# Anacapa Partners A dedicated search fund investor. A dedicated search fund investor founded in 2010 by a three-time funded searcher who ran searches between 1990 and 2005, with a stated focus on predictable-revenue businesses. Its own portfolio grid carries about a hundred vehicles it has partnered with and about a hundred companies; the larger backing tallies in circulation come from third-party roundups rather than its pages. - Category: Capital & Investors - Pricing model: Custom Pricing - Where it fits: Learn & Choose Your Path, Set Up & Fund the Search - Website: https://anacapapartners.com ## At a Glance The investor to prioritize if being understood by someone who has actually searched matters to you; his three searches predate most of the ecosystem. - Track Record: Founded in 2010 by a three-time searcher who ran funded searches from 1990 to 2005; its portfolio grid carries about a hundred search vehicles it has partnered with, thirty of them still searching, and about a hundred companies, roughly half still held. - Lane: Traditional - Funds: The search phase and the deal - Based: San Mateo, California. - Invests: No investing scope on the pages this review read, so ask whether it will look at a search where you are. - Buys: Businesses with a history of profitability, currently earning $1.5M to $5M-plus of EBITDA, with predictable recurring revenue, low capital intensity and middle management willing to stay, in fragmented geographic or product markets. - Before A First Call: A contact page naming two addresses, one for information and one for submitting an investment opportunity with the company's name and any supporting materials, which is a route for a deal rather than a condition on a searcher. Its background page describes the energy and character a search demands without turning any of it into a requirement. The wider read found an investor login and a published paper library, and no intake route for a searcher on any of it. - First-Time Operators: A description of the character a search demands, work ethic, sales skill, a competitive nature, and the line that succeeding in the search only earns the right to prove yourself as an operator. Traits, not history. The five pages added on the later read describe the companies it wants, the people who work there and the papers it publishes, and none of them puts a condition on what a searcher has run before. - How Long The Search Runs: No length on the search and nothing about what happens if it ends without a deal, on the pages this review read. Ask what the clock is before you sign anything. - Published Terms: No check size, stake or fee on the pages this review read. Most firms on this shelf publish none, so ask early rather than late. - What A Searcher Gets: Not published on the pages this review read. It is the figure a searcher most wants and most of this shelf does not print it, so ask before the first call rather than after. - After The Close: Describes the first twelve months after a close as immersion in the business, guided closely by the board, and a horizon generally longer than three years. ## What It Costs Investment terms, not fees: standard traditional search-fund economics, negotiated per the model's conventions. ## Best For Traditional [searchers](https://searchspheresource.com/glossary/searcher) who want a founder-investor who has personally run searches, with the board patience the model demands ## Pros and Cons - Pro: The founder's three searches of his own are rare firsthand credibility among investors - Pro: One of the earliest dedicated funds, with a large searcher-backing count for its size - Pro: Says it participates actively on boards for a portion of its companies and supports all of them through their operating life - Con: Traditional search economics apply, with the standard equity and governance trade - Con: Predictable-revenue focus means some theses will be outside its lane - Con: Terms are not published; the criteria page describes the company it wants, and the only sentence about the searcher is a screening for fit with running a newly acquired business ## What Searchers Say A fixture in [search-fund](https://searchspheresource.com/glossary/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. ## Sources - https://anacapapartners.com/ - https://www.joinleland.com/library/a/search-fund-investors - https://anacapapartners.com/site/global/anacapa/investment_criteria/index.gsp - https://anacapapartners.com/site/global/anacapa/strategy/index.gsp Also on this site: https://searchspheresource.com/resources/category/capital.md Source: https://searchspheresource.com/resources/anacapa-partners Last checked: 2026-09-23 Site index for machines: https://searchspheresource.com/llms.txt