Delta-G Capital is launching Australia’s first wholesale private global AI secondaries fund1.
Delta-G is a globally focused investment fund manager, specialising in private market secondaries investments.
We are positioned to capitalise on one of the fastest-growing segments of the alternative investment market: the secondary market for stakes in private and pre-IPO artificial intelligence companies.
Delta-G was founded by three Australian investment and capital market professionals who have each built careers at the intersection of private markets, technology investing, and institutional capital. The Delta-G team have developed a proven track record and reputation with a combined 45+ years’ experience investing in technology, artificial intelligence, consumer, healthcare, fintech, prop tech and generalist companies around the world.4
The Delta-G Global Growth Fund invests in leading private AI and technology companies globally, primarily via secondary market transactions. Applying a top-down portfolio construction approach utilising a proprietary “Five-Filter Framework” we invest into the leading private global companies in 5 key AI segments. This concentrated portfolio represents the full value chain of the AI ecosystem.
1. Based on the Investment Manager's knowledge of the Australian market as at 25 May 2026. This statement has not been independently verified; it is possible that other funds exist or may be established that share some or all of the characteristics described.
Target Sectors - Five AI Growth Vectors
We concentrate exposure around five segments at the epicentre of AI growth.
Foundation Models
(LLMs, SLMs & Edge)
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AI Infrastructure
(GPUs/LPUs/Inference)
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Data Analytics, API & Distribution
Autonomous Machines, Robotics & Space
Enterprise Agents, Applications & Coding Tools
Seed Portfolio
The Fund intends to seek exposure to a seed portfolio including investments in some of the world’s leading AI technology companies.2
- Anthropic PBC the leading enterprise LLM generative AI company that operates the market-leading model Claude.
- Anthropic has achieved the most explosive revenue growth of its peers utilising its enterprise and SMB go-to-market model, whilst Claude Code retains a dominant market position in coding.
- Claude can be utilised via a cloud application that predominantly targets the SMB with the deepest integration to enterprise workflows through its AWS and Salesforce partnerships.
- Anthropic already services a large portion of the Fortune 500.
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- OpenAI via ChatGPT is one of the leaders in consumer AI, with the fastest growth in user engagement in history.
- Microsoft co-pilot strategic partnership provides distribution, compute infrastructure, and enterprise sales channels providing deep Fortune 500 enterprise penetration.
- ChatGPT holds a significant portion of the AI chatbot market share, with a first mover advantage.
- Business is moving into paid advertising, with potential to generate billions in ad revenue at high margins.
- Space Exploration Technologies ("SpaceX") World's largest rocket, spaceship and satellite (Starlink growth driver) company.
- February 2026 US$250bn acquisition of xAI3 comprised of Grok AI and X (Twitter) gives Starlink strategic play orbital data centers predicted to be cheapest method to compute.
- Tesla (an investor in SpaceX), is pivoting away from traditional car manufacturing toward AI and robotics.
2. The seed portfolio is indicative only. No binding commitment to vend-in any position has been made. Any vend-in is subject to various conditions including Trustee and IC approval, independent valuation and auditor sign-off, company approval if applicable, and no IPO or other exit occurring prior to completion. The Investment Manager has a conflict of interest to be managed in accordance with its Conflicts of Interest Policy. References to "leading" companies reflect the Investment Manager's assessment. Past performance is not a reliable indicator of future Fund performance. All company information is sourced from publicly available sources including company websites, PitchBook, Reuters, Bloomberg, TechCrunch and Morningstar, supplemented by Delta-G's own analysis. Information has not been independently verified and may change.
3. https://www.reuters.com/business/musks-spacex-merge-with-xai-combined-valuation-125-trillion-bloomberg-news-2026-02-02/All logos, trademarks, and service marks are the property of their respective owners and are used for identification purposes only. Any reference to a third party, including in connection with strategic relationships or partnerships, does not imply endorsement, sponsorship, approval, or affiliation unless expressly stated.
About Us
Our team has decades of technology investment experience which is complemented by an institutional grade Investment Committee and Advisory Board.
Delta-G was founded by three investment and capital market professionals who have each built careers at the intersection of private markets, technology investing, and institutional capital. The Delta-G team have developed a proven track record and reputation with a combined 45+ years' experience, managed A$500m+, across 50+ companies investing in technology, consumer, healthcare, fintech, prop tech and generalist companies around the world.4
The Delta-G team has experience across all key transaction types including late-stage VC, growth equity, pre-IPO, IPO and secondaries. To date they have achieved a 3x MOIC and 100%+ IRR over investing in a targeted select portfolio companies that fit our investment hypothesis5. The team is complemented by an institutional grade Investment Committee and Advisory Board whom work for some of largest capital allocators in the world.
