SQ Capital

SQ Capital is a private equity secondaries firm founded in January 2025 by Mustafa Siddiqui, former Global Head of GP Stakes at Blackstone. The firm focuses on acquiring stakes in U.S. and European middle-market private equity funds, particularly those ranging from $350 million to $10 billion in size. This segment, encompassing approximately 2,000 funds, represents about two-thirds of total private equity assets under management yet remains underpenetrated by existing secondaries platforms.

Leveraging a team with extensive experience from top-tier firms like Blackstone, Permira, and Carlyle, SQ Capital combines deep industry relationships with advanced data analytics. The firm's proprietary AI-enabled system, SQORE, evaluates secondary opportunities against bespoke criteria, enabling faster and more informed investment decisions. This approach positions SQ Capital to access and select the right assets, price them accurately, and generate distinctive value for its investors.

In its debut year, SQ Capital is targeting a $1 billion fund to invest across LP-led and GP-led secondary transactions. The firm aims to provide liquidity solutions in a market where exit volumes have declined significantly, resulting in a backlog of unsold portfolio companies. By focusing on the underserved middle market and employing cutting-edge technology, SQ Capital seeks to deliver best-in-class returns and raise the bar in the secondary market.