Got a search fund offer recently that’s mostly deal sourcing and dd (obviously), but I’ll also have the opportunity to analyze multiple CIMs as well as maybe play around with some financials of acquisition targets. It’s only 10/hrs a week so pretty chill. Does this sound like a good opportunity, or a waste of time?
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Good stepping stone if you don't have anything decent on your resume and are in the lower years
You’re a freshman. Nothing is a waste of time. That’s how you learn.
Plus, it’s 10 hrs/week? What have you got to lose?
Is this at search fund accelerator?
No, it’s one off searchfunder.
I always found the term "search fund" to be a misnomer because they are not funds with multiple investments, but rather a pooling of capital to back a search... but I digress
Anyways, I assume this is unpaid, yes? I had a few classmates from b-school run successful searches and they paid their interns a nominal amount, but this is probably not the norm.
The most important thing in my view is the quality of the person who is pursuing the search, because once you work for him, he will presumably be in your network going forward as a mentor or even friend, not to mention future collaborator, investor, etc.
How is his background? Is he the archetypal 2+2+2 (GS/MF/HBS or equivalent) who wants to be an owner/operator instead of going back to PE and scores high on competency and honesty/integrity? If so, totally fine to take a flyer and I see there being good upside
If it's the opposite and he is pursuing a search because he doesn't really have other "good" options (not necessarily a deal-breaker in my view) or he is incompetent and/or seems dishonest/lacking in integrity or gives off weird vibes (would be a deal-breaker for me) - then I would personally lean "pass," but you have to weigh that against how much you think the experience would help you going forward.
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