Lower middle market software private equity firm
Equality Asset Management
- HeadquartersBoston, MA S1
- Founded2018 S6
- Websiteequalityassetmanagement.com
- Last verifiedNovember 8, 2026
At a glance
| Latest fund | EAM Private Equity Partners II, L.P., $575M (Jan 2026) S2 |
|---|---|
| Revenue range | $10M to $50M S6 |
| Check size | $25M to $150M S1 |
| Deal types | Platform, Growth, Add-on S6 |
| Sectors | Software & SaaS, Healthcare Services |
What Equality Asset Management buys
Equality Asset Management (EAM) is a Boston private equity firm that invests only in software and software-enabled services. Co-founders Tom Roberts, who spent nearly 30 years at Summit Partners, and Jeff Del Papa, who worked at Summit, Thoma Bravo and TA Associates, started it in 2018 to back founder-led software companies. It usually puts $25 million to $150 million of equity into each company, and a 2025 interview the firm reposts says it targets businesses with $10 million to $50 million of recurring revenue. In January 2026 it closed its second fund, EAM Private Equity Partners II, at $575 million.
EAM does both control buyouts and growth investments. In 2025 it created Auctivo by buying three compliance software businesses at once, and in December 2025 it made a growth investment in Connectbase that also paid for that company's purchase of Cloud Age. In August 2026 it partnered with OptionMetrics on undisclosed terms. With a $25 million minimum check, it suits established software companies; a smaller one is more likely to meet EAM as an add-on to a platform.
Recent deals
Announced in the 24 months before November 8, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Aug 2026 | OptionMetricsPartnership with a New York options data and analytics provider; terms not disclosed, the founder stays CEO, and the release thanks Leeds Equity Partners for five years as its backer | Investment | Software & SaaS | Source |
| Jan 2026 | EAM Private Equity Partners IISecond fund closed at $575 million; the firm says demand was well above its hard cap | Fund close | Source | |
| Dec 2025 | ConnectbaseGrowth investment in a data and software platform for buying and selling network connectivity; the founder stays CEO | Growth | Software & SaaS | Source |
| Dec 2025 | Cloud AgeTelecom invoice automation and spend management software bought by Connectbase with EAM's investment | Add-on | Software & SaaS | Source |
| Jun 2025 | Auctivo (Rhoads Online, Elation Systems and Aithent's government software division)Three compliance software businesses bought and combined into a new company; the last platform from Fund I | Platform | Software & SaaS | Source |
| Mar 2025 | PCMIThoma Bravo made a growth investment in the warranty and service contract software company; EAM kept a minority stake | Exit | Software & SaaS | Source |
Portfolio by sector
From the firm's portfolio page S1.
Our Companies
- Auctivo
- Advanced GRC Active (part of Auctivo)
- Elation Systems Active (part of Auctivo)
- Rhoads Online Active (part of Auctivo)
- Connectbase
- Evention
- Mindoula
- MIVA
- OptionMetrics
- PCMI Minority holding
Past investments: Risk Control Technologies
Greymont’s take
How Equality Asset Management fits a seller
EAM suits the founder of a profitable, growing software company, especially a product that serves a niche industry or helps customers meet regulations, who wants operating help along with capital. Its operating partners include a former Scribe Software CEO and a former Vistaprint COO, and founders often stay in charge: OptionMetrics' founder remains CEO, and Connectbase is still led by its founder.
A deal can be a full sale or a partial one. When Thoma Bravo invested in PCMI in March 2025, EAM, management and employees all kept minority stakes, so owners who rolled equity with EAM stayed in for the next stage. Because EAM's releases often describe a partnership without saying who holds control, an owner should ask directly whether it wants a majority, how much of the price the founder is expected to roll over, and how much debt the deal will carry.
Questions owners ask
How much does Equality Asset Management invest?
EAM says it typically invests $25 million to $150 million of equity in each company. A 2025 interview it reposts on its site adds that it targets software businesses with $10 million to $50 million of recurring revenue.
Does EAM buy control of companies?
It does both control and growth deals. Auctivo was built in 2025 through outright purchases of three compliance software businesses, while the December 2025 Connectbase deal was a growth investment and the August 2026 OptionMetrics deal was a partnership on undisclosed terms.
What has EAM done recently?
It partnered with OptionMetrics, an options data provider, in August 2026, closed its $575 million second fund in January 2026, and invested in Connectbase in December 2025, money that also paid for Connectbase's purchase of Cloud Age.
Which industries does EAM invest in?
Software and software-enabled services only. Its companies sell compliance, ecommerce, telecom data, financial data, hospitality accounting and warranty administration software, plus Mindoula, a tech-enabled behavioral health company.
Sources
- S1EAM (Equality Asset Management) home page: focus, equity check size, companies, team, Boston address Accessed November 8, 2026
- S2EAM Announces Closing of $575 Million Fund II (January 28, 2026) Accessed November 8, 2026
- S3OptionMetrics Partners With Equality Asset Management (August 5, 2026) Accessed November 8, 2026
- S4EAM Announces Strategic Investment in Connectbase (December 2, 2025) Accessed November 8, 2026
- S5Equality Asset Management Forms Software Company Auctivo (June 11, 2025) Accessed November 8, 2026
- S6EAM broadens GRC software footprint with Auctivo platform (ION Analytics article dated September 12, 2025, reposted on EAM's site October 6, 2025) Accessed November 8, 2026
- S7PCMI: Thoma Bravo Makes Strategic Growth Investment in PCMI (March 17, 2025) Accessed November 8, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Equality Asset Management. Figures are as reported on the dates shown and may have changed. Request a correction