EQUIAM
EQUIAM is a San Francisco-based systematic private investment firm managing funds focused on direct secondary transactions in growth and late-stage technology companies, serving institutional qualified purchasers and providing liquidity to employees, founders, and early investors.
- Company typePrivate
- Founded2018
- HeadquartersSan Francisco, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What EQUIAM does
EQUIAM is a San Francisco-based systematic private investment firm founded in 2018 that manages funds focused on direct secondary transactions in growth and late-stage technology companies. The firm operates two distinct strategies: a concentrated Private Tech 30 approach targeting approximately 30 positions in the 100 largest US private tech companies with near-term IPO potential, and a broader Private Alpha strategy covering roughly 3,000 Series B+ companies. Since inception, EQUIAM has deployed capital across 90 portfolio companies and recorded 30+ successful exits, with Private Tech 30 Fund I delivering 1.86x DPI and 27.5% net IRR against Cambridge Associates benchmarks.
The firm's core technology is a proprietary systematic investment platform that ingests and maps 15+ private market data sources, tracks 2,600+ Series B+ VC-backed companies, and deploys 20+ proprietary signals to identify opportunities. Each potential position is underwritten through 25-40 page investment memos, 4-6 probability-weighted scenarios, and share-class-level cap table pricing against exit outcomes, with a stated minimum target IRR threshold of 25%. Deal flow is sourced through premier brokerage platforms (Forge, Caplight, Setter, Hiive), bulge bracket secondary desks (Morgan Stanley, Goldman Sachs, UBS, Macquarie), GP partnerships, and direct employee and HR networks. The firm also distributes a public NetNet fee comparison tool and operates an invite-only Co-Investment Portal for existing LPs.
EQUIAM's revenue model is asset management economics: a 1.5% management fee on committed capital, plus 15% carried interest with a hurdle on fund profits. Capital is raised under Regulation D 506(c) exclusively from qualified purchasers as defined in Section 2(a)(51) of the Investment Company Act of 1940, targeting institutional investors and family offices. The firm has progressed through four fund generations (PT30 Fund I in 2019, Private Alpha Fund in 2021, Private Alpha Fund II in 2023, and the currently active Private Tech 30 Fund II launched in late 2025), with strategy evolution from 100% secondary in Fund I to blended 70-80% secondary / 20-30% primary allocations in the current vehicle.
EQUIAM firmographics
Firmographics- Name
- EQUIAM
- Legal name
- EQUIAM LLC
- Website
- https://equiam.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- EQUIAM is a San Francisco-based systematic private investment firm managing funds focused on direct secondary transactions in growth and late-stage technology companies, serving institutional qualified purchasers and providing liquidity to employees, founders, and early investors.
- Ownership category
- akta.pro rank
EQUIAM industry classification
Industry- Product category
- Private Equity Fund Management
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Alternatives & Multi-Asset Digital Wealth Platforms (PE/VC/Real Assets access) (FSAGAEAL)
- akta.pro secondary industries
- Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE), Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC)
Keywords
Where EQUIAM is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
EQUIAM business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Others
Revenue model
- Fund Management Fees: Management fees charged on committed capital for managing Private Tech 30 Fund II and other funds. The NetNet tool demonstrates typical fund economics with management fees and operating expenses deducted from commitment.
- Carried Interest (Performance Fees): Profit participation typically structured as carried interest (e.g., 1.5/15 structure referenced in NetNet tool). The NetNet tool shows effective GP take rates ranging from 18.5% to 23.3% depending on fee structure scenarios.
- Secondary Transaction Fees: Revenue generated from direct secondary transactions where EQUIAM purchases illiquid private company equity positions from employees, founders, and early investors at negotiated prices and potentially exits at higher valuations
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | 1.5/15 Fund Structure |
| Other | Multi-year contract | Fund Structure Comparison Tool |
Go-to-market motion3 records
Distribution channels2 records
Marketing channels6 records
EQUIAM product offering
Product offeringCore offering
EQUIAM is an investment management firm that runs systematic funds focused on growth and late-stage technology companies, primarily through direct secondary transactions. The firm screens 2,600+ Series B+ companies using 15+ data sources and 20+ proprietary signals, sources illiquid private equity positions from employees, founders, and early investors, then underwrites each share class against probability-weighted exit scenarios. Capital is deployed through fund vehicles including Private Tech 30 (concentrated top-100 strategy) and Private Alpha (broader Series B+ universe), supported by proprietary tools such as the NetNet fee comparison calculator and an invite-only Co-Investment Portal for qualified purchasers.
