JSFiddle - React, Tailwind, and code Playground

HTML

<link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/select2/4.0.3/css/select2.min.css">
<script src="https://ajax.googleapis.com/ajax/libs/jquery/3.2.1/jquery.min.js"></script>
<script src="https://cdnjs.cloudflare.com/ajax/libs/select2/4.0.3/js/select2.min.js"></script>
<select id="s">
<option value="ALL">All Organizations</option>
<option value="1">Org 1</option>
</select>

JavaScript

$("#s").select2({
matcher: custMatcher
});

function custMatcher(params, data) {
   if (params.term === "All Organizations") {
     return null;
  }

// else do regular searching
// would like to call the original matcher here.
}