What does it mean to become an entrepreneur by acquiring, rather than founding, a company? And how is this model evolving across Europe?

These questions were at the center of the second edition of the Entrepreneurship Through Acquisition (ETA) Event at SDA Bocconi, which united the Italian Search Fund Community and brought together international investors, seasoned operators, aspiring entrepreneurs and MBA participants to reflect on the evolution of this distinctive entrepreneurial model.

Organized by the Finance Club, the Entrepreneurship Club and the Women in Business Club, the event offered a comprehensive overview of the search fund lifecycle and examined ETA as a hybrid model positioned at the intersection of finance, leadership and ownership responsibility.

Opening the conference, Giampaolo Gabbi, Professor of Risk Management Practice, Director of Financial Institutions Programs within the CFI Division and Director of the Finance Department at SDA Bocconi, framed Entrepreneurship Through Acquisition as an increasingly relevant path within modern entrepreneurial ecosystems, highlighting its growing appeal among professionals.

Traditionally, business schools prepare two entrepreneurial archetypes: the innovative founder who builds from scratch, and the professional manager who leads established organizations. “Search funds”, he argued, “sit between these two models”. They require individuals to raise capital, acquire an existing company and step into real operational responsibility, with real risk, real employees and real consequences.

Professor Gabbi underlined how search funds have historically delivered unusually high returns and lower failure rates compared to venture-backed startups. More importantly, he positioned them as deeply educational structures: a bridge between academia and real business, redefining what post-MBA career paths can look like. Entrepreneurship, in this perspective, means taking responsibility for something that already exists and making it better.

The conversation naturally moved from the classroom to the market with the keynote speech by Ignacio Olavarría, Co-founder and Partner at Istria Capital.

With 62 companies acquired through his experience and the European market seeing approximately 50-60 new search funds per year, Olavarría described a model that is growing rapidly and becoming more complex.

He addressed recurring questions around market saturation, noting that acquisition opportunities still significantly outnumber active funds. However, he also highlighted emerging “noise” in the ecosystem: shifting dynamics between entrepreneurs and business owners, evolving investors’ expectations and increasing competition.

His advice to aspiring searchers was pragmatic: do the homework thoroughly, build strong personal relationships with investors and pursue the model only if deeply convinced it’s the right fit. “Leadership”, he stressed, “begins with self-awareness”. There is no single way to lead, but authenticity and long-term commitment are non-negotiable.

The program then unfolded through parallel deep-dive sessions dedicated to the key stages of the ETA journey.

Discussions dedicated to aspiring searchers, featuring Joachim de Belgique (Managing Partner at Innesto Partners and investor), Carlo Luigi Fontana Giusti (CEO at ELTI, former researcher, and current operator and investor) and Rebeca Pinheiro (Founding Partner at RNP Growth and searcher), and moderated by Ettore Guassotti (prospective searcher and MBA at SDA Bocconi), examined the motivations, expectations and personal challenges behind launching a search. The panel highlighted how investors assess first-time searchers beyond spreadsheets, looking for credibility, commitment and alignment, and how the process demands financial preparation, resilience and clarity of vision.

A second stream of conversations focused on the search phase itself, with Giacomo Andreoli (Managing Partner at Search Capital Partners), Mauro Buono (investor at JB46) and Alessandro Conti (CEO at Olistika and former searcher), moderated by Axel Versluys Barbagelata (prospective searcher, CFA and MBA at SDA Bocconi). The discussion unpacked the operational mechanics of sourcing opportunities, managing negotiations and building a disciplined pipeline. Participants reflected on how analytical rigor must coexist with trust-based relationships, as searchers navigate uncertainty while maximizing the probability of closing a successful acquisition.

The third panel turned to the operating phase, featuring Marc Bartomeus (first Spanish searcher and current investor), Rob Cherun (Managing Partner at Legate Partners, and former searcher and operator) and Alexandra Kaars Sijpesteijn (Vice President at Novidam), moderated by Esteban Kallay (Managing Partner at JB46). The discussion focused on the transition from acquisition to CEO leadership, one of the most decisive stages of the ETA journey. Governance structures, board dynamics and stakeholder management emerged as central themes. A recurring insight cut across the discussion: long-term value creation depends not only on performance metrics, but on cultural integration, continuity and the ability to lead change from within.

The event concluded with a plenary wrap-up led by Stefano Pogutz, Full Time MBA Director at SDA Bocconi, who emphasized how Entrepreneurship Through Acquisition represents a distinctive bridge between academic preparation and real-world responsibility. Beyond technical execution, the model demands maturity, accountability and the ability to lead existing organizations through transition and growth.

Before the networking dinner and scheduled one-to-one meetings, Francesco Ausania, Alumni Engagement Manager, thanked speakers and participants for contributing to the success of the day and reflected on the milestone this edition represents for the Italian search fund ecosystem. He also highlighted the introduction of the SDA Bocconi Club App, a platform designed to strengthen connections across the School’s community and support more structured, ongoing engagement beyond individual events.

With its second edition, the Entrepreneurship Through Acquisition Event further positions SDA Bocconi as a convening platform for a model that is gaining strategic relevance across Europe. As ETA continues to evolve, the model is increasingly recognized as a financial strategy and as a leadership journey that combines entrepreneurship, governance and long-term stewardship.

SDA Bocconi School of Management