A Search Fund is an investment structure in which an entrepreneur\u2014frequently an MBA graduate\u2014raises capital to acquire and operate a small-to-medium sized business with strong fundamentals and room for growth. The model has four distinct phases:<\/p>\n\n\n\n Historically, Search Funds have been one of the highest-performing asset classes in private markets, with a 35.1% annualized IRR<\/strong> e a 4.5x average ROI<\/strong> since 1984, according to Stanford\u2019s 2024 study on North American Search Funds<\/a>.<\/p>\n\n\n\n On paper, Search Funds check several boxes for doctors:<\/p>\n\n\n\n Despite their appeal, Search Funds are not a one-size-fits-all solution for physicians. Several challenges should be weighed carefully:<\/p>\n\n\n\n For physicians with a solid financial foundation, Search Funds can be a strategic allocation within the private equity slice<\/a><\/strong> of their portfolio. They may be best suited for:<\/p>\n\n\n\n For early-career physicians or those prioritizing liquidity and stability, the risk-return trade-off may not justify the allocation, especially when other private market vehicles (e.g., diversified private equity funds or healthcare-specific private credit) can offer more diversification with less operator risk.<\/p>\n\n\n\n Na Handal Dunaway<\/a><\/strong>, we don\u2019t view Search Funds as a universal solution for physicians\u2014but rather as a high-potential tool <\/strong>for the right investor profile. When matched with highly-skilled operators and well-structured deals, Search Funds can deliver exceptional returns. However, they demand selectivity, due diligence, and a longer-term investment horizon.<\/p>\n\n\n\n For doctors considering this path, our role is to provide access to the top-performing searchers, structure allocations to limit concentration risk, and integrate these investments into a broader, physician-tailored portfolio strategy. In medicine, precision matters. In investing, the same is true. Search Funds may not be the prescription for every portfolio\u2014but in the right dosage, they can be a powerful component of long-term wealth building for physicians.<\/p>\n\n\n\n Established physicians can be among the most stable professionals in the economy, which opens them up to attractive, high-performing asset classes that are not appropriate or available for investors with other backgrounds. Yet many doctors default to familiar asset classes\u2014public equities, municipal bonds, or direct ownership of real estate\u2014without exploring less conventional, potentially high-return vehicles […]<\/p>\n","protected":false},"author":2,"featured_media":2124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[8],"tags":[79,11,35,31,228,230,227,226,12,40,132,23,222,87,72,225,224,229,223,33],"class_list":["post-2123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research-reports","tag-alternative-investments","tag-equity","tag-geopolitics","tag-global-economy","tag-high-return-investments","tag-how-search-funds-work","tag-illiquid-investments","tag-investing-in-search-funds","tag-investments","tag-planning","tag-portfolio-diversification","tag-private-equity","tag-private-equity-search-funds","tag-private-markets","tag-search-funds","tag-search-funds-explained","tag-search-funds-investment","tag-search-funds-returns","tag-search-funds-risks","tag-u-s-foreign-policy"],"_links":{"self":[{"href":"https:\/\/handaldunaway.com\/pt\/wp-json\/wp\/v2\/posts\/2123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/handaldunaway.com\/pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/handaldunaway.com\/pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/handaldunaway.com\/pt\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/handaldunaway.com\/pt\/wp-json\/wp\/v2\/comments?post=2123"}],"version-history":[{"count":7,"href":"https:\/\/handaldunaway.com\/pt\/wp-json\/wp\/v2\/posts\/2123\/revisions"}],"predecessor-version":[{"id":2135,"href":"https:\/\/handaldunaway.com\/pt\/wp-json\/wp\/v2\/posts\/2123\/revisions\/2135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/handaldunaway.com\/pt\/wp-json\/wp\/v2\/media\/2124"}],"wp:attachment":[{"href":"https:\/\/handaldunaway.com\/pt\/wp-json\/wp\/v2\/media?parent=2123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/handaldunaway.com\/pt\/wp-json\/wp\/v2\/categories?post=2123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/handaldunaway.com\/pt\/wp-json\/wp\/v2\/tags?post=2123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Illustration](\"https:\/\/handaldunaway.com\/wp-content\/uploads\/2025\/08\/Untitled-Presentation-e1755112542551.png\" "\\"\\"")
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Why Search Funds Might Appeal to Physicians<\/strong> <\/h4>\n\n\n\n
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The Caveats\u2014and Why Search Funds Aren\u2019t for Every Doctor<\/strong> <\/h4>\n\n\n\n
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Where Search Funds Fit in a Doctor\u2019s Portfolio<\/strong> <\/h4>\n\n\n\n
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Handal Dunaway\u2019s Perspective<\/strong> <\/h4>\n\n\n\n
Sources and Case Studies<\/summary>\n
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