Pioneering Search in Frontier Markets

Pioneering Search in Frontier Markets

From Think Big, Buy Small by Harvard Business School

November 3, 2025 · 53 min

About this episode

The episode explores the evolution of search fund investing in frontier markets with insights from Rob LeBlanc.

In this episode, Rick and Royce sit down with Rob LeBlanc, Co-Founder at Ambit Partners, to explore the evolution of search fund investing beyond traditional markets. Rob traces his path from building an ETA platform in South Africa to backing searchers across frontier economies, offering an insider’s view on how entrepreneurship through acquisition is adapting globally. The conversation examines the unique dynamics of searching and operating in less developed capital markets – where relationships, local fluency, and cultural context often outweigh formal structures – and explores how factors such as currency risk, investor networks, and institutional maturity shape the search process. Through comparative insights between developed and emerging markets, this discussion highlights the expanding boundaries of the search model and the growing diversity of its global practitioners.

People in this episode

Hosts: Rick, Royce

Guest: Rob LeBlanc

Topics covered

  • search fund investing
  • frontier markets
  • entrepreneurship through acquisition
  • capital markets
  • currency risk
  • investor networks

Keywords

  • search fund
  • frontier economies
  • entrepreneurship
  • capital markets
  • investment dynamics

Mentioned in this episode

Organizations: Ambit Partners

Places: South Africa

More episodes of Think Big, Buy Small

Explore listener stats, chart rankings, contacts and more on the Think Big, Buy Small podcast page.