How legit is it when a search fund claims backing from some very high profile individuals?
I am interviewing at some search funds and one of them is claiming backing from some pretty high profile individuals that many laymen would recognize.
How legit is this? Does it mean that they just got *any* amount of funding from them?
I used to run a search fund. It's not just any amount. It's the equivalent of saying you've interned for Goldman. Were you an MD? No. Did you work there? Yes
It's exactly what you think it is. Even if it was a small sum of money, it's not lying yet it is great branding.
Ah interesting thanks. Was just wondering since some of them seemed really high profile.
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Really varies fund to fund. A lot of search funds with a very specific focus will find someone reputable in the industry to help them get in front of more deals and offer them better economics if they write a check. The Stanford ETA guide has something on this and calls them river guides IIRC.
Keep in mind search funds are often pitching a founder on rolling a substantial chunk of equity with a deferred comp component too so having someone reputable on the site is very very helpful in more ways than just a check.
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