A search fund is a unique investment vehicle used by entrepreneurs to raise capital from investors for the purpose of acquiring and operating an established, profitable business. The search fund model was first developed at Stanford University in the 1980s and has since gained popularity among entrepreneurs and investors. With the rise of entrepreneurship though acquisition, there is very active searcher community, including so-called fundless or self funded searchers. A search fund or searcher could be a great buyer, and they tend to run an M&A acquisition process somewhat between an individual and a PE fund.