INSEAD ETA and Search Funds Podcast

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.

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.

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.

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

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.