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The Vestige Capital case follows a search fund team comprised of two 2009 Stanford GSB alumni as they decide to raise a search fund in Mexico, procure search capital from US and Mexican investors, and source deals over the ensuing two years. The case chronicles the difficulties the team faced during their search, including the departure of one partner from the firm and several near misses with acquisition. At the end of the case, the reader is left with a difficult decision: with very little search capital left, should the team recommence acquisition conversations with one previous target that they had previously walked away from, restructure their fund to acquire minority stakes in a handful of businesses, or shut down the fund in lieu of an attractive job opportunity with steady income.