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