Search funds

We support high-potential entrepreneurs to acquire and grow consolidated SMEs

Investments in SMEs via the Search-Fund model

We invest in high-potential executives that aim to acquire and operate SME business with an owner’s mentality. We aim only at consolidated, profitable companies in B2B services sectors without a succession plan and untapped avenues for growth.


  • We have invested in 19 search funds, of which  7 have already made an acquisition and 12 are actively searching.
  • We have made investments in 8 operational companies, including 5 follow-on investments in our portfolio entrepreneurs, 2 equity gaps and 1 self-funded deal.
  • We serve in the Board of Directors of 5 of our 8 portfolio companies.
  • We have successfuly exited 2 of our search-phase investments and made no write-offs to date. 


Investments in talent delivering unique LBO deals

Management and Transactions expertise at the service of searchers acquiring and growing SMEs

Global investments in Search Funds with a preference for large European markets.

Outstanding entrepreneurs with an operator profile and the capacity to execute a Leverage Buy Out (LBO), backed by a strong investor pool who brings specific market knowledge and Search Fund investing experience.

Investment appetite for stable companies with solid and predictable cash-flows, in B2B business services (industrial services, niche logistics, healthcare and education among others).

We engage in thorough selection processes that confirm the entrepreneur’s hard and soft capabilities, their level of self-knowledge, personal motivation, and investor alignment.

itaca’s search phase numbers



Transformed into Acquisitions



Active Searchers

Almond Capital | Madrid


Javier Poveda

Sillage Transmission | Marseille


Pierre Donvez

Smokestack | Praghe


Martin Kominek


Springbrook  | Washington D.C.


John O'Brien

Kaoba Capital | Bogotá

Antoine Crettex

David Williamson

Sirius Transmission | Paris

Jean-Rémi Barrot

Mathieu Duquesne

Relais du Diregéant | Lyon


Rafaël Dufour

AJS Capital | Girona


Albert Jané

Colombo Capital  | Madrid

Chaid Neme

Juan Pablo Ocampo

Ulam Transmission | Madrid


Dimitri Novikov


Kala Capital | Mexico City

J. Andrés Labrador

Ricardo Canedo

Eon Partners | Madrid

Eduardo Garassini

Carlos Lucía

Sotavento Capital | Barcelona


Jorge Rivero

Timshel Transmission | Paris


David Lescure

Signatus Capital | Madrid


Enrique Sales

Primus Tr. | Le Dorat (Massif Cenral)


Louis Jardel

Emptio Capital | Madrid


Manuel Pintado


Road Capital | Girona 

Tara Capital | Mexico D.F.