equation
Munich-based next-generation asset manager founded in 2020, operating AI/ML- and NLP-powered proprietary analytics software alongside fund-of-funds VC/PE investment solutions for institutional LPs and emerging fund managers.
- Company typePrivate
- Founded2020
- HeadquartersMunich, Germany
- Headcount11–50
- GTM typeB2B
- OfferingServices
What equation does
equation is a Munich-based, next-generation asset manager founded in 2020 by Mark Schmitz (formerly Partner at Lakestar) and Prof. Reiner Braun (TU Munich). It operates a hybrid model that combines proprietary software analytics with tailored VC and PE investment solutions for institutional investors and emerging fund managers, structured across equation AG (the software and analytics entity) and equation Management GmbH (the regulated investment management entity).
Its core technology stack is the equation Analytics Platform — an AI/ML- and NLP-driven software layer that ingests large-scale public and private PE/VC fund data, extracts features from fund prospectuses and offering documents, and applies predictive analytics on fund performance, secondaries, and SFDR/KAGB-aligned compliance. In October 2023, equation acquired Betterfront Technologies, adding a GP-facing SaaS platform used by 2,000+ active fund investors that has supported €4B+ raised by fund managers since 2019; Betterfront's leadership was integrated, with Michel Geolier joining as VP Business Development. A third product, PE Toolbox, is planned for 2024 to extend the analytics offering into private equity workflows.
The business earns revenue through a mix of (i) fund-of-funds management fees and potential carry on its own VC/PE vehicles, (ii) Betterfront SaaS subscriptions and dealflow services sold to emerging fund managers, and (iii) LP-facing subscriptions and advisory access to the equation Analytics Platform. Customers include institutional LPs (pension funds, endowments, family offices) and a named base of European emerging VC managers such as Cherry Ventures, Cusp Capital, Partech Partners, Visionaries, Puzzle Ventures, Amino Collective, Meridian Street Capital, Leap Ventures, Nucleus Capital, Vsquared, Creator Fund, Possible Ventures, and Discovery Ventures. The firm employs 11–50 people and has begun geographic expansion into the United States.
equation firmographics
Firmographics- Name
- equation
- Legal name
- equation AG
- Website
- https://equationcap.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Munich-based next-generation asset manager founded in 2020, operating AI/ML- and NLP-powered proprietary analytics software alongside fund-of-funds VC/PE investment solutions for institutional LPs and emerging fund managers.
- Ownership category
- akta.pro rank
equation industry classification
Industry- Product category
- Private Markets Asset Management
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211), Services-Computer Integrated Systems Design (7373)
- akta.pro primary industry
- Quant Research & Systematic Strategies (FSACAGAF)
- akta.pro secondary industry
- ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL)
Keywords
Where equation is headquartered
LocationHeadquarters
- HQ city
- Munich
- HQ country
- Germany
- HQ region
- Europe
Offices1 record
Markets served
equation business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales
Revenue model
- Fund-of-Funds Investment Management: equation invests as a Limited Partner in VC and PE fund managers, earning management fees and carried interest on fund investments. As one of Europe's most active fund investors, the firm generates returns through primary and secondary fund transactions.
- Betterfront SaaS Platform: Betterfront provides a SaaS-based fundraising and analytics platform to fund managers, generating recurring subscription revenue. The platform serves as both a GTM tool for equation and a standalone product.
- LP Analytics Software Access: equation provides proprietary digital tools to Limited Partners for portfolio analysis, likely through software subscription or advisory service agreements.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
equation product offering
Product offeringCore offering
equation is a next-generation asset manager that invests in Venture Capital and Private Equity fund managers as a fund-of-funds, and develops proprietary analytics software (combining AI, machine learning, NLP, and large-scale data ingestion) to support data-driven investment decisions in private markets. The firm also operates the Betterfront platform (acquired October 2023) which provides SaaS-based fundraising tools and a digital marketplace for LP secondary fund stake transactions.
Product overview
equation is a next-generation asset manager in Venture Capital and Private Equity that combines a proprietary software analytics platform with tailored investment solutions. The core offering consists of the equation Analytics Platform (LP Solutions) for limited partners providing analytical insights using AI/ML, and Betterfront (GP Solutions) for general partners providing fundraising and track record analytics tools acquired in October 2023. The PE Toolbox is an upcoming product for PE investment analysis. Together, these products enable data-driven investment decisions across primary and secondary transactions in private markets.
Differentiator
Problem solved
Functional benefit
Brands
- Betterfront: Fundraising and data analytics platform for VC and PE fund managers. Provides track record visualization, smart data room functionality, and LP secondary stake marketplace enabling liquidity for investors.
Products and services
- LP Solutions Comprehensive VC and PE portfolio analysis solution providing analytical insights throughout the LP investment process. Uses AI and ML methods to identify gaps in risk, return, and liquidity profiles and facilitates primary and secondary investment decisions. Targets institutional Limited Partners including pension funds, endowments, foundations, and family offices.
