Building a Search Fund in China: No Playbook, Local Trust, and What Actually Works - Sally Tian, Snowtide Capital

 Sally Tian shares her journey from consulting, tech, and Harvard Business School to building one of the first search funds in China alongside her husband and co-founder. She explains why she walked away from the “immigrant dream” and chose a more uncertain but aligned path in entrepreneurship. We discuss what it actually takes to do search in China, including how fundraising differs across international and local investors, why credibility matters more than the model itself, and how relationship-driven dynamics shape sourcing and dealmaking. Sally also highlights key cultural differences, from how sellers perceive young operators to why traditional search fund narratives don’t translate directly. Throughout the conversation, she reflects on identity, returning to China, and how her background across cultures has shaped her approach to building and operating a business in a market where there is no clear playbook. Send us Fan MailSupport the showFind us on Apple, Spotify, Amazon, and YouTube.