SQ Capital

Chief Executive Officer Mustafa Siddiqui has led investment decisions since founding the firm in 2008. Siddiqui previously worked at growth equity firm General Atlantic, where he focused on direct investments in technology and financial services companies. His prior experience in sourcing and underwriting growth-stage opportunities directly shaped SQ Capital's approach to evaluating fund-level secondary acquisitions.

SQ Capital sources opportunities bilaterally rather than through competitive auction processes. The firm identifies institutional limited partners — including endowments, foundations, and family offices — that are motivated to sell fund stakes due to liquidity needs, portfolio rebalancing requirements, or regulatory pressure. By negotiating directly with sellers, the firm aims to acquire positions before they reach the broader secondary market.

SQ Capital invests exclusively through secondary limited partnership acquisitions. The firm does not make direct equity investments in operating companies, does not lead primary fund commitments, and does not participate in GP-led continuation vehicles. Every investment involves purchasing an existing LP stake from a seller, which then conveys exposure to the underlying fund portfolio selected by the original general partner.

The firm targets venture capital and growth equity funds that were raised by established managers with strong historical track records. SQ Capital has shown a particular focus on funds with vintages from 2012 through 2020 that are approaching or have passed their investment periods. The underlying fund portfolios often include significant allocations to enterprise software, fintech, and internet platform companies.

SQ Capital does not publicly disclose its average transaction size, but the firm's deal-by-deal fundraising model suggests it acquires positions that are sized appropriately for single-asset or concentrated portfolio transactions. The November 2024 acquisition of a portfolio of LP interests from a European institutional seller indicates the firm can structure transactions that bundle multiple fund stakes when a seller seeks to exit several positions simultaneously.

SQ Capital explicitly avoids GP-led secondary transactions, including continuation vehicles, tender offers, and strip sales. The firm's investment mandate is strictly limited to traditional LP-interest purchases from existing limited partners. This narrow focus is a deliberate structural choice that simplifies underwriting by ensuring every investment maps to the original fund's terms, vintage year, and fee structure.

SQ Capital operates from its headquarters in New York, New York. The firm has no publicly disclosed additional offices in other cities or countries. Its geographic focus on North American and European venture and growth equity funds is managed from this single location by a compact investment team.