Introducing the new face of entrepreneurship through acquisitions

Author: Eduardo Zaldivar, Managing Partner, Mosaic ETA

There’s a Spanish saying that has always inspired me: “No puedes ser lo que no puedes ver.” It means “you can’t be what you can’t see.” Our mission at Mosaic ETA is to make entrepreneurship through acquisition (ETA) more accessible to highly talented leaders who have historically been underrepresented. Part of making it more accessible is showing people with diverse backgrounds and experiences that there are people who look like them who are following the ETA path—and that it’s possible for them, too.

In this article, we’ll profile some incredible search fund entrepreneurs, all from underrepresented communities, in whom we’ve invested and worked on their journey to becoming CEOs. Below are their biographies, as well as some of their perspectives.

Sekou Kaliste

Sekou Calliste, originally from Trinidad and Tobago, was raised by a family deeply rooted in education, public service, and entrepreneurship. Inspired by his grandparents’ hard work and his parents’ emphasis on strong leadership and ethical financial practices, Sekou continued his education at Morehouse College, a historically black college and university (HBCU).

Sekou began his career in investment banking at Deutsche Bank in New York, where he gained experience in capital markets and mergers and acquisitions. He earned an MBA from Harvard Business School (HBS) before returning to Deutsche Bank in London, where he focused on hedge fund credit sales. In 2013, he joined Republic Bank Limited in Trinidad, where he led the bank’s successful expansion into Sub-Saharan Africa through the acquisition of HFC Bank in Ghana.

At International Finance Corporation (IFC), Sekou worked closely with small and medium-sized enterprises (SMEs) in Latin America, structuring and distributing financing that enabled them to expand their operations, improve their balance sheets, and create thousands of jobs. His work at IFC allowed him to directly contribute to economic development and entrepreneurship in emerging markets.

Question: What impact would you like to make as CEO of a search fund?

Answer: My primary goal is to create a people-centric impact within the company. My goal is to foster and motivate an environment where employees feel valued, empowered, and proud of the milestones we achieve together. By prioritizing their well-being and providing opportunities for growth and development, I hope to build a strong, committed team.

In the broader ecosystem, I aspire to give back by sharing my experiences and insights, especially with those who may not have direct exposure to the search fund model. Whether through mentoring, educational initiatives, or community engagement.

Sekou’s profile on LinkedIn Here.

Iris (Zhuoyun) Li

Iris Li was born in the small town of Hunan, China, where her curiosity and desire for new challenges led her to leave home at age 15 for Singapore on a full government scholarship. There, she developed her independence and adaptability. Iris excelled academically, graduating at the top of her class in high school and earning a Bachelor of Science in Biomedical Engineering with distinction from a top university in Singapore.

Iris’ professional journey spans private equity, business development, and management consulting. At Deloitte, she was instrumental in establishing the healthcare and life sciences consulting practice in Southeast Asia, and her strong performance led to annual promotions during her tenure. Iris then joined Corning as Emerging Innovation Business Development Manager, where she was instrumental in launching several innovative products, generating over $2 million in new business.

Iris later became an investor at Partners Group, focusing on buyouts in the healthcare and life sciences sectors. There she developed investment theses and led sourcing efforts, receiving recognition for her collaborative approach and high-quality work.

Determined to become an entrepreneur, Iris pursued an MBA at Harvard Business School. In her junior year, she co-founded Believer Pharmaceuticals, a biotech startup that won multiple venture competitions, including the Tough Tech Prize at the HBS New Venture Competition and first place at Nucleate Boston. After running the startup, she was drawn to the search fund model because it addressed many of the challenges of starting a company from scratch.

Question: As a woman, have you faced any challenges on your journey with ETA?

Answer: I am really fortunate that I have had so much more support than I have had challenges along the way. One of the unique “challenges” I have faced as a woman was that I started fundraising at 34 weeks pregnant. Juggling a late pregnancy with more investor calls/interviews was quite exhausting. However, I really liked that most of my investors/potential investors were very understanding and helpful, giving me really quick feedback considering I had a very tight schedule (since I wanted to close the fundraiser before the baby was born!).