Managing Director & COO
20+ Years’ experience
Managing Director
Co-Founder
Track record in private and public technology investments, providing institutional and private market investors with access to late-stage, growth, pre-IPO, and secondary market opportunities.
Previous Roles
- Portfolio Manager and Legal Principal, Private Investments at Perennial Partners
- Founding team Director, Investment Committee, Investor at Second Quarter Ventures
- Senior Associate, M&A/leveraged finance at Corrs Chambers Westgarth
Managing Director & CIO
17+ Years’ experience
Managing Director & CIO
17+ Years’ experience
Venture & Growth Capital investing. Focused on private technology companies scaling and growing globally. Non-executive director across growth technology both private and listed.
Previous Roles
- Investment Director, Venture and Growth Equity at Salter Brothers Funds Management
- Associate Director, Middle Market Deals/M&A at PricewaterhouseCoopers
- Managing Director, Zambezi Investment Fund
Executive Chairman
20+ Years’ experience
Executive Chairman
20+ Years’ experience
Technology investor and company builder with extensive board and governance experience. A specialist in identifying and scaling disruptive ventures, incubating high-growth businesses.
Previous Roles
- Executive Chairman and Co-Founder of Gelteq (NASDAQ:GELS)
- Managing Director of The Legats Group
- Westpac ANZ and NAB Product and Strategy Roles
Advisory Board
Chair
Investment Committee
Chair
Advisory Board
Member
Advisory Board
Member
Managing Director & COO
20+ Years’ experience
Managing Director
Co-Founder
Track record in private and public technology investments, providing institutional and private market investors with access to late-stage, growth, pre-IPO, and secondary market opportunities.
Previous Roles
- Portfolio Manager and Legal Principal, Private Investments at Perennial Partners
- Founding team Director, Investment Committee, Investor at Second Quarter Ventures
- Senior Associate, M&A/leveraged finance at Corrs Chambers Westgarth
Managing Director & CIO
17+ Years’ experience
Managing Director & CIO
17+ Years’ experience
Venture & Growth Capital investing. Focused on private technology companies scaling and growing globally. Non-executive director across growth technology both private and listed.
Previous Roles
- Investment Director, Venture and Growth Equity at Salter Brothers Funds Management
- Associate Director, Middle Market Deals/M&A at PricewaterhouseCoopers
- Managing Director, Zambezi Investment Fund
Executive Chairman
20+ Years’ experience
Executive Chairman
20+ Years’ experience
Technology investor and company builder with extensive board and governance experience. A specialist in identifying and scaling disruptive ventures, incubating high-growth businesses.
Previous Roles
- Executive Chairman and Co-Founder of Gelteq (NASDAQ:GELS)
- Managing Director of The Legats Group
- Westpac ANZ and NAB Product and Strategy Roles
Advisory Board
Chair
Advisory Board
Member
Advisory Board
Member
Investment Committee
Chair
Managing Director & COO
20+ Years’ experience
Managing Director
Co-Founder
Track record in private and public technology investments, providing institutional and private market investors with access to late-stage, growth, pre-IPO, and secondary market opportunities.
Previous Roles
- Portfolio Manager and Legal Principal, Private Investments at Perennial Partners
- Founding team Director, Investment Committee, Investor at Second Quarter Ventures
- Senior Associate, M&A/leveraged finance at Corrs Chambers Westgarth
Managing Director & CIO
17+ Years’ experience
Managing Director & CIO
17+ Years’ experience
Venture & Growth Capital investing. Focused on private technology companies scaling and growing globally. Non-executive director across growth technology both private and listed.
Previous Roles
- Investment Director, Venture and Growth Equity at Salter Brothers Funds Management
- Associate Director, Middle Market Deals/M&A at PricewaterhouseCoopers
- Managing Director, Zambezi Investment Fund
Executive Chairman
20+ Years’ experience
Executive Chairman
20+ Years’ experience
Technology investor and company builder with extensive board and governance experience. A specialist in identifying and scaling disruptive ventures, incubating high-growth businesses.
Previous Roles
- Executive Chairman and Co-Founder of Gelteq (NASDAQ:GELS)
- Managing Director of The Legats Group
- Westpac ANZ and NAB Product and Strategy Roles
4. Figures provided with respect to the Delta-G team’s collective investment management experience, portfolio management experience and track record including number(s) and size(s) of investments shown are cumulative with respect to the three principals of the Investment Manager, and relate to individual experience of such individuals at one or more previous investment management firms. This experience was achieved individually by the relevant founding principals or entities associated with the founding principals and outside of and prior to the Fund's establishment. The Fund has no previous or current performance track record.
5. Returns shown were achieved by entities associated with the founding principals outside of and prior to the Fund's establishment, on a deal-by-deal basis. The Fund has no performance track record. Past performance is not indicative of future performance. Nothing in this presentation constitutes a promise, representation or guarantee of future Fund returns.
