Many of today's market leaders are still private.

EQUIAM is an investment firm managing funds focused on growth and late-stage technology companies. We systematically screen thousands of private companies, rigorously underwrite, then make high-conviction investments (often) through direct secondary transactions.

Series B+ Firms Tracked

$1.5T+

Addressable Market

Portfolio Companies

Metrics as of the most recent reporting period. See important disclosures

Currently raising

Private Tech 30 Fund II →
View Our Portfolio

The screen2,600 Series B+ tracked

Stranded value · institutional vacuum

The $1.5 Trillion Opportunity

Thirty-four U.S. technology companies listed publicly in 2025, against a median of about 120 a year through the 1990s. Employees, founders, and early investors hold over $1.5T in positions with no exit in sight, and increasingly need liquidity before one arrives. We've built the infrastructure to provide that liquidity: buying from these holders, in companies we want to own, at prices we underwrite.

U.S. technology listings per year 1990–2025

2,600 Series B+ tracked≈32 listings a year

Source: Jay R. Ritter, University of Florida, Initial Public Offerings: Updated Statistics (2026), Table 4a. U.S. technology IPOs including direct listings, offer price $5.00 or greater. 2021 was the strongest year for listings in two decades at 126, about what a median year in the 1990s produced. The following year produced six.

$1.5T

Held by employees, founders, and early investors in illiquid private positions

Private value creation has exceeded even the most optimistic mid-2000s estimates: $500B then, $4T+ today, with multiple trillion-dollar VC-backed companies
Many holders have carried this equity for 6 to 12+ years
About 120 U.S. tech listings a year in the 1990s. Thirty-four in 2025.

Listings are scarce and M&A absorbs only so much. Shareholder liquidity increasingly happens in the secondary market rather than at an exit event.

<10

Pure-play or majority-focused direct secondary funds

Goldman Sachs, Morgan Stanley and UBS all run secondary desks
Brokerage platforms have brought price transparency and continuous access
Company-sanctioned tenders, often led by Nasdaq Private Market, moved more than $10B in the last 24 months
Dozens of funds now participate opportunistically

Secondary trades have become an accepted route to exposure. However, very few firms are built around executing them.

Secondary sales are now standard practice, not distressed events. We treat this as a market with two sides, not a queue of one-off trades. Our approach →

How we work

From 2,600 companies to roughly thirty per fund

2,600 tracked2,600 remaining

Screen 2,600+ Companies

Source Deals

Model Outcomes

Investment Committee Decision

~30 Target Positions Per Fund

≈30 positions per fund · 93 companies since inception View the portfolio →

Why our process works

Three structural advantages

Speed & Certainty

We commit against capital already in the fund and close in two to three weeks, so a seller with a defined position and a defined timeline is not waiting on a bid that still has to be funded

Cap Table Pricing Accuracy

We underwrite each share class on the stack against probability-weighted exit scenarios, committing only when the price clears our margin of safety

Two Routes In

Most capital goes to work through negotiated secondary blocks, with selective primary allocations sourced directly or through GP relationships

See how Fund I compares to PE/VC benchmarks →

Leadership

Ex-Bridgewater, JP Morgan, Lehman, Forge, and Tribe Capital.