• The Search Fund: An Innovative Model for SME Buyouts in Switzerland (Online)

     

    Dear Alumni,
    Join us for an informative online panel featuring serial investors in Search Funds and Entrepreneurs-through-Acquisition.

    The Search Fund: An Innovative Model for SME Buyouts in Switzerland (Online)

    May 14, 2020

    Search Funds are taught at business schools across the world and have gained popularity in markets such as the US, UK, and Spain. A Search Fund is an investment vehicle that raises capital from a group of minority investors to finance the search and acquisition of an SME. Research by Stanford Business School and IESE reveals a historical average IRR of over 35% on a cohort of 400 Search Funds raised since 1984. The success is partly explained by the alignment of incentives between entrepreneurs, investors, and sellers.

    The Swiss INSEAD Alumni Association already hosted two popular events on the topic in Basel and in Zurich. Now, it will host a panel discussion featuring investor perspectives on Search Funds as an asset class, characteristics of the Swiss SME landscape, and stories from successful Search Fund entrepreneurs in markets such as France, Brazil, and Mexico.

    Find out how investors gain exposure to the real economy through an innovative asset class and discover an exciting new career in Entrepreneurship-through-Acquisition. The event will take place online. Login details will be emailed to registered participants.

    Panelists

    Omer Ben Shach (BM Holding)
    Omer leads search fund investments for a single-family office in Israel. He has backed some of the most recent search funds in Europe and LatAm. He will discuss the asset class in relation to allocation decisions for his family office as a whole.

    Angel Cadavieco (ALZA Capital Partners) Angel is co-founder of ALZA, a private equity firm focused on global search fund investments. Prior to ALZA, he and his partners raised a Search Fund in Mexico that acquired Universidad Tres Culturas, a private university in Mexico City. Angel and his partners took the university from 3 to 9 campuses, delivering a near 65% IRR to their investors. Angel will share his story of growing the business and how he led it to a successful exit after 3 years.

    Lucas Correa & Patricia Barbosa (Horizonte Capital) Lucas and Patricia run Brazil-based search fund Horizonte Capital. They successfully closed their search fundraising in 2019 and are currently screening opportunities. They will share their experience of choosing the ideal mix of investors.

    Lukas Kunz (akompani SA) Lukas is a senior Advisor at Swiss-based corporate finance advisory boutique akompani. He has 15 years of experience in M&A, corporate development, and management with technology and service companies in Switzerland. Lukas will share his perspective on the emotional aspects of selling a family business, as well as the landscape in Switzerland over the next 12 months.

    Bruno Léa (Performer CNC) Bruno launched the first search fund in France in 2018, which acquired Performer CNC, a distributor of machine tools, after a 16-month search. Bruno will share his experience of finding investors in a new search fund region and how he identified opportunities in a relationship-driven market.

    Caroline Leopold-Metzger (Deppeler SA) Caroline is CEO of Deppeler, a Swiss precision manufacturer of dentistry equipment, which she acquired through a self-funded search in 2019. Caroline will share her experience of building relationships with sellers and the actions she took during her first 100 days.

    Ignacio Olavarria (Istria Capital) Ignacio is co-founder of Istria Capital, the first EU-based investment vehicle fully dedicated to search funds. He has backed 30+ search funds and companies globally on behalf of European family offices and asset managers. He will share his views on the asset class and how he gets comfortable with the risks.

    Key Facts

    When: Thursday 14 May 2020 at 19:00-21:00
    Where: Zoom (login details will be emailed to registered participants)

    Program
    19:00-19:10 Introduction: Overview of Search Funds
    19:10-19:50 Investment in Search Funds as an asset class
    20:00-20:40 Searching for and operating an SME in Switzerland
    20:45-21:00 Success stories
    INSEAD Alumni Association Switzerland
    Doina Cebotari, MBA 13J, Event Organizer
    Beatriz Barros, MBA 15D, Event Organizer
    Mina Draganova, MAP 17J, President Geneva Chapter
    events@insead.ch
     
     
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