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Key people at SQ Capital.
SQ Capital operates as a modern secondaries firm specializing in the acquisition of existing limited partner interests and general partner-led continuation vehicles within the middle market. The firm aims to generate superior returns by deploying a sophisticated investment strategy that spans both LP-led and GP-led secondary opportunities. A key component of its operational approach is the utilization of SQORE, a proprietary artificial intelligence platform designed to enhance the sourcing and execution of these complex secondary transactions.
The firm was founded by Mustafa Siddiqui, who established SQ Capital with the explicit goal of navigating the evolving secondaries landscape across US and European markets. Siddiqui conceived of a firm that could strategically participate in these opportunities, leveraging his background and insight into the nuances of private equity secondaries. This vision underpinned the formation of the company, focusing on a refined investment approach to deliver consistent results for its investors.
SQ Capital primarily serves institutional investors and other sophisticated capital allocators seeking exposure to private equity secondaries. The firm's long-term vision is centered on consistently delivering alpha through its targeted investment activities, providing its partners with a reliable pathway to liquidity and portfolio management within the private markets. It endeavors to maintain its position as a discerning investor in the middle market segment, continually refining its strategies to identify and capitalize on attractive secondary opportunities.
Key people at SQ Capital.
SQ Capital is a private equity secondaries firm founded in January 2025 by Mustafa Siddiqui, formerly Global Head of GP Stakes at Blackstone. The firm specializes in acquiring stakes in U.S. and European middle-market private equity funds, focusing on funds sized between $350 million and $10 billion. This middle-market segment represents about two-thirds of total private equity assets under management but remains underserved by existing secondaries platforms. SQ Capital leverages deep industry relationships and proprietary AI-enabled analytics, notably its SQORE system, to identify and price secondary investment opportunities efficiently. The firm aims to provide liquidity solutions amid a market with declining exit volumes and a backlog of unsold portfolio companies, targeting a $1 billion fund in its debut year to invest across LP-led and GP-led secondary transactions[1][2][3].
SQ Capital was founded in January 2025 by Mustafa Siddiqui, who brought extensive experience from his previous role at Blackstone. The founding team includes seasoned professionals with backgrounds at top-tier firms such as Permira, Carlyle, and CVC Secondary Partners. The firm was created to address the underpenetrated middle-market private equity secondaries space, combining direct investing expertise with advanced data analytics and AI. The launch coincided with a significant market shift marked by a 65% decrease in exit volumes since 2021, creating strong demand for liquidity solutions in private equity. SQ Capital’s approach is rooted in decades of cross-sector investing experience and deep GP relationships, positioning it as a preferred buyer in the secondary market[1][2][3].
SQ Capital operates at the intersection of private equity and technology by integrating AI and advanced data analytics into the traditionally opaque secondaries market. The firm is riding the trend of increasing demand for liquidity solutions amid a slowdown in exit activity, which has created a backlog of unsold portfolio companies. By focusing on the middle market, SQ Capital addresses a significant gap where two-thirds of private equity assets reside but remain underserved. Its AI-native approach and direct investing pedigree position it to influence the secondary market by raising standards for rigor, speed, and transparency. This contributes to a more efficient capital recycling process in private equity, benefiting GPs, LPs, and portfolio companies alike[1][3].
Looking ahead, SQ Capital is poised to capitalize on the growing need for liquidity in private equity, especially in the middle market. Its AI-driven investment platform and strong GP relationships should enable it to scale its inaugural $1 billion fund and potentially expand into new geographies or asset classes. Trends such as increased secondary market activity, technological adoption in private equity, and evolving LP liquidity preferences will likely shape its trajectory. As the firm matures, it may set new benchmarks for data-driven investing in secondaries, influencing broader market practices and investor expectations[1][2][3].
