Secondary is the New Primary
EQUIAM specializes in direct secondary transactions across the private market spectrum. From Series B to pre-IPO, we identify and invest in exceptional companies at the right price and time.
The $1.5 Trillion Opportunity
Today's private companies stay private for a median of 14 years before IPO. Employees, founders, and early investors hold over $1.5T in illiquid positions - and increasingly need liquidity before traditional exits. We've built the infrastructure to systematically identify and purchase these positions at the right price.
The Secondary Opportunity
Natural liquidity needs in extended holding periods
$1.5 Trillion+
Locked value in top VC-backed companies
$4 Trillion+ VC-Backed Market Cap
From $500B in 2005 per PitchBook
Tech IPOs Take 14 Years
Was just 4 years in 1999 boom
Employees & Founders Waiting
Life events can't wait for liquidity
Secondary sales now standard practice, not distressed events
Recent IPO Activity
Risk-on sentiment returning to growth assets (% returns since IPO)
Investing pre-IPO offers compelling upside in current environment.
Why Direct Secondaries Win Now
Nascent market with institutional vacuum
Institutional Rails, Few Trains
Infrastructure built, but few institutional buyers using it
Bulge Bracket Secondary Desks
Goldman, Morgan Stanley, UBS all in
Tech-Enabled Platforms Scale Access
Forge, Caplight bringing price transparency
Company-Sanctioned Tenders
Nasdaq Private Market, tender offers standard
Few Dedicated Funds
Most participate opportunistically
Our Investment Process
EQUIAM's systematic approach differentiates us from both traditional growth funds and opportunistic secondaries players - we combine the scale of data-driven screening with the precision of individual position analysis.
Screen 3,000+ Companies
- ✓Ingest and map 15+ private market data sources
- ✓Track 3,000+ Series B+ VC-backed companies
- ✓Deploy 20+ proprietary signals to identify opportunities
- ✓Focus on companies with clear liquidity paths
Source Deals
- ✓Partner with Forge, Caplight, Setter, and Hiive
- ✓Leverage investment bank relationships
- ✓Access direct employee and HR networks
- ✓Provide full cash funding at closing
Model Outcomes
- ✓Model 4-6 probability-weighted scenarios
- ✓Deploy proprietary tooling and automation
- ✓Require 100% access to company financials
- ✓Leverage 20+ years of team expertise
Investment Committee Decision
- ✓Stress-test all investment assumptions
- ✓Confirm maximum bid price
- ✓Determine optimal position size
- ✓Focus on risk-adjusted returns
Why Our Process Works
Speed & Scale Advantage
We write $1-10M checks in 2-3 weeks while larger funds need months for $50M+ deals
Cap Table Pricing Accuracy
We know exactly when preferred vs. common pricing stops mattering in late-stage companies
Orphaned Equity Monopoly
We're the leading institutional buyer for positions too small for mega-funds
Non-Competitive Positioning
We solve sellers' liquidity needs—not competing with Coatue, Tiger, or Sequoia for primaries
Small Team. Big Impact.
Our lean team of 8 moves faster than firms 10x our size. Every team member brings elite credentials and deep expertise to every deal.
Nimble by Design
Our lean team moves fast, closing deals in weeks while others take months
Elite Backgrounds
Alumni of JP Morgan, Bridgewater, Lehman Bros, and top universities
Proven Track Record
90+ investments, 30+ successful exits
Built & sold Algebra Capital ($1.5B AUM)
MBA NYU Stern • Former JP Morgan
Ziad Makkawi
Founder & CEO
Architect of EQUIAM's systematic model
Early Forge team • Notre Dame
John Zic
Founding Partner
$1B+ deployed across private markets
Ex-Lehman Bros • USC Marshall
Arin Nazarian
Partner
Former Bridgewater & Tribe Capital
PhD Physics • MFE Cornell
Joe Day
Partner
Built proprietary ML/LLM platform
MFE UCLA Anderson
Laxus Tat
Principal, Investment Engineering
Former Guggenheim & BNY Mellon
MBA NYU Stern • CFA Charterholder
Eric Borrow
Director, Operations
10-year institutional sales veteran
B. Riley Financial • UC Boulder
Kirk Oliver
Director, Placement & Distribution
Former Allianz Global Investors Director
JD UC Berkeley • California Bar
Yusef Alexandrine
Chief Operating Officer