- Betterfront (GP Solutions) All-in-one fundraising and track record analytics platform for VC and PE fund managers. Enables fund managers to visualize track records, connect with investors via smart data rooms, and facilitate secondary transactions of LP fund interests on its digital marketplace. Targets both emerging and established VC and PE fund managers globally.
- Venture Capital Fund-of-Funds Investment Product
Quantifiable outcome
- Betterfront supported €4B+ in fundraising for fund managers since 2019
- +2 more outcomes
Companies that use equation
Customer profileNamed customers13 records
Segments4 records
Ideal customer profiles3 records
equation technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability5 records
Feature4 records
equation partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Betterfront Technologies GmbHcoreequation AG acquired Betterfront Technologies GmbH, a VC fundraising and data analytics platform founded in 2019. The acquisition aims to re-invent the archaic fundraising process in Private Markets and facilitate liquidity for VC and PE investors. Betterfront allows fund managers to visualize track records and connect with investors via smart data rooms, and enables LP secondary stake transactions on its digital marketplace. Michel Geolier (co-founder/CEO) joined equation as VP of Business Development and leads Betterfront as an independent entity.
Scale indicators6 records
Recent moves6 records
Expansion highlights5 records
equation competitors and assessment
Company assessmentBroad incumbents
- PitchBook: Comprehensive private and public capital markets data provider. Comparable on the LP/GP analytics dimension that equation serves, but as a broad incumbent data platform rather than a fund investor.
- Preqin: Largest dedicated private markets data and analytics provider. Highly comparable to equation's LP analytics platform on data coverage and benchmarking, but operates as a broad incumbent across asset classes rather than a fund investor.
- Cambridge Associates: Global investment advisory firm advising institutional clients on private markets allocations. Comparable on the institutional LP advisory side of equation's business, but as a much larger established advisor.
- StepStone Group: Global private markets investment manager focused on fund-of-funds, co-investments and secondaries. Comparable on the fund-of-funds and emerging-manager mandate, but at much larger scale and broader scope than equation.
- Pantheon Ventures: Long-established private markets fund-of-funds and co-investment manager. Comparable to equation's fund-of-funds strategy and emerging-manager focus, but with decades more vintages and a global LP base.
- Hamilton Lane: Established private markets investment manager with fund-of-funds, separate accounts and data/analytics (e.g., Odyssey). Comparable as a combined fund-of-funds + private markets data provider, though operating as a large public incumbent.
Emerging players
- Carta: Private market cap table, fund administration and LP reporting platform. Comparable to Betterfront's investor communication and track-record analytics functionality, with overlap in serving GPs managing LP relationships.
Direct peers
- Privé Technologies: Digital wealth management platform specializing in private markets fund access and reporting. Comparable because it serves financial institutions with a tech-led private markets solution similar to equation's Betterfront and LP analytics offerings.
- Moonfare: European private markets platform offering feeder fund access to VC and PE funds alongside data and analytics. Comparable as a European fintech-enabled fund-of-funds with proprietary technology stack targeting institutional and private wealth investors.
- iCapital Network: US-headquartered private markets platform providing technology, analytics and fund access to LPs and wealth advisors. Closest comparable to equation's combined fund-of-funds investing + analytics SaaS model, albeit at significantly larger scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
equation social profiles
Digital presenceequation compliance and trust
Trust signalCompliance2 records
equation financial estimates
Financial estimateRevenue estimate
Valuation estimate
equation leadership team
Management profileNumber of profiles
Profiles8 records
equation subsidiaries and ownership
Company hierarchySubsidiaries1 record
equation funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
equation M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about equation
What does equation do?
equation is a next-generation asset manager that invests in Venture Capital and Private Equity fund managers as a fund-of-funds, and develops proprietary analytics software (combining AI, machine learning, NLP, and large-scale data ingestion) to support data-driven investment decisions in private markets. The firm also operates the Betterfront platform (acquired October 2023) which provides SaaS-based fundraising tools and a digital marketplace for LP secondary fund stake transactions.
Is equation a public or private company?
equation is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was equation founded?
equation was founded in 2020. It employs 11 to 50 people.
Where is equation based?
equation is headquartered in Munich, Germany, in the Europe region.
How does equation make money?
Three revenue lines are on record. Fund-of-Funds Investment Management is the primary driver. The others are betterfront SaaS Platform and LP Analytics Software Access.
Who are equation's main competitors?
Broad incumbents on record are PitchBook, Preqin, Cambridge Associates, StepStone Group, Pantheon Ventures and Hamilton Lane. Carta is listed as an emerging player. Direct peers are Privé Technologies, Moonfare and iCapital Network.
Does equation have an API?
No public API is recorded for equation.
What industry is equation in?
equation's product category is Private Markets Asset Management. Its primary akta.pro industry code is FSACAGAF, Quant Research & Systematic Strategies, with a secondary code of FSANAJAL, ESG Integration / Responsible Investment Funds (Broad ESG). Its NAICS code is 525 and its SIC code is 6282.