HEC PARIS SEARCH FUND CLUB PRESENTS
ETA Without Borders Search Fund Competition 2026
Think like an investor. Source a real company. Pitch your deal in Paris.
Ever wondered what it actually takes to buy a business? The ETA Without Borders Search Fund Competition puts you in the position of a real searcher. Find a company, build the investment case, propose how you would acquire and grow it, and defend your thesis before experienced investors and search fund operators.
Two rounds. One real company. Five finalist teams presenting live at HEC Paris.
Teams
3–6 students
Live final
19 September 2026
Memo deadline
14 August 2026
Location
HEC Paris
How It Works
The competition takes place in two rounds: an open virtual investment memo followed by a live final at HEC Paris for the five strongest teams.
Round 1: Investment Memo
In the first round, teams must identify a target company, conduct preliminary due diligence, and construct a compelling investment thesis within the search fund framework. The memo must cover:
- Industry Analysis
- Company Overview
- Financial Performance
- Value Creation Plan
- Risks
Submission deadline: Friday, 14 August 2026
Submit to: arijit.sarkar@hec.edu and nandin.porwal@hec.edu
Round 2: Live Final
The five strongest teams will be invited to HEC Paris to present their deal live. Finalists must prepare:
- A formal investor presentation
- A detailed 5-year operating model
- A Letter of IntentÂ
- Saturday, 19 September 2026Â
Who Can Compete
- Teams of 3–6 students currently enrolled at a business school
- Open to students from all business schools
- One investment memo per team
- One target company per team
Picking Your Target Company
To keep the exercise grounded in the realities of entrepreneurship through acquisition, every target company must meet all of the following criteria:
- Minimum enterprise value of US$1 million
- At least 25 employees
- Privately owned
- No history of private equity ownership
- No history of merger or acquisition activity
- No geographical restrictions
Key Dates
13 July 2026
14 August 2026
20 August 2026
19 September 2026
Registration opens
Payment and investment memo submission deadline
Five finalist teams announced
Live final at HEC Paris and winner announced
How You Will Be Judged
The judging panel is looking for genuine investor thinking, not merely a polished presentation.
Industry Understanding
Due Diligence Quality
Demonstrated grasp of the target industry’s dynamics, competitive landscape, and key performance indicators.
The depth and rigor of the analysis of the company's historical performance, operational strengths, and weaknesses.
Recurring Revenue and Business Quality
Creativity and Value-Creation Levers
Identification of high-quality business characteristics, such as visibility of future cash flows and low customer churn.
Development of actionable, realistic ideas for growth and operational improvement under new ownership.
Fairness of the LOI Proposal
Presentation Skills
A balanced and defensible proposal for the purchase price and deal structure, showing an understanding of market norms.
The clarity, professionalism, and persuasion of the final pitch, including the ability to defend the thesis during Q&A.
ENTRY FEE
€20 per team member
The total fee is collected as one team payment when the investment memo is submitted. Registration itself is free. Payment instructions will be provided through the registration process.
Ready to Compete?
Get your team together, select your target company and start building your acquisition case. Register now and submit your investment memo by 14 August 2026.
Questions and memo submissions:
• Arijit Sarkar: arijit.sarkar@hec.edu
• Nandin Porwal: nandin.porwal@hec.edu