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INSEAD’s ETA and Search Funds Podcast explores the dynamic world of Entrepreneurship Through Acquisition (ETA), offering valuable insights for entrepreneurs and investors alike. Each episode showcases individuals from across the...
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INSEAD’s ETA and Search Funds Podcast explores the dynamic world of Entrepreneurship Through Acquisition (ETA), offering valuable insights for entrepreneurs and investors alike. Each episode showcases individuals from across the ETA journey—entrepreneurs in various stages, from search to operations to exit, as well as experienced investors—while showcasing success stories and lessons learned.
Entrepreneurs can gain practical strategies to navigate acquisitions and lead businesses effectively, while investors discover how ETA can generate returns while fostering economic growth. With a spotlight on addressing the global succession crisis, the series highlights ETA’s potential to ensure business continuity and preserve legacies. Whether you're curious or committed, this podcast equips you with actionable knowledge around the topic of to ETA and Search Funds.
show less
Entrepreneurs can gain practical strategies to navigate acquisitions and lead businesses effectively, while investors discover how ETA can generate returns while fostering economic growth. With a spotlight on addressing the global succession crisis, the series highlights ETA’s potential to ensure business continuity and preserve legacies. Whether you're curious or committed, this podcast equips you with actionable knowledge around the topic of to ETA and Search Funds.
Episodes & Posts
Episodes
Posts
30 APR 2026 · What separates search funds from PE giants - and how can searchers win in succession deals?
We sat down with Dr. Thomas Buehler of Valmaris Private Investors, a 37-year PE veteran who co-founded Afinum Management, raised €1.8 billion across seven funds, completed 100+ acquisitions, and invested in 95 search funds. Now channeling his expertise into dedicated ETA backing, Thomas shares battle-tested insights from screening 5,000 targets to close 300 deals.
What makes this episode essential listening: a PE insider's view on ETA edges like instant CEO succession, avoiding emotional deal traps, and his own successful firm handover at 60.
In this episode, expect to take away knowledge of:
- The keys to acquisition success: growth companies, real sellers, and keeping alternatives alive (never 100% on one deal)
- Searcher advantages over PE: quick exits, small caps (€10-20M EV), and daily CEO commitment
- Valmaris' model: flexible investing in people with entrepreneurial spirit, full-journey support from cap tables to exits
- Investor advice: short PPMs, talk to searchers/investors, prioritize fit for the 7-10 year journey
- ETA's future: less cyclical succession wave, quality focus amid froth
26 MAR 2026 · What does it take to build an institutional-grade ETA investor from first principles - and why does it matter for every searcher, operator, and investor in this space?
We caught up with Kieron Chalder and Dr. Gernot Eisinger, returning guests from season 1, who together with Professor Ivana Naumovska and Lukas Krauss, founded INSETA. INSETA is a dedicated platform supporting search fund entrepreneurs across the full acquisition journey. Having recently completed their second and final close at a hard cap of €60 million (oversubscribed), the team has backed over 100 entrepreneurs, invested in more than 40 businesses, and delivered outsized returns for both investors and searchers alike.
What makes this conversation particularly unique is the composition of INSETA itself: with a private equity veteran, a searcher-turned-CEO, an INSEAD academic, and an operator-investor, each brings a distinct and complementary lens to the same challenge.
In this episode, we cover:
- How INSEAD's classrooms and community gave rise to INSETA, and what the name itself signals about its DNA
- INSETA's full-lifecycle model: cap table construction, LOI support, due diligence structuring, board building, and PE-informed exit positioning
- The common threads in INSETA-backed successes; grit and fit; and why "buying a business for buying a business only will never be a success"
- How investor-operator partnerships work at their best: trust, transparency, and knowing when to step back
- Where the ETA landscape is heading — hint: greater institutionalisation, AI-driven sourcing, and continued global expansion.
26 FEB 2026 · Alexander Simmons doesn't do polish - and that's exactly why this conversation matters. We had to cut some real gems on account of Kudirat's maniacal laughter.
Alex is the founder of Voyager Equity, Australia's very first traditional search fund, launched in 2019 when the model was virtually unknown Down Under. After raising capital, conducting a rigorous search, and navigating COVID-era complications, he acquired Inerva Software in November 2021—marking Australia's first traditional search fund acquisition. Inerva provides cloud-based accounting, payroll, and HR software exclusively for Australia's aged care, home care, and retirement village sectors.
