Ballast Equity Partners closes ninety-three million dollar debut fund as Providence-based firm enters secondary venture investment market

It’s always exciting when a new player makes a confident entrance into the investment world—and that’s exactly what just happened with Ballast Equity Partners, a firm based in Providence, Rhode Island, that’s diving into the world of secondary investments.

Their debut fund has officially closed, and they’re starting strong with a total of $93 million in commitments.

Backed by Big-Name Investors from the Start

This first fund, Ballast Equity Partners Fund I, got a major boost from two heavyweight investors: the New Mexico Educational Retirement Board (NM ERB) and the State of Wisconsin Investment Board (SWIB).

These early commitments were more than just financial—they played a crucial role in helping the firm take shape and get its investment platform off the ground.

Meet the Leaders Behind the Launch

Ballast is led by Jon Popielarski and David Martirano, who co-founded the firm and bring a powerful mix of experience to the table.

Popielarski has spent over 10 years working in private markets. Before launching Ballast, he was Director of Private Assets at the Employees’ Retirement System of Rhode Island, managing over $500 million in annual commitments across venture capital, private equity, and private credit.

Martirano brings over 25 years of investing experience, with a strong background in tech-focused venture and growth equity.

He’s also deeply involved in the community as a founding member and trustee at the University of Rhode Island, and he serves on the Investment Committee for Brown University Health.

What Ballast Equity Partners Actually Does

Ballast is setting out to fill a unique role in the venture and growth equity ecosystem—offering liquidity solutions to limited partners (LPs), general partners (GPs), and even shareholders.

They focus specifically on secondary transactions, which often involve buying and selling existing stakes in private companies or funds, rather than investing in new rounds.

In other words, they’re here to help those looking to exit or rebalance their portfolios in a dynamic and sometimes illiquid part of the market.

Looking Ahead

With Fund I now fully raised, Ballast Equity Partners is poised to make its mark.

Backed by institutional investors and led by experienced professionals, the firm is entering the secondary market space at a time when more LPs and GPs are looking for flexible options and liquidity solutions.