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S2 Ep13: M&A Zing (S2EP13) - VC to ETA: Alexander Kalis on Boring Buyouts, Equity Gaps & the Next Wave
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Alexander Kalis has sat on every side of the investment table: from Rothschild and Santander hedge fund management, to running a $1bn global asset manager, to backing Oxford spinouts that produced unicorns (and even the AstraZeneca COVID-19 vaccine).
Now he’s turned his attention to ETA and SME buyouts. Through Archimax and the tongue-in-cheek B.O.R.I.N.G. Investment Club (Buyouts of Resilient Income-Generating businesses), Alexander is building an investor community to bridge the equity gap in small-cap buyouts.
In this episode, Gareth and Alexander cover:
How his VC disillusionment pushed him toward SME buyouts
Why “boring is beautiful” when it comes to cashflow resilience
The equity gap in UK/EU search funds — and how co-investment clubs can solve it
Lessons from running a global fund, and what translates to ETA diligence
What makes a great searcher worth backing (grit, transparency & vision)
How diversification works differently in ETA vs VC
Why institutions haven’t yet caught up with this overlooked asset class
If you’re a searcher, operator, or investor interested in ETA and SME acquisitions, this is an insider’s perspective you don’t want to miss.
⏱️ Timestamps
[00:13] Welcome & guest intro – Gareth introduces Alexander Kalis
[01:20] Alexander’s background – from UBS to Rothschild & Santander
[05:33] Lessons from the hedge fund years & the Madoff crisis
[07:20] Entrepreneurial leap – building & selling a due diligence firm
[08:50] Trust International: $1bn AUM, global VC & impact investing
[11:00] Backing Oxford spinouts (including the AstraZeneca vaccine)
[13:45] Why he moved from VC to ETA & SME buyouts
[16:10] The equity gap in ETA – where traditional models fall short
[18:30] Archimax & the B.O.R.I.N.G. Investment Club explained
[22:45] “Boring is beautiful” – why sticky, resilient SMEs win
[27:20] How the co-investment club works (structure, SPVs, LPs)
[31:30] What he looks for in searchers: grit, vision & people skills
[36:00] Sector focus & European opportunities
[40:00] Advice to acquisition entrepreneurs on investor relations
[43:20] The investor angle – diversification & 30% IRR potential
[47:00] What’s next for Archimax & BORING in the next 12 months
[51:00] Closing thoughts, links & where to find Alexander
🔗 Links & Resources
Archimax: https://archimax.solutions
Alexander on LinkedIn: / alexanderkalis
BizCrunch: https://www.bizcrunch.co
Now he’s turned his attention to ETA and SME buyouts. Through Archimax and the tongue-in-cheek B.O.R.I.N.G. Investment Club (Buyouts of Resilient Income-Generating businesses), Alexander is building an investor community to bridge the equity gap in small-cap buyouts.
In this episode, Gareth and Alexander cover:
How his VC disillusionment pushed him toward SME buyouts
Why “boring is beautiful” when it comes to cashflow resilience
The equity gap in UK/EU search funds — and how co-investment clubs can solve it
Lessons from running a global fund, and what translates to ETA diligence
What makes a great searcher worth backing (grit, transparency & vision)
How diversification works differently in ETA vs VC
Why institutions haven’t yet caught up with this overlooked asset class
If you’re a searcher, operator, or investor interested in ETA and SME acquisitions, this is an insider’s perspective you don’t want to miss.
⏱️ Timestamps
[00:13] Welcome & guest intro – Gareth introduces Alexander Kalis
[01:20] Alexander’s background – from UBS to Rothschild & Santander
[05:33] Lessons from the hedge fund years & the Madoff crisis
[07:20] Entrepreneurial leap – building & selling a due diligence firm
[08:50] Trust International: $1bn AUM, global VC & impact investing
[11:00] Backing Oxford spinouts (including the AstraZeneca vaccine)
[13:45] Why he moved from VC to ETA & SME buyouts
[16:10] The equity gap in ETA – where traditional models fall short
[18:30] Archimax & the B.O.R.I.N.G. Investment Club explained
[22:45] “Boring is beautiful” – why sticky, resilient SMEs win
[27:20] How the co-investment club works (structure, SPVs, LPs)
[31:30] What he looks for in searchers: grit, vision & people skills
[36:00] Sector focus & European opportunities
[40:00] Advice to acquisition entrepreneurs on investor relations
[43:20] The investor angle – diversification & 30% IRR potential
[47:00] What’s next for Archimax & BORING in the next 12 months
[51:00] Closing thoughts, links & where to find Alexander
🔗 Links & Resources
Archimax: https://archimax.solutions
Alexander on LinkedIn: / alexanderkalis
BizCrunch: https://www.bizcrunch.co
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