Syna Capital S.L. is a Search Fund that has been formed to identify, acquire and operate a single high-quality existing Spanish private company with net sales between €5 and €20 million, EBITDA margin greater than 15%, and positive and stable cash flow. Syna Capital’s Founder and Principal, Joaquín Pardo, will employ 100% of his time and efforts to conduct a disciplined search and to operate the business. The purpose of the search fund is to provide investors with the opportunity to participate in the staged financing of the search for and acquisition of an existing private company. Search funds have been in existence since 1984 and have been structured to mitigate many of the risks associated with purchasing a small business. A 2016 study conducted by Stanford concluded that a portfolio of first time search funds produced an IRR of 36.7% and an ROI of 8.4x . Regarding international search funds (those created outside the US and Canada), the IRR is 33%, and the ROI is 2.8x