I’m a second-year MBA candidate at UT Austin McCombs preparing to launch a solo traditional search fund, following graduation in May 2027. I’ve recently completed a working draft of my PPM and would really value feedback from experienced search fund investors and acquired CEOs before I begin formal fundraising. My current search is national and focused initially on B2B technical and field services, particularly: Regulatory testing & compliance Water & wastewater field services Mission-critical equipment maintenance My current buy box is generally $5M–$25M of revenue and $1.5M–$4.0M of normalized EBITDA, with a preference for founder- or family-owned businesses characterized by recurring, mandated, scheduled, or highly repeat revenue, low customer concentration, and a strong technical/management bench beyond the owner. The PPM covers my background, search strategy, investment criteria, proposed fund terms, operating approach, illustrative transaction economics, and the initial industry thesis I’ve been developing. At this stage, I’m particularly interested in feedback on: 1. Whether the overall PPM tells a compelling and credible searcher story 2. Whether the buy box and thesis are sufficiently focused without being too restrictive 3. Search fund economics and proposed terms 4. Areas investors would want to see strengthened before fundraising 5. Anything that would create concern or additional diligence questions If you have experience investing in or operating through the traditional search fund model and would be willing to review it, I’d be grateful to send you the draft. Please feel free to message me directly.