As the world’s leading venture capital market, the United States is home to many of the most significant technology companies created over the past decades. In eQ’s venture capital strategy, we invest in leading US VC funds and, through them, in high-growth technology companies at different stages of their development. The objective is to build a diversified portfolio that provides access to companies with the potential to disrupt markets and grow into global leaders in their respective industries.

A defining feature of venture capital is the so-called “power law”: a relatively small number of exceptionally successful companies account for a significant share of the value creation across the entire asset class. The key is therefore not simply to invest in venture capital, but to gain access to the managers best positioned to identify these companies sufficiently early and continue supporting them through different stages of growth.

This has become even more important in today’s market. Capital and the most attractive growth companies are increasingly concentrated among a relatively small group of leading VC managers. At the same time, many of the technology companies shaping the future are staying private for longer, meaning that a significant share of their value creation takes place before a potential IPO. The funds selected for eQ’s venture capital strategy provide exposure to leading growth companies across areas such as artificial intelligence, defense and security technology, enterprise software, fintech and space technology.

Access is a key driver of return potential in venture capital

An attractive market does not mean that all VC funds are equally compelling investments. Performance dispersion between managers is significant, while access to the leading funds is highly constrained. Many of the most successful managers have operated funds that have effectively been closed to new investors for years.

This is where our local partner, TrueBridge Capital Partners, plays a central role in our strategy. It has focused exclusively on venture capital investing since its inception and has nearly 20 years of investment experience and performance history, together with long-standing relationships across the leading managers in the market. Relationships built over nearly two decades provide eQ’s venture capital strategy with access to many of the world’s most sought-after VC funds; funds that would in practice be extremely difficult for a new investor to access. TrueBridge’s position as a long-standing investor also means that the benefit goes beyond simply securing access: it has also been able to create opportunities to increase allocations over time.

TrueBridge’s competitive advantage is built not only on its manager relationships, but also on deep market expertise, proprietary data and a long investment track record. Over nearly two decades, the firm has established itself as an integral part of the venture capital ecosystem and provides managers with its proprietary market data, including insights on valuations, investment opportunities and secondary transactions.

SpaceX’s IPO in June 2026 represents the first significant liquidity event for eQ’s venture capital investments. This illustrates the fundamental logic of the venture capital strategy: gaining exposure to exceptional companies while they are still privately held. By the time of the IPO, the value of the SpaceX investment had increased several times over relative to the original invested capital. Subject to applicable lock-up restrictions, the listing also creates the first significant opportunity to realize part of this value creation and return capital to investors.

SpaceX is also not the only potential IPO candidate in our portfolios. The VC funds, which we have invested in recent years hold a broad range of mature growth companies for which a public listing could represent a natural next step. This creates the potential for further liquidity events, possibly already in the near term and increasingly as the funds progress through their life cycles.

Our strategy is not about identifying a single winning manager or technology trend. Instead, the objective is to build a diversified portfolio of investments in the world’s leading venture capital funds. Our investments are diversified across several hundred companies spanning different sectors, stages of development and investment vintages. The portfolio combines early-stage and later-stage venture capital funds with selected co-investments.