New UK SET initiative aims to bring greater consistency and transparency to entrepreneurship through acquisition transactions.

Published: 6 November 2026

The initiative was developed in response to the rapid growth of the UK search fund market. While venture capital transactions have long benefited from recognised standard documentation, the self-funded search sector has lacked a common legal framework. UK SET provides searchers and investors with a practical starting point for negotiations, helping to streamline transactions and reduce complexity.

The UK SET suite comprises a subscription agreement, shareholders' agreement and articles of association, setting out key arrangements between searchers and investors before and after an acquisition. Rather than prescribing commercial terms, the documents are designed to provide a clear framework for discussion and agreement.

Shoosmiths worked alongside Fox Williams LLP and Marriott Harrison LLP to draft the documentation, with input from industry experts including Archimax Global Solutions Ltd, Gerald Edelman, Orca Equity Partners and Thalor Capital.

Alistair Hammerton, Partner at Shoosmiths, said: "Over the last few years, we've seen significant growth in the number and sophistication of search fund transactions in the UK. As the market continues to evolve, initiatives such as UK SET can help create a common foundation for discussions between searchers and investors, allowing parties to focus their time and energy on the commercial aspects of a transaction."

Alexander Kalis, Founder and CEO of Archimax Global Solutions Ltd, said: "Having reviewed a number of these transactions, we could see the market needed documents that searchers and investors could both start from. We brought the working group together with that aim, and I'm grateful to every firm involved for giving their time and expertise without charge. We hope UK SET becomes the reference point that helps deals close more smoothly."

Shoosmiths ranked first by deal volume among UK-based legal advisers in London in 2025. The firm has invested significantly in its search fund practice in recent years, drawing on its deal expertise across M&A, private equity, venture capital and leveraged finance to get deals done for UK searchers.

The documents are available free of charge at ukset.org and the working group intends to publish revisions as the market evolves.