How to Find & Land a Search Fund Internship

If you're interested in finance, entrepreneurship, or private equity but don't want to follow the traditional banking path, a search fund internship could be the most high-upside opportunity you’ve ever heard of.

In this guide, we’ll break down exactly what a search fund internship involves, how to get one, who it’s best for, and whether it’s truly worth your time. You’ll also get Reddit-backed real talk, cold email strategies, and examples of what search fund interns actually do.

Let’s dig in.

Read: Search Funds: The Ultimate Guide

What Is a Search Fund Internship?

A search fund is an investment vehicle, typically backed by investors or family offices, that raises capital to acquire and operate a small business. These funds are often led by a solo entrepreneur (usually an MBA or ex-consultant) who searches for, acquires, and then runs the business as CEO.

A search fund internship gives students or early-career professionals the chance to assist in that acquisition journey, getting exposure to deal sourcing, due diligence, and financial analysis, while working closely with a solo searcher or small team.

Unlike a traditional private equity internship, where you support large M&A transactions, here you're helping identify and evaluate companies the fund may want to buy outright.

Common tasks for search fund interns:

• Researching industries and sourcing acquisition targets
• Cold emailing and calling business owners
• Supporting outreach tracking in CRMs
• Assisting in initial valuation and market research
• Helping with diligence on potential deals

Expect a fast-paced, hands-on environment where you’re truly getting your hands dirty, often with real ownership of tasks.

Read: How to Start a Search Fund — The Ultimate Guide

Is a Search Fund Internship Worth It? (Expert Breakdown)

Real-world insight:

“Honestly, it's the most entrepreneurial internship I’ve had. But it was completely self-driven. The searcher gave me a 10-minute Loom video and said, ‘Here’s your list—go.’ If you’re not motivated or don’t have that hunger, it’ll be tough.”

How to Actually Find a Search Fund Internship (The Expert Way)

Most top search fund internships aren’t posted publicly. They’re earned through sharp positioning, targeted outreach, and a clear value proposition. If you want to stand out in a sea of cold emails, you need to think like a dealmaker, not a job seeker.

Here’s how top candidates are landing these roles in 2025.

Step 1: Position Yourself Like a Professional, Not a Student

Before reaching out to any searcher, make sure your online presence signals credibility and alignment with the world of acquisition entrepreneurship.

Start with your LinkedIn profile. Use a headline that clearly reflects your interest in ETA (e.g., “Finance Student | Interested in ETA & Small Business Acquisitions”) and flesh out your experience with relevant coursework, club involvement, or prior internships, especially anything that demonstrates research, outreach, or operations.

Then, refine your resume to emphasize analytical thinking, CRM familiarity (e.g., HubSpot, Salesforce), and past experiences where you independently drove outcomes. Even class projects or part-time jobs can be reframed as proof of your initiative and commercial thinking.

Searchers aren’t looking for prestige; they’re looking for a person who can save them time, work independently, and understand the risk-return tradeoffs of small business investing. Your profile should reflect that.

Read: Search Fund Financing: The Different Types & What to Know

Step 2: Go Where the Searchers Actually Are

Search fund internships are rarely listed on Handshake or Indeed. You need to hunt where searchers hang out, and that means ETA-specific platforms and curated outreach.

Start with Searchfunder.com, the most targeted platform in the space. Create a clean, concise profile (mirrored from LinkedIn), browse the fund directory, and introduce yourself in the forum. Many internships are filled through informal messages here.

Next, explore Searchfunds.net, which features a public directory of active searchers under the “Current Searchers” tab. You’ll often find direct email addresses, geographic focus, and acquisition theses, all great fodder for personalized outreach.

Use LinkedIn as both a sourcing and networking tool. Search for terms like “self-funded searcher,” “search fund CEO,” or “ETA operator,” and filter by geography, school, or recency. Many searchers share internship needs in posts, especially around spring or early summer.

Tap into university ETA clubs, newsletters, or Slack groups if you're in an MBA or undergrad program. Many past interns share openings from alumni-led funds or accelerator-backed searches.

