『INSEAD ETA and Search Funds Podcast』のカバーアート

INSEAD ETA and Search Funds Podcast

INSEAD ETA and Search Funds Podcast

著者： 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 マネジメント・リーダーシップ リーダーシップ 個人ファイナンス 出世 就職活動 経済学
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  • Insights from: Iberia - Searcher, Operator & Investor, Tiago Paixão of Zinc Capital, TECLENAJUNCOR & CONDE

    Insights from: Iberia - Searcher, Operator & Investor, Tiago Paixão of Zinc Capital, TECLENAJUNCOR & CONDE
    2026/08/27
    In September 2019, Tiago Paixão and his partner began searching for a business in Portugal. Six months later, COVID brought the process to a standstill. Then, unexpectedly, the deal they thought had disappeared came back to the table.

    We caught up with Tiago Paixão, co-CEO of Teclena Juncor and co-founder of Zinc Capital, to explore the journey from search fund to industrial distribution platform. After acquiring Teclena in 2020, Tiago and his partner built a buy-and-build strategy across Portugal and Spain, ultimately creating a broader platform through acquisitions, integration, and disciplined execution before a strategic sale to Dexa.

    Tiago has experienced almost every stage of the ETA journey: fundraising across the US and Europe, acquiring during the pandemic, raising debt in an undeveloped market, merging businesses, expanding across borders, executing an exit, and returning to the ecosystem as an investor through Gallium Growth.In this episode, we cover:
    • Why Tiago and his partner believed the search fund model could work in Portugal at a time when the ecosystem was still in its early stages.
    • How COVID unexpectedly reopened the door to their first acquisition — and why timing and luck matter alongside preparation.
    • The challenges of financing a search fund acquisition when more than 15 banks were approached and a near-final debt offer was withdrawn.
    • How to manage sellers, investors, lenders, and advisors simultaneously when a transaction is moving under intense time pressure.
    • The logic behind Teclena Juncor’s buy-and-build strategy, built around scale, complementarity, and becoming a one-stop shop for industrial customers.
    • What the team learned from merging companies, locations, systems, processes, and cultures in Portugal before expanding into Spain.
    • Why moving from command-and-control leadership to autonomy, incentives, KPIs, and accountable management was central to building a scalable business.
    • What the strategic sale taught Tiago about timing, alignment, and creating value for buyers, investors, employees, and founders.
    • Why aspiring searchers should research the model deeply, speak to people who did not succeed, and be certain they are ready for a life-changing commitment.
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    40 分
  • Insights from: the first Search Fund in Peru - Searcher, Operator & Investor, Nicolas Lulli of Colca Capital

    Insights from: the first Search Fund in Peru - Searcher, Operator & Investor, Nicolas Lulli of Colca Capital
    2026/07/30
    What does it take to turn a local search fund into a regional platform - and what can operators, investors, and searchers learn from building through one of the toughest operating environments imaginable?

    We caught up with Nicolas Lulli, managing partner and co-founder of Colca Capital, the first institutional search fund in Peru. After starting his career at Goldman Sachs in New York and later joining Relay Investments as its first employee, Nicolas went on to co-found Colca Capital in 2019 and acquire Polisus Stemas, a records and information management business in Lima, at the height of COVID. What followed was a remarkable transformation: a zero-to-tenfold turnaround, seven acquisitions, a second fund, and a growing regional platform across the Andean market.
    What makes this conversation especially compelling is Nicolas’ perspective across the full ETA lifecycle. He speaks candidly about what it takes to buy the right business, survive the hard years, professionalize operations, and build a culture that can endure both crisis and scale.
    In this episode, we cover:
    • Why Peru made sense for Colca’s first platform acquisition, and how the team thought about competition, seller dynamics, and regional expansion from day one.
    • Why durable industries, organic tailwinds, and measurable operating levers mattered so much in their original investment thesis.
    • How Colca navigated financing in a market with limited debt options, and why a strong seller note was essential.
    • What the first years of ownership looked like during COVID, from layoffs and cash discipline to building a battle-tested, meritocratic culture.
    • How Nicolas and his partners identified, developed, and promoted talent internally as the business scaled.
    • Why searchers should be deeply involved in the legal and accounting details of a deal, especially when the contract can determine the economics later.
    • The biggest lessons Nicolas has learned as an operator and investor, including why ETA is harder than it looks and why partnership matters more than most people think.
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    46 分
  • Insights from: a UK Searcher - Melda Eren, Perennia Capital

    Insights from: a UK Searcher - Melda Eren, Perennia Capital
    2026/06/25
    Some search fund stories are about fit. Melda’s is about conviction.

    We caught up with Melda Eren, founder and managing partner of Perennia Capital, whose path into ETA runs through consulting, international growth, and one of the sharpest operating environments in recent years. After helping launch Getir as its first international employee on the ground, Melda brought that experience into a search journey built around long-term ownership, personal branding, and a clear sense of purpose.What makes this conversation especially useful is how practical it is.

    Melda speaks candidly about what it really takes to raise capital, source opportunities, build investor trust, and stay grounded when the pace of growth gets uncomfortable.In this episode, we cover:
    • How Melda shaped Perennia Capital around her own story, and why she chose not to follow a standard fundraising template.
    • Why the UK was the right place for her to build, both as a market and as a long-term home.
    • What her experience at Getir taught her about speed, capital allocation, and the hidden cost of aggressive growth.
    • How she thinks about proprietary sourcing through trade shows, conferences, and direct owner conversations.
    • What she now looks for in a target, including family ownership, culture, fragility, and sustainable growth.
    • Why leadership in ETA often comes down to empathy, transparency, and the willingness to do the hard thing.
    • The lesson that no amount of preparation replaces the moment you actually start.
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    29 分
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