About us
A search fund created by entrepreneurs for entrepreneurs
NextPath Capital
NextPath Capital is a search fund — an initiative created by entrepreneurs Daniel Ścigała and Tomasz Pupka-Lipiński, who want to acquire a stable Polish company and develop it over the long term.
We are looking for well-run Polish businesses whose owners are interested in selling, most often because of a lack of succession options or the need to step back from active operations.
NextPath Capital then acquires shares in the company on terms agreed with the current owner. Our journey does not end there: we want to continue growing the business, leveraging the outgoing owner’s experience together with our fresh perspective and entrepreneurial commitment.
Unlike Private Equity funds, our approach does not assume an eventual sale. We can remain with the company for a long time.
We are not an industry investor looking for synergies or market consolidation. We want to grow the acquired company, not restrict its operations.
Our principles
- • The acquired company is our most important project
- • We take on operational roles directly
- • Deal terms are not just about money
- • We are discreet and understand the weight of the decision
- • Fresh perspective + your experience = a better company
What is a search fund?
A search fund is an investment vehicle invented by Prof. Irv Grousbeck in 1984 at Stanford University. Investors financially support entrepreneurs in identifying, acquiring, managing and growing a private company.
According to Stanford Graduate School of Business analysis for 2024, the aggregate pre-tax return for 681 search funds in the US and Canada was 35.1%, with an aggregate return on invested capital of 4.5x.
How do we differ from PE?
| PE | NextPath | |
|---|---|---|
| Horizon | 3-7 years | No limit |
| Goal | Sale | Growth |
| Involvement | Oversight | Operational |
| Strategy | Consolidation | Entity development |