Explore: Email and LinkedIn Networking Templates for Outreach

Step 3: Write Cold Emails That Actually Work

Cold emailing is the #1 way students land search fund internships, but most do it wrong. To stand out, you need to be direct, specific, and focused on value, not your own interests.

Every email should include a clear subject line (e.g., “Unpaid Internship – Summer 2025 Support”), a personalized opening that references the searcher’s background or industry focus, and a 1–2 sentence pitch on how you can help (sourcing, outreach, diligence, or CRM support).

Attach your resume. Keep it brief. Close with clear availability and a call to action.

Searchers don’t want interns who are “interested in learning.” They want support from someone with the ability to get things done. Your email should reflect that.

Example Cold Email:

Expert Tip: Batch send 10–20 per week, track responses in Notion or Airtable, and follow up once after 5–7 days.

What Search Fund Interns Actually Do (Real Examples)

Reddit users and former interns report:

• “Sent 300 cold emails in 2 weeks. Got 10 responses, set up 3 intro calls.”
• “Built an industry map of plumbing suppliers across the Midwest.”
• “Analyzed churn data from a $4M ARR SaaS company.”

You’ll likely spend a few months helping the searcher identify and vet businesses. Some interns stay through a live deal; others join after acquisition.

Expect 10–20 hours per week, depending on your availability and the fund’s stage.

Who Should Do a Search Fund Internship?

A search fund internship isn’t for everyone. It’s unstructured, self-driven, and often unpaid, but for the right person, it can be a career-defining experience that leads to better job outcomes and faster entrepreneurial growth.

Here’s who will benefit most and why:

Undergraduates in Finance, Business, or Econ

Best for: Sophomores to rising seniors targeting private equity, investment banking, family offices, or entrepreneurship.

Why it’s valuable: Most undergrad internships offer low-impact work. In contrast, search funds offer high responsibility, independence, and immersion in real sourcing and deal processes. You'll get to test your ability to identify acquisition targets, communicate with business owners, and contribute to real decisions.

Outcome:

• Differentiating stories for high-stakes job interviews
• Demonstrated initiative and commercial judgment
• Real project ownership, often lacking in big-firm roles

“I helped source deals and vet businesses in niche verticals. That bullet alone made my PE resume pop.” - Junior at Wharton

MBA Students Pursuing ETA or Ops-Heavy Careers

Best for: First-years interested in entrepreneurship through acquisition (ETA), independent search, or lower-mid market leadership roles.

Why it’s valuable: You’ll engage directly with deal sourcing and seller conversations while assessing operational risk, market viability, and cultural fit. You’ll also work closely with a searcher or small team, often in a highly collaborative culture where your input shapes real outcomes.

Outcome:

• ETA thesis validation
• Experience with small business risk assessment
• Foundation for a post-MBA search or acquisition role

Bonus: Some MBAs transition from intern to full-time operator or deal partner.

Career Changers from Startups, Consulting, or Corporate Ops

Best for: Professionals looking to pivot into investing, operating, or ETA roles where understanding small business dynamics is key.

Why it’s valuable: If you're a person with strong execution chops but limited deal experience, this internship gives you hands-on exposure to valuation, outreach, and diligence, accelerating your path to better results in your next career move.

Outcome:

• Concrete experience in buy-side analysis
• Proof of entrepreneurial ability and flexibility
• Positioning for CEO-in-training, investor, or search partner roles

How to Know If You’re a Fit

Ask yourself:

• Am I a self-starting person who thrives in lean, collaborative cultures?
• Do I have the ability to manage ambiguity and contribute meaningfully without constant oversight?
• Would I enjoy identifying businesses, evaluating risk, and creating value where others overlook it?

If yes, a search fund internship might be the best-kept secret for achieving better results in your career, especially if you're seeking long-term ownership, investing, or operating opportunities.

What Is the Search Fund Internship Experience Really Like?

Forget the glamorous dealmaking of investment banking or the brand cachet of megafund private equity. A search fund internship is a gritty, entrepreneurial experience where you’ll be closer to the frontlines of buying a small business than anywhere else as a student.

You won’t be building LBOs from scratch or running board meetings. But you will be expected to step up, think independently, and add real value.

