Why Launch a Search Fund Competition<\/h4>\n
IESE has produced numerous successful searchers and maintains strong ties with investors and operators across Europe. Yet as students, we felt there was room to create something that would make that ecosystem tangible.<\/p>\n
The idea gained momentum during conversations within the Search Fund Club. A defining moment came during a dinner with Jos\u00e9 Mart\u00edn Cabiedes,<\/a> a well-known investor in the search fund ecosystem. When we shared the concept, he immediately encouraged us to move forward and offered his support. That endorsement gave us the confidence to turn the idea into action.<\/p>\n From the beginning, we wanted the competition to be inter-MBA. Bringing together leading European business schools would elevate both the learning experience and IESE\u2019s position at the center of the ecosystem.<\/p>\n We first organized an internal selection round at IESE. Twelve teams applied, far exceeding expectations and confirming the growing interest in search funds among students. The selected IESE team then competed alongside teams from London Business School, INSEAD, HEC Paris, IMD and ESADE.<\/strong><\/p>\n Our objective was clear: replicate the real search fund journey as closely as possible within a single day.<\/strong> It was an intense day of negotiations, deliberations and evaluations but with plenty of learning!<\/p><\/div>\n On competition day, the experience unfolded in four stages. Investors and Sponsors<\/strong><\/p>\n The credibility of the competition rested on the involvement of leading members of the European search fund ecosystem. Our panel of investors included: Lenka Kolarova<\/a> of Istria Capital, Jan Simon<\/a> of Vonzeo Capital, Juan Naranjo<\/a> of the IESE International Search Fund Center, \u00cd\u00f1igo Mart\u00edn and Jos\u00e9 Mart\u00edn Cabiedes of Cabiedes & Partners, Jaume Argerich<\/a> of ANIOL Family office, Ignacio Marin<\/a> of ALZA Capital Partners, Marc Bartomeus<\/a> of Albira Investments<\/strong><\/p>\n They followed the teams throughout the day, observing due diligence discussions, evaluating negotiations and rigorously challenging final presentations. Beyond judging, they actively mentored participants and shared insights from their own investment experience. We are deeply grateful to Istria Capital, Cabiedes & Partners, ANIOL, and Albira Investments for sponsoring this first edition. Their involvement ensured both credibility and depth, and reinforced IESE\u2019s strong ties with the ecosystem.<\/p>\n While I had the privilege of leading the initiative, this competition was entirely a collective effort. Daiki Tsujii, Esteban Setzer, Lety Loza, Rodrigo Tinoco, Vicente Yr\u00edzar Garza, Rui Rebelode and Alec Cairney each took ownership of critical areas, from coordinating participating schools and investors to working closely with operators and overseeing communications and logistics. Our Club Presidents, Luis Saucedo and Andres Lince, played an essential role in opening doors across the ecosystem and ensuring we had the right level of support and visibility. I could not have done this without them.<\/p>\n Their reliability, professionalism and commitment turned an ambitious idea into a credible, large-scale event.<\/strong> We are also sincerely grateful to the IESE MBA Office, especially Paula Estrada and Steph Tait, for their continuous guidance and operational support.<\/p>\n After an intense day of analysis, negotiation and presentation, two teams emerged as co-winners: IESE and IMD.<\/strong><\/p>\n The teams from IESE & IMD emerged as joint winners in the first edition of the IESE Search Fund Competition!<\/p><\/div>\n What differentiated them was not only preparation but adaptability. Both teams demonstrated strong financial reasoning, operational understanding and the ability to refine their theses after each interaction with operators.<\/strong> The strongest feedback from participants was that the experience felt real. Many described it as the closest they had come to living the search fund journey within an MBA program.<\/p>\n For IESE, this competition represents more than a successful event. It demonstrates that the school\u2019s leadership in search funds is not only rooted in faculty and alumni, but actively reinforced by students who build platforms that connect investors, operators and future searchers.<\/p><\/blockquote>\n This was the first edition. We are committed to refining and expanding it in the years to come. For me personally, organizing this competition has been one of the defining experiences of my MBA. It reinforced something fundamental about IESE. When you believe in an idea and surround yourself with the right people, you can create initiatives that extend beyond the classroom and contribute meaningfully to an entire ecosystem. <\/strong><\/p>\n And that is how IESE continues to lead the search fund movement in Europe.<\/p>\n IESE has long been a reference point for search funds in Europe. This year, we wanted to translate that leadership into a hands-on experience. As part of the IESE Search Fund Club management team, I had the opportunity to lead the creation of IESE\u2019s first Inter-MBA Search Fund Competition. What started as a student initiative… <\/p>\nThe Competition Format<\/h4>\n
\nTwo real companies previously acquired through search funds were selected as targets. Ahead of the event, teams received financial and operational data and prepared:
\n\u2022 A structured due diligence question list
\n\u2022 A draft Letter of Intent (LOI) for each company
\n\u2022 An investment thesis presentation for each company<\/p>\n![\"\"](\"https:\/\/blog.iese.edu\/mba\/files\/2026\/03\/DSC_0273-300x199.jpeg\")
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\n1. Due Diligence Sessions
\nTeams met directly with the operators who had acquired and run these companies. David Jacq and Marc Lascorz Florit played the role of sellers. Each brought a distinct profile and negotiation style. Students had to test assumptions, uncover risks and adapt their theses in real time.
\n2. LOI Negotiation Rounds
\nTeams negotiated key deal terms with each operator. They defended valuation logic, structure, governance and alignment under pressure.
\n3. Investment Committee Presentations
\nEach team presented its preferred acquisition to a panel of active search fund investors. They were challenged on risk assessment, value creation, financing structure and execution capability.
\n4. Final Deliberation
\nJudges assessed analytical rigor, adaptability, realism and clarity of strategic thinking before selecting the winners.
\nThis was not a theoretical case study. Students worked with real operators, real data and real investor scrutiny.<\/strong><\/p>\nThe Team Behind the Competition<\/h4>\n
\nThe IESE Search Fund Club team carried this project from idea to execution.<\/p>\nThe Outcome<\/h4>\n
![\"\"](\"https:\/\/blog.iese.edu\/mba\/files\/2026\/03\/winners-300x199.jpg\")
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\nOne particularly memorable moment came when the judges decided to award two full prizes rather than splitting the original amount. Investors themselves stepped in to ensure each winning team received full recognition. It reflected the level of engagement and enthusiasm that defined the day.<\/p>\nWhy This Matters for IESE<\/h4>\n
![\"\"](\"https:\/\/blog.iese.edu\/mba\/files\/2026\/03\/Baptiste-Duplan-Profile-150x150.jpg\")
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\nWritten by Baptiste Duplan<\/a>, MBA 2026<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"