Alexander Simmons doesn’t do polish – and that’s exactly why this conversation matters. We had to cut some real gems on account of Kudirat’s maniacal laughter.

Alex is the founder of Voyager Equity, Australia’s very first traditional search fund, launched in 2019 when the model was virtually unknown Down Under. After raising capital, conducting a rigorous search, and navigating COVID-era complications, he acquired Inerva Software in November 2021—marking Australia’s first traditional search fund acquisition. Inerva provides cloud-based accounting, payroll, and HR software exclusively for Australia’s aged care, home care, and retirement village sectors.  

What makes Alex particularly special is his refreshing honesty and humor. He’s never afraid to tell it like it is, share the messy middle, or admit that “you look back and you’re terrified, absolutely terrified looking back by how little you knew”.  

This is an unfiltered, no-prep conversation about what it actually takes to be first-to-market in a new geography, transition from searcher to CEO, and keep reinventing yourself as the business outgrows your skillset.  

In this episode, we cover: 

• Why Alex left private equity (“you can’t score a goal if you’re just owning the football team”)  

• The reality of fundraising in Australia with no local search fund ecosystem  

• Why his first deck was “the world’s worst”—and why that was intentional  

• How COVID nearly derailed his deal (spoiler: he had to fly to Byron Bay before Sydney locked down)  

• The transition from searcher to operator: comms, HR, and constant reinvention  

• Why searchers need to stop obsessing over valuation multiples