Trilogy Search Partners
At a Glance
A strong boutique counterweight to the scale anchors on a cap table; the operating-executive model is the differentiator to probe in the first conversation.
- Pricing
- Custom Pricing, Investment terms, not fees: standard traditional search-fund economics, negotiated per the model's conventions.
- Best For
- Traditional searchers who value operator depth: a smaller, partner-capital firm whose support model centers on experienced executives rather than fund scale
- Track Record
- Founded in 2014; partners' own capital across 90-plus completed transactions.
- Lane
- Traditional
- Funds
- The search phase and the deal
- Based
- Mercer Island, Washington, and San Francisco.
- Invests
- Publishes no investing scope; worth asking directly.
- Buys
- Publishes no size band or company criteria; worth asking directly.
- 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.
- Roadmap Stages
- 1. Learn & Choose Your Path3. Set Up & Fund the Search
Pros and Cons
Pros
- Partners invest their own capital, which aligns the relationship differently than fund economics alone
- Operating-executive bench is a distinctive, concrete support offering
- Sector depth in SaaS, healthcare, and B2B services matches where search deals cluster
Cons
- Traditional search economics apply, as everywhere in the category
- A smaller team than the scale players, with the capacity limits that implies
- Terms and process are not published
What Searchers Say
Regularly listed among the core traditional-search investors, with community mentions emphasizing the operating-executive support and the partners' operating backgrounds.
How to Approach
Firms do not publish a term sheet you can prepare against, so this is how traditional (investor-backed) search capital comes in, what it weighs, and how to arrive ready.
The Typical Arc
- A first conversation on your background and why search, before any deal.
- A deep dive on your plan: industries, criteria, and how you will source.
- Backing for the search itself, then a fresh underwrite when you bring a live deal.
- A board seat and governance once you close.
What It Weighs
- Whether you will finish a two-year search, not only start one.
- The quality of your thesis and target criteria.
- How you will behave on a cap table over a long hold.
How to Prepare
- Bring a sourcing thesis, not a blank slate. Buyer Profile Builder
- Know which firms lead versus follow, and on what terms. Investors
- Make your operator case on one page. Buyer Profile Builder