Earlyasset Capital — Venture Secondary Investments

Our Philosophy

The secondary market is bigger than ten companies.

Today, more than 80% of all venture secondary volume flows to a handful of household names—SpaceX, OpenAI, Stripe, Databricks, and a few others. The rest of the market is effectively closed. Shareholders in hundreds of exceptional companies can't find a buyer. They have limited solutions for liquidity.

Earlyasset Capital was built to change that. We partner directly with companies to expand the breadth and depth of the venture secondary market—bringing real liquidity to shareholders who have earned it, in companies that deserve institutional attention but rarely receive it.

Beyond the Top 20

Most secondary investors won't look past the most recognizable names. We will. If a company has strong fundamentals, we're not afraid to go where others won't—because that's exactly where shareholders need us most.

Flexible by Design

Every situation is different, and we're built to handle all of them. Whether it's a single shareholder looking for a quiet exit or a company ready to run a formal liquidity event, we work with both sides to find the structure that makes the most sense—bespoke or organized, whatever fits best.

Built for Shareholders First

We built our technology with shareholders as the starting line. Even if we don't end up buying, we'll help you understand what your shares are actually worth—so you can make informed decisions, on your terms.

Investment Framework

The Law of 30

We've developed a simple framework for identifying the kinds of companies we're most excited to partner with. If your company checks these boxes, there's a good chance we can help your shareholders find liquidity.

Criterion I

$30M

Annual Revenue

Proven, Repeatable Revenue

We focus on Series B and beyond—companies that have moved past early experimentation into real, recurring revenue. $30M in ARR tells us the business model is working and the market has validated the product.

Criterion II

30%

Year-over-Year Growth

Momentum That Speaks for Itself

Healthy companies grow. We look for at least 30% year-over-year revenue growth as a signal that the market opportunity is expanding and the company is continuing to capture it—not just maintaining it.

Criterion III

30%

Gross Margins

A Business Model That Works

Gross margins of 30% or higher suggest a business with sound unit economics and room to grow into profitability. We look for companies where the fundamentals are already pointing in the right direction.

Built to Last

Beyond the numbers, we ask a simple question: is this a company that will still be thriving in ten years? We look for durable competitive advantages, strong leadership, and a business that isn't just growing—but building something that endures.

Our Origin

An early pathfinder
in the secondary market.

In 2010, when selling private shares was still largely taboo, Shawn Bercuson was navigating liquidity for his Groupon shares with little help and high fees. What followed was fifteen years of experience on every side of the market—as a seller, an investor, and ultimately a builder.

From early secondary investments like One Medical to launching BullVC in 2021, Shawn spent years sharpening a conviction: that the secondary market could be better, more transparent, and far more accessible than it was. Earlyasset is the result.

"I had to navigate the secondary market when almost no one else was doing it. That experience is foundational to how we operate today."

— Shawn Bercuson, Founder & Managing Partner

2007

The Beginning

Shawn Bercuson joins the founding team of what would become Groupon—one of the fastest-growing companies in internet history—gaining an insider's view of hypergrowth and the private markets that fuel it.

2010

The Discovery

Selling private shares is still largely taboo. One broker exists—SecondaryMarket.com—but with high fees and little transparency. Shawn navigates it anyway to find liquidity for his Groupon shares, becoming one of the early sellers to chart a path through an unstructured market.

2012

The JOBS Act

The JOBS Act creates structural incentives for companies to stay private longer—one of several forces reshaping the private markets. Secondary transactions begin gaining legitimacy, but remain far from mainstream. Shawn sees what's building.

2014

From Seller to Investor

Shawn begins investing in companies through secondary transactions, including One Medical—an early bet on a category-defining healthcare business that would go on to list on Nasdaq in 2020.

2020

One Medical IPOs on Nasdaq

The secondary investment thesis is validated. One Medical's public listing marks an inflection point—proof that patient, disciplined secondary investing in the right companies creates real returns.

2021

BullVC

Shawn launches BullVC, a secondary fund investing in high-growth private companies. The portfolio includes Onfido, MNTN, DailyPay, Greenlight, and others—sharpening his underwriting process and deepening his conviction in the asset class.

2025

Earlyasset is Born

Drawing on fifteen years of secondary market experience—as a seller, an investor, and a builder—Shawn founds Earlyasset.com: modern infrastructure for the venture-backed secondary market.

2026

Earlyasset Capital Launches

Shawn teams up with Alex Lurie and launches Earlyasset Capital—the exclusive financial partner of Earlyasset.com—to provide institutional-grade secondary capital, disciplined, transparent, and built on hard-won experience across every side of the market.

For Limited Partners

Why sophisticated investors
are turning to venture secondaries.

