EQUIAM Private Tech 30 Fund II
Proven private companies, entered at inflection points.
The Thesis
We give investors access to a portfolio of ~30 private tech companies 12-36 months from expected liquidity, targeting faster cash returns than traditional 10-12 year funds.
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Portfolio holdings
Exclusive Opportunity for Qualified
Purchasers
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.
01 · Market Opportunity
$1.5 Trillion in stranded private wealthBy the time they IPO, they are already giants.
Companies now stay private far longer, reaching public-company scale before they ever list. The growth that once accrued to public shareholders now happens before the ticker exists.
At IPO, the valuation gap widens to 1,000x+: Amazon debuted at $0.43B; SpaceX listed at $1.75T.
Revenue is total revenue in the year before IPO; historical figures inflation-adjusted to 2025 dollars, late-stage figures are trailing-twelve-month estimates, latest available (Anthropic derived from disclosed ARR). Valuation is value at IPO for the historical cohort; SpaceX at its June 2026 listing, Anthropic and OpenAI at most recent private marks (post-money). Horizontal scales are logarithmic. Source: Refinitiv, Pitchbook, EQUIAM data transformation.
More than 1,300 unicorns sit stranded in private markets, collectively worth roughly $4 trillion. Of that, around $1.5 trillion is held by founders, early employees, and early investors.1 Long-tenured holders increasingly need liquidity before an ever distant public exit.
The growth phase has gone private.
Company Insiders
Founders, C-suite, and early employees seeking diversification, life event liquidity, or tax planning
Early Investors
Angels looking to crystallize gains, and Seed/Series A investors with expiring fund lives needing to return capital to LPs
Institutional Holders
Secondary funds, hedge funds, and family offices rebalancing portfolios or rotating capital
Most institutional pools chase primary growth equity. We solve a different problem: liquidity for the holders who built these companies.
1 Market size estimate: $4T+ total VC-backed market cap. Our target sellers (early employees 5-10% ownership, early investors 5-15%, founders 10-20%) collectively control ~37% of equity, representing $1.5T+ in illiquid positions. The remaining $2.5T is held by institutional funds with long-term holding strategies through IPO/acquisition.
02 · Investment Strategy
Where we play and how we winWe focus exclusively on companies that have achieved substantial scale and market validation.
✕Stage 01
Early Growth
$1-50M
TTM Revenue
High subordination risk, model uncertainty, limited exit visibility
Avoid
✕Stage 02
Scale-Up
$50-100M
TTM Revenue
Preference stack still meaningful, exit timeline uncertain
Monitor
✓Stage 03
Pre-IPO Leaders
$100M+
TTM Revenue
Established position, IPO prep visible, multiple acquirers identified
Tactical
✓Stage 04
IPO-Ready
$200M+
TTM Revenue
Active S-1 prep, senior financial leadership, minimal subordination risk
Optimal
At this scale, we're underwriting business fundamentals, not venture risk.
The investable universe
At any given time: the 100 largest U.S. private tech companies meeting both filters, Tier 1 VC backing and $100M+ trailing-twelve-month revenue.
A living list
The list churns by 3-5 names a month, so 200-280 distinct companies rank within it over the 3-year investment period. We target 10-12 investments a year, building to a final book of ~30. Effectively, only the top 10-15% of available names make their way in.
Phase 01 · Screen
- 15+ data sources monitored
- 2,600+ VC-backed companies tracked
- Proprietary signals identify IPO-ready
- $100M+ revenue scale focus
Phase 02 · Source
- Brokerage platforms & bank secondary desks
- GP relationships & proprietary deal flow
- Employees & issuers, direct
- Relationships built over 7+ years
Phase 03 · Analyze
- Verified financials anchor underwriting
- Scenario-based underwriting drives entry pricing
- Institutional-grade investment memos
Phase 04 · Decide
- Pre-committed maximum bid on every deal
- Position sizing optimized
- $1-10M typical check size
- Liquidity timeline confirmed
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
We underwrite each share class on the stack against probability-weighted exit scenarios, committing only when the price clears our margin of safety
Most capital goes to work through negotiated secondary blocks, with selective primary allocations sourced directly or through GP relationships
We employ a position-sizing methodology that factors in multiple risk dimensions to optimize portfolio construction:
Many of these risks are mitigated at Top-100 scale. They are not zero. Position size is where that judgment lands. Dial levels and sizes shown are strictly illustrative, not readings of any actual position.
