Capture the Alpha.
Before the Bell Rings.
Providing sophisticated investors with direct entry into the world's most valuable technology companies before they hit the public exchanges.
01. The Firm
We operate as a strategic gatekeeper to highly restricted cap tables, offering our partners rare access to secondary liquidity in the "Late-Stage" market.
As companies stay private 3x longer than a decade ago, wealth creation has shifted. We are not just brokers; we are partners in your search for unconventional alpha.
02. Track Record & References
Credibility in secondary markets is defined by access. Our partners have successfully secured and executed allocations in the following global leaders:
03. The Case for Pre-IPO
Why Late-Stage Pre-IPO Tech Outperforms The Cycle
The Challenge
The best returns
aren't at the beginning
or the end.
Early-stage is uncertain.
Public markets are efficient.
The sweet spot is before liquidity.
Early-Stage VC
Extreme upside, extreme uncertainty and long timelines.
Public Markets
Liquid, but most of the upside is already priced in.
Late-Stage VC
Proven growth, reduced risk, and liquidity in sight.
Our Thesis
Late-stage private tech consistently outperforms.
Cumulative net return multiple over 5 years shows the strength of investing at the inflection point before liquidity.
5-Year Net Return Multiple
Late-Stage VC
2.3x - 2.5xPre-IPO tech leaders with strong fundamentals
Public Equities
1.5x - 1.7xNASDAQ Composite
Buyout
1.3x - 1.5xU.S. Buyout Index
Early-Stage VC
1.1x - 1.3xVenture Growth Index
Private Credit
1.0x - 1.1xDirect Lending Index
The Comparison
Why late-stage
outperforms
over the cycle.
Late-stage combines the best of private and public markets: high conviction opportunities with a clear path to liquidity.
| Early-Stage VC | Public Markets | Late-Stage VC | |
|---|---|---|---|
| Liquidity horizon | 6 - 12+ years | Instant | 12 - 36 months |
| Access | Relationship-driven | Open & competitive | Curated & exclusive |
| Return potential | Very high (Unpredictable) | Moderate (Priced-in growth) | High (Visible upside) |
| Risk profile | High (Execution risk) | Market-driven (Macro exposure) | Moderate (Proven models) |
| Information quality | Low (Early signals) | High (Fully transparent) | High (Strong visibility) |
| Inefficiency | High, but chaotic | Low (Efficient markets) | High & exploitable |
04. The Operating Model
Institutional-Grade Execution:
The Club Deal
We operate via Single-Asset Special Purpose Vehicles (SPVs), providing transparency and legal asset isolation.
Proprietary Sourcing & Discovery
We identify 'silent' secondary blocks through direct relationships with founders and early employees, avoiding the pricing bloat of public platforms.
Rigorous Institutional Due Diligence
A 1% selection filter. We audit cap tables, verify transfer rights (ROFR), and evaluate the company's specific path to liquidity.
Special Purpose Vehicle (SPV) Structuring
Each deal is housed in a standalone legal entity, ensuring professional-grade security and simplified tax/admin management.
Lifecycle & Exit Management
We monitor the position through the IPO or M&A event, managing share conversion and final distribution of capital.
05. The Team
Led by cross-border structuring and deep ecosystem networks.
Julien Zerbib
Founder & Managing Director
Julien is the Founder and Managing Director of Steipler Capital. With a robust background in strategic investment and corporate finance, he established the firm to bridge the gap between high-level financial expertise and agile asset management. His deep understanding of market dynamics and commitment to long-term value creation make him a trusted partner for investors seeking sophisticated, data-driven capital growth. Under his leadership, Steipler Capital continues to expand its footprint by identifying unique opportunities in today's evolving economic landscape.
Yohan Elbase
Partner & Strategic Advisor
Yohan is Partner and Strategic Advisor at Steipler Capital, where he oversees strategic development and investment operations. Bringing a wealth of experience in corporate finance and fintech, Yohan is recognized for his analytical precision and his ability to execute complex financial structures. His hands-on approach and sharp focus on risk management ensure that Steipler Capital maintains its competitive edge while delivering consistent, high-yield results for its portfolio. Together with Julien, he drives the firm's vision of excellence and sustainable growth.
Michel de Guilhermier
Strategic Partner
Michel is a seasoned entrepreneur and visionary investor with over 30 years of experience in scaling high-growth businesses. As a Strategic Partner at Steipler Capital, he leverages his deep expertise in private equity and corporate strategy to identify tomorrow's market leaders. A pioneer of the French tech and investment ecosystem, Michel provides the firm with invaluable mentorship and a world-class network, ensuring that every project backed by Steipler Capital benefits from institutional-grade wisdom and a proven track record of success.
Yacine Maireche
Partner & Tech Advisor
Yacine is a Partner and Tech Advisor at Steipler Capital. A former Private Banker, he brings a sophisticated understanding of wealth management and capital preservation to the firm. Yacine is a recognized expert in equity markets and the technology sector, where he combines deep analytical research with a forward-thinking investment approach. By bridging the gap between traditional banking rigor and high-growth tech opportunities, he plays a pivotal role in optimizing portfolio performance and navigating today's digital economy with precision.