Anyone open to chat about Traditional vs Self funded vs Accelerated search in Spain?

December 03, 2025

by a searcher from The University of Chicago - Booth School of Business in Madrid, España

Hello, I am starting my search fund journey and trying to gather views on the different search fund models that make most sense given the spanish context, my experience and ambition. I also have a few investment themes in mind to get feedback on. Background: 2015 Booth grad, ex-consultant, tech entrepreneur & GM. I would also be super interested to expand my network of key people in the space in Spain & Europe. Anyone open to connecting for a quick chat? Thanks,

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Reply by a searcher
from IE Business School in Amsterdam, Netherlands

There is something to say for anything. I would say there aren't really disadvantages to the traditional search fund. There are disadvantages to the self-funded search, which were experienced by myself as Sellers think you are living in a fantasy world and don't take you serious. So having e.g. Istria on-board before you approach sellers certainly has advantages. Then there is a hybrid, which is the independent sponsor, but even then you will need to get an LOI from a seller on the basis of the promise to get him investors. Not many sellers will do the deal. Then there is the fact that you do not want to finance everything and then go for the same terms & conditions as the traditional search fund. You might want to go for 30-45%, which then again opens the door for longer term negotiations. Then you might run out of time to get your cap table sorted and do due dilligence. So while exploring other options, I think the best path for me would be to get the Traditional Search Fund. That being said...that is my opinion and I am sure there are different paths. Also, check Spain as I was told there are too many searchers...Latin America is a hidden gem in my opinion.

Reply by an investor
from University of California, Los Angeles in Madrid, Spain

Hi Borja, we invest in searchers in Spain and have worked with self funded, traditional, and incubated searchers. Happy to chat anytime!

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