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About Us

Novirian Capital ("Novirian") is a leading private equity firm focused on the Secondary Direct market for privately-owned technology companies. Novirian purchases equity positions in individual companies, as well as portfolios of several companies, from existing shareholders. Post-acquisition, Novirian is a stable, reliable, long-term investor: the assets are actively managed to support value generation and global growth of portfolio companies.

Novirian principals have a history of acquiring technology assets from corporate groups, financial institutions and early financiers, providing liquidity solutions to a variety of investors, including founders and members of the management team. These transactions have been backed by some of the largest global institutional investors specializing in the secondary market.

The Secondary Direct Market

Publicly-owned companies are listed on one or more exchanges, such as the NYSE or NASDAQ, and there exists a liquid market for their secondary shares. In contrast, shares in privately-owned companies are generally illiquid.


Investors in privately-owned companies are typically long-term shareholders. They sell their positions when the company has a liquidity event, either an IPO or when the company is acquired by a publicly-owned company. In the case of technology companies, and depending on market conditions, these liquidity events may take years, sometimes beyond the life of the investment vehicles holding such investments.


Private equity investors have increasingly been seeking liquidity for their portfolios, or their equity positions in individual private companies, by entering into negotiated agreements - Secondary Direct transactions - with qualified buyers, firms such as Novirian. Sellers are typically:

  • General Partners managing funds that would benefit from realizations and distributions to limited partners, or freeing up partners' bandwidth tied to older legacy investments

  • Banks, insurance companies, family offices, angel investors and other investment institutions seeking to reduce exposure to venture assets

  • Corporations rebalancing their portfolio of strategic investment initiatives

  • Fund of Funds implementing initiatives of proactive fund management, or solving situations of end-of-life venture funds or orphaned venture funds

  • Founders and members of management, seeking some liquidity (founder's shares or exercise of ISOs), to enjoy the financial fruits of their labors

Unique, Active Portfolio Management by a Reliable and Stable Investor

The assets acquired by Novirian are actively managed to support value generation and global growth of the portfolio companies. Novirian offers investors an attractive and unique return profile. We look at any portfolio with no prejudice or legacy beliefs. We aim to generate short- to medium-term distributions, focusing on solid companies with an expected short holding period and limited liquidity risk, while pursuing excess returns through premium realizations in select projects.

Our team, relationships and capital resources allow us to be a value-added and stable investor for our portfolio companies. In some cases we have led new financing rounds. Our team has significant experience at leading private equity firms, venture capital firms, investment banks, and operating companies. The combination of our team's experience, with our knowledge and expertise across multiple high-growth industries, such as hardware, software, internet-based services, both consumer and business services, allow us to be an ideal partner to our portfolio companies and their investors.

Experienced Team With Proven Track Record

The Novirian team has actively sourced, evaluated, acquired and managed Secondary Direct transactions for a number of years. With its main office in San Francisco, CA, Novirian is well positioned to maintain close and regular contact with both prospective sellers and portfolio companies.

Novirian is led by its Founders, Alessandro Biral and Esfandiar Lohrasbpour. They share a combined 60+ years of private equity investment, board, advisory and operating management experience. Novirian Capital currently manages venture funds with total committed capital in excess of $100 million and have completed a number of direct secondary transactions, involving the acquisitions of both venture fund portfolios and secondary direct stakes in single-company transactions.

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