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Today’s Rundown

• Search fund acquisition conversion rates

• NCA Q1 2025 update

• Searcher kickoff package

• HR for search funds and holdcos

• 6 deal announcements (5 search fund launches!)

• 5 career opportunities

Database Overview

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Weekly Highlights

• Osvaldo Spuri Junior, a successful Brazilian searcher and Managing Director of Spuri Capital, shared quantitative insights about his search fund acquisition:

  • The pipeline metrics read:

    • 272 companies reviewed

    • 111 CIMs analyzed

    • 27 Q&A rounds

    • 3 LOIs negotiated

    • 1 acquisition → 0.36% conversion rate

  • Nine months after the launch, Spuri Capital acquired a 37-year-old, debt-free, cash-generating distributor of 3m industrial tapes and adhesives

• Novastone Capital Advisors (NCA), an operator-led search fund program, released their Q1 2025 Update:

  • NCA reports strong momentum across their community of searchers, with a number of high-quality opportunities currently under exclusivity or in advanced stages of diligence across North America and Europe

  • In Q1 2025, nine searchers joined NCA’s program and two searchers completed acquisitions:

    • Martine Legault acquired Contrôles Véhiculaires Protek and Mobile Power Solutions

    • Dean Curran acquired Agile Circuit Technology Group

  • In 2024, 30% of NCA’s closed deals were female-led acquisitions

  • NCA's CEO Christian Malek and Managing Partner Daniel Gärtner were interviewed by renowned journalist Andrew Wilson for CBS at the 2025 World Economic Forum in Davos

• Caprae Capital, a private equity and buy-side advisory firm, launches searcher kickoff package:

  • Caprae's searcher kickoff package is designed to establish professional credibility and operational readiness in under a week

  • The packages includes:

    • Professional website buildout

    • Email domain warm-up and outreach sequencing setup

    • Personal branding and messaging strategy session

    • Press release development and distribution for search fund launch

    • 1-hour investment thesis strategy workshop

    • Access to Caprae's proprietary conversion benchmarks across cold call, email, and LinkedIn

    • Search tool and CRM system recommendations

• Aspen HR, a leading Professional Employer Organization (PEO) announces the release of HR playbooks for the private equity, independent sponsors, and search funds:

  • Aspen HR provides specialized resources for roll-ups, carve-outs, and CEO transitions, offering strategic HR frameworks that address due diligence, integration, compliance, and employee engagement - critical for private equity deal success

  • As a full-service PEO, Aspen HR handles payroll, benefits, compliance, and risk management, enabling private equity firms and their portfolio companies to stay focused on growth and profitability while minimizing HR risks

Deal Announcements

• 🇩🇪 Daniel Assmann and Justus Spengler launched Assmann & Spengler, a search fund focused on B2B services and manufacturing (link)

• 🇮🇹 Andrea Bernardi launched Columbus Capital, a search fund focused on energy transition (link)

• 🇫🇷 Jérôme Casal launched JCTC, a search fund focused on B2B services (link)

• 🇵🇱 Wojciech Bujas launched Sustinere, a search fund focused on B2B services, B2B distribution, B2B production or software (link)

• 🇫🇷 Emils Meznieks launched Ethosion Capital Partners, a sector-agnostic search fund (link)

• 🇬🇧 Profectus Capital, the search fund vehicle of Sebastiaan Willen, acquired Vistafolia, a global leader in ultra-realistic artificial green walls, trees, hedges, and plants (link)

• 🇬🇧 RD Capital Partners (RDCP), a holdco / buy & build play, acquired Monarch Healthcare, an operator of 13 freehold nursing homes, employing 850 people and generating £25 million in revenue and £6 million in EBITDA (link)

Career Opportunities

• [PE-Asset] Head of M&A | Walker Hamill | London | £120-140k + bonus (apply)*

• [PE] Investment Associate | PeakSeek | Amsterdam (apply)*

• [PE] Investment Analyst | Verium | Zurich (apply)

• [PE] Investment Intern | Capital D | London (apply)

• [PE] Origination Working Student | BID Equity | Hamburg (apply)

_*Headhunter

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