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Palo Alto, Calif.-based venture capital firm Pacific Lake Partners is still looking to raise $35 million for a rather interesting new fund. The fund will specifically target young entrepreneurs looking to buy and turn around other people’s startups — a fairly uncommon approach for investors.

The firm says it will give recipients between $300,000 and $500,000 to aid them in their search for the right opportunity, according to Dow Jones VentureWire. The term “search fund” is used to describe funds dedicated to paying life expenses while recipients are on the hunt.

The goal is to give recent business school graduates the backing they need to eventually buy out a $10 to $30 million business. To do so, it will provide an additional $1.5 million to help with the purchase, encouraging other firms to jump in as well. This program will give young entrepreneurs the experience they need in any sector without forcing them to start from scratch, Pacific Lake says.

This is a trend that is picking up speed among recent MBA graduates. But Pacific Lake is one of the rare firms to ride on its coattails. Only about 95 have been raised in the last 25 years, Dow Jones reports.

The firms has yet to produce guidelines for who will receive the money, saying only that it expects that most candidates will apply out of prestigious business schools.

It had already secured its first $25 million for the fund halfway through December. Tapping individuals rather than institutions to raise that last $10 million, it expects to close out the fund within the next two months.

Pacific Lake does not list any portfolio companies or information on its web site.

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