Search Fund Partners is a private equity firm specializing in acquisitions of companies that was founded in 2004 and is based in Menlo Park, California.  It focuses on investments in micro-cap businesses acquired through leveraged buyouts. The firm prefers to invest in companies with revenues between $5 million and $30 million.

Search Fund Partners works closely with Search Fund entrepreneurs to acquire and build successful companies through an active, hands-on investment management approach to help entrepreneurs build lasting value companies.  Its current portfolio includes over 30 privately held companies through the search fund model.

The Search Fund Partners team has over 40 years of management and investment experience in a wide spectrum of industries. Their experience spans every phase of business, including start-up management and venture capital fund-raising, both sides of corporate M&A, high level executive management, real estate syndication and small business management.


  • David Carver

David Carver is a co-founder of Search Fund Partners. He and his partner, Rich Kelley, have spent the last nine years developing and managing the SFP portfolio. He is on the board of iNet Interactive, FastSpring, Great Bay Software, Advanced Network Solutions, UnitedLayer, DataFusion, StaffOne, WebEquity, Raptor Technologies and VRI.  David spent thirty years as an executive in the high tech industry, and has extensive experience in all phases of business, including M&A, fund-raising, corporate strategy and operations. He was CEO of HiFive!, an application service provider; CEO of Hipbone Networks, an online collaboration company; EVP and GM at Network Associates; COO of Network General; an EIR at Institutional Venture Partners; and an executive at Hewlett-Packard, including ten years in the professional service/software divisions of HP. 

Dave has an MBA from Stanford Graduate School of Business and a BS in Mathematics from the University of Arkansas. Dave and his wife Julia have two boys, RJ and Sam. He is active in community and non-profit organizations, having founded the Redwood Chapter of National Junior Basketball serving 650 children.


  • Richard Kelley

Rich Kelley co-founded Search Fund Partners in 2004. He currently serves on the boards of Discovia, HemaSource, Verengo, Avadyne, RIA in a Box, ISC, and Medical Positioning, Inc.   Rich Kelley has been involved in numerous small businesses and start-up companies as an operator, owner, and investor. His varied experience includes: CFO of Score Learning Centers, CEO of San Jose Giants, General Partner of the Stanford Terrace Inn, developer of houses and subdivisions, owner of office buildings and hotels, investor in successful tech start-ups (Coinstar, PLX Technology, Corcept Therapeutics). He has also invested in many limited partnerships, including venture funds, and has been involved as a search fund investor since 1994.

Rich has an MBA from Stanford Graduate School of Business and a BA from Stanford University. Rich and his wife Gina have two children, Riley and Sam. He has served as an elected school board trustee and is active with the Positive Coaching Alliance and Sustainable Conservation as an advisor.


  • James Edmunds

Jim Edmunds joined Search Fund Partners in 2008 after running a company sourced through the search fund model. Jim and his partner found and acquired Celebrity Kids Portrait Studios, a leading provider of upscale children's photography in 2005. Jim served as President and CFO of the company. He currently participates on the boards of Microdea, Neuro International,, Gogotech, and UCIT Online.  Before launching a search fund, Jim was an Associate at McKinsey & Company in Palo Alto. Prior to attending business school, Jim conducted business development for, managed a successful political campaign in Texas, and worked in Investment Banking and Equity Capital Markets at Bear Stearns.

Jim holds an MBA from the Stanford Graduate School of Business, where he was named a Siebel Scholar, and an AB in History from Harvard University. He is the treasurer of Building Futures Now, a non-profit dedicated to helping high potential students in East Palo Alto. He lives in Menlo Park with his wife Christine, daughter Emiko, and son Koji.


Ticonderoga Capital is a private equity firm that invests in small buyout and growth equity investments in profitable healthcare and software companies. Active investors, Ticonderoga is often represented on the Board of Directors and even CEO’s of our companies on an as-needed basis.

