Tech Secondaries. Differentiated.

We are an investment firm with a focus on late-stage tech companies in the direct secondary market

Finding compelling value in Tech.

01Lower Risk

  • Proven business models with excellent operating and financial metrics

  • Cash generation and/or sufficient funding to support growth through exit

02Higher Returns

  • Underlying growth at scale provides support for returns at conservative exit multiple assumptions

  • Value upside from lower entry multiples, as increasing supply of shares causes deep secondary discounts to last round/fair values

03Faster Liquidity

  • Tech assets with these characteristics tend to go public or get acquired within 1-4 year range

  • Shorter time to exits results in higher IRRs

Strong market foundation supports our investment thesis

Growing market for
Tech Secondaries

Transaction Volume

$bn

13
2010
12
2011
12
2012
13
2013
14
2014
16
2015
20
2016
25
2017
29
2018
33
2019
27
2020
46
2021
53
2023

Companies are staying private for longer

Median timeline to IPO has increased considerably

4 years
2000
8 years
2012
11 years
2023
Vintage

What Sets Us Apart

Differentiated approach to Tech Secondaries

01.

We are not a VC Fund

We focus on mature, well-funded, high-growth companies, leaving entry multiple as our main risk.

We avoid:

Typical VC risks – future funding, dilution, technology, product-market fit, etc.

02.

We invest globally

We look for companies that fit our target financial profile and have offers at compelling prices.

We don’t:

Artificially limit ourselves to a narrow mandate (e.g., a particular Geo or Sector).

03.

We are data-driven

We need to have visibility on a company’s financials and business plan.

We avoid:

Chasing names based on hype/FOMO or investing without having sufficient information.

04.

We cross over

Market dislocations can make public companies more attractive vs. their private peers.

We don’t:

Ignore public markets to find the right investment targets.

Our Team

Ilya Pelts

MANAGING PARTNER

18 years of Tech investment banking with Morgan Stanley and Credit Suisse.

Global network of Tech entrepreneurs, investors and executives as a result of a long track record of providing strategic advice to leading Tech companies and sponsors.

Intimate knowledge of Tech from all angles - software development, advisory and investing.

Kirill Cehoval

MANAGING PARTNER

19 years of investment experience on both buy-side and sell-side, including Intel Capital and Credit Suisse.

Managed portfolios across different asset classes, from VC to publicly traded investments.

Unique perspective on sourcing and analyzing Tech targets by crossing between private and public markets.

Contact Us

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