Estelio Partners

A search fund is an investment vehicle where an entrepreneur, or searcher, raises capital from a group of investors to find, acquire, and operate one privately held business. Estelio Partners follows this model precisely, with Luka Salamunic serving as the lead searcher. Once a target is acquired, Salamunic will step in to run the company full-time, transitioning Estelio from a search entity into an operating business.

Estelio targets US-based business-to-business services or tech-enabled companies generating $3 million to $30 million in annual revenue. The firm looks for a history of profitable growth and revenue that is predominantly recurring in nature. The seller can be looking for a full exit or a partial sale.

Luka Salamunic leads the search and acquisition process as Managing Partner. He is backed by a committed group of more than 20 business owners and investors who provide both the capital and operational support necessary to close a deal, but day-to-day search execution rests with Salamunic.

A traditional buyout fund raises a blind pool of capital to make multiple acquisitions across a portfolio. Estelio is structured as a search fund, meaning it will make exactly one acquisition and Salamunic will become the full-time operator of that single business. This creates a direct alignment between the investor group's returns and the long-term performance of one operating company.

There is no disclosed posture on co-investing alongside external general partners. The standard search fund model relies on the committed investor group described on the firm's website — over 20 business owners and investors — rather than syndicating equity to outside institutional GPs.