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Entrepreneurship Through Acquisition (ETA), also known as search funds, is an investment model first developed in 1984. Under this structure, investors provide capital to support a talented entrepreneur in identifying, acquiring, and scaling a privately held business. Unlike traditional private equity models, ETA allows for a longer investment horizon, enabling sustained value creation and operational excellence.

 

 

 

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In 2014, Impala Investment Holdings launched the first Africa-focused search fund, led by Jane Kaggwa, the founding  partner of Impala Ventures. The fund was designed to pursue acquisition opportunities across the East African economic region, combining the rigor of a classic buyout strategy with a commitment to long-term growth. It is backed by top-tier institutional investors from the U.S. and Europe, along with respected leaders in the global search fund ecosystem.

 

Today, the fund owns and operates Aqua Vita, East Africa’s leading point-of-use water purification company. Headquartered in Nairobi, Aqua Vita serves a diverse portfolio of clients—including multinational corporations, financial services, healthcare providers, schools, and industrial facilities—across Kenya, Uganda, and Tanzania.

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