LenderHawk analysis. Not affiliated with or endorsed by Search Funded: The ETA Podcast.
Jose Moreno, managing partner at AIJ Global Holdings, explains why his firm backs searchers and ETA entrepreneurs across many countries. He emphasizes people-first investing, relationship-building, and the patience required when supporting first-time searchers in markets without an established playbook.
Aspiring searchers, ETA investors, and operators entering unfamiliar markets who want a practical view of what international search-fund capital actually values.
AIJ’s underwriting starts with whether the investor wants to work with the person, not just whether the model looks attractive on paper.
A searcher in a new country needs local investors and local credibility because brokers, banks, and business owners often do not understand the search-fund model at first.
International search markets require education at every step, from chambers of commerce to brokerage networks, before a searcher can build trust and deal flow.
Searchers who oversell commitments or cap table strength damage credibility fast, and investors increasingly verify references directly.
Governance problems in search often come from people and communication breakdowns rather than operating data.
Patience matters because the original five-to-seven-year exit timeline can stretch when COVID, war, or other geopolitical shocks change the market environment.
Investors can help materially, but searchers still need to ask for help proactively instead of assuming support will appear unprompted.
A diverse investor base helps prevent groupthink and makes it easier to close deals that need both local context and international validation.
AIJ was founded about six and a half years before the episode.
Jose describes the firm’s origin timeline after meeting a partner in business school.
The firm reports returns of 5x in under three years on some search investments from low-hanging operational improvements.
He contrasts these search outcomes with even stronger returns in other asset classes they invest in.
Jose says AIJ has over 130 partners or related contacts it can use to help portfolio companies and searchers.
He uses this as evidence that the firm is more than just a capital provider.
He says some venture-debt opportunities he can access pay 16% to 17% and return cash in about three months.
He compares those liquid alternatives against the illiquidity of search-fund investing.
AIJ hosted a fifth-anniversary gathering in Antalya, Turkey, with close to 90 attendees including partners, spouses, and kids.
He uses the event to illustrate how the firm builds long-term relationships across its network.
Build local investor support before leaning on international names in a new country.
Why: Local backers help establish credibility with brokers, banks, and sellers who may not understand ETA.
Visit searchers in person in their countries and cities whenever possible.
Why: Jose believes face-to-face time is the fastest way to understand the person, team, and operating context.
Ask for help early and explicitly rather than assuming investors will know when you need support.
Why: He says investors may be willing to help, but searchers often fail to make the ask.
Verify every claimed commitment in a cap table before relying on it.
Why: He recounts a case where purported “big name” investors had no real commitment when he checked.
Use a small number of high-quality investor relationships rather than trying to impress with quantity.
Why: He suggests that 20 well-targeted conversations can be more valuable than 50 weak ones in an emerging market.
Jose says he and a partner initially tried to pitch a startup idea that failed, alongside several other unsuccessful startups. That experience pushed them toward search funds and broader ETA models as a more compelling way to back entrepreneurship with discipline and support.
Lesson: Repeated startup failure can redirect founders toward an acquisition model that better matches their skills and network.
He describes a case where a searcher claimed hard commitments from major-name investors, but direct verification showed none of them were actually committed. The story left him more focused on trust, verification, and honest communication than on polished fundraising theater.
Lesson: Reference-checking investor claims is essential because cap table signaling can be fabricated.
The firm brought together roughly 90 people in Antalya, including search fund partners, operators, founders, spouses, and children, turning the event into both a celebration and a relationship-building exercise. Jose presents it as evidence that network effects in ETA are built through repeated in-person contact, not just email and conference calls.
Lesson: Long-term investor relationships are strengthened by repeated in-person gatherings that mix business and community.