Operator Program
Relay Investments
Provides capital and support to individual searchers pursuing the search fund model in Canada and beyond.
Overview
Relay Investments backs individual search fund entrepreneurs — people who raise capital, spend time searching for the right business to acquire, and then lead that business as CEO. Relay provides both search-phase capital and acquisition funding, along with coaching and network access to help searchers succeed at each stage of the process. The firm is particularly active in the Canadian ETA market while also supporting searchers across North America.
The Model
The search fund model involves two stages. In the search phase, Relay provides modest capital to fund a searcher's living expenses and deal costs while they look for a business — typically over 12 to 24 months. Once a target is identified, Relay and co-investors fund the acquisition. The searcher steps in as CEO and runs the business full-time, earning equity through a vesting schedule tied to time and performance.
The Role
What They Look For
- Self-directed, high-integrity leaders committed to a full-time operating role
- Individuals with a clear thesis for the type of business they want to acquire
- Operators with experience in finance, management consulting, or general management
- Candidates motivated by long-term ownership and value creation
- People comfortable with the ambiguity of a multi-year search process
Who It's For
- Aspiring CEOs who want to acquire and lead an existing business
- MBA graduates or operators exploring the ETA path
- Leaders looking for institutional support without giving up operational control
- Individuals committed to a long-term hold and operating horizon
What to Consider
- The search phase can take 12–24 months with no guarantee of a completed acquisition
- This is a full-time CEO role — not a side project or investment
- Investor returns are preferred before operator equity fully vests
- Success depends heavily on the individual searcher's judgment and execution
- Total timeline from search through exit typically spans 8–12 years
Interested in Learning More?
Visit the organization's website directly to learn about current opportunities, requirements, and how to get in touch with their team.
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