INSEAD ETA and Search Funds Podcast

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.Chapters00:00 Introduction to Entrepreneurship Through Acquisition01:22 Journey into the Search Fund Ecosystem04:05 Understanding Ambit Partners and Its Model06:08 Searcher-First Approach in Emerging Markets10:59 Evaluating Searchers: Key Criteria for Success13:39 Ambit Portfolio Overview and Regional Insights18:06 Patterns of Success in Search Funds26:15 Balancing Traditional Criteria with Market Realities29:03 Learnings from Fund One and Future Directions33:47 Parting Advice for Aspiring Searchers

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 compassShining 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 Acquisition02:56 The Journey of Fitex Capital06:04 Fundraising Strategies and Building Relationships08:54 Navigating the Search Phase12:06 The Importance of Trust and Reliability14:57 Evolving Industry Theses and Conviction18:04 The Acquisition of Napolillo Industry20:53 Lessons from the Acquisition Process24:02 First 100 Days of Operation27:12 Leadership Style and Cultural Shifts30:09 Final Reflections and Advice for Future Searchers

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 Acquisition01:57 Paweł Malon's Journey and Background04:06 The Search Fund Model in Poland07:47 Leveraging the INSEAD Network09:57 Fundraising Strategies and Building Credibility12:41 Identifying Opportunities in PropTech15:07 Scaling Singu: Strategies for Growth20:43 Navigating Due Diligence Challenges24:19 Operational Challenges and Customer Relationships28:19 The Exit Strategy and Consolidation Opportunities34:11 Advice for Aspiring Entrepreneurs

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 everPurpose as your north star: How driven searchers like VetCare Canada's Andrew Black turn chaos into competitive advantageCapital that fits your velocity: From delayed-draw facilities to seller psychology—when structure beats price every timeBoards that actually help: The brutal truth about founder board seats and recruiting for chemistry, not just credentialsIntegration without soul-crushing: Templated processes for the spreadsheets, human focus for everything elseExit paths architected from day one: Why optionality starts with your first acquisition, not your lastFeaturing 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 Highlights02:01 Evolution of ETA and Search Funds07:52 Connecting with Sellers: The Human Element14:01 Leveraging Smart Money and Board Dynamics19:55 Exit Strategies and Value MaximizationSpecial thanks once again to everyone who made this episode and the conference a possibility. For a text-based summary, visit the INSEAD ETA & Search Fund Hub.

Entrepreneurship Through Acquisition (ETA) can feel like a roller-coaster of strategy, capital, and heart. In this episode, we sit down with Andrew Black - Managing Director of VetCare Canada and architect of a 50-clinic veterinary roll-up - to unpack how he turned a thesis on “mission-driven pet care” into a nationwide platform. Andrew pulls back the curtain on: Finding the right industry fit: why personal passion for animal health anchored his search thesis Networking that moves the needle: the investor coffees, operator calls, and late-night Slack channels that shaped his deal flow Capital for scale: blending debt, equity, and seller rollover to keep ownership—and upside Culture as the secret sauce: integrating dozens of practice teams without losing their local soul Surviving the macro headwinds: lessons from financing in a high-rate environment and keeping growth steady From due-diligence trenches to post-close integrations, Andrew shares candid wins and gut-check moments - plus the reflective practices that keep him grounded as CEO. Tune in for a playbook on thriving after the acquisition and building a business that heals pets and people. 00:00 Introduction to Entrepreneurship Through Acquisition 01:06 Andrew's Career Journey and the Path to ETA 02:32 Emotional Challenges of Entrepreneurship 04:35 Networking and Industry Hypothesis Development 06:47 Crafting a Business Thesis for Success 09:50 Personal Connection vs. Market Opportunity 12:27 Strategic Approach to the Search Process 14:50 Capital Strategy and Financing for Growth 17:13 Identifying Ideal Acquisition Targets 18:48 Importance of Vision Alignment in Acquisitions 20:56 Evolving Due Diligence Practices 24:00 Building and Maintaining Advisor Relationships 24:19 Building Relationships with Advisors and Investors 27:12 Thriving Post-Acquisition: Key Strategies

Entrepreneurship Through Acquisition (ETA) is a path that requires equal parts strategy, adaptability, and relationship-building. In this episode of the INSEAD ETA podcast, we sit down with A.C. Goh, founder of Garlic Equity Capital, Singapore’s first traditional search fund, to explore his journey and the unique challenges of navigating the search phase in Southeast Asia. A.C. shares how his career experiences at Uber and McKinsey prepared him for the complexities of fundraising and searching for the perfect acquisition target. The conversation dives into the interpersonal dynamics of deal-making, the critical role of trust in business transactions, and the unique nuances of Singapore’s business landscape. Listeners will gain valuable insights into the misconceptions surrounding the search phase, the supportive nature of the search fund community, and strategies for creating value in acquired businesses. A.C. also offers actionable advice for aspiring searchers, emphasizing the importance of purpose, adaptability, and a strong network. This episode is a must-listen for anyone curious about the evolving ETA landscape in Southeast Asia.   00:00 Introduction to Entrepreneurship Through Acquisition  05:11 A.C. Goh's Career Journey  10:37 The Search Fund Model  17:02 Fundraising for Garlic Equity Capital  20:17 Networking and Its Importance in Search Funds  20:28 Building Trust in Business Transactions  23:02 Navigating Singapore's Unique Business Landscape  25:35 Misconceptions and Surprises in the Search Fund Journey  27:49 Advice for Aspiring Search Fund Entrepreneurs  30:40 Creating Value and Driving Growth in Acquired Businesses  33:12 The Future of the ETA Model in Southeast Asia  

