Stanford Search Fund Study (2026)
Education & programsStanford GSB's biennial study of traditional search funds — 862 funds formed in the US and Canada since 1984, with data through December 31, 2025 — covering formation trends, outcomes, and aggregate returns (33.9% IRR, 4.75x ROIC).
- Pricing
- Free — Free (Stanford GSB case E967, published ~July 1, 2026).
- Best for
- Understanding the traditional path's real economics — and arming investor conversations with hard numbers
- Last verified
- Jul 10, 2026 — pricing and status checked against primary sources
- Roadmap stages
- 1. Decide if ETA is for you2. Choose your path
Pros
- The canonical dataset for the traditional search fund segment
- Fresh: 2026 edition released ~July 1, 2026 with data through year-end 2025
- Aggregate return figures (33.9% IRR, 4.75x ROIC) carry weight with investors
Cons
- Covers only 'core' multi-investor funds — explicitly excludes the self-funded/SBA segment most buyers are in
- 'Selected observations' format: headline aggregates, not the raw dataset
What searchers say
Corroborated within a week of release by CapitalPad, Search Funds News, and others. Note: the 2026 edition supersedes widely-quoted 2024 figures (681 funds, 35.1% IRR) — our verification refuted those as current numbers.