This exploratory research examines the success factors of the search fund model in Mexico, focusing on the financial metrics MOIC (Multiple on Invested Capital) and IRR (Internal Rate of Return). The study employs a multiple case analysis of three search funds that completed their lifecycle in Mexico, from acquisition to liquidity events. Through interviews with the searchers (entrepreneurs managing the search funds), the research identifies key variables that impact the success of the model, including revenue growth, operational efficiency, financial leverage, and multiple expansion. The findings reveal that revenue growth is the most significant factor influencing MOIC and IRR, followed by operational efficiency and multiple expansion, while financial leverage plays a lesser role due to high financing costs in Mexico. The study concludes that the search fund model in Mexico can achieve success, with two of the three cases achieving "high" MOIC results, aligning with international benchmarks. This research provides valuable insights for current and future searchers, offering a framework for prioritizing decision-making factors to enhance the success of search funds in Mexico.