We are:
Entrepreneurs Investors Mentors

Munich, Germany & Geneva, Switzerland

Lukas Krauss spent five years at Paragon Partners, a top-quartile Munich-based mid-cap private equity firm focusing on succession situation with approximately €2.5 billion in AuM. There, he was involved in the full investment cycle — from sourcing and screening over 200 opportunities to executing due diligence, managing portfolio companies, supporting exits, and reporting to investors. He began his career at Boston Consulting Group (BCG), working in Munich and Sydney, where he advised private equity clients and corporations across multiple industries.

Before becoming an active ETA and Search Fund investor, Lukas advised numerous searchers throughout their journeys — from search strategy and target assessment to due diligence execution. Known for his hands-on approach and analytical rigor, he brings both transaction, investment and exit expertise to the ETA and Search Funds space.

MBA with distinction from INSEAD, ’19J
Master of Engineering, first-class with distinction from Imperial College London

Singapore & Fontainebleau, France

Ivana Naumovska holds a PhD in Finance and Management and is a tenured Professor of Entrepreneurship and Family Business at INSEAD, where she founded and leads the ETA & Search Funds Hub. Having started her career in her family’s business, she combines hands-on experience with academic rigor in her work on business ownership and entrepreneurial acquisitions.

At INSEAD, Ivana teaches ETA & Search Funds to over 400 MBA students each year, and has received the Best Teaching Award multiple time. She has supported more than 100 search funds and has helped place over 150 MBAs in roles with searchers and operating companies worldwide. Through her global network of entrepreneurs, investors, and faculty, she identifies, mentors, and connects talent with capital to drive successful acquisitions. Recognized as a leading expert on Search Funds, ETA, and SPACs, Ivana was named among Poets & Quants’ 40 Under 40 Best MBA Professors. Her research and commentary have been featured in The Wall Street Journal, Forbes, Financial Times, and CNBC.

Post doc in Strategy from Kellogg School of Management
PhD Finance and Management with distinction from Erasmus University
MSc in Finance with distinction from Erasmus University

Munich, Germany

Gernot Eisinger is the Co-Founder of Afinum, a Munich-based mid-cap private equity firm specializing in succession investments that has managed over €1.3 billion. Under his leadership, Afinum achieved top-quartile performance for more than 25 years. He also co-founded Rigeto, a deal-by-deal investment advisory firm focused on smaller succession opportunities.

 A pioneer of Search Fund investing in Europe, Gernot has personally invested in over 80 search funds and 35 acquisitions—helping to shape the ETA ecosystem and laying the groundwork for what became INSETA. Over his career, he has backed more than 200 small and mid-sized companies in succession situations and achieved over 100 successful exits, demonstrating exceptional pattern recognition and value creation. Gernot serves as an Entrepreneur in Residence at INSEAD and is a regular guest speaker in Ivana’s ETA course, where he mentors students in their entrepreneurial journeys. He is also the founding donor of the INSEAD ETA & Search Funds Hub.

MBA from INSEAD, ’92D
Doctoral degree in Business Administration from Vienna University of Economics and Business

Kieron Chalder is the Co-CEO of Emotion Mobility, a global leader in mobility software. He acquired the company with his business partner Gonzalo through a traditional Search Fund backed by Gernot Eisinger. Over the past five years, Emotion has grown more than >5x through a combination of organic expansion and strategic acquisitions, now operating in over 100 countries. Following the company’s successful exit to a leading software private equity firm in June 2025, Kieron continues to serve as Co-CEO.

An active investor, board member, and advisor in the Search Fund community, Kieron always approaches opportunities from the entrepreneur’s perspective. He is a regular guest speaker in Ivana’s ETA & Search Fund classes and serves as an Entrepreneur in Residence at INSEAD. Drawing on his hands-on experience in building and scaling small businesses, Kieron is deeply committed to helping aspiring entrepreneurs navigate the challenges of acquisition and growth.

MBA from INSEAD, ’19J
Bachelor degree In Engineering and Business Finance from University College London and London School of Economics