Investing in My Search: How I Align with Capital Partners

Why Backing an Operator-Led Search with Belegaer Capital Offers LPs a Transparent, Transformative, and High-Yield Opportunity

At Belegaer Capital, our acquisition model is built on alignment—of incentives, of purpose, and of outcomes. As a searcher, I’m not just sourcing and structuring the deal; I’m stepping in to lead it, transform it, and grow it. This blog outlines the strategic, financial, and operational reasons why limited partners (LPs) and co-investors should consider backing my operator-led search. It offers a transparent lens into my philosophy, the mechanics of the search fund model, and the upside potential for capital partners seeking high-DPI returns with active stewardship.

I. Why I Chose the Operator Path

Unlike traditional PE models that deploy financial engineering or drop in external CEOs, my model is built on execution. I am not looking to flip a company; I am looking to build one. This philosophy is grounded in the operator-led playbook championed by top-performing search funds globally.

Stanford’s 2024 Search Fund Study highlights that exited search fund deals have delivered an impressive 42.9% IRR and a 6.6x median ROI[^1^]. These are not hypothetical gains—they are DPI-driven distributions based on transformation, not transaction fees. My role is not passive capital allocation; it is hands-on value creation.

I bring 15+ years of experience across marketing, operations, and performance growth, having served as a fractional CMO and growth advisor to 100+ global brands. My competitive advantage lies not just in sourcing great deals, but in scaling great businesses.

II. What I Look for in a Business

I’m focused on acquiring a profitable, recurring-revenue business in the $1–15M EBITDA range. Like many successful searchers, my thesis prioritizes sectors where digital transformation, RevOps, and marketing automation can dramatically boost enterprise value:

• B2B SaaS & Vertical Software

• Tech-Enabled Business Services

• Healthcare Services & Platforms

• Niche Fintech & B2B Financial Infrastructure

• Marketing Infrastructure & Digital Agencies (With IP or Automation)

  
  

These sectors combine enduring customer needs with operational inefficiencies that I am uniquely equipped to address.

IESE’s 2024 International Search Fund report found that 79% of international search funds ended in acquisition—outperforming North American funds (63%)[^2^]. The most successful targets shared several features: durable margins, recurring revenue, growth potential, and leadership succession opportunities. I’m hunting for just that.

III. My Alignment with LPs

Alignment with investors is not a buzzword—it’s the foundation of this model. Here's how I align with LPs from search to exit:

• Skin in the game: I invest my own capital in the search and take equity alongside LPs in the acquisition.

• Transparency: Monthly deal reports, open data room access, and regular investor calls.

• No blind pool: You see the deal before you commit.

• Operational control: I step in as CEO post-acquisition. You’re not betting on a deal team—you’re backing an operator.

• Governance: I welcome board oversight and collaboration. Investors often serve as mentors, not just financiers.

  
  

McKinsey's 2025 Private Markets Report noted a 2.5x rise in LP prioritization of DPI over the past three years[^3^]. That shift favors models like mine, where capital goes into a single deal and distributions flow back earlier and cleaner than in traditional PE.

IV. My Search Structure and Timeline

My search is structured using the traditional Stanford model: a two-phase capital approach that includes search capital ($300k–500k) and deal capital ($2M–10M+ depending on transaction).

• Search Phase: 18-24 months of deal origination, screening, diligence, and LOI structuring.

• Acquisition Phase: Full buyout (majority stake) of a founder-led business with transition support.

• Operating Phase: 5-10 years of direct operational leadership, transformation, and growth.

Stanford data shows median time to first LOI is 7.8 months, with most searchers evaluating 200+ companies during their search[^1^]. I have already built a proprietary pipeline, lined up M&A advisors, and developed early traction in deal flow through vertical outreach and AI-enabled search tech.

V. Value Creation Strategy: The Playbook

Based on TTCER’s study of 25 high-performing companies, 18.1x of their 31x MOIC came from revenue growth alone, not financial leverage[^4^]. My strategy follows the same logic:

1. RevOps Uplift: Aligning sales, marketing, and customer success to accelerate top-line growth.

2. Marketing Automation: Using performance frameworks to boost CAC/LTV and improve retention.

3. Talent Retention: Implementing equity-based incentives and professional development.

4. Tech Stack Modernization: Applying AI, CRM, and analytics tools to unlock process efficiency.

5. Buy-and-Build: Layering tuck-in acquisitions or launching high-margin services.

I don't chase multiple arbitrage; I build enterprise value.

VI. Risk Mitigation for LPs

Backing a first-time CEO is a risk. But operator-led search funds mitigate this risk in five ways:

• Concentrated focus: I’m acquiring one company, not managing a portfolio.

• Mentorship model: LPs often serve on the board or as advisors.

• Skin in the game: My equity is tied to performance, just like yours.

• Low deal multiples: Entry at 5-7x EBITDA vs. 11-12x in traditional buyouts[^1^].

• Structured diligence: 3-6 month diligence processes with full board oversight.

The model's results speak for themselves: 35.1% IRR and 4.5x ROI across all search funds since 1984[^1^].

VII. The International Advantage

Search funds are no longer a U.S.-only phenomenon. IESE reports that the model has expanded to 40+ countries, including rising participation in Southeast Asia, LATAM, and Europe[^2^].

Global LPs are increasingly seeking geographic diversification in their private investments. My search includes a flexible mandate with targets across the Philippines, Singapore, and Spain—jurisdictions I understand culturally and operationally. Multiples are lower, succession issues are more prevalent, and the playing field is less crowded.

VIII. How to Participate

LPs can engage in my search through:

• Search capital ($100K–$150K per LP): Funds the search phase — including sourcing, diligence, and working capital — with full transparency and regular investor updates.

  
  

• Acquisition equity (Pro-Rata at Close): Upon deal close, investors can roll into the acquisition round based on pro-rata rights, or increase participation through co-investment.

• Board or mentor participation (Optional): For LPs seeking a more engaged role, I welcome mentorship, strategic input, or board participation aligned with your expertise.

Investors benefit from pro-rata rights, co-investment opportunities, board seats (where appropriate), and high visibility into execution. Unlike traditional GP-LP models, you get a front-row seat.

Conclusion: Let’s Build a Business Together

The world doesn’t need more spreadsheets or fee layers. It needs operators. Belegaer Capital is not a fund—it’s a commitment to build, scale, and exit a great business with care, discipline, and ambition.

I invite you to join me—not just as capital, but as partners in the journey.

References

1. Kelly, P., & Heston, S. (2024). 2024 Search Fund Study. Stanford Graduate School of Business. https://www.gsb.stanford.edu/faculty-research/centers-initiatives/ces/research/search-funds

2. Kowalewski, A.-S., Kelly, P., Simon, J., & Johnson, R. (2024). International Search Funds 2024. IESE Business School. https://www.iese.edu/entrepreneurship/search-funds

3. Edlich, A., Croke, C., Dahlqvist, F., & Teichner, W. (2025). Global Private Markets Report 2025: Private Equity Emerging from the Fog. McKinsey & Company. https://www.mckinsey.com

4. Rosenthal, S., & Simon, J. (2024). Search Fund Transformations: A Path to Excellence. IESE Business School. https://www.iese.edu