Private companies are staying private longer. The path from inception to IPO now averages well over a decade. For family offices, RIAs, and institutional asset managers, venture secondaries offer something increasingly rare: access to proven, high-growth companies at valuations set by the market—not by optimistic founders.

Invest in What's Already Working

Secondary investments target companies with years of operating history, real revenue, and demonstrated product-market fit. You're not betting on potential—you're backing companies that have already proven themselves.

J-Curve Mitigation

Secondary investments deploy capital faster than primary funds, reducing the early performance drag that characterizes most venture vehicles.

Proprietary Deal Flow

As the exclusive capital partner of Earlyasset.com, we source opportunities directly—bypassing the fees, friction, and limited selection of traditional brokers and secondary intermediaries.

Disciplined, Repeatable Framework

The Law of 30 creates an investment process that is transparent, consistent, and designed to protect capital while capturing meaningful upside.

Who We Partner With

Earlyasset Capital is designed for sophisticated investors seeking curated exposure to the private secondary market.

Family Offices

Registered Investment Advisors (RIAs)

Institutional Wealth Managers

Institutional Asset Managers

Endowments & Foundations

Qualified High-Net-Worth Individuals

Request LP Materials →

Selling Shareholders & Companies

Liquidity on
your terms.

We purchase shares directly from existing shareholders — founders, early employees, angel investors, and early-stage funds — with the discretion, speed, and institutional professionalism the situation demands.

01 — FoundersFounders & Co-Founders

Partial liquidity that lets you diversify your personal balance sheet without ceding operational control or signaling a lack of conviction to your team.

02 — EmployeesEmployees & Executives

Common stock and vested options — for team members who've earned equity and deserve a path to liquidity without waiting a decade for an exit.

03 — AngelsAngel Investors

Early backers who took the risk when it mattered. We provide a credible, market-validated exit for investors whose companies have grown into their thesis.

04 — FundsEarly-Stage Funds

GPs managing fund lifecycles and LP expectations. We help early venture funds generate DPI from seasoned positions without forcing a fire sale or waiting on an IPO.

Selling
Shareholders

You've built real value. You shouldn't have to wait for someone else's timeline to access it. We're a direct, credible buyer — and we move with the seriousness and discretion your situation deserves.

Life Events

Personal Liquidity Needs

Home purchases, family planning, education, diversification — life doesn't wait for an IPO. We provide a confidential, efficient path to accessing the value you've earned.

DPI

Returning Capital to Your LPs

For funds and angels managing LP relationships, distributed returns matter. We help you generate meaningful DPI from maturing positions without forcing a rushed process or accepting a discount.

Diversify

Concentration Risk

Years of vesting can leave your personal wealth overwhelmingly concentrated in a single private name. A secondary sale lets you maintain upside while building a more resilient personal financial position.

Partial

Partial Sales Welcome

You don't have to sell everything to access liquidity. We structure partial share sales so you can realize some value today while retaining meaningful exposure to the company's future.

Issuing
Companies

A secondary transaction handled well is good for everyone on the cap table. We work with companies and their boards to design transactions that serve shareholders without disrupting operations.

Cap Table

Consolidation & Cleanup

Fragmented cap tables create governance complexity and friction at exit. We help companies consolidate holdings, reducing the number of shareholders on your register and simplifying the path to future transactions.

Retention

Employee Liquidity Programs

Equity that can never be accessed is less motivating than equity with a credible path to value. We help companies offer employee liquidity that rewards loyalty without disrupting culture.

Discrete

Confidential, Board-Friendly Process

Every transaction we undertake respects your governance requirements, ROFR provisions, and transfer restrictions. We move quietly, professionally, and in full coordination with your legal and finance teams.

Credibility

An Institutional Buyer You Can Trust

Not every buyer is a partner worth having on your cap table. We bring 15 years of secondary market experience, an institutional framework, and a founder's perspective—we've started and operated startups ourselves. If you want a thought partner, we're here for it. If you'd rather we stay quiet and let you build, we're good at that too.

Powered bySecondaryOS

Companies can claim their profile and manage their secondary program directly at SecondaryOS.com — a self-serve platform built to reduce the time and cost of facilitating secondary transactions.

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Get in Touch

Begin the
conversation.

Every serious inquiry is answered personally. Choose the path that fits your situation.

LP Inquiry

Interested in learning more about Earlyasset Capital as an investment opportunity? Tell us about yourself and we'll be in touch with materials and next steps.

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Exploring a secondary sale, a cap table cleanup, or an employee liquidity program? Tell us about your situation and we'll follow up confidentially.

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All inquiries are strictly confidential. We never share or disclose information about potential transactions.