A search fund success story.

Sandro Mina co-founded Boston-based Relay Investments in 2013, an investment firm focused on backing talented searchers and delivering above-market returns to its investors and entrepreneurs.


Our Roots

After graduating from Stanford GSB in 1991, Sandro developed a partnership with a close friend & classmate and another GSB alum. Each launched their own search fund and helped each other successfully acquire, operate and exit three companies: ADSI, Camera World, and AccuDocs.


Pre-Relay Investing

Between 2001 and 2013, Sandro personally invested in 37 search funds and 44 companies.


IESE Business School Search Fund Conference

Relay Fund I - Fully Invested

Relay’s Fund I closed in 2015. Through Fund I, Relay invested in 63 search funds and 35 companies.


IESE Business School Search Fund Conference

Relay Fund II - Fully Invested

Relay’s Fund II closed in 2018. Sandro added four investment professionals to provide greater support to Relay's search partners and scale the firm’s due diligence capabilities for transactions across the country and the world. Through Fund II, Relay invested in 80+ search funds and 30+ companies.


Relay Fund III - Active

Relay’s Fund III closed in 2022, bringing the firm’s AUM to ~$200M. The additional resources have allowed the team’s support to expand to 6 investment professionals and 9 members in total.

Partner Perspectives

Sandro Mina: Search Fund Pioneer

“[Camera World] fit all our criteria…It was profitable. Sales were stagnant, but there was growth opportunity. The owner was retiring, and there was a successful mail-order business in place. It had a huge database of happy customers who came to Camera World in the same way people go to Amazon…
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Sandro Mina - From Camera World to Relay Investments: Capturing the Early Days of a Search Fund

Sandro delves in his time operating Camera World and explains how the search fund ecosystem has changed over time. During the conversation, they discuss how searchers should think about transitioning ownership from the seller to themselves and how searchers can construct and utilize a great board for their company.
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What investors should know about search funds.

Sandro discusses the most recent data from the 2016 Stanford Graduate School of Business’ Search Fund Study and how it points to a growing investment class that’s delivering uniquely robust investor and entrepreneur returns.
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