EQUIAM Private Tech 30 Fund II
Curated Exposure to Private Blue Chips
Thesis
EQUIAM Private Tech 30 Fund II gives investors access to late-stage positions in proven tech companies approaching liquidity events. We focus on secondary opportunities where timing, share structure, and valuation dynamics create compelling entry points. These are established market leaders, not early-stage bets - companies with clear paths to public markets or strategic exits.
Superior Returns Through Better Entry Mechanics, Not Higher Risk
For Qualified Purchasers Only
This information is provided for qualified purchasers only under Rule 506(c). Not an offer to sell or solicitation of an offer to buy securities. All investments involve risk including complete loss of principal. Review important disclosures before proceeding.
Market Dynamics
The $1.5 Trillion Opportunity
1,300+ unicorns. 14-year median path to IPO. Thousands of shareholders with millions in illiquid wealth.
Recent IPO Performance Validates Our Timing
Returns shown are from IPO date through loading....
| Company | IPO Date | IPO Price | Current Price | Performance |
|---|---|---|---|---|
 Reddit | March 2024 | $34 | ||
 Astera Labs | March 2024 | $36 | ||
 Rubrik | April 2024 | $32 | ||
 Ibotta | April 2024 | $21 | ||
 Tempus AI | June 2024 | $37 | ||
 ServiceTitan | December 2024 | $71 | ||
 CoreWeave | March 2025 | $40 | ||
 eToro | May 2025 | $52 | ||
 Circle | June 2025 | $31 | ||
 Chime | June 2025 | $27 |
---March 2024
$34
---March 2024
$36
---April 2024
$32
---April 2024
$21
---June 2024
$37
---December 2024
$71
---March 2025
$40
---May 2025
$52
---June 2025
$31
---June 2025
$27
Current public market tailwinds paired with EQUIAM's ability to invest at attractive prices pre-IPO creates the opportunity for significant outsized returns.
Investment Strategy Overview
Market Positioning
| Investment Approach | Primary Growth | Traditional | EQUIAM |
|---|---|---|---|
| Asset Type | Preferred stock | LP fund interests | Common & early preferred stock |
| Entry Valuation | Current market pricing | 20% typical discount | Dynamic pricing based on liquidity preference and seller need |
| Investment Horizon | 5-7 years | 3-4 years | 12-36 months |
| Due Diligence | Board-level involvement | Limited transparency | Full financial disclosure |
Asset Type
Entry Valuation
Investment Horizon
Due Diligence
The Structural Opportunity
We provide liquidity solutions to individual shareholders in late-stage private companies - a market segment that persistently creates attractive opportunities:
Employee
Liquidity needs (divorce, house purchase, diversification)
Early Investors
Distribution requirements at fund expiration
Tax Events
Shareholders facing immediate liquidity needs
$1-10M
Check sizes too small for large growth funds, too complex for retail
We capitalize on a $1.5+ trillion market segment that remains underserved by institutional capital.1
1 Market size estimate: $4T+ total VC market. Our core targets (early employees own 5-10%, seed investors own 2-4%, founders own the remainder) collectively hold approximately $1.5T+ in illiquid positions.
We're not competing with larger funds like Coatue, Tiger, A16z, or Sequoia. We're solving a different problem they can't be bothered with.
Current Pipeline & Deal Sourcing
Indicative Fund II Target Companies
Sector: Fintech
Description: Payments infrastructure leader
Sector: Defense Tech
Description: AI-powered defense systems
Sector: Aerospace
Description: Commercial space leader
Sector: AI
Description: Constitutional AI research leader
Sector: HR Tech
Description: Employee management platform
Sector: Data Analytics
Description: Unified analytics platform leader
Sector: Cybersecurity
Description: AI-powered email security
Sector: Fintech
Description: Buy-now-pay-later leader
Systematic Deal Sourcing Network
🔗 Platform Relationships
Active partnerships with Forge, Caplight, Setter, Hiive, and other secondary platforms. Strong presence across the ecosystem.