Iris’s profile on LinkedIn Here.

Jose Ignacio Garcia Suarez

Jose Ignacio Garcia Suarez was born in Michoacán, Mexico and raised in Los Angeles. As an immigrant and first-generation college student, Jose faced significant challenges, including limited financial resources and the complexities of navigating the American education system. Despite these obstacles, he was determined to succeed, fueled by a strong work ethic and a desire to create opportunities for himself and his family.

Jose graduated with a bachelor’s degree from Harvard University, becoming the first in his family to graduate from college. After graduation, he joined American Realty Advisors, a real estate investment firm, where he worked on high-profile acquisitions and asset management projects.

To further expand his experience and pursue his entrepreneurial ambitions, Jose earned an MBA from Stanford Graduate School of Business. While there, he spent a year writing cases for renowned professors, including the legendary Irv Grousbeck, founder of the Search Fund model. This fellowship deepened his engagement with Search Fund principles and helped him become a better manager by chronicling the journeys of great leaders and presenting their pitfalls and best practices.

Question:Can you share an example of a time when your identity as a woman/person of color (or the unique perspective that comes with your identity) was a superpower in your ETA journey?

Answer: My identity has been a significant asset, especially when working with companies that are immigrant-owned or operate in predominantly immigrant communities (such as the Latino community). I connect easily with these business owners and employees because I share their cultural backgrounds and understand their aspirations and challenges. For example, many first-generation immigrants prioritize providing their children with a better education than was available in their home country. By sharing my experiences and connections at top U.S. educational institutions, I can offer invaluable guidance and support, building trust and loyalty. Additionally, my familiarity with the immigrant community allows me to recognize and mitigate risks that others may overlook and seize opportunities that others may not, providing these companies with the opportunity to grow.

LinkedIn Jose Here.

Ray Rudianto

Ray Rudianto was born in Indonesia and spent his childhood in Jakarta and California. Inspired by his father’s resilience in starting and rebuilding a civil engineering company, Ray aspired to become a CEO from a young age. At age 15, Ray moved to the United States alone to pursue a better education, taking on the responsibility of raising his younger brother at age 16. These formative years taught him the value of family, hard work, and perseverance.

After graduating with honors from UC Berkeley, Ray began his career at Bain & Company, where he worked on strategy, change management, and due diligence for private equity in the industrial, semiconductor, and utilities sectors. After Bain, Ray joined fintech startup Point Digital Finance as Business Operations Lead, where he held multiple roles, including managing business development efforts, overseeing process redesign initiatives, and leading the launch of a new product line.

Ray holds an MBA from Harvard Business School and serves as a volunteer and mentor at Minds Matter Bay Area, a nonprofit educational organization that prepares talented students from low-income families for college admission.

Question: Why did you decide to become a search fund entrepreneur?

Answer: Before business school, I worked in management consulting and at a startup. I learned a ton in those roles, but in my next venture after HBS, I was looking for a disproportionate opportunity to take responsibility and gain more autonomy and growth. Search funds appealed to me because I had the chance to lead teams, make decisions, and “harness the fruits of my labor” as a CEO while bypassing the painful 0-to-1 phase of a VC-backed startup. Additionally, in my decision-making, I grew up with a father who built his own construction and engineering services company employing ~50 people; I want to follow in his footsteps!

Ray’s LinkedIn profile Here.

Eduardo Zaldivar is a Managing Partner at Mosaic ETA. Before founding Mosaic, he was a private equity investor and startup operator. His greatest inspiration is his mother, who was a successful small business entrepreneur despite the challenges of being a woman, a first-generation immigrant, and only a high school graduate. Eduardo holds an MBA from Stanford University, an MPA from Harvard University, and a BA from Texas A&M University. He lives in Dallas, Texas, and enjoys organizing community-building events, reading classic books, and volunteering at his local church. Follow Eduardo on LinkedIn.