Insights from: an Investor, Ambit Partners (part 1)

The search fund model is no longer a North American story.In this episode of the INSEAD ETA & Search Funds Hub podcast, host Kudirat Olateju speaks with Andrew Locke and Neil Wyma; both INSEAD alumni and partners at Ambit, about how they're backing exceptional entrepreneurs across Europe, Latin America, APAC, and the Middle East. Their journey began at INSEAD, where they first heard Will Thorndike and Simon Webster speak about search funds, sparking a collaboration that would eventually become Ambit six years ago.Andrew and Neil break down Ambit's "Talent First" philosophy: they don't choose geographies or industries upfront; instead, they back the best talent and let searchers define their own markets and career paths. This approach has led to a globally diversified portfolio, with roughly half their investments in Europe, 20% in Latin America, and growing activity in the Middle East, India, and Brazil. They explain how they evaluate searchers while layering in additional criteria for newer markets, including local networks and quality cap tables.The conversation explores what makes search fund cap tables unique; and Andrew and Neil share patterns they've observed in successful searches. They also candidly discuss the emotional reality of searching. Closing their oversubscribed $60 million Fund II has allowed Ambit to expand their team, and continue to see the search fund industry evolve; which they share the details behind.Grounded, insightful, and full of real-world lessons, this episode captures what it takes to build companies and careers through ETA in markets all over the world.Chapters00:00 Introduction to Entrepreneurship Through Acquisition01:22 Journey into the Search Fund Ecosystem04:05 Understanding Ambit Partners and Its Model06:08 Searcher-First Approach in Emerging Markets10:59 Evaluating Searchers: Key Criteria for Success13:39 Ambit Portfolio Overview and Regional Insights18:06 Patterns of Success in Search Funds26:15 Balancing Traditional Criteria with Market Realities29:03 Learnings from Fund One and Future Directions33:47 Parting Advice for Aspiring Searchers