Funds and capital · Search fund deck
Search fund decks for the search and the acquisition.
A search fund raises twice: once to fund the search, then to buy the company. Each deck has a different job.
Fixed prices. No calls: you brief us in writing and comment in writing.
Criteria
Six filters for the right company
Illustration only. Any figures are invented for this sample slide.
Who reads it
Search fund investors.
Turnaround
5 business days for a design rebuild; 3 business days for an audit.
How it differs
How a search fund deck differs from a general pitch deck
A startup deck asks investors to back a product. A search fund deck first asks them to back a person who has not yet found the company, and later to buy a specific, profitable business that person will run. The search deck is judged on the searcher and the discipline of the criteria. The acquisition deck is judged like a small buyout: price, earnings quality, debt and the transition plan. Terms such as the step-up, the right of first refusal and the searcher's vesting have no startup equivalent.
Slide by slide
What goes in a search fund deck
- 01
The searcher
Background and why this path.
- 02
Criteria
Size, sector, margins and geography.
- 03
Industry focus
Where you will look first.
- 04
Process
How companies are found and screened.
- 05
Budget and timeline
For the search stage.
- 06
Target company
For the acquisition stage.
- 07
Plan under ownership
The first two years.
- 08
Terms
As set by counsel.
The questions behind every slide
What readers of a search fund deck ask
Each answer names the slide or document where it belongs. If a question has no home in your deck, the reader will ask it in writing, or stop reading.
- 1
What step-up does search capital get when it rolls into the deal?
State it on the terms slide of the search deck, as your counsel's term sheet sets it.
- 2
Do search investors get the first right to fund the acquisition?
Explain the right of first refusal on the terms slide, and that investors may decline.
- 3
How does the searcher's equity vest?
Show the vesting tranches on the terms slide: at closing, over time and on performance.
- 4
Why a solo or a partnered search?
Answer it on the searcher slide, with how a partnership would split roles.
- 5
How long does the search budget last, and what if no company is found?
The budget and timeline slide should state months of runway and what happens at the end.
- 6
Which investors will advise you most closely?
Name the two or three lead advisers, with their agreement, on a short investor slide.
- 7
How is the purchase financed?
In the acquisition deck, a sources and uses slide shows senior debt, any seller note and equity.
- 8
Will the seller stay on through the transition?
The target company slide in the acquisition deck should state the seller's role and for how long.
Headline rewrites
Slide titles that say something.
A reader skims headlines first. A label tells them the topic; a sentence tells them the point. Bracketed figures are placeholders for your own numbers.
Before
Search Criteria
After
We will buy one company with $[X]M to $[X]M of EBITDA, repeat revenue and low capital needs
Before
About Me
After
[X] years in [function] prepared me to run the companies on this list
Before
Target Company
After
A [company type] with [X] years of profit and [X]% repeat customers, at [X]x EBITDA
What we fix
Faults we see in search fund deck drafts
Criteria too broad.
Searcher experience unlinked to criteria.
An acquisition deck with no plan.
What you receive
Documents we produce
- Search deck
- Acquisition deck
- One-page summary
Every file is delivered editable, in PowerPoint, Google Slides or Keynote, with a PDF for sending. A search fund deck rebuild starts at $3,500; the full Raise Set with one-pager and teaser is $10,000.
Format
Length, versions and appendix
- Length
- The search deck is commonly short, about 10 to 20 slides, because investors are backing a person. The acquisition deck is longer, with the quality of earnings and model in the appendix.
- Send-ahead version
- A PDF with your private placement memorandum or term sheet as counsel prepares it; acquisition materials go to the existing investor group first.
- Presented version
- In the search deck, the searcher and the criteria. In the acquisition deck, price, earnings quality, financing and the first-year plan.
What belongs in the appendix
- Industry thesis one-pagers
- Detailed search budget
- Deal funnel tracking format
- Quality of earnings summary
- Acquisition model
- Letter of intent summary
Before you send it
Search fund deck checklist
- Criteria match the industries you say you will search first.
