Search fund buyer roundup
Deal sourcing firms for search funds, ranked.
We publish this list and DealSource Systems is our own service, ranked here alongside five others on the criteria below, not on how much they resemble us. The deal sourcing firms for search funds worth shortlisting are a narrower set than the category looks at first glance, because a searcher's mandate, one operator, a tight thesis, a small EBITDA band, is a different buy than a fund with an associate team and a broader mandate. Every claim about another firm below is quoted from that firm's own live site, read on 24 September 2026, and linked as the source.
Most rankings of deal sourcing firms lump search funds in with private equity and corporate development, then hand you a list built for a buyer with headcount to spare. This one only includes firms whose own site names search funds or independent sponsors as a client type, so every entry has already said, in its own words, that it wants this mandate.
Quick comparison
| Provider | Location | Best for | Starting price |
|---|---|---|---|
| DealSource Systems | Aarhus, Denmark (global mandates) | Search funds and independent sponsors wanting origination as a standing function, no success fee | From $4,000 a month |
| SourceCo | Not published | Search funds wanting free-to-founder matching against a large vetted-buyer network | Contact for pricing |
| OutSearched | Austin, Texas | Independent sponsors and search funds at $1M to $10M EBITDA wanting a branded rep through to LOI | Contact for pricing |
| Konverrt | Not published | Search funds wanting a pay-after-results guarantee before a retainer starts | A few thousand a month after two meetings |
| Kiya | Newport Beach, California | Independent sponsors wanting a curated, qualify-then-introduce model | Contact for pricing |
| CT Acquisitions | Sheridan, Wyoming | Search funds wanting a large buyer network plus free published valuation research | Contact for pricing |
How we chose this list
We started from firms whose own site explicitly names search funds or independent sponsors as a client type, not just "private equity" in general, then checked what each states about EBITDA range, process and price. A firm that never mentions a searcher by name did not make the cut. None of these are current DealSource Systems clients or partners.
DealSource Systems
Best for: search funds, independent sponsors, M&A advisors and boutique investment banks who want founder conversations before a broker runs a process, run as a standing function rather than a one-off push.
DealSource Systems is the origination arm of Danish Lead Co. AI maps the market and scores readiness signals, and an operator with deal experience reviews every message before an owner sees it and handles the replies personally. Pricing starts from $4,000 a month for a single thesis, with multi-thesis mandates from $8,000, and there is no success fee. Our published proof point, a healthcare investment bank we ran origination for, reached 14 owner conversations in three weeks and 133 within 90 days on the same process a searcher would run. We cover the case specifically in deal sourcing for search funds and independent sponsor deal sourcing.
SourceCo
Best for: a search fund running a narrow mandate that wants a large matching network without paying anything if a deal does not close.
SourceCo describes itself as "a service powered by technology, not a subscription platform" and states buyers "Gain an edge in narrow mandates with high-fit dealflow," naming search funds directly alongside private equity and family offices. Founders "never pay us. No retainers. No success fees. No hidden terms," with the buyer side compensating the network instead; buyer-side pricing is not published on sourcecodeals.com. SourceCo also acquired CAPTARGET in 2026, covered in deal sourcing platforms: the category just consolidated, so a shortlist naming both is really shortlisting one company.
OutSearched
Best for: an independent sponsor or search fund mandate sitting in the $1 million to $10 million EBITDA band who wants a branded representative and, optionally, a path all the way to LOI.
OutSearched is a buy-side M&A origination and advisory firm founded by Nate Niehuus and based in Austin, Texas, built around three models: an embedded representative under your own brand, a fractional business development function under theirs, or full buy-side advisory through to LOI. Its stated 2025 numbers: "we sourced more than $500MM in proprietary deal flow and delivered 16 LOIs, with a first qualified owner conversation in approximately 60 days." Fee model is a "fixed retainer + lowest success fees," with no amount published on outsearched.com (last verified 18 September 2026).
Konverrt
Best for: a search fund or independent sponsor that wants to see qualified meetings before it commits to paying anything.
Konverrt runs outreach and reply qualification for M&A advisory and PE firms and names "Independent Sponsors & Search Funds" as a client type. Its structure is unusual for the category: "No invoice until your first two qualified seller meetings are on the calendar," after which it moves to "a few thousand dollars a month, scaled to the size of your sending program." No headquarters is published on konverrt.com.
Kiya
Best for: an independent sponsor who wants a smaller number of well-qualified introductions rather than high-volume coverage.
