EQUIAM Private Tech 30 Fund II
Curated Exposure to Private Blue Chips
Thesis
We give investors access to late-stage positions in proven tech companies 12-36 months from liquidity. We focus on secondary opportunities where timing, share structure, and valuation dynamics create compelling entry points with faster cash returns than traditional 7-10 year funds.
Representative portfolio companies
Superior Returns Through Better Entry Mechanics, Not Higher Risk
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.
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
Fund II is launching as the IPO market shows signs of reopening. We're targeting 30 exceptional late-stage companies positioned for liquidity events in 2026-2027.
Position your portfolio for the next wave of IPO activity
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-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.
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 Systematic Investment Process
Four-phase approach combining proprietary technology with decades of human expertise
Data-Driven Company Selection
- 15+ data sources continuously monitored
- Top 100 VC-backed companies by size tracked
- Proprietary signals identify IPO-ready companies
- Focus on $100M+ revenue scale
Extensive Secondary Network
- Active partnerships: Forge, Caplight, Setter, Hiive
- Investment banks: William Blair, Macquarie, UBS, MS, GS
- Direct employee & HR relationships built over 7+ years
- 2-3 week execution with full cash funding
Technology-Enhanced Human Expertise
- 100% financial access required - no exceptions
- 4-6 probability-weighted scenarios via proprietary tooling
- 25-40 page investment memos generated
- 20+ years team expertise drives analysis
Rigorous Final Review
- 25%+ target IRR threshold required
- Maximum bid price stress-tested
- Position sizing optimized for risk/return
- $1-10M typical check size
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.
This systematic approach differentiates us from both traditional growth funds and opportunistic secondaries players - we combine data-driven screening with rigorous individual analysis.
Experience our systematic advantage
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.
Join investors who trust our proven track record
Fund Terms & Structure
Fund Details
Fund Size
Up to $200M
Target Portfolio
30 companies
Position Size
$1-10M
Management Fee
1.5%
Carried Interest
15% (8% hurdle)
Investment Period
3 years (No recycling)
Fund Term
6 years + 1 + 1
Final Close
October 31, 2025
Geographic Focus
US focus (up to 15% international)
Co-Investment Rights
Offered on all qualifying deals
Professional Service Providers
Fund Administrator
SS&C
Legal Counsel
Cole-Frieman & Mallon LLP
Auditor
EisnerAmper
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
Process Deep Dive
Conclusion
EQUIAM Private Tech 30 Fund II represents a differentiated approach to capturing value in late-stage technology markets. By focusing on 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