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Today’s Rundown

• Learnings for holdco investors

• Buy & build search fund insights

• “Why” for launching a search fund

• 1 deal / launch announcement

• 4 new career opportunities

Database Overview

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• Preview search fund investors database

Weekly Highlights

• ThePrivateEquityGuy published a new podcast episode on what holdco investors can learn from Neil Mehta:

  • Neil Mehta, founder of Green Oaks Capital, emphasizes patient, long-term investments in foundational businesses rather than chasing trendy sectors

  • His core strategy is ruthless prioritization: invest only in exceptional founders and enduring, scalable business models

  • He looks for overlooked, unglamorous businesses with strong fundamentals and potential for transformation - buying “raw material” to turn into high-value enterprises

  • The quality of leadership is paramount; Mehta values intellectual rigor, resilience, customer obsession, and vision in founders over polished appearances

  • Mehta conducts exhaustive research - talking to customers, studying operations, and forming independent convictions; this enables bold investments like his early bets on Coupang and Carvana

  • Staying ahead of market shifts (like internet adoption or electric vehicles) and actively experimenting with new strategies is critical for lasting success

  • During downturns (e.g., Carvana’s stock crash), Mehta doubled down based on fundamentals rather than market panic 

  • Beyond numbers, Mehta views business building as an art - valuing craftsmanship, mission, and lasting customer value

  • His principles - deep understanding, contrarian insight, strong leadership focus, and disciplined conviction- apply to all industries

• Javier Poveda, a serial entrepreneur with proven track record, shared his search fund insights and learnings from search to exit:

  • Javier conducted a highly focused and disciplined search process, targeting healthcare B2B companies with growth potential, ultimately acquiring Dental Ibérica after reviewing over 150 companies and signing four LOIs; he was drawn to its scale, growth trajectory, operational maturity, and a strong team, all of which aligned with a transformation-focused strategy

  • Partnering with a private equity firm was a strategic choice to support a buy-and-build model that traditional search fund investors often hesitate to back; this required some adaptation to the private equity model but provided the capital and governance needed for rapid post-acquisition scaling

  • From day one, Javier prioritized having a clear, structured value creation plan, with initiatives assigned, sequenced, and paced realistically

  • Early wins included setting up KPI tracking and focusing on a few impactful levers, while emphasizing patience, realistic expectations, and incremental progress

  • A capable middle-management team enabled Javier to focus on strategic leadership, such as M&A opportunities and vision-setting, rather than daily operations

  • His leadership philosophy emphasized trust, delegation, and aligning his role to fit the company’s needs rather than imposing a one-size-fits-all CEO style

  • He ultimately exited the business in under 20 months with a nearly 3x return for investors, balancing personal attachment with professional duty

  • Reflecting on the journey, he advises other searchers to prioritize careful budgeting, strong board selection, and self-awareness about whether they’re builders or investors, as that shapes both satisfaction and outcomes

• Yale School of Management published a white paper on what is your why for launching a search fund:

  • Understanding your “why” is essential before launching a search fund, as it helps clarify motivations, align expectations, and guide key decisions around structure, strategy, and investor fit

  • The authors stress that ETA is too demanding to be pursued as a default or trendy option

  • Four primary motivations commonly drive searchers: status (seeking prestige and external validation), lifestyle (desiring autonomy and balance), fulfillment (passion for operating and leading businesses), and wealth (aspiring for financial independence and high returns); each brings distinct implications for behavior and outcomes

  • Each “why” leads to different strategic choices, such as preferring self-funded vs. traditional searches, single-company acquisitions vs. holding companies, or long-term operation vs. quick exits; for example, those driven by lifestyle often prefer self-funding and organic growth, while wealth seekers lean toward programmatic acquisitions and rapid scaling

  • Authenticity and self-awareness are critical, as superficial or misaligned motivations (e.g., chasing status without a genuine desire to operate) can lead to burnout, poor fit, and premature exits

  • Fulfillment is highlighted as the most sustainable and rewarding motivation, often leading to longer tenures, deeper company engagement, and potentially greater wealth accumulation over time

  • The authors encourage introspection and honesty to ensure the chosen path supports long-term satisfaction and success

Deal / Launch Announcements

• 🇮🇹 Giorgio Ranza launched Alino Investments, a sector-agnostic search fund (link)

Career Opportunities

• [PE] Investment Manager | MEAG | Munich (apply)

• [PE] Search Fund Analyst | Helvetia Transmission | Zurich (apply)

• [PE-Asset] M&A Director | Camino Search | France (apply)*

• [PE-Asset] Investment Manager | Dartmouth Partners | London (apply)*

_*Headhunter

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