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Ever wonder what it takes to start a solo search fund in Europe? Luca Hany left investment banking and bet on himself to build Amboro Capital, one of the few traditional search funds in Switzerland.
In this raw and practical episode, Luca dives into his strategy, the gaps in the Swiss market, how he raised capital with no operating experience, and how he builds deal flow from scratch in a country with no public company database.
In this episode, we cover:
00:00:00 - Intro to Luca Hany and Amboro Capital
00:00:27 - Why Luca left investment banking after 6 years
00:02:22 - Discovering ETA and building a personal mode
00:04:44 - Sponsor: Spacebar Studios
00:05:16 - Why Switzerland is ripe for ETA—and why no one's doing it
00:07:52 - The Swiss succession crisis in SMEs
00:11:12 - Educating SME owners on alternatives to selling to competitors
00:13:42 - Sponsor: Scalepath
00:14:12 - Letter-based outreach strategy and surprising owner reactions
00:16:30 - Lack of company databases and why it's actually an advantage
00:18:28 - Balancing fundraising, deal sourcing, and strategy
00:20:45 - Investor objections: "Does ETA even work in Switzerland?"
00:22:34 - Addressing lack of operating experience head-on
00:24:49 - Why Luca chose to go solo and how he avoids loneliness
00:26:11 - Real costs of doing a solo search in Switzerland
00:28:54 - Recruiting and paying top-tier interns
00:31:15 - What niches and industries Luca is targeting
00:35:49 - How he defines a great business (non-obvious signs)
00:38:00 - Adding Southern Germany to the search scope
00:40:55 - Real competition in the Swiss deal landscape
00:43:04 - Typical deal structures and seller expectations
00:48:15 - When to pull the trigger on a business
00:50:15 - Red lines, long-term vision, and personal motivation
00:54:13 - Best investment advice Luca ever received
00:55:00 - Is he under pressure? Why he sees this as a privilege
00:56:10 - Favorite book and closing reflections
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Subscribe on Spotify:
https://open.spotify.com/show/6lr5bE3SNZF2uEE7Nb0DHh
Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/holdco-builders/id1695713724
Follow Mikk/PrivatEquityGuy on Twitter: https://x.com/PrivatEquityGuy
Luca on LinkedIn: https://www.linkedin.com/in/lucahany/
This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
