search-fund
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The Firm That Buys Boring Businesses and Sends an Operator to Run Them
Liberty Partners backs the people who buy small companies and stay to run them. In healthcare, B2B services and financial services, its bet is that owners who fix boilers and read board decks build more durable businesses than spreadsheets alone.
Alex Sappington
Alex Sappington is the Co-CEO of Page Vault, the legal web-capture company whose software turns a tweet, a TikTok, or a vanishing webpage into court-admissible evidence. He bought the business in 2022 alongside his Stanford classmate Luke Suydam through a search fund, taking the wheel from founder Jeffrey Eschbach. Under their shared leadership Page Vault has landed on the Inc. 5000 list of fastest-growing companies three years running. A Princeton economist turned BCG consultant turned operator, Sappington talks evidence law at the dinner table too - his spouse is a federal prosecutor.
Luke Suydam
Luke Suydam is the Co-CEO of Page Vault, the legal-tech company whose patented technology lets lawyers capture web and social media content as court-admissible evidence. A former Bain Capital private equity investor with a Stanford MBA and a Dartmouth degree in philosophy and economics, Suydam left the buy-side to buy a company of his own. In 2022, alongside business-school friend Alex Sappington, he acquired Page Vault through a thesis-driven search fund and the two have run it as co-CEOs ever since, steering it onto the Inc. 5000 list of fastest-growing companies three years running.
Hannah Greenberg
Hannah Greenberg is the CEO of Eleven Software, the cloud-based Wi-Fi authentication platform powering connectivity for 25,000+ hotel properties across 140+ countries - processing over 10 billion authentications per year for brands like Hilton, Marriott, Accor, and Wyndham. She acquired Eleven in 2022 through a search fund she built after her MBA at UC Berkeley Haas, then led the 2023 acquisition of UK-based Airangel to create the world's leading hospitality Wi-Fi management company. A Cornell Hotel School alumna with roots in PwC consulting and $1 billion in hotel development at Seaview Investors, Greenberg brings the rare combination of an owner-operator's instinct and a technologist's ambition to one of hospitality's most infrastructure-critical categories.