IESE search fund conference draws 771 as returns outside North America climb

The story so far, in brief; the legwork, and the full article, stay with the original outlet.

Barcelona's IESE Business School hosted the seventh edition of the International Search Fund Conference, which wrapped up on 16 October 2026. The hall held 771 people: 306 investors, 258 active searchers and 102 chief executives running companies bought through search funds. Another 469 stayed on a waiting list. A room where the people with money outnumber the people asking for it is not the usual arrangement in finance.

The biennial studies from Stanford GSB and IESE now follow 1,354 traditional search funds, 862 in the United States and Canada and 492 elsewhere, across 48 countries in all. In 2025, launches outside North America (82) exceeded those inside it for the first time. International returns rose to 2.8x and a 30% IRR, up from 2.0x and 18% in the prior edition, against a steady 4.75x and 33.9% in North America. Searches abroad also end in a purchase more often: 73% internationally and 78.5% in Europe, against 58% in North America.

On terms, a searcher still typically receives 25% of the equity alone or 30% as a pair. In Spain and Italy, a split of half at acquisition and half against performance is taking hold, reflecting the tax treatment of carried interest.