# Equality Asset Management

Equality Asset Management is a Private Equity based in Boston, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Boston, United States
- **Region:** North America
- **Address:** Boston, MA, United States
- **Founded:** 2018
- **Assets under management:** Undisclosed
- **Website:** equalityassetmanagement.com
- **LinkedIn:** https://www.linkedin.com/company/equality-asset-management

## Regulatory record

- **CRD number:** 300710
- **SEC file number:** 801-117606
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-03-31T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/300710

## About

Equality Asset Management is an SEC-registered investment adviser in Boston, MA, registered since 2019. The firm manages approximately $1.0 billion in regulatory assets. It has 10 employees and 9 investment advisers.

## Sectors

- Enterprise Software
- FinTech
- Healthcare Services
- InsurTech
- Infrastructure

## People

- Jeff Del Papa — Co-Founder and Managing Partner
- Tom Roberts — Co-Founder and Managing Partner
- Andy — Chief Financial Officer & Chief Compliance Officer
- Wendy — Operating Partner
- Shawn — Operating Partner
- Tara Ciongoli — Senior Advisor
- John — Principal
- Jon — Principal

## Questions

### Who runs investment decisions at 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.

### How does EAM source proprietary deal flow?

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.

### What is EAM's investment focus within software?

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).

### Does EAM participate in fund commitments or only direct deals?

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.

### How is EAM structured as a firm?

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.

### What is EAM's Investor-Operator model?

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.

## Related profiles

- [EquaLife Group](https://altss.com/profile/equalife-group)
- [Equal Opportunity Ventures](https://altss.com/profile/equal-opportunity-ventures)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/equality-asset-management

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