- Search budget shows months of runway.
- Step-up, right of first refusal and vesting match counsel's terms.
- Investor advisers are named only with their consent.
- The acquisition deck states the status of the quality of earnings work.
- Letter of intent terms are summarized accurately.
- The seller transition plan is stated.
- Your counsel has reviewed both decks.
Glossary
Terms used in a search fund deck
- Search capital
- The first money raised, which pays the searcher's salary and costs while looking for a company.
- Acquisition capital
- The larger raise, after a target is found, that funds the purchase itself.
- Step-up
- The extra value search investors receive when their search capital converts into acquisition equity.
- Right of first refusal
- Search investors' right, but not obligation, to invest in the acquisition before others.
- Quality of earnings report
- An accountant's review of whether a company's reported profits are accurate and likely to recur.
- Seller note
- Part of the purchase price paid to the seller over time, as a loan from the seller to the buyer.
Your written brief
What to send us for a search fund deck
No call needed. Send what you have; missing items are listed in our written reply, and nothing is invented to fill a gap.
- 01CV and references
- 02Search criteria and industry theses
- 03Search budget and timeline
- 04Term sheet from your counsel
- 05For the acquisition: seller financials and any confidential information memorandum
- 06Quality of earnings report or its status
- 07Letter of intent and financing terms
- 08Acquisition model and first-year plan
Packages
Four packages, fixed prices.
Deck Audit
$1,500
3 business days
A written verdict on the deck you have, before you send it to anyone.
- Slide-by-slide notes inside your file
- The fixes that matter most, in order
- Story, numbers and design, each assessed
- The investor questions your deck leaves open
One deck, up to 20 slides. No redesign included.
Choose Deck AuditInvestor Finish
$3,500
5 business days
Your draft, rebuilt to investor standard. Design only.
- Up to 15 slides rebuilt
- Charts redrawn from your data
- Your brand applied throughout
- One written revision round
- Editable PowerPoint, Google Slides or Keynote
Design only: your wording and slide order stay as they are.
Choose Investor FinishFinish + Story
$6,500
8 business days
We restructure the argument, rewrite the headlines, then rebuild the deck.
- Up to 20 slides
- Narrative restructured from your draft and notes
- Headlines rewritten as full-sentence points
- Send-ahead PDF version
- Two written revision rounds
We work from your facts. No market research or financial modeling.
Choose Finish + StoryRaise Set
$10,000
12 business days
Everything a raise needs, in one matching set.
- Up to 30 slides plus appendix
- Investor one-pager
- Short teaser version for cold outreach
- Three written revision rounds
- All source files
No investor introductions, fundraising or legal advice.
Choose Raise SetNot included in any package: Calls or meetings · Market research · Financial modeling or valuation · Investor introductions · Fundraising, legal or securities advice. Extra slides and extra revision rounds are quoted in writing before we start them.
Questions, answered.
Do you design both decks?+
Yes, as separate projects or together within Raise Set.
How much does a pitch deck cost here?+
A written Deck Audit is $1,500. Investor Finish, a design rebuild of up to 15 slides, is $3,500. Finish + Story, with the argument restructured, is $6,500. Raise Set, up to 30 slides with a one-pager and teaser, is $10,000.
How long does it take?+
Three business days for an audit, five for Investor Finish, eight for Finish + Story and twelve for Raise Set, counted from payment and a complete brief.
Is there a call?+
No. No package includes a call or meeting. You brief us in writing and comment in writing.
What do I need to send?+
Your draft deck in any editable format, or notes if you chose a package with writing, plus a few lines on who will read it and what you are asking for.
How do I pay?+
By card, through a secure payment link we send once scope and delivery date are confirmed in writing.
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Further reading
Sources we read when writing this page. General information only; not legal, tax or investment advice.
Have a draft? Send it today.
Choose a package, link your deck and write a few lines about who it is for. You get scope, a delivery date and a payment link in writing.