Accessing scalable growth through entrepreneurship and acquisition.

HalBar brings together a multidisciplinary team that blends sector expertise, flexible deal structuring, and hands-on support to drive operational efficiency and scalable growth.

Search Funds as an Asset Class

Entrepreneurship Through Acquisition (ETA) represents a compelling investment strategy that provides investors with access to high-growth opportunities in the private equity landscape. Search funds, a cornerstone of this strategy, enable experienced entrepreneurs to identify, acquire, and scale privately held companies. Unlike traditional venture capital or buyout funds, search funds target lower-middle-market companies with strong recurring revenues and proven business models, offering superior returns with mitigated startup risks.

Why Search Funds?

+ Established Revenue Models: Search funds acquire businesses with existing cash flow, minimizing the risk associated with early-stage startups.

+ Attractive Investment Returns: According a 2024 Stanford GSB study, data suggests search funds outperform traditional private equity and venture capital, delivering IRRs exceeding 30%.

+ Strong Entrepreneur-Operator Alignment: Investors support highly motivated, experienced operators with deep industry expertise.

+ Value Creation: The strategy focuses on scaling businesses and driving efficiency improvements, leading to significant value appreciation, returning invested capital much sooner than typical venture or growth equity funds.

The HalBar & NCA Partnership

NCA was founded in 2019 by Christian Malek with the initial purpose of servicing Novastone Capital, a Swiss-based Single-Family Office successful in Search Fund investments. The program later expanded to include more members interested in the search fund concept and who wanted to build a portfolio of investments in small to medium size enterprises (SMEs).

In 2022 with the expansion of the NCA to North America, HalBar Partners became a founding member of a select group of institutional investors with proprietary access to all successful NCA search funds.

Partnership Highlights:

+ Access to Pre-Vetted Searchers: The program rigorously selects top-tier entrepreneurs with relevant industry experience.

+ Exclusive Deal Flow: Investors gain proprietary access to off-market acquisition opportunities through NCA’s network.

+ Comprehensive Search Support: The program offers structured training, mentorship, and strategic resources to maximize successful acquisitions.

+ Diversified Portfolio Exposure: HalBar investors can participate in a portfolio of diversified ETA opportunities across North America and Europe.

The ETA Process

+ Search & Identify: Screening high-potential companies aligned with our investment criteria.

+ Acquire & Transition: Partnering with experienced operators to execute seamless ownership transitions.

+ Scale & Optimize: Implementing strategic initiatives to enhance growth and profitability.

+ Exit Strategy: Generating investor returns through structured exits, including secondary buyouts or strategic sales.

Since inception, the NCA ETA program participants have successfully completed 22 acquisitions across 5 sectors and 10 countries, backed by a team of 40+ professionals. This track record reflects a commitment to deeply vetted operator-led acquisitions creating immediate value for the entrepreneur and HalBar’s investors.

The Path to Growth & Value Creation

+ Operational Excellence – Implementing best-in-class management practices to optimize performance.

+ Scalability & Market Expansion – Identifying new growth channels and expanding product lines.

+ Technology & Innovation – Leveraging digital transformation to enhance competitive advantages.

+ Financial & Strategic Optimization – Structuring financial frameworks to maximize equity value.

+ Governance – Implementing robust oversight, ethical leadership, and risk management to ensure long-term business stability and value creation.

Visionary Operators

Strategic Investors

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All content herein is provided for informational and discussion purposes only and is not a part of, and should not be construed as part of, any offer to sell or any solicitation of an offer to buy any limited partnership or other interest in an investment. For full legal disclosures, please click here.