What makes Alex particularly special is his refreshing honesty and humor. He's never afraid to tell it like it is, share the messy middle, or admit that "you look back and you're terrified, absolutely terrified looking back by how little you knew".
This is an unfiltered, no-prep conversation about what it actually takes to be first-to-market in a new geography, transition from searcher to CEO, and keep reinventing yourself as the business outgrows your skillset.
In this episode, we cover:
- Why Alex left private equity ("you can't score a goal if you're just owning the football team")
- The reality of fundraising in Australia with no local search fund ecosystem
- Why his first deck was "the world's worst"—and why that was intentional
- How COVID nearly derailed his deal (spoiler: he had to fly to Byron Bay before Sydney locked down)
- The transition from searcher to operator: comms, HR, and constant reinvention
- Why searchers need to stop obsessing over valuation multiples
29 JAN 2026 · In Season 1, Episode 1, Monika joined the INSEAD Entrepreneurship-through-Acquisition & Search Funds podcast as Poland’s first female-led search fund founder, sharing her early fundraising and search journey.
In this Season 2 follow-up, we catch up in person at the INSEAD ETA Conference in Singapore (November 2025), just after she completed the acquisition of Rolfroz.This is an extra in-depth, highly practical conversation on the real mechanics of getting a deal over the line - when timelines are tight, parties multiply, and the emotional stakes are high.
Monika walks through what surprised her most, what she would do differently, and the habits that helped her stay calm and credible throughout the process.In this episode, we cover:
- How she knew Rolfroz was “the one” (even though it wasn’t in her original search thesis)
- Why sellers decide in the first meeting - and how to build rapport without losing leverage
- How to manage deal-making beyond due diligence (financing, board, investor comms, transaction workstreams)
- Why weekly seller calls can prevent negotiations from derailing - and how she handled a moment where lawyers “pushed too far”
- Negotiating with banks and improving financing terms (yes - you can negotiate)
- Her philosophy on compromise, walk-away points, and staying true to your values
25 DEC 2025 · In this episode of the INSEAD ETA & Search Funds Hub podcast, host Kudirat Olateju speaks with Rob LeBlanc, co-founder of Ambit Partners, about the roles of entrepreneurship through acquisition and small business in driving economic change and positive impact.
In Rob’s journey around the world, he has seen how search funds can be powerful vehicles for directing private capital into shallow markets. Drawing on his experience with Ambit, Rob talks through the intersection of impact and ETA, sharing the various ways he has seen impact in action; answering if how a business is run - its people decisions, culture, and operational standards - can measure up to what the business does; and if ETA operators have to choose between commercial success or positive impact.
Grounded yet forward-looking, this episode is a playbook for delivering “impact” for aspiring business leaders and impact-seeking investors.
00:00 Introduction to Rob LeBlanc and ETA
01:07 Rob's Journey: From Canada to Global Impact
04:12 The Role of Small Businesses in Economic Development
07:59 Search Funds and Emerging Markets
10:15 Impact Narratives in Search Fund Proposals
12:10 The Concentric Circles of Impact
16:13 Balancing Impact and Commercial Viability
20:53 Finding Impact-Aligned Investors
21:52 Navigating the Impact Landscape
27:11 Operational Strategies for Impact-Driven Businesses
30:23 Understanding Challenges in Search Investments
31:24 The Role of People in Impact-Oriented Businesses
36:32 Building a Sustainable Ecosystem for Search Funds
39:35 The Future of Impact and Entrepreneurship
27 NOV 2025 · The search fund model is no longer a North American story.
In this episode of the INSEAD ETA & Search Funds Hub podcast, host Kudirat Olateju speaks with Andrew Locke and Neil Wyma; both INSEAD alumni and partners at Ambit, about how they're backing exceptional entrepreneurs across Europe, Latin America, APAC, and the Middle East. Their journey began at INSEAD, where they first heard Will Thorndike and Simon Webster speak about search funds, sparking a collaboration that would eventually become Ambit six years ago.
