INSEAD ETA conference May 2025

I attended the INSEAD ETA Conference 2025 in Fontainebleau on 10 May 2025. With 370 participants, from searchers to seasoned industry professionals, it was a fantastic opportunity to meet so many other searchers and investors.

Thanks to all those who shared stories, networks and late night pizza...

Key takeaways:

Search is growing exponentially

• Dedicated Search Funds exist in over 50 countries now (great to meet AK Goh, first Searcher in Singapore!).

• Searcher demographics are broadening, with 40% female representation in addition to a wider geographic spread.

Acquiring a business depends on experience and soft skills

• Initial meetings should focus on listening, not pitching. Let sellers share their story and motivations.

• These meetings could be short or very long, depending on the business owner's style. Allow plenty of contingency when scheduling calls.

• Building credibility requires demonstrating industry knowledge, a track record of trust, and a willingness to address the seller’s unique challenges.

• It's usually best for sellers to exit the business rapidly to avoid an unclear leadership situation. However, Fabrice Petit provided the exception to the rule by continuing on the Board post-sale (and is now a search fund investor!)

Search remains constrained by investor capacity, not acquisition opportunities

• Prioritise capital availability and flexibility over perfect investor “fit”; reshuffle investor base at acquisition if needed.

• At acquisition, robust, diverse boards and engaged, value-adding investors are critical to the success of ETA ventures.

For investment information contact tom.collings@netropypartners.com