Alexander Kalis has sat on every side of the investment table: from Rothschild and Santander hedge fund management, to running a $1bn global asset manager, to backing Oxford spinouts that produced unicorns (and even the AstraZeneca COVID-19 vaccine).



Now he’s turned his attention to ETA and SME buyouts. Through Archimax and the tongue-in-cheek B.O.R.I.N.G. Investment Club (Buyouts of Resilient Income-Generating businesses), Alexander is building an investor community to bridge the equity gap in small-cap buyouts.



In this episode, Gareth and Alexander cover:



How his VC disillusionment pushed him toward SME buyouts



Why “boring is beautiful” when it comes to cashflow resilience



The equity gap in UK/EU search funds — and how co-investment clubs can solve it



Lessons from running a global fund, and what translates to ETA diligence



What makes a great searcher worth backing (grit, transparency & vision)



How diversification works differently in ETA vs VC



Why institutions haven’t yet caught up with this overlooked asset class



If you’re a searcher, operator, or investor interested in ETA and SME acquisitions, this is an insider’s perspective you don’t want to miss.





⏱️ Timestamps



[00:13 ] Welcome & guest intro – Gareth introduces Alexander Kalis

[01:20 ] Alexander’s background – from UBS to Rothschild & Santander

[05:33 ] Lessons from the hedge fund years & the Madoff crisis

[07:20 ] Entrepreneurial leap – building & selling a due diligence firm

[08:50 ] Trust International: $1bn AUM, global VC & impact investing

[11:00 ] Backing Oxford spinouts (including the AstraZeneca vaccine)

[13:45 ] Why he moved from VC to ETA & SME buyouts

[16:10 ] The equity gap in ETA – where traditional models fall short

[18:30 ] Archimax & the B.O.R.I.N.G. Investment Club explained

[22:45 ] “Boring is beautiful” – why sticky, resilient SMEs win

[27:20 ] How the co-investment club works (structure, SPVs, LPs)

[31:30 ] What he looks for in searchers: grit, vision & people skills

[36:00 ] Sector focus & European opportunities

[40:00 ] Advice to acquisition entrepreneurs on investor relations

[43:20 ] The investor angle – diversification & 30% IRR potential

[47:00 ] What’s next for Archimax & BORING in the next 12 months

[51:00 ] Closing thoughts, links & where to find Alexander



🔗 Links & Resources



Archimax: https://archimax.solutions



Alexander on LinkedIn:   / alexanderkalis 



BizCrunch: https://www.bizcrunch.co