Andrew and Neil break down Ambit's "Talent First" philosophy: they don't choose geographies or industries upfront; instead, they back the best talent and let searchers define their own markets and career paths. This approach has led to a globally diversified portfolio, with roughly half their investments in Europe, 20% in Latin America, and growing activity in the Middle East, India, and Brazil. They explain how they evaluate searchers while layering in additional criteria for newer markets, including local networks and quality cap tables.
The conversation explores what makes search fund cap tables unique; and Andrew and Neil share patterns they've observed in successful searches. They also candidly discuss the emotional reality of searching. Closing their oversubscribed $60 million Fund II has allowed Ambit to expand their team, and continue to see the search fund industry evolve; which they share the details behind.
Grounded, insightful, and full of real-world lessons, this episode captures what it takes to build companies and careers through ETA in markets all over the world.
Chapters
00:00 Introduction to Entrepreneurship Through Acquisition
01:22 Journey into the Search Fund Ecosystem
04:05 Understanding Ambit Partners and Its Model
06:08 Searcher-First Approach in Emerging Markets
10:59 Evaluating Searchers: Key Criteria for Success
13:39 Ambit Portfolio Overview and Regional Insights
18:06 Patterns of Success in Search Funds
26:15 Balancing Traditional Criteria with Market Realities
29:03 Learnings from Fund One and Future Directions
33:47 Parting Advice for Aspiring Searchers
12 NOV 2025 · Have a burning question about ETA, search funds, or entrepreneurship?
Now’s your chance - submit it to our anonymous question box! We are regularly speaking to searchers, entrepreneurs and investors and want to make sure your questions are heard.
No topic is off-limits. Whether you’re curious about raising a fund, navigating leadership challenges, creating impact through business, or anything in between, just let us know. Your question could be featured in a future episode or conference reel, with insights direct from top operators, searchers, and investors.
It’s easy and completely anonymous: https://forms.cloud.microsoft/e/yk9HieVSJ5
31 OCT 2025 · Launching a search fund is never a straightforward path - especially in smaller ETA markets like Italy. In this episode of the INSEAD ETA & Search Funds Hub podcast, we sit down with Daniele and Giulio of Napolillo Industry, to explore how they built their partnership, shaped their investment thesis, and faced the uncertainty of fundraising and deal-making.
Beyond the transaction, Daniele and Giulio reflect on the operator’s reality: the first 100 days as a test of survival, prioritization, and listening. They discuss adapting leadership styles to the existing culture of an Italian SME, earning trust by understanding what motivates people on the shop floor and in the back office, and translating strategy into simple, measurable actions. Their story highlights the power of flexibility - adjusting pace, communication, and goals without losing the long-term compass
Shining a light on key lessons: the importance of strong investor relationships, recognising when to pivot or walk away, and adapting leadership to fit company culture, hear Daniele and Giulio share with us. Honest, grounded, and full of practical takeaways, this conversation captures what it means to stay resilient and adaptable in the evolving world of ETA.
00:00 Introduction to Entrepreneurship Through Acquisition
02:56 The Journey of Fitex Capital
06:04 Fundraising Strategies and Building Relationships
08:54 Navigating the Search Phase
12:06 The Importance of Trust and Reliability
14:57 Evolving Industry Theses and Conviction
18:04 The Acquisition of Napolillo Industry
20:53 Lessons from the Acquisition Process
24:02 First 100 Days of Operation
27:12 Leadership Style and Cultural Shifts
30:09 Final Reflections and Advice for Future Searchers
25 SEP 2025 · Entrepreneurship Through Acquisition (ETA) is a rapidly evolving path for entrepreneurs looking to build and scale companies, yet it comes with a host of challenges. While the potential to acquire and transform a business is immense, success requires sharp focus, credibility, and a relentless drive to execute. In this episode of the INSEAD ETA & Search Funds Hub podcast, host Kudirat Olateju speaks with Pawel Malon, Group CEO of Singu & Micad Software, and co-founder of Stability Capital. Pawel’s journey began in investment banking and private equity, but he chose to carve a new path - launching a search fund in Poland, an emerging hub for ETA opportunities. His story sheds light on breaking ground in less mature markets, building trust with investors, and scaling effectively in the PropTech sector.
Drawing on his experience as both a searcher and operator, Pawel explains how he leveraged the INSEAD network to build credibility and unlock investor confidence and how strong products and customer-led growth transformed sales and scaled Singu.
