Jeff Barnes
Partner, Patriot Growth Capital
Jeff Barnes served as a Navy diver and submariner, earning the rating of Machinist's Mate First Class (MM1/SS/DV) with qualifications in submarine warfare and deep-sea diving. He later served as a QA specialist in nuclear power — an environment where zero-defect standards are operational doctrine, not aspiration. That precision governs how he approaches capital allocation, business automation, and financial operations at PGC. He writes on search fund mechanics, AI for operations, and the financial architecture of lower-middle-market acquisitions.
Areas of Expertise
Articles by Jeff Barnes
Search fund equity split: how the numbers divide
June 7, 2026
How search fund equity actually divides: the three-tranche structure, step-up mechanics, waterfall, and 2024 Stanford data on what operators earn.
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Search fund acquisition thesis: how to build yours
June 4, 2026
Before you talk to a single business owner, you need to know what you are looking for and why you are the right person to own it. That is the acquisition t
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Small business succession planning: what 60% of owners skip
June 3, 2026
92% of small business exits are closures. Only 5% become sales. Here is what succession planning actually requires and why timing matters.
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Raising search fund capital: what the process looks like
June 1, 2026
94 search funds launched in 2023. Every one raised capital before finding a deal. Here's how the two-round structure actually works.
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Seller financing in acquisitions: what operators know
May 29, 2026
Seller notes are in 60-80% of deals. Here’s how the structure works and what the June 2025 SBA changes mean for ETA buyers and self-funded searchers.
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Management buyout: how the deal structure works
May 28, 2026
A management buyout lets an existing team acquire the business they run. Here's how the capital stack and deal structure actually work.
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Silver tsunami business: the succession gap
May 27, 2026
10 million boomer-owned businesses need new owners this decade. Most won't find a buyer. Here's what the Silver Tsunami means for operators and sellers.
Read MoreSearch fund investor returns: what the data shows
May 25, 2026
Stanford's 2024 study covers 681 US search funds. Pre-tax IRR: 35.1%, ROIC: 4.5x. Here's what drives those returns and what the risks actually are.
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Search fund salary: what searchers actually earn
May 23, 2026
What does a search fund actually pay? The 2024 Stanford GSB data answers the question most searchers never ask at the conference.
Read MorePrivate equity fund structure: how the money works
May 21, 2026
The mechanics of a PE fund — blind pool, LP/GP roles, management fees, carried interest, capital calls, hold periods, and the J-curve — explained without guru framing.
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Search fund success rate — what the data says
May 20, 2026
Four decades of Stanford and IESE data show 35% IRR, 4.5x investor MoIC, and a 60% acquisition close rate. Here is what the numbers actually mean.
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How to start a search fund
May 19, 2026
The step-by-step process for raising search capital, sourcing your acquisition, and closing a deal as an operator-owner.
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Self-funded search fund: what the math actually shows
May 19, 2026
Self-funded search funds let operators buy businesses using SBA debt and keep 60–80% of equity. Here's how the model works and who it fits.
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Baby boomer business succession: the 70% problem
May 17, 2026
Six million boomer-owned businesses face ownership transitions by 2035. Ninety-two percent will close instead of sell. Here's why — and what changes that.
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Lower middle market private equity: the alpha story
May 16, 2026
LMM PE outperforms large-cap by 400–500 bps annually. Here’s the structural reason — and what it means for business owners and LPs.
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Search fund vs private equity: what operators choose
May 15, 2026
Search funds give operators 25–30% direct equity. PE gives carried interest. For veteran operators considering ETA, the difference is everything.
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