The 2025 Women in SFs Study examines the experiences, profiles, and outcomes of women pursuing ETA. Based on survey data from 71 respondents (including prospective searchers, active searchers, concluded searchers, and operating CEOs), the study explores trends in participation, challenges faced, and insights for investors and future female entrepreneurs.
Growing participation and profiles
The study shows that more women are exploring ETA as a career path. Female searchers generally resemble the broader SF population in background and outcomes. Most launch searches between ages 26–35, typically hold MBAs, and often have experience across multiple functional areas such as consulting, entrepreneurship, finance, or sales. About 65% conduct solo searches, and most raise capital comparable to the general search market.
Although most respondents are based in North America, the ecosystem is expanding internationally, particularly in Europe, with smaller cohorts in Asia, Latin America, and Australia.
Search models, focus, and fundraising
Traditional SFs remain the dominant model (65%), followed by self-funded searches (18%), long-term hold vehicles (11%), and accelerator-based searches (6%). Female searchers increasingly adopt focused strategies, targeting specific industries or geographies rather than broad searches. On average, traditional searchers raised capital from around 13 investors, with typical fundraising levels in line with the broader ETA ecosystem.
Challenges and experiences during the search
The search process is demanding and often more difficult than expected due to ambiguity, deal uncertainty, and repeated setbacks. However, most women reported that gender had either a neutral or positive impact when interacting with investors and sellers. Key skills underestimated at launch include sales, relationship-building, and effectively communicating value to stakeholders.
Many participants indicated they would have benefited from more thesis development, mentorship, and internships before starting their search.
Family considerations and work-life dynamics
Family planning emerged as a major theme. Some women had children before, during, or after their searches, highlighting the flexibility but also the demands of ETA. Strong partner support and robust personal networks were viewed as critical. Participants emphasized that pursuing ETA and building a family are not mutually exclusive, though trade-offs are inevitable.
Acquisition trends and industries
Female searchers typically submitted about two LOI before acquiring a company, and most sourced deals through proprietary outreach rather than brokers. Healthcare, software, and B2B services were the most common acquisition sectors, with healthcare providers accounting for roughly one-third of deals. About half of entrepreneurs relocated to operate their acquired companies, while others traveled frequently or ran remote businesses.
CEO experience: rewards and challenges
Operating CEOs reported high satisfaction driven by ownership, personal growth, flexibility, and impact. However, day-to-day stress was the most common challenge. Early-stage CEOs spent more time on operations and finance, while more experienced CEOs focused on strategy and human resources. Sales remained a major time allocation across all tenures.
Buying from female owners
The study suggests that female buyers sometimes benefit from stronger trust and alignment when acquiring from female sellers, though gender alone does not determine deal success. Shared values, authenticity, and cultural fit were more important drivers of smooth transitions and long-term alignment.
Role of investors and ecosystem support
Investors play a critical role beyond capital by providing mentorship, introductions, and advocacy. Participants emphasized the need to reduce bias, increase representation of women on investor teams, and create more inclusive networks and resources to support women throughout the ETA journey.
Conclusion
Overall, the study finds meaningful progress in women’s participation in SFs, though they remain a minority in the ecosystem. ETA offers a compelling path to business ownership and leadership, with unique rewards and significant challenges. Continued community support, mentorship, and investor engagement will be key to sustaining growth and improving gender balance in the field.
Read the full study: https://www.womenssearchnetwork.com/resource/women-in-search-funds-2025-study
