal and operational diligence
- Legal documents and transaction structure covering LOIs, purchase agreements and financing documents
- Working capital, revenue analysis and capital structure concepts
- Board governance, CEO communication patterns and post-acquisition management
- Partnership structures and managing the searcher-investor relationship
- Exit planning and post-exit dynamics
- A dedicated note on European search fund structures and investor terms, directly relevant for non-US searchers
Relevance for European searchers
The notes on financial modelling, valuation, due diligence frameworks and business operations apply directly to European transactions as the underlying mechanics are universal. Notes covering legal documents, financing structures and fund formation reflect US practice and require adaptation for European jurisdictions. The library includes a dedicated note on European search fund structures which addresses directly how European deal structures and investor terms differ from US practice.
Access
All notes download directly from the page here with no registration required.
Pricing
Completely free
