VC Principal @ Next Equity Partners in San Francisco, CA

NextEquity Partners makes mid-stage (Series B-D) growth investments, with a value lens, in the best underhyped private consumer and enterprise technology companies. Founded in 2015, NextEquity is led by senior executives from Apple and Elevation Partners who have been investing together for over 12 years in leading companies such as Airbnb, Sonos, Ring, MasterClass, MarketShare, Venafi, Arctic Wolf, and SentinelOne. The team brings a unique combination of Apple DNA, Silicon Valley relationships, and private equity discipline to mid-stage tech investing.

We’re currently hiring a full-time principal with 4-9 years of work experience. NextEquity is based in the San Francisco Bay Area, CA.

NextEquity is currently investing out of its second fund ($120m), after having invested Fund I with excellent returns to date. This is a unique opportunity for a hungry and self-driven investment professional to join a relatively young, fast growing firm with a strong investment track record, led by experienced executives and investors. The small team allows for more responsibility and senior exposure while the young nature of the firm provides significant long-term financial & career upside for a top performer. Our goal is to find a principal who wants to help build and grow with the firm over the long term.

To apply, please send an email to recruiting@nextequity.com with (1) a copy of your resume and (2) a link to your LinkedIn page.

Principal responsibilities will include:

1. Serving as team lead on the research, analysis, and diligence process for investments
2. Meeting with company executives to learn about their businesses
3. Building of financial models and analysis of company metrics 
4. Putting together investment materials and presenting materials to the firm
5. Tracking the performance of portfolio companies and occasionally helping portfolio companies with specific projects and/or serving as a board observer
6. Building industry relationships to source deals; represent the firm in a positive light

Requirements for the principal position are:

1. Strong work ethic and willingness to work long hours in periods of active deal flow
2. Strong financial and accounting knowledge (through past investment banking and/or investment experience at a mid-late stage venture firm or private equity firm)
3. Tech investment experience at a leading private equity, growth equity, or mid-late stage venture firm highly preferred; tech operating experience is a plus but not required
4. Passion for tech & intellectual curiosity: someone constantly reading about technology
5. Entrepreneurial drive to build a leading investment firm over the long term
6. Ability to analyze and think critically about businesses and industry dynamics
7. Team player with high integrity and ability to manage a team effectively and thoughtfully
8. Existing tech network a major plus; ability to build relationships to source deal flow
9. Ability to work in the US without Visa sponsorship

The firm expects the principal to have strong research & finance skills but will also train the principal on many skills needed for the job. The principal will be expected to work hard, with long hours in periods of active deal flow. However, NextEquity also values work-life balance and will provide reasonable vacation time as well as flexibility (e.g. ability to work from home ~2-3 days per week). Compensation will be competitive including significant upside from carry.

Fund overview:

• Addresses an attractive market segment: mid-stage technology companies that have both large upside potential and low downside risk. NextEquity looks for strategic companies targeting a large market with leading products, $10-50m+ of revenue, high growth, strong unit economics, and talented management. By investing in these companies at reasonable valuations, often with structural protections, NextEquity targets ~3x base case returns with 5-10x+ upside and ~1x downside scenarios. 

• Applies distinctive value lens to mid-stage growth investing. While other investors chase “hot” companies at high valuations, NextEquity looks for strongly positioned, reasonably priced, underhyped companies and favorable deal dynamics. Targets include emerging leaders in underhyped markets, companies facing business model skepticism, and companies with growth profiles and/or capital needs that do not fit the traditional venture model. NextEquity mitigates risk of capital loss by analyzing factors such as customer stickiness, pathway to profitability, liquidation waterfalls, and potential acquirers in downside scenarios. 

• Led by team with decades of experience operating & investing in rising tech leaders. NextEquity is led by founders Avie Tevanian (former Software CTO at Apple and MD at Elevation Partners), Adam Hopkins (previously an Elevation MD with over 23 years of private equity / tech investing experience), Rami Reyes (previously an Elevation Principal with over 12 years of private equity / tech investing experience), and Fred Anderson (former Apple CFO and Elevation MD, and a Senior Advisor to Fund II). As two of the four key direct reports to CEO Steve Jobs, Mr. Tevanian and Mr. Anderson played critical technology, financial, and operating roles in Apple’s dramatic turnaround and enormous disruption of multiple markets, making them attractive advisors to technology company management teams. Mr. Hopkins and Mr. Reyes complement this operating experience with a private equity investing approach including extensive due diligence, valuation discipline, and security structuring. 

• Leverages established deal sourcing engine to access private tech companies benefiting from strong secular trends. Through the team’s prior operating, board, and investing experience in preeminent tech companies, NextEquity has deep, senior industry relationships that connect the firm with the next generation of leading tech companies. Management teams and other investors in companies at the mid-stage view NextEquity as an attractive partner given the team’s operating experience and relationships.