「搜索基金」介紹

什麼是搜索基金（Search Fund）？

市場上存在許多長久以來發展良好、有著成熟的商業模式的企業，然而卻因為缺乏良好的接班計劃或接班人，以致於最後面臨關門大吉的結果。針對這個情況， 1984 年的美國史丹佛大學商學院 (Stanford GSB)， H. Irving Grousbeck 教授創立了搜索基金的概念，也就是透過併購實現創業（Entrepreneurship Through Acquisition, ETA）。其目的是一方面讓這些企業得以存續、被帶向新的成長軌跡，另一方面則是讓具備頂尖商學院教育背景的年輕人有另外的創業選擇。

搜索基金的核心概念就是由一到兩名管理合夥人（又稱搜索者，Searcher）成立一間私募基金，併購市場上一間已有穩健商業模式的公司。接著讓管理合夥人成為該公司的CEO並經營數年加以發展，最後透過出售企業或上市等方式出場，也有人選擇長期持有公司。如此一來，即完成公司創辦人得以退休、投資人獲得資本收益，而企業持續在市場上的多贏局面。

搜索基金發展情況

有別於常見高風險、高報酬的投資組合，搜索基金追求的是相對低風險且穩定的報酬。在過去數十年的發展，搜索基金在北美展現了極佳的長期財務報酬，也隨著全球企業面臨接班挑戰，這模式迅速向其他地區擴展。

西班牙IESE商學院（IESE Business School）更是在之中扮演的關鍵角色。IESE的MBA素來以豐富的學生背景多樣性聞名，透過其International Search Fund Center的推廣及教育，成為了搜索基金在北美以外的權威及資訊中心。

根據IESE發表的International Search Funds- 2024: Selected Observations指出，在2023年就有59個搜索基金在北美以外的地區成立。過去20年有顯著地成長趨勢，各個國家也逐漸開花結果。在搜索基金管理合夥人的背景方面，71%皆擁有工商管理碩士的學位。

以績效來說，北美地區有極為優秀的表現，平均可以達到4.5倍的投資報酬率及35.1%的內部收益率。在北美以外，雖然高達62%的搜索基金都是在2020年後成立，但仍然維持擁有兩倍的投資報酬率及18.1%的內部收益率，其中最好的帶來超過31倍的投資報酬率。同時，根據觀察指出，搜索基金都在接手營運企業的第三年到第四年後才會開始有顯著提升估值，隨著時間拉長、生態系成熟，未來將有機會看見國際搜索基金的績效提升。

搜索基金模式剖析

搜索基金會分成四個階段，分別是募資、搜索及併購、經營，及出場。核心方向即是透過槓桿收購（Leveraged Buyout）的模式

階段一：募資

搜索基金管理合夥人需要擬定未來兩年的規劃，包含搜索者的薪水、公司的經營費用、收購標準等，透過投資備忘錄（Private Placement Momorandum, PPM）向投資人募資搜索費用。由於在此階段尚未有明確的收購標的，通常會提供數項吸引人的回報條件，像是在此投入的資金會在收購時加乘150%轉換成股權等。此階段通常平均花費二到六個月以完成。

階段二：搜索及併購

接著進入為期兩年的搜索期，根據管理合夥人在私募備忘錄定義的條件，搜索目標市場上潛在的標的以進行併購。絕大多數搜索基金都是鎖定既有且具有潛力的企業，故篩選標準不外乎需要有穩健的商業模式、連年的正向現金流，最重要的是企業創辦人有強烈的出售意願。在出立併購意向書、盡職調查等相關併購程序後，就會由搜索基金全權併購該企業，正式成為管理者。

階段三：經營

在完成交割、加入公司後，管理合夥人會利用前面的一至兩年的時間熟悉商業模式、作業流程及團隊，不會大幅改變現狀以確保公司的正常經營。再來就是如同普遍企業負責人一樣，藉由增長營收、提升營運效率等方式最佳化各方面表現，目標是帶來更好的獲利能力。

階段四：出場

在最後，與私募基金類似，管理合夥人會在合適的時間點選擇出售公司、上市，或是長期持有公司，取決於當下的公司表現、外部市場情況及與投資人之間的溝通。從階段三到階段四平均需要五到七年的時間。

