Raising a Search Fund for a Distressed Investment?

I have an accounting background with my CPA. I took a strong interest lately in financial turnaround and bankruptcy consulting. My plan (current age 25) is to move into a Big 4 transaction services team or valuation. From there, I would hope to do turnaround/bankruptcy consulting. I then hope to make it to a top MBA program and then raise a search fund. I interned at a search fund before and it seemed very interesting.

My big question is... does anyone think it is feasible to raise a search fund with an investment strategy surrounding finding a financially distressed company to purchase? I know most search funds look for recurring revenue, good EBITDA margins, & strong growth potential. Those are all characteristics I understand why they are wanted by investors. however, all search funds carry a high level of risk of not working out so I'm not sure I'd buy the argument that "trying to buy a distressed company is too risky." To me, it is risky, but all search funds are. investors dont look to search funds for safe investments.

Has anyone heard of any funds that tried this or have any thoughts about whether its feasible? I figured my partner would be important. I could see me looking to partner with an operations guy in a specific industry or maybe even someone with a legal background specifically in bankruptcy.

 
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Global buyer of highly distressed industrial companies. Pays Finder Fees Criteria = $50 - $500M revenues. Highly distressed industrial. Limited Reps and Warranties. Can close in 1-2 weeks.

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