Operator-Led Search
How Our
Program Works
NCA’s program offers experienced executives a structured opportunity to become part of our Operator-Led Search Fund Program, supported by a powerful in-house team of legal and business experts.
Selection & onboarding process
Where We Invest
We are industry agnostic, but all program participants must have 1-3 focus
industries/sectors and relevant industry experience.
Located in Europe, the US, or Canada
EBITDA in the range of 2-7.5M $/EUR
Enterprise value in the range of 10-50M $/EUR
Potential for additional growth/value creation
Recurring revenues
Profitable with positive cash flows
Ability to achieve full control through purchase
Space for operational improvement and/or revenue expansion
4-6 X EBITDA
Stable or growing
2-5M $/EUR EBITDA margins
Barriers to entry
Defensible market position
Fragmented industries
Low customer concentration
Asset light
1-3 defined target industries/sectors + 3-4 opportunistic industries/sectors
You have 10+ years industry- relevant experience, a network, and transferable skills
The number of companies in your search industry/geography ≈2,000+ with sub-sectors of ≈1,000+ companies
You must be fluent in the local language(s) of your search region
You must have 5+ years experience living & working in your chosen region
You must have a local network
You must have the highest standards of personal and professional ethics
You must have a good understanding of local business culture & etiquette
Meet our Assessment Center Team
Andrea Gaia Botton
Greta Antonacci
Application timeline
Candidates may apply at any time, however applications are reviewed by NCA three times per year.
Each selection cycle takes approximately 12 weeks.
Month 1: Step 1, 2 & 3
Applications are received and reviewed by the NCA team. Applicants can register for Q&A sessions to better prepare their application. Candidates receive reading materials and an invitation to record a one-way video to complete their profile. Selected candidates are then invited to an Orientation Call to discuss their Investment Thesis (target industry, sector, and geography) and learn more about the Program.
Month 2: Step 4, 5 & 6
Selected candidates participate in a one-hour Assessment Center Interview with a member of NCA’s Assessment Center Team and are invited to attend the Open House Webinar. They also review Program documentation, a recorded session, and a legal overview deck. Legal questions are submitted in writing to the Legal Team and addressed over email.
Month 3: Step 7, 8 & 9
Candidates participate in a Partner Conversation to discuss their Investment Thesis and how their experience, network, and vision align with their search. They then join a Thesis Preparation Call with the Assessment Center Team, supported by online training materials and an assessment. In the final stage, candidates prepare a screening memo based on a CIM provided by NCA and defend their case before the Assessment Center Panel, where both their presentation and personal fit are evaluated.
Month 4: Step 10
Onboarding begins for selected candidates. During this phase, candidates work closely with the Success Management Team to prepare for fundraising, gaining access to databases, industry reports, and Program resources. NCA’s Legal Team finalizes background and reference checks, while the Marketing Team supports candidates in completing their website and marketing materials.
Month 5-6: Step 11
In this phase, Searchers sign an MOU, attend an in-person event, and finalize legal documentation to establish their search fund special purpose vehicle (SPV, LLC, or LP). NCA finances the Search Budget (with a contribution from Searchers) to cover living, administrative, and transaction-related expenses during the Search Phase. The Search Phase can begin immediately and may last up to 24 months.
Professional Development Program
Our esteemed panel of contributing professors offers business training courses to our
Searchers. Hailing from renowned MBA programs across the U.S. and the EU,
each professor brings a wealth of academic expertise and real-world experience to our Program.