Thirdpath
Thirdpath is a private, employee-owned alternatives solutions platform founded in 2025 by former StepStone executives that delivers bespoke private markets investment solutions — including custom Separate Managed Accounts, a GP Seeding & Stakes Fund, and Private Market Services — to institutional allocators such as endowments, foundations, pension funds, family offices, and RIAs.
- Company typePrivate
- Founded2025
- HeadquartersSan Diego, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Thirdpath does
Thirdpath is a private, employee-owned alternatives solutions platform founded in 2025 by former StepStone Group executives Brey Jones and John McGuinness, headquartered in San Diego. The firm delivers bespoke private markets investment solutions to institutional allocators — including endowments, foundations, pension funds, family offices, registered investment advisors, and sovereign wealth funds — across private equity, venture capital and growth equity, alternative credit, and real assets.
The platform comprises three offerings: (i) Bespoke Separate Managed Accounts with a $100M minimum, providing custom portfolio construction with direct access to primaries, secondaries, and co-investments; (ii) a GP Seeding & Stakes Fund (pooled vehicle, $5M minimum) that takes equity stakes in emerging managers with operational support, generating management-fee-plus-carry economics; and (iii) Private Market Services, a standalone operational support offering covering research, due diligence, forecasting, cash management, and institutional-grade reporting. The underlying technology stack is purpose-built for alternatives operations and includes a modern data architecture, AI-assisted analytical workflows, and dashboards designed for investment committees and boards.
Thirdpath monetizes through subscription-based management fees on SMAs and the GP Stakes Fund, plus professional-services fees for standalone Private Market Services engagements. Distribution is exclusively direct — high-touch consultative sales targeting institutional and ultra-high-net-worth allocators through relationship-building rather than marketplaces or channel partners. The firm publicly launched in May 2026 with approximately 15 named personnel and a senior team drawn from StepStone, PSP Investments, GIC, Carlyle AlpInvest, Benefit Street Partners, Oak Hill Advisors, and Nomura Capital Management, representing more than 150 years of combined private markets experience.
Thirdpath firmographics
Firmographics- Name
- Thirdpath
- Legal name
- Thirdpath, LLC
- Website
- https://thirdpath.com
- Company type
- Private
- Founded year
- 2025
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Thirdpath is a private, employee-owned alternatives solutions platform founded in 2025 by former StepStone executives that delivers bespoke private markets investment solutions — including custom Separate Managed Accounts, a GP Seeding & Stakes Fund, and Private Market Services — to institutional allocators such as endowments, foundations, pension funds, family offices, and RIAs.
- Ownership category
- akta.pro rank
Thirdpath industry classification
Industry- Product category
- Private Markets Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Managed Account / SMA Multi-Manager Platforms (FSANAGAL)
- akta.pro secondary industries
- Managed Account Platforms (Separately Managed Accounts / Customized Portfolios) (FSAHAKAC), Co-Investment / Direct Allocation Platforms (alongside FoF) (FSANAGAK), Emerging Manager / Small Fund Secondaries (FSANAFAL)
Keywords
Where Thirdpath is headquartered
LocationHeadquarters
- HQ city
- San Diego
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Thirdpath business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales
Revenue model
- Bespoke Separate Managed Accounts (SMAs): Custom-built SMAs providing full control over portfolio construction, pacing, and asset class allocation. Clients pay fees for fully customized portfolio design with direct access to primaries, secondaries, and co-investments. Fee structure is transparent with no hidden layers.
- GP Seeding & Stakes Fund: Pooled vehicle providing exposure to GP equity stakes in emerging managers, targeting long-term value through management company economics (management fees + carry). Offers access to enhanced deal flow via partner GPs.
- Private Market Services: Operational support including research & due diligence, forecasting, pacing & cash management, annual planning, risk assessment & reporting. Provides institutional-grade platform oversight for allocators.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Bespoke SMA - Custom-built Separate Managed Accounts |
| Subscription | Multi-year contract | GP Stakes Fund - Pooled vehicle for GP equity stakes |
| Other | Multi-year contract | Private Market Services - Operational support platform |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Thirdpath product offering
Product offeringCore offering
Thirdpath builds bespoke private markets investment solutions for institutional allocators through three core offerings: custom-built Separate Managed Accounts (SMAs) providing full control over portfolio construction across private equity, credit, venture capital, and real assets; a GP Seeding & Stakes Fund offering pooled exposure to GP equity stakes in emerging managers; and Private Market Services delivering institutional-grade operational support including research, due diligence, forecasting, pacing, cash management, and risk reporting. All offerings are supported by AI-assisted analytical workflows, modern data architecture, and institutional-grade reporting infrastructure.
Product overview
Thirdpath offers a platform-based suite of private markets investment solutions consisting of three core offerings: Bespoke SMA (Separate Managed Accounts) providing custom-built, separately managed accounts giving allocators full control over portfolio construction; the GP Seeding & Stakes Fund offering pooled exposure to GP equity ownership in emerging managers; and Private Market Services providing institutional-grade operational support with AI-assisted analytical workflows for research, due diligence, risk assessment, and cash management.
Differentiator
Problem solved
Functional benefit
Products and services
- Bespoke SMA Custom-built Separate Managed Accounts (SMAs) designed to give allocators full control over portfolio construction, pacing, and asset class allocation across private equity, credit, venture capital, and real assets. Includes direct access to primaries, secondaries, and co-investments, with tech-driven dashboards and reporting.
