How to Tell a Reputable Search Fund from a Sham?
I've been applying to search fund internships on searchfunder, and many of the companies are recent startups, which is fine, but some are owned and run by just one guy (founder & managing partner). Is this normal? And overall if you've had experience with search fund internships, are they reputable and do they put you on a great career path for PE?
All of them are owned and run by one person, some are just less straightforward about it. The internships generally suck and pay little to nothing, but if you're a freshman/sophomore they're a good foot in the door which you can then lever into internships at LMM firms if you so desire.
Yeah I heard they make you do grunt work, but I am fine with this, just want to gain experience and have something nice on my resume. They are typically unpaid, but I have found some paid ones.
Yeah that's the right attitude. I did one unpaid as a freshman, leveraged the sourcing work to intern at a LMM PE firm as I described, now going to a BB/EB. Each one was enabled by the previous so I highly recommend doing one.
You’re correct. A lot of them are bullshit run by very unimpressive folks, especially those on SearchFunder.
Look for people with extensive experience at reputable firms or ex-entrepreneurs with a real exit (8 figures at least).
Ideally someone who did their 2+2, then MBA at a reputable school and has some backing lined up. You can potentially actually learn from them.
Thanks, I appreciate it. I was looking at some of the firms and they look a little weird/fishy, that's why I am asking.
Also what are your thoughts on searchfunder? Do you think it's a good and legitimate resource?
Lots of legitimate people on there. The founders are nice to talk to as well.
Yes, I am a current intern at a search fund. The searchers are usually one or two guys in their thirties with strong backgrounds (MBB, IB,...), who are Managing Partners & Founders of the search fund. My experience at the search fund has been amazing, I have learnt a lot about the PE process (it is basically the same, but at a smaller scale), so even though the firm may not have a strong name, it really does give you skills that are useful for PE/IB. Besides, I have learnt a lot from the way my bosses think and analyze and the mentorship they give you is really close.
Great to hear.
Also, on the interview, did they ask you mostly behavioral questions? Any technicals?
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