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Discover the measurable impacts of AI agents for customer support

How Did Papaya Slash Support Costs Without Adding Headcount?

When Papaya saw support tickets surge, they faced a tough choice: hire more agents or risk slower service. Instead, they found a third option—one that scaled their support without scaling their team.

The secret? An AI-powered support agent from Maven AGI that started resolving customer inquiries on day one.

With Maven AGI, Papaya now handles 90% of inquiries automatically - cutting costs in half while improving response times and customer satisfaction. No more rigid decision trees. No more endless manual upkeep. Just fast, accurate answers at scale.

The best part? Their human team is free to focus on the complex, high-value issues that matter most.

👉 Curious how they did it? Read the full case study to learn how Papaya transformed their customer support

Today’s Rundown

• Case study on ETA exits to PE

• Deep dive into three ETA models

• Self-funded search fundraising story

• 1 deal / launch announcement

• 9 new career opportunities

Database Overview

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• Preview search fund investors database

Weekly Highlights

• Yale School of Management published a case study on how ETA CEOs and PE buyers can better allocate after an acquisition:

  • 77% of ETA company exits were to PE buyers, yet 63% of ETA CEOs were required to remain as CEO post-transaction - typically for 2–5 years - and 65% rolled equity into the deal, with a median roll of 30% among financial buyer exits

  • CEO satisfaction with new PE partners declined post-close: while 59% were initially satisfied, 58% later reported the relationship worsened; the overall Net Promoter Score for PE investors was -33

  • Compared to search-round investors, ETA CEOs rated PE investors lower across all qualitative dimensions, citing reduced autonomy, increased transactional behavior, and feeling demoted to COO-like roles

  • PE firms often introduce aggressive value-creation plans without sufficient CEO input; successful collaboration hinges on co-authoring plans, aligning on metrics, and clearly defining roles and decision rights

  • To maintain a healthy working dynamic, CEOs must consistently “hit or beat the plan,” embrace PE-provided resources, communicate transparently, and adapt to the more demanding, control-oriented nature of PE ownership

• Alexander Kelm, an experienced ETA entrepreneur and investor, shared his thoughts on the three ETA models and which one he’s betting on:

  • Traditional Search Funds target $2–10M EBITDA businesses and offer strong investor support but reduced autonomy; structured governance includes formal boards and veto rights, appealing mainly to post-MBA professionals with elite networks

  • Self-Funded Searches focus on $1–3M EBITDA companies, with acquirers taking high personal financial risk (often via personal guarantees and heavy leverage), but gaining majority ownership and full control; governance is informal with minimal oversight

  • HoldCo models aim for long-term, multi-business ownership, relying on trust-based delegation, equity incentives, and embedded governance systems over formal board structures; typical founders prioritize compounding value and leadership development

  • Compared to the other models, HoldCos emphasize capital efficiency and durable growth across businesses, rather than a single-exit trajectory; acquirers often act as capital allocators, not operators

  • Alex favors the HoldCo model for its alignment with governance research insights, compounding potential across business types, and long-term strategic flexibility over short-term liquidity events

• Gen Capital Partners, a self-funded search company, shared their fundraising story:

  • Gen Capital closed 2 deals and secured funding for 3 more, attributing fundraising progress to hands-on iteration and mentoring (notably from Genesis Alternative Ventures’ Martin Tang, who raised over $200M); they emphasize that fundraising is learnable through practice, not innate talent

  • Pre-requisites for successful fundraising include a high-quality target at a compelling valuation, a credible management team, investor-aligned deal structure (management equity <25–30%, investor IRR >25%), and either a track record or warm investor relationships

  • Effective process design includes targeted investor research (check size, mandate), pipeline pacing for learning, warm intros to build momentum, streamlined 10-slide decks, and a disciplined 5-3-1 follow-up cadence to avoid wasted time

  • Execution requires confident delivery and executive presence plus a balance of personal storytelling and fluency with key financial metrics (revenue, margins, IRR, etc.)

  • Strategic investor engagement through tailored questions (e.g., referencing prior deals) helps shift meetings from pitches to peer-level discussions, increasing both connection and investor conviction

Deal / Launch Announcements

• 🇫🇷 Pierre-Philippe de Bouville launched Jōto Transmission, a search fund focused on B2B software (link)

Career Opportunities

• [PE-Asset] CFO | CorpFin Search | Berlin (apply)

• [PE-Asset] COO | CorpFin Search | Schleswig (apply)*

• [PE-Asset] (Senior) M&A Manager | CorpFin Search | Remote (apply)*

• [PE] Investment Associate | CorpFin Search | Frankfurt (apply)*

• [PE] Investment Associate | PER | Munich (apply)*

• [PE] Junior Analyst | Pictet | Geneva (apply)

• [PE] Visiting Investment Analyst / Associate | Targos Capital | Madrid (apply)

• [PE] Investment Intern | Altor Equity Partners | Stockholm (apply)

• [PE] Investment Intern | Maguar Capital | Munich (apply)

_*Headhunter

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