ETA Is Breaking (and Going Global): Investor Conflict, Weak Boards, and Structural Shifts - Ibrahim Abdel Rahim of Moonbase Capital

In this episode, Ibrahim Abdel Rahim returns to share how ETA has evolved from a niche strategy into a rapidly globalizing asset class.Moonbase has expanded beyond Europe into markets like Brazil and India, where activity is accelerating, while countries like Spain continue to produce strong deal flow. But as the ecosystem grows, Ibrahim argues that deeper structural issues are emerging.He points to investor dynamics as a key pressure point. What was once a collaborative, trust-based model is, in his view, seeing more misalignment, politics, and investors who underestimate the level of involvement required to support operators.According to Ibrahim, this is most visible in board composition, arguably the most important driver of outcomes in ETA. He suggests that boards are increasingly formed based on check size rather than merit, leading to under-engaged or overly financial oversight, which becomes especially problematic when companies struggle.Ibrahim shares his framework for building effective boards: Prioritize merit over capital  Balance experience with hunger  Include operational, not just financial, expertise  Optimize for trust and responsiveness Zooming out, Ibrahim argues that while ETA is scaling quickly, the model’s success depends on maintaining high-quality investors and strong boards. The key question going forward is whether the ecosystem can grow without losing what makes it work.Send us Fan MailSupport the showFind us on Apple, Spotify, Amazon, and YouTube.