Relay supports its search partners by offering educational and tactical resources (including access to exclusive deals with technology providers), consistent one-on-one mentorship, access to an extensive network of experienced professionals, and capital. We provide guidance on deal sourcing, due diligence, negotiation, and post-acquisition value creation strategies. We also frequently sit on the boards of searcher’s acquired companies if invited to do so.

Although not a requirement to make an investment, we would be happy to support you by serving on the board of your business. Relay's Senior Team currently has capacity to serve on the boards of newly acquired companies. Additionally, when specific industry expertise is needed, we are happy to make connections to our network of operating partners, who can represent us on boards as well.

We strive to provide you with the highest support to ensure a successful journey. In turn, we expect your full dedication to the endeavor, transparency in communication, and openness to ask for help. Being focused, open, and knowing where you need additional guidance is key in allowing us to make the most of our partnership.

As one of the largest investors in the ecosystem, Relay acts as a lead investor in the majority of the search funds that we participate in. Typically, we take 15-25% of a search cap table, with the aim of investing $1M-$3.5M into the equity check for the searcher’s future acquisition. Relay is industry agnostic and will evaluate deals from nearly any vertical. Additionally, while Relay is U.S. focused, we are also one of the largest investors in search funds internationally.

Across time, we have assembled a robust and diverse team, with individuals from different professional and personal backgrounds, with several decades of collective experience. Through our experiences, our network of experts, and leveraging Sandro’s 30+ years in the space, we have been able to develop a strong sense of pattern recognition that allows us to identify opportunities and threats across industries and businesses.

When considering raising a search fund, the best place to start is by connecting with current searchers and operators in the ecosystem. We recommend that prospective searchers speak with 25-35 individuals in the space before fundraising. This allows prospective searchers to go in with their eyes open to what the process entails. After these conversations, searchers should develop a Private Placement Memorandum (“PPM”), determine which investors they would like in their group, and begin setting up introductory calls.

We recommend that prospective searchers engage in conversations with current and former searchers to learn about the advantages of various capital providers. The space is filled with many excellent investors that provide value beyond capital. As such, we suggest that searchers select an investor group that best complements their skills and aligns with their long-term goals.

Whether you’re fundraising, seeking capital for an acquisition, or simply considering searching and want to learn more, we’d be thrilled to connect with you. Please do not hesitate to reach out through our contact form.

You just need to ask. Whether it is through a cold email or a warm referral, you can reach out to different members of the community and ask for some time to chat. The search fund ecosystem is extremely open and collaborative, and most searchers and operators will be happy to guide and support you. 

Tactically, you can leverage your school or work networks to see which individuals you might be most closely connected to in order to begin your outreach. We would be happy to connect you with some of our search partners and CEOs if you need a place to start. 

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The decision to search on your own or with a partner is a deeply personal one and must be taken with extreme care. Historically, partnered searchers have delivered higher returns, however, this alone should not be your reason for deciding to search for a partner. We have seen very successful search funds be led by both solo and partnered searchers.  

Solo searchers might prefer work mostly on their own, with the support of their investor group, and be the one making the decisions, while taking a higher share of the upside (up to 25%). Partnered searchers, however, will take a smaller share each (up to 30% between the 2 searchers), but will benefit from their complementary skillsets, emotional support and split roles and responsibilities.