{"id":22,"date":"2024-02-07T23:00:00","date_gmt":"2024-02-07T14:00:00","guid":{"rendered":"https:\/\/searchfund.jp\/?p=22"},"modified":"2025-11-09T02:32:57","modified_gmt":"2025-11-08T17:32:57","slug":"%e3%82%b5%e3%83%bc%e3%83%81%e3%83%95%e3%82%a1%e3%83%b3%e3%83%89%e3%81%ab%e3%81%a4%e3%81%84%e3%81%a6","status":"publish","type":"post","link":"https:\/\/searchfund.jp\/?p=22","title":{"rendered":"\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u3068\u306f\u4f55\u304b\uff1f\u6b74\u53f2\u3084\u4ed5\u7d44\u307f\u306b\u3064\u3044\u3066\u521d\u5fc3\u8005\u306b\u3082\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\uff01"},"content":{"rendered":"\n<p>\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u306e\u4ed5\u7d44\u307f\u306e\u4e00\u3064\u3067\u3059\u3002\u300c\u30b5\u30fc\u30c1\u30e3\u30fc\u300d\u3068\u547c\u3070\u308c\u308b1\u4eba\u307e\u305f\u306f2\u4eba\u306e\u500b\u4eba\u304c\u3001\u30e1\u30f3\u30bf\u30fc\u3068\u306a\u308b\u6295\u8cc7\u5bb6\u3092\u542b\u3080\u5c11\u6570\u306e\u6295\u8cc7\u5bb6\u30b0\u30eb\u30fc\u30d7\u3068\u5171\u306b\u6295\u8cc7\u4f1a\u793e\u3092\u7d44\u6210(\u30d5\u30a1\u30f3\u30c9\u30ec\u30a4\u30ba)\u3057\u3001\u975e\u516c\u958b\u4f01\u696d\u306e\u30b5\u30fc\u30c1\u3001\u8cb7\u53ce\u3092\u884c\u3063\u305f\u5f8c\u3001\u7d4c\u55b6\u3092\u884c\u3044\u4f01\u696d\u4fa1\u5024\u306e\u5411\u4e0a\u3092\u76ee\u6307\u3059\u3068\u3044\u3046\u30d7\u30ed\u30bb\u30b9\u306b\u3088\u308a\u69cb\u6210\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u30da\u30fc\u30b8\u3067\u306f\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306e\u6b74\u53f2\u3084\u4ed5\u7d44\u307f\u306b\u3064\u3044\u3066\u6982\u8981\u3092\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306e\u6b74\u53f2<\/h2>\n\n\n\n<p>\u300c\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u300d\u3068\u3044\u3046\u7528\u8a9e\u306f1984\u5e74\u306bHarvard MBA\u306b\u8d77\u6e90\u3092\u6301\u3061\u3001\u305d\u306e\u5f8c10\u5e74\u9593\u3067Stanford GSB\u3067\u7814\u7a76\u3055\u308c\u3001the Director of the Center for Entrepreneurial Studies\u3067\u3042\u308bIrving Grousbeck\u6559\u6388\u304c\u8349\u5206\u3051\u3068\u306a\u308a\u3001\u73fe\u5728\u306b\u81f3\u308b\u307e\u3067\u7d04700\u3092\u8d85\u3048\u308b(\u30c8\u30e9\u30c7\u30a3\u30b7\u30e7\u30ca\u30eb\u578b)\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u304c\u5f62\u6210\u3055\u308c\u3066\u3044\u307e\u3059\u3002<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-ep-black-color\">\u6210\u529f\u3057\u305f\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306e\u5927\u591a\u6570\u306f\u3001\u7d4c\u55b6\u7d4c\u9a13\u304c\u7121\u304f\u3001\u512a\u308c\u305f\u30ad\u30e3\u30ea\u30a2\u3068\u8d77\u696d\u5bb6\u7cbe\u795e\u3092\u6301\u3064MBA\u5352\u696d\u751f\u306b\u3088\u3063\u3066\u59cb\u3081\u3089\u308c\u307e\u3057\u305f\u3002<\/mark><\/p>\n\n\n\n<p>\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306e\u57fa\u672c\u5f62\u3068\u306a\u308b\u30c8\u30e9\u30c7\u30a3\u30b7\u30e7\u30ca\u30eb\u578b\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306e\u72b6\u6cc1\u306fStanford GSB(\u7c73\u56fd)\u3068IESE Business