INSEAD ETA and Search Funds Podcast

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

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​

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

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

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