Anacapa Partners
Capital & InvestorsA dedicated search fund investor founded in 2010 by Jeff Stevens, himself a three-time funded searcher between 1990 and 2005; reports backing on the order of 175 searchers and 60-plus operating-company investments in its first decade, with a stated focus on predictable-revenue businesses.
- Pricing
- Custom pricing, Investment terms, not fees: standard traditional search-fund economics, negotiated per the model's conventions.
- Best For
- Traditional searchers who want a founder-investor who has personally run searches, with the follow-on capital and board patience the model demands
- Roadmap Stages
- 2. Choose Your Path3. Set Up & Fund the Search
Pros
- The founder's three searches of his own are rare firsthand credibility among investors
- One of the earliest dedicated funds, with a large searcher-backing count for its size
- Reputation for follow-on support and board involvement through the ownership years
Cons
- Traditional search economics apply, with the standard equity and governance trade
- Predictable-revenue focus means some theses will be outside its lane
- Terms and selection criteria are not published
What Searchers Say
A fixture in search-fund investor roundups with sentiment anchored on the founder's searcher-first history. As across the category, the working relationship with the specific partner defines the experience more than the firm's name does.