Entrepreneurship often begins with a bold leap, and for Kieron Chalder, that leap meant transitioning from a corporate career to pursuing his entrepreneurial vision through acquisition. As co-CEO of Emotion and founder of the search fund Iberica Cap, Kieron’s journey is one of resilience, adaptability, and innovation. In this episode of the INSEAD ETA podcast, we delve into Kieron’s experiences, from his time at INSEAD to the challenges of acquiring CarPro during the uncertainty of the COVID-19 pandemic. Kieron shares how he navigated the transformation of a traditional business into a modern technology provider, highlighting the importance of cultural shifts, internal process improvements, and growth strategies tailored to changing market conditions. The conversation also explores the value of supportive investors, effective people management, and the balance between operational execution and long-term planning. Reflecting on his global business operations, Kieron emphasizes the critical role of education, networking, and the lessons learned from his search fund journey. He offers actionable advice for aspiring entrepreneurs, illustrating why ETA can be a fulfilling and impactful career choice.   00:00 Introduction to Entrepreneurship Through Acquisition  06:43 The INSEAD Experience and Networking  11:58 First Days as a CEO  18:57 Cultural Transformation in a Modern Company  24:03 Key Learnings in Managing Investors  29:27 The Benefits of a Global Business  34:41 Reflecting on the Journey and Future Directions  

As an evolving pathway that blends strategic vision with hands-on business leadership, Entrepreneurship Through Acquisition (ETA) is growing in popularity. For aspiring entrepreneurs, investors, and advisors alike, understanding the nuances of this field is critical to success. In this episode of the INSEAD ETA podcast, we speak with Dr. Gernot Eisinger, a leading voice in the ETA space and a founder of Afinum, an investment firm shaping succession situations for SMEs for more than 20 years. With a career that spans the chemicals industry, strategy consulting, and private equity, Dr. Eisinger offers a wealth of experience and insights into building businesses through acquisition. Dr. Eisinger delves into the qualities that differentiate successful searchers, emphasizing the importance of active listening, management skills, and a deep understanding of the seller's perspective. He sheds light on identifying ideal acquisition targets, navigating the complexities of the search phase, and attracting investor interest in an increasingly competitive market. This conversation also explores how ETA compares to traditional startup entrepreneurship, the critical role of networking, and the long-term value of strategic exit planning. For those curious about the potential of ETA, Dr. Eisinger presents it as a powerful avenue for entrepreneurial growth, rich with opportunities for those who dare to seize them. 00:00 Introduction to Entrepreneurship Through Acquisition 06:08 The Rise of Search Funds11:57 Understanding the Seller's Perspective17:56 The Evolving Landscape of Search Funds 24:03 Attracting Investors as a Searcher 30:22 Challenges in the ETA Landscape 40:10 Strategizing for Exits

Entrepreneurship Through Acquisition (ETA) is becoming an increasingly popular career path for recent MBA graduates and mid-career professionals. The entrepreneurial route of acquiring and scaling a business holds immense promise, however the journey is anything but straightforward. In this episode of the INSEAD ETA and Search Funds podcast, we speak with Monika Wincel, founder of CEDO Capital and a trailblazer in Poland’s ETA landscape. As the first female-led search fund in the country, CEDO Capital represents a bold step forward in a market ripe with untapped potential. Drawing on her diverse career in consulting Privae Equity and entrepreneurship, Monika sheds light on the unique challenges of launching a search fund in a market where such activity is still in its infancy. She shares invaluable insights into the resilience and adaptability required to navigate the fundraising phase, secure acquisitions and scale successfully.Monika also explores how ETA is evolving in Poland, emphasizing the importance of understanding local market dynamics and leveraging diverse experiences to carve out a successful path. This conversation offers practical advice and fresh perspectives for searchers and investors alike.00:00 Introduction to Entrepreneurship Through Acquisition01:26 Monika Winslow's Inspiring Journey07:47 The Birth of CEDO Capital11:40 Identifying Opportunities in Poland15:50 Successful Fundraising Journey22:17 Navigating the Search Phase23:21 Navigating the Search Landscape27:58 Leveraging Past Experiences30:40 The Importance of Resilience33:24 Identifying Value Creation Opportunities38:31 The Future of ETA in Emerging Markets