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Ivan Josipović
Episode · #667

VRIJEME JE ZA GOSPODARSTVO Ivan Josipović

Guest Ivan JosipovićHosted by Darko BukovićMay 3, 2026
About this episode
What you'll hear in this conversation

The common view of "risk capital" is that it's risky for the *founder*. But what if it's the opposite? Ivan Josipović, Investment Director at Invera Equity Partners, explains how private equity funds like his allow founders to "take some chips off the table" — effectively de-risking their personal stake — while bringing in the capital and operational support needed to build something far larger. His firm, Invera, focuses on taking majority stakes in small to medium enterprises, aiming for significant value creation through hands-on partnership. He details the specific profiles they seek, from proven "A students" ready for global scale to overlooked assets with latent potential. This conversation unpacks how a strategic capital infusion can transform a local success into a global player, offering a blueprint for entrepreneurs considering their next growth phase.

Insights from the conversation
What to take from this episode
01
Josipović explains that Invera's role is to allow founders to "take some chips off the table" and "cash out some of their past work." Private equity, contrary to common perception, often serves as a de-risking mechanism for founders, enabling them to realize value from their initial efforts while remaining invested for a future, larger exit.
02
Invera's strategy is to make fewer, larger investments, typically 8-12 million euros per company, from their 60-million-euro fund. A private equity fund can choose to be "hands-on" and deeply operational by focusing its capital on a smaller number of companies, rather than spreading smaller amounts across many, allowing for greater value creation per investment.
03
Invera categorizes its targets into "A students" with proven, scalable products, consolidation plays for fragmented sectors, and "underutilized assets" with latent potential. A successful private equity strategy doesn't just look for one type of company; it diversifies by matching capital to distinct stages of market maturity and operational need, from scaling established successes to restructuring overlooked value.
04
The Museum of Illusions, a Croatian concept, has become the "largest chain of private museums in the world" with 48 global locations, having broken into the US market. A unique local concept can achieve global dominance, even in highly competitive markets, by strategically combining franchising with later capital infusions to accelerate expansion.
05
The founders of the Museum of Illusions initially turned to franchising because they "lacked capital" to scale their successful Zagreb model. Franchising offers a powerful, capital-light path for initial rapid scaling when organic growth is constrained, demonstrating that market validation can precede significant investment.
06
Josipović notes that all three of Invera's portfolio companies mentioned—Museum of Illusions, Marles, and Compare—are fundamentally "B2C with elements of B2B" and "consumer products." A private equity fund can define its strategic niche not by sector, but by the underlying business model, allowing it to apply consistent expertise and value-add across seemingly disparate industries.
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