The rise of multi-billion-dollar private companies has changed private markets, creating a new asset class.

PEP offers convenient access to a portfolio of these assets for qualified clients, family offices, and RIAs seeking concentrated exposure.

PEP leverages proprietary data, AI and networks to research, monitor and access sought after assets.

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AI Native
PEP leverages proprietary and public data along side a mix-of-models, orchestrated agent approach to efficiently scale research and drive conviction.

Massive Network Access
PEP deal access benefits from relationships with thousands of investors and hundreds of thousands of individuals.

Investment Rigor
Aligned to top-tier institutional investors through secondaries in leading late-stage ventures.

Independent Oversight
Deeply experienced independent Board and Investment Committee ensure clear governance, drive fiduciary focus and support performance.

Disciplined Process
Every opportunity scored against a structured framework—liquidity pathway, pricing, governance, and risk screens.

What is PEP?PEP — or PrePublic Equity Partners — gives individual investors access to the world’s most sought-after private companies through the secondary market — names like OpenAI, SpaceX, Stripe, and Databricks. Just as Alumni Ventures democratized early-stage venture, PEP is doing the same for late-stage secondaries, making it easier for accredited investors to participate in the value creation that happens before IPO.What could the Fund 1 portfolio look like?With Fund I, we’ll build a focused portfolio of 10–20 positions in

late-stage, venture-backed companies in the U.S., Canada, and Europe — typically valued at $2B or more. While we won’t limit ourselves to any one sector, we expect most of our opportunities will be in technology.These companies typically bring more stability than earlier stage venture companies. Our target is established private companies with scale, staying power, and room to grow before IPO. It’s about concentration where it counts, and diversification across some of the most important companies of this generation.How does PEP intend to find these secondary opportunities?We’ll use every tool available to

access the right companies — from PEP’s network of founders, co-investors, and partners — as well as from secondary marketplaces and trusted brokers. In some cases, we may participate through other funds or SPVs that already hold the shares we want exposure to.Each path comes with its own costs and considerations such as higher transaction expenses, less direct visibility into counterparties, etc. Our job is to weigh those trade-offs carefully so that, regardless of the sourcing route, our investors get the best access we can deliver to companies that have historically been out of reach.

How is investing in secondaries different from investing in primary shares?
When you invest in a primary round, you’re buying newly issued shares directly from the company, usually as part of a fundraising event. The terms are standardized, disclosures are more complete, and you’re providing new capital for growth.In a secondary transaction, you’re buying existing shares from early investors, employees, or other
holders. That means: (i) shares may trade at a discount (especially common vs. preferred), and terms vary deal by deal; (ii) you may get less direct company disclosure, so value assessment relies more on networks, trusted relationships, and disciplined diligence from other sources and (iii) access is critical as companies that aren’t raising often may still allow transfers, thus giving investors entry into otherwise closed opportunities.

In short, primaries fund the company. Secondaries give investors a path into companies later in their lifecycle — often at attractive entry points, but with added complexity.What should I expect in terms of exits?In venture, an exit usually entails a company going public, being acquired, or winding down. Additionally, our late-stage secondaries shares can be resold in a further secondary transaction. So even if a company isn’t yet IPO-ready, liquidity can sometimes be created by selling our stake to another institutional buyer.That said, strong private companies often choose to stay private longer. In those cases,
our path to liquidity may not be an IPO or acquisition but a secondary sale. Secondary exits can come with different pricing dynamics, terms, or costs than a public offering, and that can affect

outcomes. Our job is to navigate those situations carefully — to find the right entry point and the right exit path — so our investors participate in value creation even
when timelines shift.Of course, outcomes vary widely. Timing and magnitude are unpredictable, and the trade-off
for that uncertainty is the potential for outsized gains.What’s your approach to structure and liquidity?PEP is a 6-year, closed-end fund, with the option for two additional 1-year extensions. This is a shorter horizon than traditional venture funds, which often run 10 years. That’s by design, since we’re investing in later-stage companies that are closer to exit.We keep it simple: one upfront capital call, no surprises later. Governance is built for trust,
with an independent board and investment committee overseeing decisions.

Can I make a withdrawal if I wish?No — our funds are intentionally illiquid. In PEP’s case, the hold period is 6 years, whereas
most venture funds have a 10-year hold. That design gives us the freedom to invest with patience, without worrying about short-term redemptions. Investors receive their capital back through distributions when portfolio companies exit — typically via acquisition, IPO, or secondary sale. That means your timeline is tied to the success of the companies we back, not to arbitrary withdrawal windows.

