Inveready gets approval for its first search fund vehicle, targeting €20 million

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Inveready has received CNMV approval for Inveready Searchers I, its first fund dedicated to search funds. In that model an entrepreneur raises money to find one solid small company, buy it and then run it. The vehicle targets €20 million and hopes to deploy up to three times that through co-investments by its own backers.

It will take minority stakes in profitable European SMEs with €1–3 million in EBITDA and margins above 10%, alongside searchers who have run businesses before. The typical holding period is about six years.

Rather than start from nothing, the fund bought a mature portfolio of searcher investments from a family office, so it already owns two. Inveready expects this to cut one to two years off the investment period. Roger Piqué, Ignacio Puig, Ernest Gassó and Jaume Argerich will manage it. Argerich joins as partner after six years running a searcher strategy at a family office.