AI Market Opportunity
The biggest Al companies are being built right now - and the majority of investor value creation is happening while these companies are still private.
The AI company leaders are growing at unprecedented levels
Computing power driving AI development has grown exponentially over the past decade, creating an unprecedented technological inflection point. Generative and agentic AI systems are reshaping the global economy with implications across every major sector. This represents a structural shift in value creation, concentrating opportunity in companies building foundational AI infrastructure and applications.
Source: Delta-G analysis. All company information is sourced from publicly available sources including company websites, SpaceX Morgan Stanley research reports 2025, The Information OpenAI forecast, Sacra, Wall Street Journal, PitchBook, Reuters, Bloomberg, TechCrunch and Morningstar, supplemented by Delta-G's own analysis. Information has not been independently verified and may change. Financial information is in billions USD.
Companies are staying private longer
Common reasons why leading private companies are opting to stay private:
- Capital Availability
- Market Consolidation
- Lower Compliance and Governance Burden
- Valuation Protection
- Better Talent
Delta-G analysis – source Pitchbook and company information, April 2026
6. Based on data extracted from Ritter, 'Initial Public Offerings: Updated Statistics,' University of Florida, April 2026.
Private is outperforming the public markets
- According to Pitchbook the number of private unicorns globally is now ~1,590 as of February 2026 (up from ~600 in 2020).7
- Forge Global report that the Private Magnificent 7 - SpaceX, Open-AI, Anthropic, Databricks, Stripe, xAI and Anduril - represent 43% of US unicorn valuations and comprises the most funded and best performing companies.8
- The Private Magnificent 7 has generated a 146% return over the last 12 months to 17 May 2026, outperforming the Public Magnificent 7 by ~104 percentage points.9
7. PitchBook Unicorn Tracker — 1,590 active unicorns as at February 2026; Hurun Research Institute, 'Global Unicorn Index 2025,' June 2025 — 1,523 unicorns as at January 2025
8. Forge Global, 'The Private Magnificent 7,' forgeglobal.com
9. Forge Global, 'The Private Magnificent 7,' live performance data as at May 2026 https://forgeglobal.com/private-magnificent-7/. Private Magnificent 7 data from Forge Data (Forge Price™ proprietary indicative pricing). Public Magnificent 7 data from NASDAQ. Inception date: 31 August 2023. Returns are indicative only and based on Forge's proprietary price estimates, which are not guaranteed to reflect actual transaction prices. Past performance is not a reliable indicator of future returns.
The venture secondary market
- The global secondary market broke volume records in 2025, becoming the largest year ever.
- Record volume of US$240bn, a 48% YoY increase.
- GP-led volume of US$115bn representing 53% YoY increase and a 220% increase from US$35bn in 2020.
- Catalysed by structuring innovation from incumbent players, new entrants with direct PE/VC backgrounds.
- Venture secondaries experienced heightened investor activity in 2025.
- Acceleration is being driven by the proliferation of AI.
Delta-G Focus
- General Partner (GP)(fund manager) initiates the sale, to extend holding periods.
- The GP creates a cap table fund and/ or SPVs.
- The GP transfers portfolio companies from an aging fund into a new one.
- Existing LPs (investors) can roll over, cash out. This gives GPs more time to nurture winners while offering LPs liquidity.
- GP offers access to new investors into cap table fund and/or SPVs that holds portfolio company.
- Existing shareholders (founders, employees or investors) in company sell their shares.
- Typically, founders wanting liquidity without an exit, employees with vested stock options, or early angel investors looking to cash out partially.
- Direct share purchases from individual shareholders, dealing with rights of first refusal (ROFR) or approval rights over these transfers.
Delta-G Global Growth Fund
We are proud to announce the Delta-G Global Growth Fund - Australia’s first Institutional-grade secondaries fund dedicated to accessing the world's leading AI companies.
Our fund has been designed to provide wholesale investors with access to high-quality secondary opportunities in this high-growth and rapidly evolving market. Built on rigorous investment discipline and deep market insights, our fund offers access, portfolio diversification, and compelling risk-adjusted returns.
We invite interested investors and partners to register their interest to receive further details ahead of our official launch.
Register your interest.
Delta-G provides qualified wholesale investors with access to AI's most consequential private companies. If you would like to learn more about the fund structure, portfolio strategy, or investment process, we invite you to get in touch.
Registering your interest is not an application to invest and does not create any obligation. Any offer of Units in the Delta-G Global Growth Fund is made only to Wholesale Clients (as defined in section 761G of the Corporations Act 2001 (Cth)) through the Fund's Information Memorandum. Prospective investors should read and consider the Information Memorandum and the Fund's Trust Deed, and obtain professional advice, before making any investment decision. The Information Memorandum is available on request following confirmation of wholesale-client status.