Search Funds

Baker industry and company databases can help you research industries of interest and create lists of companies by industry.

Company Lists

Using library databases it is possible to create a list of privately owned companies within a certain geography and industry.  For a search fund, it is best to cast a wide net and get a large list of companies that you can then narrow down further as you progress in your search.

Infogroup US Historical Business Data
Annual, geo-coded records of United States businesses and other organizations from 1997-2024. Records include company information such as contact information, industry description, annual revenues, number of employees, and year established. Each annual file consists of a snapshot of InfoGroup's (Data Axle) data as of the last day of each year, creating a time series of data. Access via WRDS platform - individual account required.

Dun & Bradstreet Private Company Listings
A database that provides access to more than 45 years of private company listings. Content includes sales figures, employee counts, SIC Codes, addresses and family tree. Individual account required.

Orbis
Global company database unique in its breadth of geographies and extent of companies covered as well as availability of private company financial information.

PPP loan data
The SBA has a dataset available related to the COVID-19 Paycheck Protection Program. Includes company address information, NAICS code, loan amount, and other information. Click through to "all loan data", see data dictionary for available data types and descriptors. 

Industry Research

Consult the list of library databases that cover industries and market research reports to learn more about a particular business you may be interested in, specifically:

IBISWorld and S&P’s Net Advantage
Good resources to start for industry overviews. IBISWorld also includes the Industry Wizard tool, allowing for a narrowing of industries by a number of measures - performance (ex. revenue growth), risk ratings, competitive landscape, operating conditions and more. 

OpenCorporates
Access to standardized, auditable legal-entity information direct from official primary sources across 140+ jurisdictions.

American City Business Journals
Local business intelligence platform for many US cities. Can provide information about the number and types of companies in those cities.

Factiva and Business Source Complete
Use to search news, industry, and academic sources for industry and company information and trends.

Additional Resources

HBR Guide to Buying a Small Business
Professors Richard Ruback and Royce Yudkoff's practical guide to enterpreneurship through acquisition.

Stanford Search Fund Primer and Studies
The Stanford Center for Entrepreneurial Studies has conducted its Search Fund Study going back to 1996. The Stanford Search Fund Primer, a guide for searchers, is often recommended to those interested in starting a search fund.