Out of college, what kind of experience would be best for people trying to start a search fund?
I'm interested in what people think the best training is for starting a search fund. I know that this is becoming a more popular career option for people out of business school. For graduating undergrads who plan on going to business school 3-5 years down the road, what do you guys think would be the best gig out of college if you intend to start a search fund after business school. I feel like the main options that people with this goal would consider are:
MBB consulting(you get to learn how many different types of management decisions are made, given coaching on "strategy", get exposure to lots of different industries and business problems with the potential for specialization, and get a little bit of business credibility that might be useful when trying to convince people to lend you money to acquire a company in the future)
PE analyst(you get a lot of experience doing deal sourcing which is very relevant for the early stages of a search fund, analyzing industries, building financial models, working on transactions that might prepare you for transactions you'd face leading a search fund, you gain some industry knowledge, you might be exposed to some management decisions at portfolio companies)
IB(very similar to the skills gained from being a PE analyst, but less exposure to management decisions I'm guessing, also guessing that there's less room to develop deep industry knowledge).
Working at a company/startup in a business strategy role or P&L role.
Of course all these things would be really great opportunities, but what do you guys think would best prepare someone to put together a team for a search fund, raise money from competent investors who can assist with management post-acquisition, find a great target, successfully acquire said target, and then finally manage and grow the target to a point where it is a transformed business that is performing better across multiple levels. Right now, I think it'd probably be a toss up between PE and MBB consulting, with PE giving an advantage in raising money, managing the search process, and executing the transactions, and then MBB with the advantage of more management and operational abilities and deeper industry knowledge. What do you guys think?