School(\u30b9\u30da\u30a4\u30f3)\u306b\u3088\u3063\u3066\u7e8f\u3081\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u8fd1\u5e74\u30c8\u30e9\u30c7\u30a3\u30b7\u30e7\u30ca\u30eb\u578b\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306e\u6570\u306f\u5317\u7c73\u3084\u305d\u306e\u4ed6\u306e\u5730\u57df\u3067\u6025\u901f\u306b\u5897\u52a0\u3057\u3066\u3044\u307e\u3059\u3002\u4ee5\u4e0b\u306e\u8868\u3067\u306f\u4e21\u5927\u5b66\u304c2\u5e74\u4e00\u5ea6\u767a\u884c\u3059\u308b\u30ec\u30dd\u30fc\u30c8\u304b\u3089\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306e\u5b9f\u7e3e\u63a8\u79fb\u306e\u30b0\u30e9\u30d5\u3092\u5f15\u7528\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u8fd1\u5e74\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306e\u6d3b\u52d5\u304c\u307e\u3059\u307e\u3059\u6d3b\u767a\u306b\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u304c\u3088\u304f\u5206\u304b\u308a\u307e\u3059\u3002(Fund Raised: \u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306e\u7acb\u3061\u4e0a\u3052\u4ef6\u6570\u3001Aquisitions: \u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306b\u3088\u308b\u627f\u7d99\u4ef6\u6570\u3001Exits: \u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306b\u3088\u308b\u627f\u7d99\u4f01\u696d\u306e\u58f2\u5374\/MBO\/IPO\u306e\u4ef6\u6570)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5317\u7c73\u57df(\u30a2\u30e1\u30ea\u30ab\u304a\u3088\u3073\u30ab\u30ca\u30c0)\u306e\u30c8\u30e9\u30c7\u30a3\u30b7\u30e7\u30ca\u30eb\u578b\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u5b9f\u7e3e\u63a8\u79fb<\/h3>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"562\" src=\"https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/image-1024x562.png\" alt=\"\" class=\"wp-image-92\" srcset=\"https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/image-1024x562.png 1024w, https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/image-300x165.png 300w, https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/image-768x421.png 768w, https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/image.png 1405w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<cite>Stanford GSB, Search Fund Study 2022 &#8211; Selected Observations<\/cite><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">\u5168\u4e16\u754c(\u5317\u7c73\u57df\u9664\u304f)\u306e\u30c8\u30e9\u30c7\u30a3\u30b7\u30e7\u30ca\u30eb\u578b\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u5b9f\u7e3e\u63a8\u79fb<\/h3>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"624\" src=\"https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/Figure-1.-International-Search-Fund-Activity-by-Year-1-1024x624.png\" alt=\"\" class=\"wp-image-87\" style=\"width:704px;height:auto\" srcset=\"https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/Figure-1.-International-Search-Fund-Activity-by-Year-1-1024x624.png 1024w, https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/Figure-1.-International-Search-Fund-Activity-by-Year-1-300x183.png 300w, https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/Figure-1.-International-Search-Fund-Activity-by-Year-1-768x468.png 768w, https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/Figure-1.