Working in PE, it's fairly common to come across companies for sale that would be interesting to buy in a search fund-like deal (raise money for the acquisition then run the company yourself), but that are too small for the PE firm (so not direct competition, but still tricky). Has anyone ever tried to do this while working in PE? If so, how do you navigate it with your PE employer and full-time job?
Edit: I'm only talking about the search/diligence phase. In other words, how/when do you broach the subject with your employer given you came across the company through your job? How do you reach out to the company appropriately? Etc. etc. Obviously would have to quit the PE job once you've bought the company.