Stableton Financial AG

Secondaries were built for exits. Now, they’re becoming the smartest way in. For years, secondaries were seen as reactive. A way to manage vintage risk, rebalance exposure, or provide liquidity when needed. But that’s already changing. Today, secondaries are increasingly used as a 𝘱𝘳𝘰𝘢𝘤𝘵𝘪𝘷𝘦 way to build exposure to late-stage private companies with structural advantages that primary rounds often can’t match. Here’s what’s driving that shift: ★ 𝗖𝗹𝗲𝗮𝗿𝗲𝗿 𝗽𝗿𝗶𝗰𝗲 𝘀𝗶𝗴𝗻𝗮𝗹𝘀 Secondaries reflect real market behavior (actual transactions between buyers and sellers), offering more accurate valuation benchmarks. ★ 𝗠𝗼𝗿𝗲 𝗰𝗼𝗻𝘁𝗿𝗼𝗹 𝗼𝘃𝗲𝗿 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗱𝗲𝘀𝗶𝗴𝗻 Institutions can shape exposure by company, sector, or theme instead of being tied to broad fund structures. ★ 𝗙𝗮𝘀𝘁𝗲𝗿 𝗮𝗹𝗶𝗴𝗻𝗺𝗲𝗻𝘁 𝘄𝗶𝘁𝗵 𝗺𝗮𝘁𝘂𝗿𝗲 𝗮𝘀𝘀𝗲𝘁𝘀 Most secondary deals involve companies with scale, recurring revenues, and strong governance, which are attributes that fit seamlessly into institutional portfolios. We’ve seen this evolution firsthand. What started as a liquidity mechanism has become a core part of how investors get exposure to private tech because how you build exposure matters as much as what you own.

🚨 𝗪𝗲’𝗿𝗲 𝗵𝗶𝗿𝗶𝗻𝗴 𝗮 𝗖𝗵𝗶𝗲𝗳 𝗼𝗳 𝗦𝘁𝗮𝗳𝗳 / 𝗢𝗽𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗣𝗮𝗿𝘁𝗻𝗲𝗿 – 𝗖𝗘𝗢 𝗢𝗳𝗳𝗶𝗰𝗲! Driven by strong track record of innovation, speed, and a deeply entrepreneurial culture, we continue to challenge legacy models in private markets. As a globally leading, tech- and data-driven institutional investor in private blue-chip technology companies, this role is a cornerstone of how we scale that ambition. After seven years of 100%+ annual growth, we’re now expanding globally and just getting started. As Chief of Staff / Operating Partner, you will report directly to our CEO and co-founder Andreas Bezner, CFA. You will also partner closely with our CFO and co-founder Konstantin Heiermann and our executive leadership team to: - Play a key role in turning strategy into action - Tackle the company’s hardest-to-overcome hurdles to ensure priorities are well-defined, aligned across teams, and executed with speed and clarity - Serve as a strategic force multiplier and trusted advisor, operating as a true “Swiss army knife” problem solver This role is for someone who thrives in an environment where ownership, accountability, and continuous improvement are the norm. You’ll challenge the status quo, optimize how we operate, and help leaders navigate complex challenges with a solutions-oriented mindset. This is not an administrative role. It’s a strategic operating position with direct exposure to executive decision-making, board-level discussions, and company-defining initiatives. If you enjoy thinking in systems, supporting leadership with execution, solving complex problems under pressure, and building the operating foundation for global scale, we’d love to meet you. 📌 𝗔𝗽𝗽𝗹𝘆 𝗵𝗲𝗿𝗲: https://lnkd.in/gc6zuYns If someone you know is right for this role, please to tag them in the comments below 👇🏼