-International-Search-Fund-Activity-by-Year-1.png 1111w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<cite>IESE, International Search Funds\u20132022 &#8211; Selected Observations<\/cite><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306e\u4ed5\u7d44\u307f<\/strong><\/h2>\n\n\n\n<p>\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u300c\u30b5\u30fc\u30c1\u30e3\u30fc\u300d\u3068\u547c\u3070\u308c\u308b1\u4eba\u307e\u305f\u306f2\u4eba\u306e\u500b\u4eba\u304c\u3001\u30e1\u30f3\u30bf\u30fc\u3068\u306a\u308b\u6295\u8cc7\u5bb6\u3092\u542b\u3080\u5c11\u6570\u306e\u6295\u8cc7\u5bb6\u30b0\u30eb\u30fc\u30d7\u3068\u5171\u306b\u6295\u8cc7\u4f1a\u793e\u3092\u7d44\u6210(\u30d5\u30a1\u30f3\u30c9\u30ec\u30a4\u30ba)\u3057\u3001\u975e\u516c\u958b\u4f01\u696d\u306e\u30b5\u30fc\u30c1\u3001\u8cb7\u53ce\u3092\u884c\u3063\u305f\u5f8c\u3001\u7d4c\u55b6\u3092\u884c\u3044\u4f01\u696d\u4fa1\u5024\u306e\u5411\u4e0a\u3092\u76ee\u6307\u3059\u3068\u3044\u3046\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u306e\u4e00\u3064\u3067\u3059\u3002(\u671f\u9593\u306f\u76ee\u5b89)<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"184\" src=\"https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/process-1024x184.png\" alt=\"\" class=\"wp-image-123\" srcset=\"https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/process-1024x184.png 1024w, https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/process-300x54.png 300w, https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/process-768x138.png 768w, https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/process-1536x276.png 1536w, https:\/\/searchfund.jp\/wp-content\/uploads\/2024\/02\/process-2048x368.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u30b5\u30fc\u30c1\u30e3\u30fc\u306b\u3068\u3063\u3066\u306e\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u306e\u30e1\u30ea\u30c3\u30c8<\/h2>\n\n\n\n<p>\u30b5\u30fc\u30c1\u30e3\u30fc\u304c\u30b5\u30fc\u30c1\u30d5\u30a1\u30f3\u30c9\u30ad\u30e3\u30ea\u30a2\u3092\u9078\u3076\u30e1\u30ea\u30c3\u30c8\u306f\u5927\u304d\u304f2\u3064\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30ad\u30e3\u30ea\u30a2\u306e\u65e9\u3044\u6bb5\u968e\u3067\u7d4c\u55b6\u8005\u306b\u306a\u308c\u308b<\/h3>\n\n\n\n<p>\u4f1d\u7d71\u7684\u306a\u4f01\u696d\u306e\u30b5\u30e9\u30ea\u30fc\u30de\u30f3\u793e\u9577\u306e\u591a\u304f\u304c50\u4ee3\u4ee5\u4e0a\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3001\u30b5\u30fc\u30c1\u30e3\u30fc\u306e\u591a\u304f\u304c30\u4ee3\u3067\u4f01\u696d\u3092\u627f\u7d99\u3057\u7d4c\u55b6\u8005\u3068\u306a\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u30d7\u30ed\u7d4c\u55b6\u8005\u306e\u30dd\u30b9\u30c8\u306f\u539f\u5247\u3068\u3057\u3066\u7d4c\u55b6\u7d4c\u9a13\u8005\u306b\u9650\u3089\u308c\u308b\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u300130\u4ee3\u304b\u3089\u7d4c\u55b6\u8005\u3068\u3044\u3046\u30ad\u30e3\u30ea\u30a2\u30d1\u30b9\u3092\u7d4c\u9a13\u3067\u304d\u308b\u3053\u3068\u3067\u4eca\u5f8c\u306e\u30ad\u30e3\u30ea\u30a2\u306e\u5e45\u3092\u5e83\u3052\u308b\u3053\u3068\u306b\u7e4b\u304c\u308b\u3068\u8a00\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 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