Monika’s background

Monika was born and raised in Poland, where she began her career helping small and medium-sized enterprises (SMEs) grow through professionalization. Monika then moved to Australia where she continued her studies and work with SMEs. She also founded an ecommerce business. Monika later joined the BCG Sydney office as a consultant. There, she enjoyed hands-on work on large-scale transformations. Following 8 years in consulting and an MBA from INSEAD, Monika moved to KKR Capstone where her focus was on value creation across portfolio companies. In 2024, Monika became the first female searcher in Poland. Beyond her 20-year career, she’s also a mother to Gabriel, who is five.

Why did you want to launch a search?

I’ve always had an entrepreneurial spirit. As a child, I would take a cloth and window spray to clean car windows near a local fish shop—without my parents knowing until I had been at it for a month! Over the years, I pursued various ventures, such as an ecommerce business in Australia that imported high quality tea from China. However, beyond these experiences, my entrepreneurship experience was limited.

With my background in private equity, consulting, and a strong MBA, I felt ready to take entrepreneurship seriously. For me, starting a new business was not very appealing—I admire people who have brilliant startup ideas, but I’m more drawn to the search fund model. It offers the chance to buy an existing business in need of fresh energy, which excites me much more. I first learned about search funds at INSEAD during my MBA in 2016, but I knew I needed more experience before launching my own.

Why did you structure your search fund in Spain rather than in Poland? Have you encountered any challenges due to this decision? 

When I relocated from Australia to Europe, I wasn’t initially sure where I would establish my search fund. My family moved to Barcelona for my husband’s job, and setting up a fund in Spain turned out to be more straightforward. I found that Poland lacked established local search fund structures; most Polish searchers rely on American structures and suffer from a lack of local search fund service providers. Many investors I spoke with preferred a European structure, and Spain offered a highly attractive option for international investors compared to Delaware or other European jurisdictions.

So far, this decision hasn’t posed significant challenges. While some Polish business owners were initially surprised to see a Spanish-registered company, the reaction would have been similar if I had chosen the U.S. or another European jurisdiction. In many ways, this international setup attracts business owners with a broader and more international mindset and helps build rapport, serving as a screening mechanism for the types of businesses I’m interested in.

How did you shape your cap table, especially considering you were oversubscribed? What did you prioritize in your investors?

I approached fundraising very deliberately. I asked searchers for their top five investors, which led me to a list of about 19 highly recommended investors. Leveraging my network for warm introductions was crucial—it made the process more efficient, and I wrapped up fundraising much faster than the expected 3-6 months.

I expected concerns about being based in Barcelona while searching in Poland, but I faced very few rejections and was 200% oversubscribed. I had lots of conversations, including with Innesto whom I met at the MIT ETA conference. I took an analytical approach to balance my cap table, prioritizing a mix of experienced individuals, private equity firms, and funds dedicated to search fund investments. I sought investors who could offer valuable guidance through the challenges of search. I wanted to get a strong geographical spread. Even though I found that there were enough experienced, European investors who can support searchers, it was important to me to attract the very experienced American investors and a good representation from Poland and the rest of the world. Ultimately, personal chemistry and connection also played a big role in my selection.

You've recently started your search, what challenges have you encountered, and how do you plan to address them? 

I haven’t lived in Poland since 2006. A lot of my experience has to do with re-discovering my own country, which has changed tremendously in a positive way. Many business owners are eager to discuss M&A, which is promising, but I need to manage my time carefully to focus on conversations that translate to potential transactions. Initially, I took more calls than I should have, but they helped refine my approach.

One hurdle has been the lack of accessible company data in Poland. While government databases include financials, many businesses are registered as individuals, not legal entities, making it difficult to obtain detailed information. My strategy involves a high-volume outreach, but recognizing hidden gems from the "noise" has proven more challenging than anticipated.

Another concern investors had was my being based in Spain while searching in Poland. However, with frequent direct flights, it’s often faster than traveling domestically within Poland via train or car. I make sure I never miss an important meeting, and a subscription with low-cost airlines like Wizzair has been a game-changer for managing travel costs. However, I only launched my search fund six months ago so watch this space! 

How do you balance your search with your family life?

This is a question I get often. For me, being a mother was always a non-negotiable, but I also knew early in my career that I could not be the best mom and wife if I weren’t fulfilled professionally. My partner and I had extensive conversations about this before I launched my search, and we agreed on setting up a support system. For instance, I hired a nanny to handle school pickups and have backup plans for when I travel to Poland. Because it was all super clear from the beginning, I have not found it to be as challenging as many people make it to be.

I actually find entrepreneurship more flexible than previous corporate roles. Now, if my son Gabriel has a school event, I can adjust my schedule accordingly. Previously, I needed to consult a boss to be away and, to be frank, I never liked that. That said, there’s always some guilt about prioritizing my career, but I believe I’m a better parent for it. 

As we know, the industry is heavily male-dominated, what are the challenges women face in ETA and how do you think we can boost the number of women in the industry?

The industry is still heavily male-dominated, though it’s slowly changing as MBA programs see more female graduates. One of the key barriers is that the investor community remains mostly male. During my fundraising, I specifically sought out female investors and was able to find three, including Innesto, which was great given the general investor pool.

The shift needs to start with investors—changing the way they think and interact with female searchers. During my fundraising, some suggested a partnered search for better work-life balance, especially for women, but I wanted to pursue it solo.

Do you have any words of advice for prospective searchers?

If hearing about search funds excites you—if you find yourself spending hours on end listening to podcasts, reading articles, and seeking conversations—then it’s likely the right path for you. However, if the idea makes you increasingly nervous, e.g., due to its risk profile, responsibility, or discomfort with opportunity cost (which is especially relevant for successful professionals later in their career), it might be a sign that it is not be the best fit. 

Also, when you connect well with certain people (lawyers, investors, other searchers etc.), stick with them. It can be a lonely journey as a solo searcher, so having even just one person to share the challenges with over lunch can be invaluable. And despite perceptions of competition among searchers, I find that there’s a lot of collaboration, for example, when it comes to sharing databases and resources or discussing challenges along the way. This is one of the reasons why being a part of the search fund community has been so appealing to me.