Every market era is defined by one fundamental technology. We saw it in the late 1990s with the internet, and again in the 2010s with cloud and mobile. Today, that defining technology is artificial intelligence, and the signal couldn't be clearer: AI is leading the charge by a wide margin. AI has evolved from a category to an enabling layer that powers breakthroughs in healthcare, financial infrastructure, defense systems, and enterprise software. It has become the invisible engine behind productivity, efficiency, and scale. What’s most striking is the type of liquidity moving into AI: institutional, deliberate, and focused on late-stage leaders that already define global innovation. For allocators, this is more than just a great opportunity. It’s confirmation that the rules of how technology value compounds (before the public markets even get a look) have fundamentally changed. That's precisely what our Stableton Morningstar PitchBook Unicorn 20 strategy is built to capture: the most valuable private technology companies, many of which are now converging around AI’s accelerating impact. AI isn’t just a trend, and the flow of institutional capital validates that.

Everyone talks about discipline in investing. But really, how many of them actually have a system that forces them to follow it in private markets? We’ve long celebrated discretion as the hallmark of a great investor. But look closer, and that very same discretion is also the source of an inconsistent portfolio. It changes when 𝘺𝘰𝘶 change, when sentiment shifts, and when the market gets scary. It's time for a shift to rules-based investing. By defining every decision 𝘣𝘦𝘧𝘰𝘳𝘦 you make it, you turn investing from a series of gut reactions into a repeatable, scalable process. Suddenly, your allocations are driven by clear logic, not just a feeling. Your adjustments are grounded in data, not just a hunch. This is the philosophy behind the Stableton Morningstar PitchBook Unicorn 20 strategy, bringing systematic discipline to investing in the world’s most valuable private blue-chip tech companies. The most resilient investors across 𝘢𝘭𝘭 asset classes are those who forge conviction through systems, not spontaneity.

We have got exciting news to share! The Stableton Unicorn Top 20 strategy now physically replicates the Morningstar PitchBook Unicorn 20 Index (UI 20) and will be renamed to Stableton Morningstar PitchBook Unicorn 20 strategy. The transition reflects our ongoing commitment to delivering transparent and scalable portfolio solutions through a systematic, index-based, semi-liquid, and cost-efficient approach for institutional investors, banks, wealth managers, and family offices. The Morningstar UI 20 replaces a similar Morningstar index that has served as the foundation for the strategy since 2023. The new index uses a mark-to-market pricing model, leveraging data from specialized secondary market data providers to transparently price all 20 index constituents. This evolution marks the next phase in our mission to make private markets investable at institutional scale. Read more here: https://lnkd.in/e_ikdkZD

If your portfolio only reflects public markets, you’re already missing the next decade of growth. And today, some of the most valuable and market-defining companies like OpenAI, Anthropic, Stripe, Databricks are still private. As Morningstar and PitchBook recently pointed out, privately held venture capital-backed companies now account for 8–10% of the total equity market. Not only are these companies staying private longer, but they’re also driving the next wave of economic value creation. Most investors still treat this foundational new growth as merely an "alternative." But for sophisticated allocators, the debate is over. The question is no longer 𝘪𝘧 private growth equity should be included, but 𝘩𝘰𝘸 to allocate efficiently. That’s where our focus is. The world’s Top 20 most valuable private blue-chip tech companies form our low-cost semi-liquid private company index portfolio. Innovation doesn’t wait for an IPO, and neither should institutional investors, banks, wealth managers, and family offices.

