Luca Hany, founder of Amboro Capital, shares insights from his journey transitioning from investment banking to building a search fund focused on Swiss SMEs. He highlights the unique gaps in the Swiss market and the ongoing succession crisis within SMEs. Luca discusses innovative strategies for generating deal flow by directly engaging with business owners, overcoming the lack of public company data, and raising capital without prior operational experience. His approach shows how personal connections can unlock opportunities in the investment landscape.
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question_answer ANECDOTE
Leaving Banking at Amboro Park
Luca left investment banking after 6 years during a reflection trip in Bolivia's Amboro National Park.
This moment inspired him to bet on himself and explore building a traditional search fund in Switzerland.
insights INSIGHT
Validating Search Fund Thesis
Luca validated his search fund thesis by conducting about 100 ecosystem conversations during his MBA.
Personalized approaches are key since the Swiss ETA market was largely untested.
volunteer_activism ADVICE
Blend Skills & Gain Experience
Combine your transaction experience with investors' operating expertise when without operating experience yourself.
Gain firsthand exposure by interning at existing search funds before fundraising.
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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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