Relay Investments
Relay Investments describes an investment model centered on search funds and their target companies. Its public materials state that it is industry agnostic, has a U.S. focus and international reach, and supports searchers with capital, mentorship, diligence, deal construction, and negotiation resources.
Relay Investments publicly describes itself as an exclusive search-fund investor.
Its model involves backing searchers who form investment vehicles to acquire privately held companies and lead them for the medium to long term, typically 6 to 10 years.[1][2][3][4]
What does Relay Investments invest in?
Relay Investments is a Boston-based investment firm established in 2013 and co-founded by Sandro Mina. Relay states that it exclusively invests in search funds and their target companies, with a U.S. focus and international reach.[1]
Relay describes its strategy as investing exclusively in search funds and their target companies. Its stated model centers on searchers forming an investment vehicle, searching for and acquiring a privately held company, and leading that company for the medium to long term, typically 6 to 10 years.[1][2]
Owners evaluating a financial buyer can compare the offer with independent valuation analysis, understand how acquirers approach transactions through Auxo’s buy-side M&A process guide, and consider whether a full or partial sale best fits their objectives.
What should a business owner evaluate before considering a transaction with Relay Investments?
An owner evaluating a potential transaction should distinguish Relay’s general search-fund model from the specific searcher and acquisition vehicle proposed for the company. The stated model includes searcher support involving mentorship, diligence, deal construction, negotiation, and related resources. The official portfolio page does not publish the purchase price, financing terms, equity contribution, seller identity, or closing date for listed portfolio entries, so those terms should be addressed directly in transaction discussions.[1][2][3]
Which Relay-backed searcher and acquisition vehicle would acquire the company, and what operating experience does that person have
What equity contribution, debt financing, rollover, earn-out, or seller-financing structure is contemplated
What companies does Relay Investments target?
Relay’s public description establishes its search-fund model and focus on privately held companies, but does not establish a complete set of company-level criteria such as revenue, EBITDA, valuation, or minimum size thresholds.[1][2]
Relay states that it is industry agnostic and evaluates deals from nearly any vertical. Its public portfolio taxonomy spans categories including distribution, finance, healthcare, hospitality, human resources, manufacturing, services, transportation and logistics, software, e-commerce, financial services and payments, and technology-enabled services.[2]
Relay states that it has a U.S. focus and international reach. Its public portfolio includes search funds and portfolio companies across the United States and multiple international countries.[1]
Relay’s public description establishes its search-fund model, but does not establish a separate platform-and-add-on acquisition strategy or criteria for add-on transactions.[1][2]
Relay’s official portfolio lists named search-fund and company entries with categories, locations, industries, statuses, and entry years. Identifiable 2025 entries include Covalent Growth Partners, Alka Oaks Partners, Nico’s Search Partners, Beacon Education Group, Sakai Capital, Catamaran Equity Partners, Highland Legacy Capital, Astoria Growth Partners, Granville Peak, Amana Succession Partners, Trident Equity Group, and Arcas Capital.
Identifiable 2024 entries include Ascenda Capital Partners, Palmetto & Pine, Outlive Capital, Lemont Partners, Octagon Search Equity, Dune Peak Partners, Bedrock Succession, Nexus Collaborative, Spruce Legacy Partners, 720 Fund, Red Shirt Ventures, Cintu Transmission, and Atropates Capital.[3]
The official portfolio page contains 2025 and 2024 entry records for named search funds and companies. These records identify portfolio categories, names, locations, industries, statuses, and entry years; they do not by themselves establish that every entry represents a completed acquisition or disclose complete transaction terms.[3]
What is not clear from Relay Investments's public investment criteria?
The official portfolio page does not publish purchase prices, enterprise values, equity contributions, seller identities, financing terms, or exact transaction closing dates for the listed entries.
The SEC Form D amendment provides structure and offering information for Relay Investments III, L.P., but does not establish the regulatory status of every Relay-related entity.[3][4]
Questions to ask when evaluating Relay Investments as a buyer or investment partner
Which Relay-backed searcher and acquisition vehicle would acquire the company, and what operating experience does that person have?
What equity contribution, debt financing, rollover, earn-out, or seller-financing structure is contemplated?
What governance or board rights would Relay or its representatives receive?
What is the expected ownership horizon and succession or exit plan?
How would Relay and the searcher evaluate recurring revenue, customer concentration, management continuity, and add-on opportunities?
What financing contingencies, exclusivity terms, transaction expenses, and closing conditions would apply?
Sources & research notes
- Official website / firm overview
- Services / capabilities
- Transaction / portfolio evidence
- SEC filing / regulatory record
How this profile was researched
Auxo profiles are prepared from publicly available primary and authoritative sources and reviewed for entity identity, factual support and disclosure consistency. When a fact cannot be supported by the reviewed public record, the profile identifies it as something to confirm directly rather than inferring it.
Independent research profile
This profile was prepared by Auxo Capital Advisors from publicly available information believed to be reliable and is provided solely for informational and educational purposes. It is not an endorsement, recommendation, ranking, solicitation, or representation regarding the profiled firm, its services, qualifications, transaction experience, regulatory status, financial condition, or suitability for any particular person, company, transaction, or investment.
Information obtained from third-party and public sources may be incomplete, inaccurate, outdated, or subject to change, and Auxo Capital Advisors makes no representation or warranty, express or implied, as to its accuracy, completeness, or timeliness. Readers should conduct their own independent diligence and consult appropriate professional advisers before engaging any advisor, intermediary, investor, lender, acquirer, or other transaction counterparty.
Broker-dealer and securities disclosure
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