“Don’t invest in private tech companies.” At least not without a clear framework for pricing, liquidity, and portfolio context. Every time we evaluate a private blue-chip tech company transaction, excitement is part of it. After all, these are the firms redefining global industries: AI, data infrastructure, aerospace, crypto, robotics, and beyond. But the larger the opportunity, the more discipline it demands. Besides investing in a group of innovative companies, two questions guide our actions: 1️⃣ 𝗔𝗿𝗲 𝘄𝗲 𝗽𝗮𝘆𝗶𝗻𝗴 𝘁𝗵𝗲 𝗥𝗜𝗚𝗛𝗧 𝗽𝗿𝗶𝗰𝗲? Even exceptional companies can turn into poor investments if the economics don’t add up — not just on valuation, but on structure and execution. Attractive upside can be undermined by excessive product costs, high transaction fees, complex deal mechanics, or even misaligned intermediaries. In some cases, outright fraud may destroy value despite a strong underlying business. That’s why understanding 𝘩𝘰𝘸 you invest matters as much as 𝘸𝘩𝘢𝘵 you invest in. 2️⃣ 𝗖𝗮𝗻 𝘄𝗲 𝗮𝗰𝗰𝗲𝘀𝘀 𝗹𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆 𝘄𝗵𝗲𝗻 𝗻𝗲𝗲𝗱𝗲𝗱? Private tech holdings are, by nature, illiquid. But some degree of liquidity is essential to use these investments effectively within a broader portfolio — for rebalancing, risk management, and strategic flexibility. That’s why we prioritize companies with active secondary markets — and why our strategies provide quarterly liquidity (with fund-level gates) for institutional investors, banks, wealth managers, and family offices. We can’t eliminate risk. No one can. By asking these questions consistently, we aim to turn opportunity into durable performance — investing in companies that not only define the present, but help build the future.

Private equity secondaries are no longer a niche. They’re redefining how institutions build and manage portfolios. Not long ago, selling before an exit was met with skepticism — “𝘞𝘩𝘺 𝘴𝘦𝘭𝘭 𝘦𝘢𝘳𝘭𝘺?” Fast forward to 2024: secondary transactions have surpassed $𝟭𝟲𝟮 𝗯𝗶𝗹𝗹𝗶𝗼𝗻, reflecting a fundamental shift in institutional allocation strategies. Secondaries now offer: - Liquidity without waiting for traditional exits - Efficient entry into proven, de-risked companies - Diversification to strengthen portfolios At Stableton, we’ve seen how our 𝗨𝗻𝗶𝗰𝗼𝗿𝗻 𝗧𝗼𝗽 𝟮𝟬 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆 — a systematic, low-cost approach to private blue-chip tech in one portfolio — fits naturally into this new landscape. The secondary market has become a cornerstone of modern private equity portfolios. As it matures, its importance in driving liquidity and portfolio efficiency will only deepen. The question isn’t 𝘪𝘧 secondaries matter anymore — it’s 𝘩𝘰𝘸 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘪𝘤𝘢𝘭𝘭𝘺 you use them.

Big thanks to Filip Savi and EMUN for inviting us to discuss how family offices can approach systematic investing in private blue-chip tech companies this week in Prague. Our CEO and co-founder Andreas Bezner, CFA presented the Stableton Unicorn Top 20 strategy—the world’s first systematic private equity strategy—and joined a panel with experts from BlackRock and Goldman Sachs. We enjoyed the discussions in Prague with family offices around: - The shift in value creation toward private markets and what it means for a portfolio of leading technology companies - How a systematic, data-driven framework can bring greater consistency and transparency to private market investing - The development of evergreen, semi-liquid fund formats that allow for more flexible and efficient private market exposure If this aligns with your strategy, reach out to Daniel Schieferdecker to learn more about our scalable solution tailored to both the wealth and institutional channels.

Everyone’s still waiting for the next big IPO. The smartest investors aren’t. Not long ago, VC secondaries were niche. Today, they’re shaping the entire conversation around private market access. ● $60B in secondary deal volume in Q1 of 2025 ● IPOs and M&A activity still lagging ● Investors want flexibility, not a 10-year lock-up Secondaries have become the bridge between early investors seeking liquidity and new investors seeking exposure. What’s interesting is how much broader the ecosystem has become. Investors can now gain exposure to the world’s leading private tech companies without having backed 100s of early-stage startups. It’s becoming a structural, institutional-scale investment opportunity. That shift is exactly where we operate. Our Stableton Unicorn Top 20 strategy focuses on the most valuable private tech companies, giving institutions, family offices, and banks exposure that reflects how the market actually works today. Private markets are evolving fast, and secondaries are unlocking doors that were once closed.