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Ballast Equity Partners closes debut venture and growth equity secondary fund with $93 million in commitments

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PROVIDENCE, R.I., April 30, 2025-- Ballast Equity Partners, a secondary investment firm focused on the venture and growth equity ecosystem, today announced the final close of its debut fund, Ballast Equity Partners Fund I, with total commitments of $93 million.

The fund was anchored by the New Mexico Educational Retirement Board (NM ERB) and the State of Wisconsin Investment Board (SWIB), whose early commitments were instrumental in supporting the formation of the firm and the launch of its investment platform.

"We are thrilled to announce the successful closing of our inaugural fund. We are extremely grateful for the early confidence in our vision by our LPs, especially our anchor investors, NM ERB and SWIB. We believe there is strong demand for liquidity solutions within the venture capital and growth equity ecosystem, particularly at the smaller end of the market, which we are poised to capitalize on," said Jon Popielarski, Managing Partner.

Steve Neel, Deputy CIO at New Mexico ERB added, "we are excited to be participating in Ballast's inaugural fund. Our strategy is to play the peripheral edges of the secondary market in less capital efficient pockets and Ballast fits this thesis. The team comes from complementary backgrounds that provides them with the skill set to source, structure and execute these transactions."

Jon Popielarski, Co-Founder and Managing Partner, brings more than a decade of private markets experience. Prior to Ballast, he served as Director of Private Assets at the $10.5 billion Employees' Retirement System of Rhode Island, where he led more than $500 million annually in commitments across private equity, venture capital, and private credit.

David Martirano, Co-Founder and Partner, brings more than 25 years of successfully investing in venture and growth equity companies, with a deep technology domain expertise. David is also founding member and Trustee of the University of Rhode Island and sits on the Investment Committee of Brown University Health.

About Ballast Equity Partners

Ballast Equity Partners is a secondary investment firm focused on the venture capital and growth equity markets. Headquartered in Providence, Rhode Island, Ballast provides liquidity solutions to LPs, GPs, and shareholders across a range of secondary transaction types. The firm leverages its deep experience in direct venture and fund investing to deliver thoughtful, aligned outcomes across the private markets. For more information, please visit our website at https://www.ballastequitypartners.com/.

Contact:
Media Contact
Emily Nolte, Ballast Equity Partners, 1 401-680-1230, emily@ballastep.com

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