Our Story
Our Story
About us
The private markets are undergoing a structural shift.
For decades, venture capital operated on a simple model: investors committed capital early and waited for liquidity through IPOs or acquisitions. Today, that model is breaking down. Companies are staying private longer, capital cycles are extending, and liquidity is no longer confined to a single exit event.
As a result, the secondary market has moved from a niche function to a core component of the private ecosystem—providing liquidity to early stakeholders while creating new entry points for investors seeking exposure to high-quality companies at later stages.
Despite this shift, access to secondary opportunities remains limited. Transactions are often relationship-driven, fragmented, and difficult to navigate without the right network and execution capabilities.
Second Wave was built to operate in this gap.
We focus on sourcing and executing curated secondary transactions in late-stage, in-demand private companies. By leveraging deep relationships and a disciplined approach to deal selection, we aim to provide investors with access to opportunities that are typically unavailable through traditional channels.
Our approach is deliberately selective. We prioritize quality over volume, clarity over complexity, and long-term relationships over transactional activity.
As the role of secondaries continues to expand, we believe access, trust, and execution will define the next generation of private market platforms.
Second Wave is built around that belief.
About us
Who We Are
Our Team
Max Frenkel
Managing Partner
Max has always been an avid tech-enthusiast, fascinated by its novel creations and how they can improve our world. After graduating from Dartmouth with a degree in Cognitive Science (Computer Science meets Psychology), Max founded an e-commerce startup focusing on medical supplies and subsequently started angel investing.
After learning about Gaingels and falling in love with its mission, he joined to oversee its Nexus business unit, which he ran as a partner. He built the Nexus unit to more than $650 million deployed across more than 2,750 investments and sits on the investment committee for the Spark, Early Stage, Enterprise, Fintech, Speedrun, and Early Stage Diversity Funds.
Alexander Kario
Manager, VP of Operations
Alexander has always been drawn to systems—how capital moves, how markets evolve, and how structure shapes outcomes. After graduating from New York University with a degree in Political Economy, he began his career in vertical SaaS, where he developed a strong foundation in operations, strategy, and financial execution.
He later joined Second Wave as VP of Operations, where he focuses on building the firm’s infrastructure, refining its investment processes, and driving execution across its secondary transactions platform. His work centers on translating complex deal dynamics into a structured, repeatable system that supports both investors and counterparties.