“First Russian Search fund” LLC is managing investments in search funds, targeting acquisition of SMEs in Russia and CIS.

We provide talented and ambitious professionals with an opportunity to acquire and manage the company of their dreams with our support.

Search funds

World map

Search fund – investing in the search for and acquisition of stable and profitable companies whereby the searching professional becomes the CEO in the company with a high motivation for growing the profitability and size of the business.

World map

Search funds as an investment vehicle are getting more popular globally

Funds operating in all regions
Average rate of return
Investments managed by the search funds increase over a 25-year period

Target companies for investing:

investment stages
additional criteria
Enterprise value($)
High and growing margins
No default on taxes, levies, insurance contributions, fines or penalties
Companies operating in Russia or the CIS
In case of an opportunity to invest in companies from a different geography, the opportunity will be considered
investment stages
Investments in stable companies, which demonstrate profitable business for 2 preceding years and are at the stage of growth/expansion

Choice of the industries for searching and acquiring companies depends on the current situation in the market, competencies of the Searching Partner, and advice from investing partners. Preliminary choice:

Development, construction and asset management ecosystem
Agriculture and food industry
Information technology
additional criteria

Quality of operations

  • Simple and easy to understand
  • High return on invested capital
  • Clearly identifiable areas of improvement

Quality of the industry and market position

  • Low risk
  • Size, growth rates and stability of initial demand
  • Company’s potential for protecting its positions
  • Stable customers and suppliers, including a high share of recurrent sales
  • Diversified business

Quality of liquidity options

  • Predictable set of future buyers
  • Possibility to ensure a total annual return on capital of 25% or higher

Investment process arrangements:


Raise funds to the partnership

2-6 months

  • To search and acquire companies, we will set up an investment partnership
  • We plan to build a base of investors who will support the searching partners with their vision of the potential search areas and the target companies to be acquired
  • Funds allocated for the search are converted to the equity (shares) of the target company with a 50% premium

Search for and evaluate opportunities

1-24 months

  • Companies will be searched in 3 ways
    1. Via a social network of First Russian Search Fund
    2. Regular search using databases
    3. Via information brokers: banks, legal and consulting companies, other funds, CEOs
  • Key company selection criteria are described in “Target companies for investing”

Finance and make a transaction

2-6 months

  • Target company will be financed with
    • Bank loan
    • Investment partnership capital
    • Option for the seller
  • Investors who financed the search have a preemptive right to increase their investment obligation to acquire the company

Manage the target company business

4-7 years

  • Participation in the management and development of the target companies via
    • General Partners Meeting
    • Partnership Investment Committee
    • Membership in the target company’s Board of Directors
  • Searching Partner becomes the company СЕО

Sell the target company

  • Company divestment
    • Sale to major holdings
    • Sale to other investors
    • Company buyout with borrowed funds


117393, Moscow, st. Profsoyuznaya, d 76, 2nd floor, office No. 56


+7 905 502 8485

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