Private equity modeling tool

Search Fund Returns Simulator

Model the acquisition, operating plan, and exit economics for investors, searchers, and sellers.

Attractive modeled outcome

Exit value is supported by operating growth and deleveraging.

Investor IRR

—

Acquisition equity

—

Required at close

Exit enterprise value

—

Exit equity value

—

Investor MOIC

—

Operating and deleveraging plan

$ millions

EBITDATotal debt

Year	Revenue	EBITDA	Cash flow	Debt balance

Capital stack

Sources at close

Stakeholder outcomes

At exit

Investors—— ownership

Searchers——

Sellers—Rollover equity value

Model note: The simulation treats available free cash flow as supporting annual principal paydown. Search capital converts into acquisition equity at the specified step-up, and investor returns include both search and acquisition capital.

Historical search fund performance context

Reference figures from the 2020 Search Fund Study, intended to pressure-test—not predict—your modeled outcome.

Aggregate pre-tax IRR32.6%1984–2019 aggregate results

Aggregate ROI5.5x1984–2019 aggregate results

IRR excluding top 5 funds28.5%Less top-heavy historical view

Search success rate67%Funds completing an acquisition

Acquisition outcome distribution

25% loss / partial loss
31% at 1–2x ROI
35% at 2–5x ROI
25% at 5–10x ROI
9% at 10x+ ROI

Partnership vs. solo

Partnerships: 9.6x average ROI, 3.7x median
Solo searchers: 2.8x average ROI, 2.2x median

Partnerships represented 68% of outcomes above 5x ROI.