Equality Asset Management

Co-Founders and Managing Partners Tom Roberts and Jeff Del Papa lead the investment process. Roberts spent nearly 30 years at Summit Partners, serving as Managing Partner and Investment Committee member; Del Papa’s career includes Thoma Bravo and TA Associates. Operating decisions are supplemented by embedded operating partners with C-level experience at companies like Cimpress and Scribe Software.

The firm runs a thesis-driven sourcing model targeting vertical-vertical GRC and compliance software categories where regulation creates high switching costs. Complex carve-outs and multi-party integrations — such as the simultaneous formation of Auctivo from three companies — generate proprietary processes because larger funds often lack the appetite for smaller, intricate deals. EAM also uses network-driven intermediaries; for example, it was introduced to Rhoads Online Institute by financial advisor Sherman & Co. in 2024.

EAM invests exclusively in product-led software and software-enabled services firms in the lower middle market. It targets capital-efficient companies with $10M to $50M in recurring revenue and writes $25M to $150M equity checks across enterprise software, compliance, insurtech, healthcare services, and communications infrastructure. Recent examples include Auctivo (GRC), Connectbase (telecom data infrastructure), and PCMI (warranty administration software).

EAM is a direct buyout and growth-equity investor. It does not act as a fund-of-funds or participate as a limited partner in other managers' vehicles. The firm's strategy is concentrated, backing a small number of platform companies per fund and actively building them through organic growth and strategic M&A, as seen with Connectbase’s acquisition of Cloud Age.

The firm operates as a traditional private equity sponsor running commingled, closed-end funds. Fund II closed in January 2026 at $575 million with an institutional LP base that includes university endowments, insurance companies, pension funds, and family offices. EAM is headquartered in Boston and files with the SEC as a registered investment adviser.

EAM embeds operating partners directly into its investment process and portfolio governance. Operating partners like Wendy — former COO of Cimpress — and Shawn — former CEO of Scribe Software — work alongside deal partners on due diligence and post-acquisition value creation. The firm describes this as an "Investor-Operator" approach, meaning portfolio companies receive hands-on operational support rather than relying primarily on board-level oversight or external consultants.

There is no public philanthropic foundation or formal impact-investing vehicle tied to the firm. EAM's name reflects an operating philosophy of aligning founder, management, and investor interests through innovative fee structures, rather than a mandated social-impact thesis. Any charitable activity by individual principals has not been disclosed.