- GP Seeding & Stakes Fund A pooled vehicle offering exposure to Thirdpath's GP ownership strategy, targeting long-term value through equity stakes in emerging managers with operational support to accelerate GP growth. Provides passive exposure with quarterly reporting and access to a curated portfolio of GP equity stakes.
- Private Market Services Operational platform combining institutional expertise with modern data infrastructure and AI-assisted analytical workflows to support allocators across the full investment lifecycle, including research and due diligence, forecasting, pacing and cash management, annual planning, and risk assessment and reporting.
Companies that use Thirdpath
Customer profileSegments5 records
Ideal customer profiles4 records
Thirdpath technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Feature4 records
Thirdpath partnerships and signals
Strategic signalScale indicators4 records
Recent moves7 records
Expansion highlights6 records
Thirdpath competitors and assessment
Company assessmentBroad incumbents
- Park Hill (BlackRock): Park Hill is BlackRock's private markets fund placement and advisory arm, providing customized solutions across primaries, secondaries, and co-investments for institutional allocators. It competes with Thirdpath in custom private markets advisory, though within a much larger BlackRock platform.
- StepStone Group: StepStone Group is a global private markets solutions firm offering customized portfolios, SMAs, and advisory services to institutional allocators. It is Thirdpath's most direct and largest competitor and the former employer of its two founders, making it the most comparable peer in product, target customer, and operating model.
- Mercer Investments (Private Markets): Mercer is a global investment consulting firm providing private markets advisory, manager research, and SMA implementation for institutional clients. It competes with Thirdpath in allocator advisory and custom private markets portfolio construction within a much broader consulting framework.
Direct peers
- Hamilton Lane: Hamilton Lane is a private markets investment manager offering bespoke SMA solutions, fund investments, co-investments, and secondaries to institutional clients. Its SMA platform and multi-strategy private markets approach closely mirror Thirdpath's bespoke offering and client base.
- Grosvenor Capital Management: Grosvenor Capital Management is a global alternatives-focused investment firm that builds customized multi-manager portfolios and SMA mandates for institutional investors. It is a direct comparable in multi-manager SMA platform structure, customization, and institutional allocator focus.
- Mesírow Financial (Alternative Investments): Mesírow's Alternatives group builds customized multi-manager private markets portfolios for institutional and family office clients. Its bespoke SMA mandate model and multi-asset private markets focus directly mirror Thirdpath's core offering.
- Aksia: Aksia is an alternatives-focused investment advisor providing custom manager research, portfolio construction, and operational support to institutional allocators. Its research-driven SMA platform and advisor-focused positioning make it a close functional peer to Thirdpath's Private Market Services.
Emerging players
- CAIS: CAIS is a technology-driven alternatives marketplace that connects advisors with private funds, SMAs, and feeder products. It overlaps with Thirdpath's RIA-targeted distribution and tech-enabled alternatives platform positioning.
- Constance Capital: Constance Capital is a specialist private markets investment firm offering bespoke solutions and emerging-manager access to institutional allocators. Its emerging-manager focus and bespoke mandate structure are closely aligned with Thirdpath's GP seeding and SMA strategy.
- iCapital Network: iCapital is a fintech-powered alternatives platform offering institutional-quality private market access, SMA structures, and feeder vehicles to advisors and wealth platforms. It overlaps with Thirdpath's tech-enabled SMA infrastructure thesis, particularly in the RIA channel.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks2 records
Key highlights7 records
Customer concentration
Thirdpath social profiles
Digital presenceThirdpath compliance and trust
Trust signalCompliance1 record
Thirdpath financial estimates
Financial estimateRevenue estimate
Valuation estimate
Thirdpath leadership team
Management profileNumber of profiles
Profiles1 record
Thirdpath funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Thirdpath M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Thirdpath
What does Thirdpath do?
Thirdpath builds bespoke private markets investment solutions for institutional allocators through three core offerings: custom-built Separate Managed Accounts (SMAs) providing full control over portfolio construction across private equity, credit, venture capital, and real assets; a GP Seeding & Stakes Fund offering pooled exposure to GP equity stakes in emerging managers; and Private Market Services delivering institutional-grade operational support including research, due diligence, forecasting, pacing, cash management, and risk reporting. All offerings are supported by AI-assisted analytical workflows, modern data architecture, and institutional-grade reporting infrastructure.
Is Thirdpath a public or private company?
Thirdpath is a private company. It is classified as management employee owned and is currently operating.
When was Thirdpath founded?
Thirdpath was founded in 2025. It employs 11 to 50 people.
Where is Thirdpath based?
Thirdpath is headquartered in San Diego, United States, in the North America region.
How does Thirdpath make money?
Three revenue lines are on record. Bespoke Separate Managed Accounts (SMAs) is the primary driver. The others are GP Seeding & Stakes Fund and private Market Services.
Who are Thirdpath's main competitors?
Broad incumbents on record are Park Hill (BlackRock), StepStone Group and Mercer Investments (Private Markets). Direct peers are Hamilton Lane, Grosvenor Capital Management, Mesírow Financial (Alternative Investments) and Aksia. Emerging players are CAIS, Constance Capital and iCapital Network.
Does Thirdpath have an API?
No public API is recorded for Thirdpath.
What industry is Thirdpath in?
Thirdpath's product category is Private Markets Investment Management. Its primary akta.pro industry code is FSANAGAL, Managed Account / SMA Multi-Manager Platforms, with a secondary code of FSAHAKAC, Managed Account Platforms (Separately Managed Accounts / Customized Portfolios). Its NAICS code is 523940 and its SIC code is 6282.