The Managing Partner of Ticonderoga Capital is Craig Jones, a 30-year veteran of the private equity and venture capital fields. He has served on the Board’s of 50 companies over the past 30 years and experienced every outcome from write-offs to 15X returns. Over time Ticonderoga has narrowed its focus to only two fields, healthcare and software. The healthcare investment focus includes healthcare services, healthcare IT, healthcare payment management systems, and other healthcare business services. In software and Internet driven companies, Ticonderoga invests in enterprise software, SaaS, and Internet B2B companies

Ticonderoga typically invests as part of syndicate mostly in majority purchases of companies with $4.0 to $40.0 million in revenue and at least $2.0 million in EBITDA. Occasionally Ticonderoga also participates in growth equity minority investments in profitable companies in these niches. Ticonderoga seeks to provide liquidity to founders and early investors and to help in the transition of management if necessary. With professionals in the Denver and Boston area, the firm invests anywhere in the U.S.


  • Craig A.T. Jones

Craig Jones is a 30 year veteran of the venture capital and private equity industry and currently runs the private equity firm Ticonderoga Capital and its portfolio company, InnoCentive. He has invested extensively in healthcare and software businesses, leading investments in over 60 companies in healthcare IT, healthcare business services, healthcare services, SaaS, and internet-based companies.

Mr. Jones has invested widely in virtually all subsectors of healthcare and has specialized in the past 10 years in technology-enabled healthcare business services, including revenue cycle management, clinical research management, fraud and abuse detection, data management, and disease management. Ticonderoga Capital sold HealthDataInsights for $400 million providing the Ticonderoga funds a 13X return on Mr. Jones’ portfolio investment. Ticonderoga sold TC3 Health for another strong return on Mr. Jones’ healthcare investments.

He is Chairman of the Board of the healthcare companies eStudySite and National Research Institute and both Executive Chairman and President of the leading crowd source innovation company InnoCentive. He is also a member of Board of Directors of Construction Software Technology.

Mr. Jones’ extensive private equity career includes Managing Partner of Ticonderoga Capital since 1997 where he has overseen investments of over $300 million. He was Managing Director at Dillon, Read & Co and head of its venture capital partnerships, Vice President at Advent International, Associate at Centennial Ventures and a consultant with Bain & Co.

Mr. Jones is a graduate Magna Cum Laude of Harvard Law School.  He has participated as a member of the Board of Directors of the National Venture Capital Association and has founded a charter elementary school.  He lives in Boulder Colorado with his wife and kids.


Relay Investments is a private equity fund focused on backing talented, young and aspiring entrepreneurs, who plan to acquire a small or medium sized business (SME). The firm was founded by Sandro Mina and Martin Steber who each have over 20 years exposure to the Search Fund model and successfully acquired, operated and sold businesses in the smaller end of the middle market.


  • Sandra Mina

Mr. Mina is the co-founding Managing Director of Relay Investments and is based in the Boston office.  In early 1993, Sandro, along with Gunnar Bjorklund, Martin Steber and Nick Babchuck, co-founded Sverica International, where Sandro spent 20 years as a co-founding Partner. He currently serves on several company boards including Ackerman Security Systems, Creative Catalog Concepts, iCoat Company and Oasis. Mr. Mina also serves on the board of the Swedish School of Boston. During Sverica’s early days, Sandro served as President and CEO of, one of Sverica’s pre-fund portfolio companies. In earlier careers, Mr. Mina worked in the public and private sectors in a number of industries, including technology (United Nations Computing Centre and Storage Technology), banking (Citibank, Goldman Sachs & Co. and VISA) and telecommunications (consultant for a large European company).

Mr. Mina earned his BSc degree in Computer Engineering from Imperial College at the University of London and his MBA degree at the Graduate School of Business at Stanford University.


  • Martin Steber

Mr. Steber is the co-founding Managing Director of Relay Investments and is based in the Montreal office.  In early 1993, Martin, along with Gunnar Bjorklund, Sandro Mina and Nick Babchuk, co-founded Sverica International. During his early tenure, Mr. Steber was CEO of two pre-fund investments in Birmingham, Alabama, Automatic Detection Systems Inc, an electronic security company, and AccuDocs LLC, a billing services company. Both of these entities were eventually sold to larger industry leaders. Later, Mr. Steber was actively involved in raising Sverica’s first and second private equity funds. Mr. Steber retired from Sverica in late 2007 to relocate to Europe. He continues to serve on the board of Ackerman Security Systems, as well as OASIS. Mr. Steber is a Limited Partner in or co-invests with each of Sverica’s funds and serves on the board of directors of several other privately held companies including several companies acquired by search funds.

Mr. Steber completed his BSc in Computer Engineering from Imperial College at the University of London and his MBA degree at the Graduate School of Business at Stanford University.