03 · Active Portfolio
Private Tech 30 Fund II holdings · 9 active positions
Fintech
The payments layer of the internet economy
Aerospace
Launch dominance, plus Starlink's compounding subscriber base
Data Analytics
Where enterprise data and AI workloads consolidate
Data Infrastructure
The data platform underneath the GPU buildout
Developer Infrastructure
The deployment layer of the modern web
AI
AI-native search, taking query share from incumbents
Fintech
The bank-data rails beneath modern fintech
Fintech
Banking for the startup economy
Cybersecurity
Autonomous penetration testing for enterprise software
04 · Track Record · Private Tech 30 Fund I
Top 5% DPI per Cambridge Associates · 2019 vintage>5x Returns
3· 8%DoorDash (9.4x), Coinbase (6.7x), Unity (5.7x)
2x-5x Returns
10· 26%Snowflake (4.4x), Palantir (4.2x), Stripe (3.5x)
1x-2x Returns
8· 21%Credit Karma (1.7x), Robinhood (1.6x), Slack (1.5x)
Partial Losses (0.25x-1.0x)
12· 32%Uber (0.5x), Nextdoor (0.5x), Impossible (0.4x)
Total / Near-Total Losses (<0.25x)
5· 13%Convoy (0.0x), Magic Leap (0.0x), WeWork (0.1x)
21 of 38 positions (55%) delivered or are tracking above invested capital.
Important: EQUIAM performance data as of December 31, 2025. Past performance does not guarantee future results. Returns shown are net of all fees and expenses. Cambridge Associates rankings as of Q3 2025 (latest available). Investment involves substantial risk including potential loss of principal. Private investments are illiquid and not suitable for all investors. See full disclosures.
Complementary Portfolio
Core + EQUIAM = ResultHow EQUIAM enhances your existing PE/VC portfolio.
Curve shapes are strictly illustrative of timing profiles, not projections of performance or of any actual portfolio.
05 · Fund Terms
Structure · economics · service providers
06 · Investment Team
4 principals · ~$1B+ deployed across private markets
01Founder & CEO
Ziad Makkawi
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.
02Founding Partner
John Zic
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 employee #6 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.
03Partner
Arin Nazarian
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.
04Partner
Joe Day
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).
07 · Frequently Asked Questions
Click to expandHow does this compare to interval funds or publicly-listed private market vehicles?
Different structures produce different incentives. Interval funds rely on self-reported NAV to set both fee bases and redemption prices, often gating liquidity at the manager's discretion when conditions sour. Listed vehicles trade at premiums or discounts to NAV with no arbitrage mechanism. We charge fees on committed capital only, never on self-reported marks. LPs enter at our cost basis with a defined fund horizon, and we earn carry only on realized profits.
What if IPO markets close again?
An extended IPO drought may lengthen the timeline to liquidity. Our mitigation has three legs: secondary markets, which cleared $240B in volume in 2025 (up 48%, the largest year on record) and have matured into a real liquidity venue between funding rounds; M&A, which remains active for category leaders at our scale and has historically delivered exits independent of IPO conditions; and disciplined entry pricing, which doesn't require IPO conditions to underwrite a return. Historical EQUIAM realizations include company-led tenders, bilateral block sales, acquisitions, and post-IPO open-market sales; an IPO has been one path among several. That said, investors should expect potential DPI delays in extended freezes. That's the asset class, not the strategy.
Can I co-invest alongside the fund in specific positions?
Yes. Co-investment rights are offered to LPs on all qualifying deals. This lets investors deploy additional capital into specific positions where they have particular conviction.
How is performance reported?
Quarterly unaudited financial reporting through SS&C, our fund administrator, with annual audited statements from EisnerAmper. Reporting includes portfolio-level and position-level marks, capital deployed, distributions, and standard fund metrics (DPI, TVPI, IRR).
08 · Ready to begin?
Four steps to allocationExpress Interest
Complete our brief form
Initial Discussion
30-minute call with our team
Due Diligence
Review fund documents
Commitment
Secure your allocation
A portfolio of ~30 proven private companies, each 12-36 months from expected liquidity at entry.