🏦 Investment Banks & Brokers
Established relationships with William Blair, Macquarie, UBS, Morgan Stanley, Goldman Sachs and boutique brokers who facilitate larger block trades.
🤝 Company & Employee Networks
Direct relationships with employees, HR teams, and finance departments. 7+ years as trusted buyer has created extensive referral network.
⚡ Speed & Certainty
Ability to execute in 2-3 weeks when needed, with full cash funding. Track record of reliable closing creates preferred buyer status. 90+ discrete transactions completed to date.
Our Investment Approach
Stage-Based Risk Management
We focus exclusively on companies that have achieved substantial scale and market validation:
❌ Stage 1: Early Growth ($1-50M Revenue)
- • High structural subordination risk
- • Significant business model uncertainty
- • Limited exit visibility
- We do not invest at this stage
❌ Stage 2: Scale-Up ($50-100M Revenue)
- • Preference stack still meaningful
- • Company proving product-market fit
- • Exit timeline uncertain
- Selective monitoring only
✅ Stage 3: Pre-IPO Leaders ($100M+ Revenue)
- • Established market position
- • IPO preparation activities visible
- • Multiple potential acquirers identified
- Tactical investment zone
✅ Stage 4: IPO-Ready Companies ($200M+ Revenue)
- • Active S-1 preparation
- • Senior financial leadership in place
- • Minimal structural subordination risk
- Optimal risk-return profile
At this scale, we're underwriting business fundamentals, not venture risk
Our Edge
⏱️ Cap Table Pricing Accuracy
Edge: We know exactly when preferred vs. common stops mattering. Larger funds buy preferred shares at the growth stage when IPO is 3-5 years out (preference matters). We buy common when IPO is 12-36 months out (preference is less critical).
⚡ Speed & Scale Advantage
Edge: Large growth funds write $50M checks, need board seats, diligence for months. Our systematic process allows us to write $1-10M checks in 2-3 weeks for motivated sellers. Speed and flexibility that large funds can't match.
🎯 Orphaned Equity Monopoly
Edge: Early employees/early investors with common stock or early preferred shares have limited sophisticated buyers. We are a leading institutional player in this check size range with comprehensive diligence capabilities.
Institutional-Grade Investment Process
Every investment undergoes comprehensive analysis with full transparency and rigorous documentation:
Access to Company Financials Required
Research-Backed, Probability-Weighted Scenarios
Page Investment Memos
Minimum Target IRR Threshold
No access to financials, no investment. Our proprietary technology platform and systematic approach ensure institutional quality across every decision.
Track Record & Validation: Private Tech 30 Fund I
Performance Distribution
>5x Returns
Key Examples: DoorDash (9.4x), Coinbase (6.7x), Unity (5.7x)
2x-5x Returns
Key Examples: Snowflake (4.4x), Palantir (4.2x), Stripe (3.5x)
1x-2x Returns
Key Examples: Credit Karma (1.7x), Robinhood (1.6x), Slack (1.5x)
Partial Losses
Key Examples: Uber (0.5x), Nextdoor (0.5x), Impossible (0.4x)
Total Losses
Key Examples: Convoy (0.0x), Magic Leap (0.0x), WeWork (0.1x)
58% of positions generated positive returns.
Important: Past performance does not guarantee future results. Returns shown are net of all fees and expenses. Cambridge Associates rankings as of Q4 2024 (latest available). Investment involves substantial risk including potential loss of principal. Private investments are illiquid and not suitable for all investors. See full disclosures.
