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
  • Insights from: an Entrepreneur - Alex Simmons, Inerva Software

    Insights from: an Entrepreneur - Alex Simmons, Inerva Software
    Feb 26 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
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    42 min
  • Insights from: an Entrepreneur - Catching up with Monika Wincel, Rolfroz

    Insights from: an Entrepreneur - Catching up with Monika Wincel, Rolfroz
    Jan 29 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​
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    35 min
  • Insights from: an Investor - Ambit Partners (part 2)

    Insights from: an Investor - Ambit Partners (part 2)
    Dec 25 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
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    39 min
  • Insights from: an Investor - Ambit Partners (part 1)

    Insights from: an Investor - Ambit Partners (part 1)
    Nov 27 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
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    38 min
  • Insights from: TWO Entrepeneurs - Daniele Schiavello and Giulio Marini, Napolillo Industry

    Insights from: TWO Entrepeneurs - Daniele Schiavello and Giulio Marini, Napolillo Industry
    Oct 31 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
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    45 min