Here's what the day-to-day actually looks like:

• Deal sourcing - Scouring databases, LinkedIn, and niche directories to identify owner-led businesses that match the fund’s thesis.
• Cold outreach - Sending personalized emails, calling business owners, and tracking responses in a CRM. This is the bread and butter of many search internships, especially early-stage funds.
• Preliminary diligence - Reviewing CIMs, pulling market comps, researching industries, and flagging deal red flags (customer concentration, low margins, etc.).
• Process support - Coordinating NDAs, gathering financials, building deal pipelines, or scheduling buyer–seller intro calls.
• Market research - Creating short memos or slide decks summarizing a sector, customer base, or target company landscape.

Pro Tip: Avoid internships where your sole task is mindless cold emailing. If you’re not gaining transferable skills like evaluating a business model, understanding EBITDA margins, or mapping a competitive landscape, it’s not worth your time.

What Makes a “Good” Search Fund Internship?

• You’re directly supporting a searcher who is actively sourcing or evaluating a live deal.
• You get some access to diligence or post-acquisition strategy, not just outreach.
• You’re the only intern (or one of the few), so your work is critical, not redundant.

Reddit Insight: “I was the only intern and got to sit in on seller calls, build the CRM, and even suggest pricing strategy after a deal closed. Wild experience and nothing like my Fortune 500 internship before.”

What to Expect from the Interview Process

Don’t expect a polished, HR-led interview cycle. These are often one or two Zoom calls with the searcher themselves, and they’re trying to assess: Can you make my life easier?

Most common interview themes:

• “How would you identify great businesses in [X] industry?”
• “What makes a company a good target for search fund acquisition?”
• “Tell me about a time you managed something without much guidance.”

You probably won’t get modeling questions unless you’ve marketed yourself as a spreadsheet whiz. But you will be tested on your initiative and commercial thinking

Expert Questions to Ask the Searcher:

These help you vet the opportunity and show you know what matters:

Bonus: If they’ve hired interns before, ask what made their top past intern successful, and how they define a great experience for both sides.

Search Fund vs Private Equity vs Investment Banking Internships

Read: Search Fund vs. Private Equity: Differences & What to Know and Search Fund vs. Venture Capital: How to Know Which One is Right for You

Final Thoughts

A search fund internship is one of the most unique, immersive paths into entrepreneurship, acquisition, and finance. You’ll learn to dig into markets, talk to real business owners, and think like a CEO.

If you’re motivated, curious, and willing to put in the effort even without pay, it could be the internship that changes your trajectory.

Want Help Landing One?

If you're applying to search funds, don’t go it alone. Leland coaches can review your resume, write outreach emails with you, and help you prepare for interviews. Book a 1:1 session with a search fund coach here.

Bonus: Grab our proven cold outreach template built for search fund internships, tested by Leland applicants. Get it now:

• The Ultimate Cold Outreach Template
• Cold Outreach Template

Read these next:

• Understanding Traditional Search Fund And How It Differs From Self-Funded Search
• Search Fund vs. Private Equity: Differences & What to Know
• Top 20 Search Fund Investors (And What You Need to Know)
• Search Fund Financing: The Different Types & What to Know
• Independent Sponsor vs. Traditional Search Fund: Differences & What to Know
• The Top 10 Search Fund Accelerators (2025)
• List of Top Search Funds (2025-2026)

FAQs About Search Fund Internships

How do I get a search fund internship?

• Start with cold outreach. Identify active searchers on LinkedIn or Searchfunder and send targeted, brief emails offering support. Be ready to start on a flexible, unpaid basis.

Are search fund internships paid?

• Many are unpaid internships, though some offer a small stipend or success fee post-deal. The value is in learning, not the money.

Is a search fund internship good for private equity or banking?

• Yes, it shows initiative, deal experience, and a self-starter mentality. Great resume signal for niche hiring.

How many hours per week should I expect?

• Most searchers ask for 10–20 hours per week, but confirm expectations early. Be clear about your availability.

Can international students apply?

• Usually yes, especially for remote, part-time roles. But always confirm with the fund and clarify your residence situation.