INSEAD ETA and Search Funds Podcast copertina

INSEAD ETA and Search Funds Podcast

INSEAD ETA and Search Funds Podcast

Di: INSEAD
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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.@INSEAD Economia Finanza personale Gestione e leadership Leadership Ricerca del lavoro Successo personale
Episodi
  • Insights from: an Entrepreneur - Yoni Wehbe, Kinetico Health

    Insights from: an Entrepreneur - Yoni Wehbe, Kinetico Health
    May 28 2026
    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.

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

    Insights from: an Investor - Dr Thomas Buehler of Valmaris Partners
    Apr 30 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
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    29 min
  • Insights from: the latest Investors. Meet INSETA Partners - Kieron Chalder & Dr Gernot Eisinger

    Insights from: the latest Investors. Meet INSETA Partners - Kieron Chalder & Dr Gernot Eisinger
    Mar 26 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.

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    26 min
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