Kiya is headquartered in Newport Beach, California, and sources off-market acquisitions for "independent sponsors, PE platforms and strategic acquirers." Its stated model reads as curated rather than volume: "We earn the conversation, qualify the fit and make the introduction." No pricing is published on kiya.co.
CT Acquisitions
Best for: a search fund that wants access to a wide buyer network plus free published research to sanity-check valuation before an LOI.
CT Acquisitions calls itself a "sourcing partner" rather than a broker, working with "100+ private equity firms, family offices, search funds, and strategic acquirers." It is headquartered in Sheridan, Wyoming, and publishes "154 in-depth state & vertical guides" on what businesses sell for as a free research hub. No pricing is published on ctacquisitions.com.
What makes a search fund's mandate different from a PE fund's
A search fund usually means one or two people, one thesis, and a small number of high-conviction outreach touches rather than coverage across a dozen theses at once. A firm built for a PE associate team running five buy boxes is not automatically the right fit for a searcher who needs every conversation to matter, which is why OutSearched and Konverrt explicitly price and structure around a smaller EBITDA band rather than treating it as an afterthought.
How should a search fund budget for outsourced origination
Most of the firms on this list, including SourceCo, OutSearched, Kiya and CT Acquisitions, do not publish full pricing and ask you to get on a call. DealSource Systems and Konverrt are the exceptions with a published number: from $4,000 a month with no success fee, or "a few thousand dollars a month" once the first two qualified meetings land. We go deeper on the retainer-versus-success-fee tradeoff in deal origination pricing: retainer versus success fee.
How to choose between these deal sourcing firms for search funds
- 1. Write your EBITDA band and thesis down first. OutSearched and Konverrt are explicit about the lower end of the range; confirm the others will run a mandate that size before you get on a call.
- 2. Ask what happens if a fee is contingent. A success fee can push a firm toward whichever deal closes fastest rather than the one that fits your criteria, a tradeoff covered in deal origination firms compared.
- 3. Check who reviews outreach before an owner sees it. A searcher's reputation with an owner is the whole relationship; find out whether a person reads every message.
- 4. Confirm exclusivity in writing. Some firms run one-firm-per-vertical models; others will work your exact thesis for a competing searcher at the same time.
- 5. Ask for a reference from a mandate your size. A case study built on a $200 million platform tells you little about how a firm handles a $3 million EBITDA target.
Key Terms Glossary
Frequently asked questions
Which deal sourcing firms actually name search funds as a client type
SourceCo, OutSearched, Konverrt, Kiya, CT Acquisitions and DealSource Systems all name search funds or independent sponsors specifically on their own site, which is the bar this list used to decide who qualifies.
What EBITDA range do these firms actually work in
OutSearched states a $1 million to $10 million EBITDA focus, Konverrt and CT Acquisitions serve the lower middle market broadly, and DealSource Systems runs theses above and below that band. Ask each firm directly for the range it actually closes in, not just the range it advertises.
Do any of these firms charge a search fund nothing upfront
SourceCo states founders pay nothing, with the buyer side compensating the network instead, and Konverrt does not invoice until the first two qualified seller meetings land. SourceCo's buyer-side pricing is not published, so "nothing upfront" there refers to the seller, not necessarily the buyer.
Is DealSource Systems built specifically for search funds
No. DealSource Systems runs origination across private equity, M&A advisory, corporate development and search fund mandates; search funds are one buyer type we serve, not the only one.
How is sourcing for a search fund different from sourcing for a private equity fund
The mandate is usually narrower, one thesis, a smaller EBITDA band, one or two decision-makers, and the capital is scarcer, so a firm that treats every conversation as high-stakes fits better than one built around covering a dozen buy boxes at once.
Should CAPTARGET still be on a search fund's shortlist
CAPTARGET was acquired by SourceCo in 2026, so evaluate them as one firm rather than shortlisting both names separately, a consolidation covered in deal sourcing platforms: the category just consolidated.
Conclusion
Six firms, and the split that matters is EBITDA fit and fee structure, not brand recognition. OutSearched and Konverrt are built around the smaller mandates most searchers actually run, SourceCo and CT Acquisitions trade on network size, Kiya trades on a curated introduction model, and DealSource Systems is the one with a published price and no success fee. Whichever you shortlist, get the EBITDA range and the fee model in writing before a retainer starts, not after. If you want to see how we would run a search fund mandate, read how it works or deal sourcing for search funds, or go straight to the solutions page.