Product overview
EQUIAM is an investment firm managing multiple fund vehicles focused on growth and late-stage technology companies through direct secondary market transactions. The firm operates two distinct investment strategies: the concentrated Private Tech 30 approach targeting ~30 positions in the 100 largest US private tech companies with near-term IPO potential, and the broader Private Alpha strategy covering ~3,000 Series B+ companies. The product suite includes four historical funds (Private Tech 30 Fund I, Private Alpha Fund, Private Alpha Fund II, and currently raising Private Tech 30 Fund II), supported by proprietary tools including the NetNet fee comparison calculator and an invite-only Co-Investment Portal for investor access.
Differentiator
Problem solved
Functional benefit
Brands
- NetNet Tool: A fee comparison tool that allows users to compare fund structures and see true returns after fees. It analyzes management fees, profit sharing, carried interest, and calculates effective GP take rates.
Products and services
- Private Tech 30 Fund II Concentrated investment fund targeting the 100 largest US private tech companies meeting $100M+ TTM confirmed revenue and Tier 1 VC backing criteria. Focus on companies with 12-36 month IPO horizons, investing 70-80% in secondary transactions and 20-30% in primary opportunities. Available exclusively to qualified purchasers.
- Private Tech 30 Fund I Founding fund launched Q2 2019 focused on top 100 largest US private tech companies via direct secondary market transactions. Achieved 1.86x DPI and 27.5% net IRR.
- Private Alpha Fund Broader universe strategy launched Q2 2021 tracking ~2,000 Series B+ companies with 85% secondary and 15% primary investment approach.
- Private Alpha Fund II Refined broader universe strategy launched Q2 2023 expanding coverage to ~3,000 Series B+ companies with 70% secondary and 30% primary allocation.
- NetNet Fee structure comparison tool enabling investors to compare two fund structures side by side and calculate true returns after fees, including management fees, carried interest, operating expenses, and performance scenarios. Shows effective GP take rates ranging from 18.5% to 23.3% depending on fee structure scenarios.
- Co-Investment Portal Invite-only investor portal providing co-investment access and account management for qualified purchasers of EQUIAM's funds.
Quantifiable outcome
- 1.86x DPI ranking in 99th percentile of 2019 vintage PE/VC funds
- +3 more outcomes
Companies that use EQUIAM
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
EQUIAM technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
EQUIAM partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- Forge Global (NYSE: FRGE)corePremier brokerage platform partner for sourcing secondary deal flow. John Zic was employee #6 at Forge where he developed the first private market index based on real-time secondary pricing data. EQUIAM sources deals through Forge's platform.
- CaplightcoreTechnology-enabled platform bringing price transparency to secondary transactions. Used as a source for deal origination and market pricing data.
- Nasdaq Private MarketcoreLeads company-sanctioned tender offers, with $10B+ in transactions over last 24 months. EQUIAM participates in these institutional-quality secondary transactions.
- Other General Partners (GPs)minorStrategic partnerships with other GPs to find proprietary deal flow for secondary transactions in their portfolio companies.
- Cambridge AssociatescoreBenchmark data provider. PT30 Fund I performance compared against Cambridge Associates Q3 2025 data from 112 U.S. PE/VC funds.
Scale indicators8 records
Recent moves6 records
Expansion highlights5 records
EQUIAM competitors and assessment
Company assessmentDirect peers
- Setter Capital: Setter Capital is a secondary market platform for private fund interests and direct private company equity. EQUIAM sources deals through Setter, making it both a partner and a comparable intermediary competing for the same secondary transaction flow.
