Spain is the world's #2 search fund market. We partner with family offices, former operators, and institutional co-investors to back Spain's next generation of acquisition entrepreneurs — both individual searchers and search fund partnerships.
Speak with the TeamSpain's combination of a massive SMB succession gap, lower acquisition multiples than the US, and IESE's institutional backing has created one of the most compelling search fund ecosystems outside North America.
Over 85% of Spanish companies are family-owned. Less than 30% have a succession plan. The generational handover creates a steady pipeline of quality acquisition targets at fair prices throughout the decade.
Spanish SMB acquisitions typically close at 4–6× EBITDA — meaningfully below the 6–9× range common in the US market. Less institutional competition means better entry points and more negotiating leverage for prepared operators.
Spain has surpassed 60 completed search fund acquisitions over 11 years per IESE data. The ecosystem has progressed from proof-of-concept to a mature asset class with institutional backing, specialist investors, and an active alumni network.
Spanish and LatAm professionals with degrees from IESE, IE, LBS, INSEAD, Booth, Wharton, and HBS are increasingly choosing the acquisition path. The talent quality of the searcher cohort continues to rise.
Search funds target established businesses with €1M–€5M in EBITDA, loyal customer bases, recurring revenues, and limited technology disruption risk — the opposite of venture bets.
Spain serves as the natural gateway for Latin American expansion. Operators with dual cultural fluency can build businesses that operate across both markets — a structural advantage unavailable to purely US-focused funds.
From the Stanford 2024 Search Fund Study and the IESE International Search Fund Study 2024 — the two most comprehensive datasets available on the asset class.
| Metric | Result | Source |
|---|---|---|
| Aggregate pre-tax IRR | 35.1% | Stanford 2024 |
| International search funds tracked | 320+ in 40+ countries | IESE 2024 |
| Spain's global market position | #2 (after USA) | IESE 2024 |
| Completed acquisitions in Spain | 60+ | IESE 2024 |
We are always actively looking to connect with aligned funds, family offices, and search fund investors to co-invest in Spanish SMBs. We don't dictate rigid terms — we believe in building syndicates that compound value over decades.
Whether you are an established international fund looking for local operational partners in Spain, or a family office evaluating your first search fund allocation, we are ready to collaborate. We bring local sourcing, execution capability, and operator-first board presence. You bring complementary expertise, capital, and network.
Reach out to the teamMost search fund investors are financial capital providers. We are operators first — our principals have personally run PE-backed businesses, negotiated with bank credit committees, managed seller transitions, and built leadership teams in Spanish SMBs.
That operational depth changes how we engage. We do not just write a check and attend a board meeting. We sit with operators when the credit committee pushes back. We help structure the seller earn-out. We make the introduction to the sector expert who unblocks a deal.
Whether you are a family office, a former operator, or an institutional investor exploring the search fund asset class in Spain — we would like to understand your goals and share our current pipeline.
Contact the Team