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After several years working at the Private Equity firm Ventura Capital Privado, Henry Davis, following the completion of an MBA at Kellogg and having over 100 conversations in the space with searchers and investors, realized the opportunity to launch a Search Fund Investment vehicle based in Mexico. Together with Roberto Liaño, a successful searcher who acquired the property management services company Mita Residencial through Encinno Capital, and with the support of Ventura Capital Privado, which was born as a self-funded search vehicle that returned 26x MOIC to investors, they have launched Ventura Capital Search.
They began their journey in August 2023 and have already started investing out of the US$40M fund after successfully executing a first closing that puts them well on their way to closing their fund in the upcoming months. Ventura Capital Search will invest primarily in the U.S., in “post-MBA and mid-career searchers”, and will also have a focus in Continental Europe (Spain, UK, Germany…), and in select opportunities elsewhere, mainly in Latin America. The goal is to support around 45-50 SFs, with the aim of participating in about thirty acquisitions.
To date, the fund has already invested in a dozen SFs, including Nogal Capital, Trompo Capital, Long Horizon Partners, Del Lago Capital, Eunoia Capital, Tree and Leaf Partners, and Boulder Field among others. Regarding acquisitions, they already have stakes in 3 companies: Mita Residential (Mexico), NeoAssist (Brazil), and Water Runner (USA).
Currently, Mexico is one of the most important ecosystems for the industry, with approximately 50 SFs formed in the last decade, and about half of them are actively seeking opportunities. Ventura Capital Search is the third specific investment vehicle in SFs based in Mexico, alongside Alza Capital Partners and Cerralvo Capital.