This conversation delivers fresh insights into how credibility, networks, and execution come together to define entrepreneurial success. Whether you’re a student, investor, or aspiring searcher, Pawel’s journey offers practical lessons on scaling within ETA while navigating market challenges and opportunities.
00:00 Introduction to Entrepreneurship Through Acquisition
01:57 Paweł Malon's Journey and Background
04:06 The Search Fund Model in Poland
07:47 Leveraging the INSEAD Network
09:57 Fundraising Strategies and Building Credibility
12:41 Identifying Opportunities in PropTech
15:07 Scaling Singu: Strategies for Growth
20:43 Navigating Due Diligence Challenges
24:19 Operational Challenges and Customer Relationships
28:19 The Exit Strategy and Consolidation Opportunities
34:11 Advice for Aspiring Entrepreneurs
26 JUN 2025 · What happens when over 350 of the sharpest minds in Entrepreneurship Through Acquisition gather in one room? Pure entrepreneurial gold. For our Season 1 finale, we're bringing you the highlight reel from the INSEAD ETA Conference 2025 - six power-packed segments that distill hours of insights into your personal 30-minute masterclass. From Fontainebleau's historic halls, we captured the conversations that matter: where ETA is heading, how to finance your climb, and why your "why" determines everything. Whether you're drafting your first LOI or running a 50-company roll-up, these aren't just conference takeaways - they're battle-tested strategies from operators who've been in the trenches. What you'll discover:
- The ETA boom decoded: 20% CAGR growth, 42 countries, and why right now might be the best entry window ever
- Purpose as your north star: How driven searchers like VetCare Canada's Andrew Black turn chaos into competitive advantage
- Capital that fits your velocity: From delayed-draw facilities to seller psychology—when structure beats price every time
- Boards that actually help: The brutal truth about founder board seats and recruiting for chemistry, not just credentials
- Integration without soul-crushing: Templated processes for the spreadsheets, human focus for everything else
- Exit paths architected from day one: Why optionality starts with your first acquisition, not your last
Featuring voices from across the ETA ecosystem - seasoned operators, sharp investors, and the academics mapping our future. Plus an exclusive update from the INSEAD ETA and Search Fund Hub on what's coming next. No fluff, no theory - just the distilled wisdom of a community that's redefining how businesses change hands and grow.
00:00 Introduction to ETA and Conference Highlights
02:01 Evolution of ETA and Search Funds
07:52 Connecting with Sellers: The Human Element
14:01 Leveraging Smart Money and Board Dynamics
19:55 Exit Strategies and Value Maximization
Special thanks once again to everyone who made this episode and the conference a possibility. For a text-based summary, visit the https://www.insead.edu/system/files?file=2025-06/eta-conference%202025_highlights.pdf&
INSEAD’s ETA and Search Funds Podcast explores the dynamic world of Entrepreneurship Through Acquisition (ETA), offering valuable insights for entrepreneurs and investors alike. Each episode showcases individuals from across the...
show more
INSEAD’s ETA and Search Funds Podcast explores the dynamic world of Entrepreneurship Through Acquisition (ETA), offering valuable insights for entrepreneurs and investors alike. Each episode showcases individuals from across the ETA journey—entrepreneurs in various stages, from search to operations to exit, as well as experienced investors—while showcasing success stories and lessons learned.
Entrepreneurs can gain practical strategies to navigate acquisitions and lead businesses effectively, while investors discover how ETA can generate returns while fostering economic growth. With a spotlight on addressing the global succession crisis, the series highlights ETA’s potential to ensure business continuity and preserve legacies. Whether you're curious or committed, this podcast equips you with actionable knowledge around the topic of to ETA and Search Funds.
show less
Entrepreneurs can gain practical strategies to navigate acquisitions and lead businesses effectively, while investors discover how ETA can generate returns while fostering economic growth. With a spotlight on addressing the global succession crisis, the series highlights ETA’s potential to ensure business continuity and preserve legacies. Whether you're curious or committed, this podcast equips you with actionable knowledge around the topic of to ETA and Search Funds.
Information
| Author | INSEAD |
| Organization | INSEAD |
| Categories | Investing , Entrepreneurship , Careers |
| Website | www.insead.edu |
| eta@insead.edu |
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