總結

搜索基金不僅是一種相對穩健的私募基金，更是當今企業接班的解決辦法之一。隨著全球市場的發展，已經證實了其良好的商業模式及投資效益。未來這樣的模式勢必會持續推動更多傳承與創新，成為一令人期待的新興潛力！

Redefine Success

Confidence doesn’t always arrive with a bold entrance. Sometimes, it builds quietly, step by step, as we show up for ourselves day after day. It grows when we choose to try, even when we’re unsure of the outcome. Every time you take action despite self-doubt, you reinforce the belief that you’re capable. Confidence isn’t about having all the answers — it’s about trusting that you can figure it out along the way.

The key to making things happen isn’t waiting for the perfect moment; it’s starting with what you have, where you are. Big goals can feel overwhelming when viewed all at once, but momentum builds through small, consistent action. Whether you’re working toward a personal milestone or a professional dream, progress comes from showing up — not perfectly, but persistently. Action creates clarity, and over time, those steps forward add up to something real.

You don’t need to be fearless to reach your goals, you just need to be willing. Willing to try, willing to learn, and willing to believe that you’re capable of more than you know. The road may not always be smooth, but growth rarely is. What matters most is that you keep going, keep learning, and keep believing in the version of yourself you’re becoming.

Small Steps Create Big Shifts

Confidence doesn’t always arrive with a bold entrance. Sometimes, it builds quietly, step by step, as we show up for ourselves day after day. It grows when we choose to try, even when we’re unsure of the outcome. Every time you take action despite self-doubt, you reinforce the belief that you’re capable. Confidence isn’t about having all the answers — it’s about trusting that you can figure it out along the way.

The key to making things happen isn’t waiting for the perfect moment; it’s starting with what you have, where you are. Big goals can feel overwhelming when viewed all at once, but momentum builds through small, consistent action. Whether you’re working toward a personal milestone or a professional dream, progress comes from showing up — not perfectly, but persistently. Action creates clarity, and over time, those steps forward add up to something real.

You don’t need to be fearless to reach your goals, you just need to be willing. Willing to try, willing to learn, and willing to believe that you’re capable of more than you know. The road may not always be smooth, but growth rarely is. What matters most is that you keep going, keep learning, and keep believing in the version of yourself you’re becoming.

Turn Intention Into Action

Confidence doesn’t always arrive with a bold entrance. Sometimes, it builds quietly, step by step, as we show up for ourselves day after day. It grows when we choose to try, even when we’re unsure of the outcome. Every time you take action despite self-doubt, you reinforce the belief that you’re capable. Confidence isn’t about having all the answers — it’s about trusting that you can figure it out along the way.

The key to making things happen isn’t waiting for the perfect moment; it’s starting with what you have, where you are. Big goals can feel overwhelming when viewed all at once, but momentum builds through small, consistent action. Whether you’re working toward a personal milestone or a professional dream, progress comes from showing up — not perfectly, but persistently. Action creates clarity, and over time, those steps forward add up to something real.

You don’t need to be fearless to reach your goals, you just need to be willing. Willing to try, willing to learn, and willing to believe that you’re capable of more than you know. The road may not always be smooth, but growth rarely is. What matters most is that you keep going, keep learning, and keep believing in the version of yourself you’re becoming.

Make Room for Growth

Confidence doesn’t always arrive with a bold entrance. Sometimes, it builds quietly, step by step, as we show up for ourselves day after day. It grows when we choose to try, even when we’re unsure of the outcome. Every time you take action despite self-doubt, you reinforce the belief that you’re capable. Confidence isn’t about having all the answers — it’s about trusting that you can figure it out along the way.

The key to making things happen isn’t waiting for the perfect moment; it’s starting with what you have, where you are. Big goals can feel overwhelming when viewed all at once, but momentum builds through small, consistent action. Whether you’re working toward a personal milestone or a professional dream, progress comes from showing up — not perfectly, but persistently. Action creates clarity, and over time, those steps forward add up to something real.

You don’t need to be fearless to reach your goals, you just need to be willing. Willing to try, willing to learn, and willing to believe that you’re capable of more than you know. The road may not always be smooth, but growth rarely is. What matters most is that you keep going, keep learning, and keep believing in the version of yourself you’re becoming.