INSEAD ETA and Search Funds Podcast

INSEAD
  • 0.0 (0)
  • Investing

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.

  1. May 28

    Insights from: an Entrepreneur - Yoni Wehbe, Kinetico Health

    What does it take to build a healthcare platform from first principles, and what does that journey reveal about buying, scaling, and operating in ETA?  We caught up with Yoni Wehbe, co-founder and co-CEO of Kinetico Health, where he leads the group’s operational growth and helps evaluate new partners for the platform. Before Kinetico, Yoni built experience across consulting, investment banking, and investing, including time at BCG and Morgan Stanley, before earning his MBA at Harvard Business School. Together with Claire Nesler, he launched Kinetico Health in 2024 with the acquisition of its first two clinics, and has since been scaling a musculoskeletal care platform in the UK.  What makes this conversation especially valuable is Yoni’s perspective at the intersection of operator, investor, and serial acquirer. He offers a clear view on what it really takes to build after the deal closes, from setting a North Star, to managing people, to balancing centralized decision-making with local clinic autonomy.  In this episode, we cover:  Why Kinetico chose a roll-up strategy, and what it means to acquire 30, 40, or 50 clinics rather than one business at a time.  How Yoni and Claire think about building infrastructure where almost none exists, and why healthcare was the right sector for their ETA journey.  The reality of operating a platform versus buying a business, including the mental load, people management, and leadership lessons that come with ownership.  What Kinetico looks for in a target today, from classic financial criteria to the harder-to-measure signals of culture and fragility.  Why persistence, empathy, and thoughtful outreach matter when sourcing proprietary opportunities in a highly relationship-driven market.  The biggest lessons Yoni has learned about doing the hard thing, avoiding emotional attachment to deals, and staying committed to the long game.

    28 min

  2. Apr 30

    Insights from: an Investor - Dr Thomas Buehler of Valmaris Partners

    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

    29 min

  3. Mar 26

    Insights from: the latest Investors. Meet INSETA Partners - Kieron Chalder & Dr Gernot Eisinger

    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 min

  4. Feb 26

    Insights from: an Entrepreneur - Alex Simmons, Inerva Software

    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

    42 min

  5. Jan 29

    Insights from: an Entrepreneur - Catching up with Monika Wincel, Rolfroz

    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​

    35 min

  6. 12/25/2025

    Insights from: an Investor - Ambit Partners (part 2)

    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

    39 min

  7. 11/27/2025

    Insights from: an Investor - Ambit Partners (part 1)

    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

    38 min

  8. 10/31/2025

    Insights from: TWO Entrepeneurs - Daniele Schiavello and Giulio Marini, Napolillo Industry

    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

    45 min
See All (15)

About

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.

Information

You Might Also Like