Venture Capital

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Search Fund Ventures

Lower-market private equity. AI-first value creation in recession-resistant B2B businesses. | Search Fund Ventures is a lower-market private equity firm...

Search Fund Ventures logo

Search Fund Ventures

Lower-market private equity. AI-first value creation in recession-resistant B2B businesses. | Search Fund Ventures is a lower-market private equity firm investing in B2B businesses between $500K–$5M EBITDA.

General information

Firm type

Venture Capital

Year founded

2003

Location

Region

North America

Country

United States

City

Chicago

Corporate office

401 North Michigan Avenue, Suite 1200, Chicago, IL 60611, United States

Principals

Sean Smith

Managing Partner

Matt Silva

Head of SFV Proprietaries

Sector focus

B2B ServicesTech-Enabled Services

Frequently asked questions

How does Search Fund Ventures source its acquisitions?

The firm leans heavily on a proprietary dataset built from reviewing more than 250 potential deals, combined with a partner network of operators, intermediaries, and service providers who specialize in small-business transactions. It also publishes public research on SMB deal multiples and operator frameworks, which its principals say acts as a magnet for off-market opportunities. Head of SFV Proprietaries Matt Silva leads deal origination, targeting recession-resistant B2B companies with $500,000 to $5 million in EBITDA.

What does Search Fund Ventures actually do post-acquisition?

The firm has a structured 90-day transition planning process that includes management assessment and a strategic roadmap. After stabilization, it layers on AI, automation, CRM modernization, and data analytics to turn traditional cash flows into tech-enabled operations. The stated goal is an 'asymmetric bet': an already-profitable business with operational upside that does not rely on revenue transformation to generate returns.

Does the firm disclose its Fund I performance or portfolio companies?

No. The firm's website directs all inquiries about Fund I portfolio composition and performance to a contact form. Public documentation does not name individual portfolio companies or reveal fund-level returns. This opacity is common among firms that use a self-funded or independent-sponsor model and raise capital deal by deal rather than through a broadly marketed fund vehicle.

Is Search Fund Ventures a classic search fund or a private equity firm?

It operates as an asset manager executing a private equity buyout strategy inside the entrepreneurship-through-acquisition ecosystem. This is a hybrid: it sources deals like a search fund sponsor but underwrites and manages them with institutional rigor. Its principals cite Stanford research showing search funds have averaged roughly 30 percent IRR, signaling an intent to align with that asset class even though the firm itself does not describe itself strictly as a traditional search fund.

What is the firm's track record with AI implementation in portfolio companies?

The firm has not publicly named any portfolio company or shared a specific AI transformation case study. Its materials describe AI and automation as part of a standard post-close playbook but offer no quantified impact data, timeline, or third-party validation. Inquiries about specific operational outcomes route through the firm's direct-contact channel.

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