Fund Terms & Structure
Size
Up to $200M
Target Portfolio
30 companies
Position Size
$1-10M
Management Fee
1.5%
Carry
15% (8% hurdle)
Investment Period
3 years
Fund Term
6 years + 2 one-year extensions
Final Close
October 31, 2025
Geography
US focus (up to 15% international)
Co Investment
Offered on all qualifying deals
Investment Team Leadership
Ziad Makkawi
Founder & CEO
Three decades of experience building and leading investment firms across venture capital, asset management, and investment banking. Currently chairs EQUIAM's Investment Committee while serving on the investment committees of Dubai Future District Fund ($200M sovereign venture) and advising Playbook ($200M Indian growth fund). Previously founded and sold Algebra Capital ($1.5B AUM) to Franklin Templeton, and led Istithmar World's $5B PE portfolio as CEO/CIO. Started career as systematic arbitrage trader at JP Morgan. MBA from NYU Stern, MA from Columbia, BA from Rice.
John Zic
Founding Partner
Initial architect of EQUIAM's systematic investment model for private markets. Seven years leading the firm's capital deployment and portfolio management across multiple funds. Previously early hire at Forge (NYSE: FRGE) where he developed the first private market index based on real-time secondary pricing data. Deep expertise in private secondary market dynamics and data analytics. Started career at EY's consulting practice. BBA from University of Notre Dame.
Arin Nazarian
Partner
Decade of principal investment experience with over $1 billion deployed across private markets. Leads investment execution, deal sourcing, and diligence at EQUIAM. Previously rose from seventh hire to Principal at Kingfish Group. Earlier experience includes Lehman Brothers and investing for a Goldman Sachs founding partner's family office. Graduated from USC Marshall School of Business Honors Program.
Joe Day
Partner
Quantitative investment specialist with expertise spanning public and private markets. Previously Partner at Tribe Capital developing data-driven strategies for late-stage private companies, and investor at Bridgewater Associates designing systematic equity strategies. Unique combination of theoretical depth (PhD in Physics from University of Graz, visiting scholar at Stanford) and practical finance expertise (Master's in Financial Engineering from Cornell).
Laxus Tat
Principal, Investment Engineering
Lead engineer for EQUIAM's proprietary investment technology platform. Pioneered integration of LLM/ML tools to accelerate investment analysis capabilities. Expertise bridges quantitative analysis and practical implementation. Master's in Financial Engineering from UCLA Anderson.
Common FAQs
Q: “Why not interval funds or public alternatives like PRIVX, ARK Venture, or DXYZ?”
A: Interval funds suffer from significant cash drag and much worse liquidity than promised, particularly during market sell-offs. Publicly traded alternatives, like DXYZ (a closed-end fund), often trade at massive premiums to NAV - creating significant downside risk for investors. We offer direct exposure without the structural inefficiencies.
Q: “What if IPO markets close again?”
A: The size, scale, and tier-1 backing of our portfolio companies ensures multiple exit paths remain viable. We've executed several secondary sales across our active positions, proving that tactical buyers consistently seek quality assets regardless of IPO market conditions. M&A also remains active for category leaders at our target scale.
Process Deep Dive
Our Systematic, Data-Driven Investment Process
Phase 1: Systematic Company Screening
Data sources ingested and mapped
Series B+ VC-backed companies tracked
Filters/signals identify best opportunities
Phase 2: Secondary Supply Sourcing
Phase 3: Machine/Human Hybrid Analysis
Research-backed, probability-weighted scenarios using proprietary tooling
Page investment memos generated via hybrid approach
Team expertise fills gaps in automated research
Phase 4: Investment Committee Deliberation
Dynamic Portfolio Construction
Company-specific risk
Business model maturity, competitive positioning, management quality
Liquidity risk
Expected time to liquidity event, secondary market depth
Company size
Scale provides stability and multiple exit paths
Binary outcome risk
Regulatory approval, product launch success, market adoption
Balance sheet risk
Cash runway, debt levels, funding requirements
Correlation risk
Sector concentration, economic sensitivity, timing clustering
Conclusion
EQUIAM Private Tech 30 Fund II represents a differentiated approach to capturing value in late-stage technology markets. By focusing on structural inefficiencies in the secondary market for individual positions, we deliver:
Structural
Advantage through better entry mechanics
Faster
Realization via compressed horizons
Multiple
Exit paths across market conditions
Institutional
Quality in underserved segment