This paper is the first and so far only study on self-funded search funds which is an emerging alternative to the traditional search fund model. The study collects and evaluates primary qualitative data from first-time self-funded searchers. Based on the survey results, self-funded search funds have a shorter search phase, acquire smaller companies by using more debt, and achieve a higher return on invested capital (ROI) and internal rate of return (IRR)than traditional search funds. The evidence presented suggests that searchers decide for a self-funded search because of favorable deal terms at acquisition, more decision-making power and flexibility in acquiring and operating the target company
