Trilogy Search Partners

Trilogy Search Partners

Trilogy Search Partners is a Bellevue, Washington-based private equity firm structured around the search fund model. The firm identifies and backs emerging operators—often MBA graduates from programs like Stanford or Harvard—who commit to a full-time search for a single private company to acquire and lead. Once a target is identified, Trilogy provides the equity capital for the acquisition and takes an active governance role while the operator assumes day-to-day leadership as CEO. This model transforms a young MBA into an owner-operator with immediate executive responsibility. Trilogy's strategy centers on buyout and growth equity transactions in small to mid-sized private companies, typically with enterprise values below $20 million. The firm participates in both the search phase—funding the operator's salary and diligence costs during a 12–24 month search—and the acquisition phase, where it provides the majority of equity capital for the transaction. Sectors vary by the target company the operator identifies, spanning fragmented service businesses, light manufacturing, niche software, and distribution. Geographic focus defaults to North America, concentrated in US markets where operator candidates can relocate and embed personally in the business. The search fund model creates a distinct alignment structure. The operator earns a meaningful equity stake (often 15–25%) in the acquired company, with Trilogy holding the remaining equity alongside potential co-investors. This operator-investor partnership is the firm's core thesis—permanent, patient capital paired with an incentivized leader who carries full P&L accountability. Trilogy typically supports a single operator per fund vehicle, with each fund dedicated to one acquisition. The firm's Bellevue location reflects the Pacific Northwest's concentration of family-backed and independent sponsor capital, though the operator base likely draws nationally from top-tier MBA programs. Trilogy's structural differentiator is its adherence to the pure search-fund playbook rather than operating as a broad private equity platform. Each fund is a single-asset vehicle tied to one operator's acquisition, making the firm's portfolio a constellation of independent companies rather than a consolidated fund. This micro-focus on CEO-led acquisitions differentiates Trilogy from both traditional PE funds and venture capital firms. The model demands patience—search timelines average 12–24 months before a deal closes—and rewards operators who can source proprietary, off-market transactions. Trilogy's governance typically includes board seats held by firm partners, creating ongoing oversight while preserving the operator's autonomy to run the business.