- EquityZen: EquityZen is a private stock investment platform that facilitates secondary transactions in late-stage private companies, connecting shareholders with accredited investors. It is directly comparable to EQUIAM in providing liquidity solutions for private company employees and early investors.
- Caplight: Caplight is a tech-enabled platform bringing price transparency to secondary transactions in private companies. EQUIAM uses Caplight as a deal origination and pricing source, and Caplight competes in the same secondary price discovery and execution space.
- Linqto: Linqto is a private investment platform that enables individual and institutional investors to buy shares of private companies. It is a directly comparable peer to EQUIAM's secondary transaction business, with greater retail orientation but overlapping target assets.
- Nasdaq Private Market: Nasdaq Private Market leads company-sanctioned tender offers, with $10B+ in transactions over the last 24 months. EQUIAM participates in these institutional-quality secondaries, making NPM both a partner and a direct competitor in the same transaction flow.
- Hiive: Hiive is a private stock marketplace for late-stage private company shares, providing price transparency and execution for secondaries. EQUIAM sources deals through Hiive, making it a directly comparable platform competitor in the same secondary market ecosystem.
- SharesPost: SharesPost is an online private equity marketplace that connects buyers and sellers of shares in pre-IPO companies. It is directly comparable to EQUIAM's secondary market investing business model, providing liquidity for private company shareholders.
- Forge Global: Forge Global (NYSE: FRGE) is the largest private stock trading platform, providing secondary market liquidity for shares in private companies. EQUIAM sources deals through Forge and John Zic was employee #6 there, making Forge both a partner and a directly comparable competitor in private market secondaries.
Broad incumbents
- Lexington Partners: Lexington Partners is one of the largest secondary private equity fund managers globally, providing liquidity solutions across LP secondaries and direct secondaries. While larger and more established, Lexington competes for the same institutional secondary investment opportunities as EQUIAM.
- Industry Ventures: Industry Ventures is an established investment firm focused on venture capital and secondary fund interests, with a multi-strategy approach including direct secondaries and LP secondaries. It is comparable to EQUIAM as a broader incumbent in the private market secondaries space with a longer track record.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
EQUIAM social profiles
Digital presenceEQUIAM financial estimates
Financial estimateRevenue estimate
Valuation estimate
EQUIAM leadership team
Management profileNumber of profiles
Profiles13 records
EQUIAM funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
EQUIAM M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about EQUIAM
What does EQUIAM do?
EQUIAM is an investment management firm that runs systematic funds focused on growth and late-stage technology companies, primarily through direct secondary transactions. The firm screens 2,600+ Series B+ companies using 15+ data sources and 20+ proprietary signals, sources illiquid private equity positions from employees, founders, and early investors, then underwrites each share class against probability-weighted exit scenarios. Capital is deployed through fund vehicles including Private Tech 30 (concentrated top-100 strategy) and Private Alpha (broader Series B+ universe), supported by proprietary tools such as the NetNet fee comparison calculator and an invite-only Co-Investment Portal for qualified purchasers.
Is EQUIAM a public or private company?
EQUIAM is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was EQUIAM founded?
EQUIAM was founded in 2018. It employs 11 to 50 people.
Where is EQUIAM based?
EQUIAM is headquartered in San Francisco, United States, in the North America region.
How does EQUIAM make money?
Three revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest (Performance Fees) and secondary Transaction Fees.
Who are EQUIAM's main competitors?
Direct peers on record are Setter Capital, EquityZen, Caplight, Linqto, Nasdaq Private Market, Hiive, SharesPost and Forge Global. Broad incumbents are Lexington Partners and Industry Ventures.
Does EQUIAM have an API?
No public API is recorded for EQUIAM.
What industry is EQUIAM in?
EQUIAM's product category is Private Equity Fund Management. Its primary akta.pro industry code is FSAGAEAL, Alternatives & Multi-Asset Digital Wealth Platforms (PE/VC/Real Assets access), with a secondary code of BPAHAOAE, Equity Capital Advisory (Private Equity Placements, Growth Capital). Its NAICS code is 523940 and its SIC code is 6282.