Decoding Search Fund Localization in China: On-the-Ground Investors’ Battle-hardened Insights

University of Chicago Booth Professor: The Finance Pro’s Guide to Pivoting to Operational Leadership

Tune into Sense and Sensibility in Search Fund Universe as host Constance Wu sits down with Mark Agnew—Adrian Associate Professor of Entrepreneurship at Chicago Booth, former CEO, and a leader who turned his finance background into a decade of operational success. Ever wondered how to swap spreadsheets for leading a legacy family business? What’s the secret to earning trust as an outsider, scaling with purpose, and avoiding the blind spots that trip up even the sharpest number-crunchers? Professor Agnew shares his unfiltered journey: the pivotal moments that pulled him from finance to operations, the hard-won lessons on change and culture, and how he blended analytical rigor with human connection to build a “Best Workplace” staple. For finance professionals curious but cautious about stepping into operational roles, this episode is your masterclass—no jargon, just real-world wisdom from a Booth professor who’s walked the path. Trust the data, but don’t ignore the feelings. Dive in to unlock the pivot playbook they don’t teach in business school.

Decoding Search Fund Localization in China: On-the-Ground Investors’ Battle-hardened Insights

Tune into Sense and Sensibility in Search Fund Universe, where host Constance engages with two China-focused search fund investors, Fu Weijia and QiuQiu, who have deep roots in the local market. Fu Weijia made the leap from executive search to mergers and acquisitions, leveraging his talent-centric perspective to unearth hidden corporate value and even completing an atypical search process with proprietary capital. QiuQiu, bringing the rigor of an aerospace engineering background, has long specialized in the manufacturing PE/VC and M&A track, boasting combined experience in technical collaboration and primary market investments, with a keen eye for the growth potential and succession challenges of small and medium-sized enterprises. In the episode, the two guests openly share the core motivations behind their cross-industry foray into search funds and unpack the real pain points of local practice. As industry practitioners, cross-sector entrepreneurs, and observers, they offer sincere insights—how to break free from traditional frameworks to forge a search path, how to identify and secure atypical targets, how to balance international models with local rules, as well as the three-dimensional evaluation of Searchers and the selection of tracks suitable for search initiatives. Every topic is closely tailored to the Chinese market. These battle-hardened insights not only provide a practical playbook for explorers but also build a bridge for the localization of global models, turning every piece of actionable wisdom into a guiding light for the journey ahead.

Navigating Search Funds: Victor Charts the Course for Localizing Global Models in China

Tune into the "Sense and Sensibility" Search Fund Special, where host Constance engages in a practical dialogue with Victor—a pioneer searcher in China. Endowed with academic backgrounds from Canada’s University of Waterloo and CEIBS (China Europe International Business School), and fortified by years of seasoned expertise in private equity (PE) and mergers & acquisitions, Victor reveals the core impetus behind his transition from PE to search funds: a profound passion for hands-on business operations, as opposed to the repetitive rigor of financial analysis, which ultimately guided him to forge an entrepreneurial trajectory tailored to the Chinese market. In the episode, Victor unpacks his journey of exploration fraught with uncertainties: from overseeing a PE portfolio company to amass pivotal operational experience, to encountering the search fund model through a classmate’s inspiration, and later validating the model’s viability in China by gleaning insights from diverse sources. He also addresses quintessential challenges in local practice, such as the screening of small and medium-sized enterprise (SME) targets and the management of cross-market risks. For fellow practitioners in the search fund space, Victor offers pragmatic, China-centric advice: how to select target industries with lower inherent risks, strategies to mitigate potential pitfalls in transactions, and approaches for first-time entrants to secure stable investment targets. Whether you are a search fund professional, a cross-industry entrepreneur, or an observer curious about how global investment frameworks take root in China, this episode delivers valuable insights. Victor’s experience underscores that success in China’s search fund sector demands not only a command of international logic but also mastery of localization—with every well-calibrated choice aligned to the local market serving as a stepping stone to success.

Navigating Search Funds Through COVID & Beyond: Tariro Goronga on Owning Colorado’s Top Ed Business

Tune into Sense and Sensibility in the Search Fund Universe with host Constance Wu, as she chats with Tariro Goronga—The principal at Alnes Capital and CEO of Baron Education, Colorado’s leading provider of driver education and SAT/ACT prep services.—about how his engineering roots and relentless work ethic led him to build a business he owns, via search funds. Tariro breaks down his high-stakes, unscripted journey: closing his search fund in March 2020 (mid-COVID shutdowns), spotting gold in the fragmented driving school industry (a "non-typical" target where his financial smarts became a competitive edge), and fighting through an 18-month seller fallout as a first-time CEO—all while growing Baron Education into a 20k+ student operation. For fellow searchers, he shares sharp, real-world advice: how "negative screening" (skipping unlivable cities, avoiding overly complex industries like healthcare) saves critical time, how he won investors over amid self-driving car concerns, and why patience is non-negotiable for new ecosystems like Asia. Searchers, aspiring entrepreneurs, and anyone curious about building a purpose-driven business through search funds will find value in this episode. Tariro’s story proves that success comes not from avoiding hard work, but from channeling it into opportunities that blend rigor, autonomy, and impact—one strategic choice at a time.