Will the fund “recycle” capital?We do reserve the right to “recycle” capital, taking gains from an early exit and putting that money back to work in new opportunities, instead of distributing it right away. PEP has the option — though not the obligation — to do this for up to three years after the fund’s final close.
The benefit: more shots on goal with the same dollars, which can boost overall returns. The trade-off: those gains aren’t distributed immediately, and while reinvested, they carry the same risks and upside potential as any other
investment in the fund.

How will PEP value its investments?Valuation will be driven by PEP executive team together with its Investment Committee. While
its approach will evolve over time based on internal feedback and external factors, PEP plans to incorporate valuation data from third-party platforms on which pricing information is available for fund assets. These inputs may be
adjusted or weighted in light of recency, lot size, or similarities or differences in assets, such as
share class. The Investment Committee may involve third-party valuation services in circumstances it deems appropriate.

What are PEP’s competitive
advantages?
PEP leverages proprietary data, AI and networks to research, monitor and access sought after assets. Our edge comes from depth and
context:Proprietary Data:
A database of 2,100+ research memos from prior diligence processes, which we use to train our models and benchmark opportunitiesCap Table Intelligence:
Investors in our network are on the cap tables of ~99% of our target companies, so we will get to see deal flow and transaction dynamics early.Community Access:
Our network touches ~80% of target companies, providing us with perspectives from employees, investors, and industry experts.

All these information points flow into our AI models to surface patterns and opportunities. Our team then validates leads through
trusted relationships and hands-on diligence. The outcome is more efficient sourcing, higher-confidence pricing, and better positioning in competitive secondary markets.What are the fees?We keep it straightforward. Each investor pays a one-time management fee equal to 1.5% per year over the fund’s 6-year life. That fee is collected up front, so there are no surprise charges or
extra capital calls down the road. If the fund extends past six years, there are no additional management fees.The fund will also cover its own startup and operating costs (like

legal and administrative expenses). But those are capped at 0.50% of assets per year with a 1-time 200k setup expense and accrued against returns, meaning there are no additional capital calls.Finally, PEP earns a 20% performance fee — but only after investors have first received back all of their committed capital, including management fees and expenses. That way, we win when you win.Will PEP offer investors syndications?
PEP may make available to its LPs opportunities to invest alongside PEP in a Special Purpose Vehicle (SPVs) when acquiring certain assets.

PrePublic Equity Partners
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Manchester, NH 03101

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Mike Collins, Board Chair, PrePublic Equity Partners, CEO, Alumni VenturesMike Collins is Founder & CEO of Alumni Ventures and Chair of PrePublic Equity Partners. He built AV’s network-driven model to democratize access to venture capital, engaging 850K+ community members and 11,000+ customers across a portfolio of 1,600 current and historical investments. Under his leadership, AV was ranked a top 20 VC by CB Insights and TIME. Earlier, Mike began his career at TA Associates and later founded multiple companies. He holds a BE in Engineering Sciences from Dartmouth and an MBA from Harvard. Colleagues cite his emphasis on clarity, speed, and servant leadership.

Jon DeSimone, Board Member, PrePublic Equity PartnersJon DeSimone is a seasoned business strategist and asset management executive with more than 20 years of experience scaling alternative investment platforms and building enduring organizations. He began his career at Bain & Company before moving to Sankaty Advisors (now Bain Capital Credit), where he helped drive growth from $5B to $40B through innovative product development and global expansion. At Bain Capital, Jon led the European business from 2005–2009 and later oversaw the Liquid Credit platform, working with large institutional investors across high yield, private credit, and structured solutions.

Chris Winship, Board Member, PrePublic Equity PartnersChris Winship is an experienced investor and leader in the private markets with over 25 years of expertise in scaling global growth equity platforms and driving enterprise value. A founding team member of FTV Capital, he helped build the firm into a premier growth equity platform, contributing to over $40 billion in enterprise value across 150+ portfolio companies. At FTV, he served as Partner and Managing Member on both the investment and management committees, working closely with high-growth technology and services companies.

Gray Chynoweth, CEO & Board Member, PrePublic Equity PartnersGray Chynoweth is CEO of PrePublic Equity Partners and a mission-driven entrepreneur, operator, and investor with two decades of experience scaling technology companies. As COO at Dyn (acquired by Oracle), he grew ARR from $3M to $60M and expanded the team 20-fold across the U.S., U.K., and Australia. As CEO of Minim (NASDAQ: MINM), he led the IPO, raised $30M, grew revenue to $55M, and shifted manufacturing from China to Vietnam. Gray has invested in 20+ early-stage companies, served on multiple boards, and led over 15 M&A transactions.

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