Private equity investor backing search fund entrepreneurs
Relay Investments
- HeadquartersBoston, MA S2
- Founded2013 S3
- Websiterelayinvestments.com
- Last verifiedOctober 20, 2026
At a glance
| Assets under management | $200M (as of Oct 2026) S2 |
|---|---|
| Check size | $1M to $3.5M S1 |
| Deal types | Platform S1 |
| Geography | United States, International S1 |
| Sectors | Software & SaaS, IT Services & MSP, Healthcare Services, Education |
What Relay Investments buys
Relay Investments is a Boston firm, founded in 2013, that invests only in search funds and the companies they buy. A search fund is one or two entrepreneurs, often recent business school graduates, who raise money to find and buy a single private company and then run it as CEO. Relay says it has backed more than 250 search funds and more than 160 company acquisitions, and it manages about $200 million.
Relay does not buy companies on its own. It usually leads the investor group behind a searcher, taking 15% to 25% of the ownership and aiming to put $1 million to $3.5 million into each acquisition, out of a total equity raise that is typically $5 million to $15 million. It will look at almost any industry, though searchers favor steady B2B businesses with simple operations, low capital needs and healthy cash flow. Its focus is the US, but it also backs searchers abroad, and it can add money later for add-on acquisitions.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| 2026 | MDSProperty management and compliance software for New York City multifamily, condo and co-op buildings | Investment | Software & SaaS | Source |
| 2026 | IT Service AlliancePlatform buying and running legacy IT infrastructure and support services businesses | Investment | IT Services & MSP | Source |
| 2026 | Comprehensive Drug TestingDrug testing and workforce compliance services for sports bodies, employers and regulated industries | Investment | Source | |
| 2025 | Education Management & NetworksMichigan provider of administrative and academic services to charter schools | Investment | Education | Source |
| 2025 | Strategic KidsStaffing and after-school enrichment programs for schools | Investment | Education | Source |
| 2025 | No-IPDynamic DNS and domain services provider | Investment | Software & SaaS | Source |
| 2025 | SonarWizSoftware for collecting and mapping sonar survey data | Investment | Software & SaaS | Source |
Portfolio by sector
From the firm's portfolio page S4.
Distribution
- Honolulu Ship Supply
Finance
- Reliable Premium Management
- LexShares
- Wave Crest
- Financial Insurance Management Corporation (FIMC)
Healthcare - Other
- Virtual Officeware
Healthcare - Services to Patients
- Windmill Wellness Ranch
- Cicero Therapies
- Abound Health
- PalatiumCare, Inc. (dba PalCare)
- American Vision Group (AVG)
Healthcare - Services to Providers
- Embark Behavioral Health (fka Calo Programs)
Manufacturing
- Tacna Services
- The Nearshore Company
Other Services
- Comprehensive Drug Testing
- Education Management & Networks
- Strategic Kids
- Atlantic Duct Cleaning
- Bioactive Resources
- Earth Development
- School Family Media (SFM)
- Subatomic Digital
- Wingman Holdings (WHI) Global
- Arizona College
Service (incl. Retail & B2B)
- EyeQ Monitoring (fka National Video Monitoring Company)
Technology - Consumer Electronics/Hardware
- Bridge
Technology - Other
- Lerner Solutions
- Unleashed Technologies
Technology - Software
- MDS
- No-IP
- SonarWiz
- Growth 99
- BP Logix
- File On Q
- Beecker
- AppWrap
- EzTax Return
- Prelude Dynamics
- Venio Systems
- Swoogo
- Travelmax
- ISI Telemanagement Solutions
Technology - Tech-Enabled Services
- IT Service Alliance
Transportation and Logistics
- Capin-Vyborny (CV)
Greymont’s take
How Relay Investments fits a seller
A Relay-backed buyer suits an owner of a stable, profitable company who wants to retire or step back and hand the business to a new full-time CEO, rather than fold it into a larger platform. The searcher personally runs the company after closing. Relay describes the usual ownership period as six to ten years, with a board and outside advisors supporting the new CEO, and Relay's own team often joins diligence and sometimes speaks with sellers directly.
An owner talking to a searcher should ask who is in the investor group and whether it is ready to fund the deal, since the money for the purchase is raised only after a target is found. It is also fair to ask how the searcher plans to handle the handover and what role the owner will have afterward.
Questions owners ask
How does selling to a Relay-backed search fund work?
You sell to a searcher, an entrepreneur who becomes the company's CEO after closing. Relay is one of the searcher's investors, often the lead, usually holding 15% to 25% and putting $1 million to $3.5 million into the acquisition.
What kinds of companies do Relay's searchers look for?
Relay will consider nearly any industry. Its materials say searchers mostly target B2B companies in non-cyclical industries with simple business models, low capital needs, healthy cash flow and a record of steady growth.
How big is a typical search fund acquisition?
Relay does not publish a revenue or EBITDA range. It says searchers typically raise $5 million to $15 million of equity from their investors once they have found a company to buy.
Has Relay backed IT services companies?
Yes. Its current US holdings include Lerner Solutions, an IT managed service provider acquired in 2021, AppWrap, a NetSuite implementation partner from 2022, and IT Service Alliance, a 2026 platform buying IT infrastructure and support businesses.
Sources
- S1Relay Investments home page (search fund FAQ, investment terms) Accessed October 20, 2026
- S2Relay Investments: Company Overview Accessed October 20, 2026
- S3Relay Investments: Our Story (fund history) Accessed October 20, 2026
- S4Relay Investments: Portfolio (search funds and portfolio companies) Accessed October 20, 2026
- S5Relay Investments: Our Process and Search Fund Model Accessed October 20, 2026
- S6Relay Investments: The Relay Roadmap Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Relay Investments. Figures are as reported on the dates shown and may have changed. Request a correction