Independent, research-driven strategies across public equities, fixed income, and private markets — engineered for tax efficiency and long-term wealth preservation.
A California-based registered investment advisory firm serving a select group of discerning investors who demand more than what institutional platforms can offer.
Verasion Asset Management is an independent RIA specializing in fundamental research and active portfolio management for high net worth individuals. We reject the passive indexing approach that has come to dominate the industry.
Instead, we conduct deep, proprietary research to identify compelling opportunities in public equities, fixed income securities, and private transactions — while applying rigorous tax-efficiency disciplines at every stage of portfolio construction.
Our clients receive institutional-quality research, direct access to private deal flow, and a fully bespoke strategy — without the excessive fees, unwanted beta exposure, or conflicts of interest that pervade the wirehouses.
No parent company. No product shelf. No distribution incentives. Our recommendations are driven entirely by your interests.
Our network and 40+ transactions of experience open doors to private equity and venture opportunities unavailable through traditional channels.
We earn our fees on assets under management. When you grow, we grow. No hidden revenue sharing, no soft dollars.
Regular, clear communication on portfolio positioning, rationale, and performance. You always know what you own and why.
Every engagement is custom-built around your specific financial situation, objectives, and tax profile.
Deep fundamental analysis of individual stocks across market capitalizations and sectors. We identify asymmetric risk/reward opportunities through proprietary research that looks well beyond consensus views.
Credit analysis and bond selection focused on maximizing risk-adjusted returns. We build laddered portfolios of individual bonds — including municipals — tailored to your income needs and tax bracket.
Sourcing, due diligence, and term negotiation across private transactions. We leverage our network and 40+ deals of experience to identify and structure compelling private market investments on favorable terms.
Thoughtful asset allocation and position sizing across public and private holdings. We integrate tax-lot management, liquidity tiering, and concentration limits to build portfolios that are both resilient and efficient.
Tax considerations are embedded in every investment decision — not added as an afterthought. From harvest timing and gain deferral to Opportunity Zones and qualified small business stock, we work to keep more of what you earn.
Bespoke long/short equity portfolios designed to generate alpha independent of broad market direction. We pair high-conviction long positions with carefully researched short exposure to reduce net beta, manage drawdowns, and improve risk-adjusted returns across full market cycles.
Continuous portfolio surveillance, disciplined rebalancing, and proactive adjustment as markets evolve. Transparent reporting and regular communication so you're always fully informed.
"It's not what you earn — it's what you keep." For high net worth investors, tax drag is often the largest single impediment to long-term wealth compounding.
We treat tax efficiency as a core investment discipline, not a secondary consideration. At Verasion, tax strategy is integrated into portfolio construction from day one — influencing holding periods, asset location, harvesting timing, and the structure of private transactions.
Our approach draws on deep familiarity with the relevant code sections, coordination with your tax counsel, and decades of practical experience structuring both public and private market investments for maximum after-tax return.
Systematic identification and realization of losses to offset gains, deferring tax liability without disrupting long-term market exposure.
Deliberate management of holding periods to qualify gains for preferential long-term capital gains rates, reducing the effective tax drag on returns.
Placing tax-inefficient assets (high-turnover strategies, taxable bonds) in tax-deferred accounts while tax-efficient equities are held in taxable accounts.
Structuring equity holdings to maximize qualified dividend income, taxed at preferential rates, versus ordinary income distributions.
Donating appreciated securities directly, contributing to Donor Advised Funds, and timing large charitable gifts for maximum tax benefit.
Integrating investment decisions with step-up in basis considerations, grantor trusts, and generation-skipping strategies coordinated with your estate attorney.
Beyond portfolio-level tactics, we advise on and invest through specialized vehicles that offer structural tax advantages unavailable through traditional brokerage accounts.
Investing capital gains into Qualified Opportunity Zone Funds defers recognition of those gains and, for investments held 10 years, eliminates tax on appreciation inside the fund entirely. We evaluate QOZ deals using the same rigor as any private equity investment.
Section 1202 excludes up to $10M (or 10× basis) in gains from federal tax on qualifying C-corp investments held over five years. We structure venture and early-stage private equity investments to maximize QSBS eligibility wherever possible.
For clients in high marginal brackets, carefully selected municipal bonds — general obligation and revenue — provide tax-equivalent yields that often exceed taxable alternatives. We analyze credit quality and call features, not just yield.
Certain private real asset investments generate paper losses through accelerated depreciation that can shelter other passive income. We evaluate these alongside their fundamental investment merits.
For clients with appreciated real property, 1031 exchanges allow indefinite deferral of capital gains by rolling proceeds into replacement property. We coordinate with your advisors to integrate these transactions into the broader portfolio.
High-income earners can shelter substantial income through defined benefit plans, solo 401(k)s, and other qualified plans. We advise on contribution strategies and, where appropriate, investment of retirement assets in private market opportunities.
40+ completed transactions have refined a disciplined process for sourcing, evaluating, and negotiating private market investments — from early-stage venture to growth equity and buyouts.
Our evaluation framework is designed to surface conviction — and to kill bad deals early before significant time is invested.
We begin with an independent assessment of total addressable market, growth drivers, and competitive intensity. We are skeptical of management-provided TAM figures and build our own from the bottom up.
We stress-test gross margins, customer acquisition costs, lifetime value, payback periods, and churn. A company with poor unit economics at scale is not investable regardless of revenue trajectory.
What keeps competitors out? We examine network effects, switching costs, proprietary data advantages, regulatory moats, and brand. We require a clear, durable source of competitive advantage.
We conduct reference calls beyond the names provided, evaluate track records in comparable situations, and assess how the team behaves under adversity. Domain expertise alone is insufficient; we need execution capability and capital stewardship.
We build independent DCF and comparable company analyses. For venture deals, we model multiple exit scenarios — strategic acquisition, IPO, or secondary sale — and require a credible path to a 3× or better return on our entry price before committing capital.
We explicitly model the bear case: what does this investment look like if the market grows 50% slower, if a well-funded competitor enters, or if the founding CEO departs? We only invest where the bear case is survivable.
Deal terms are as important as the deal itself. A great company at the wrong terms — or with inadequate protections — can still produce a poor investment outcome.
We negotiate valuations anchored to independent analysis, not the last round or founder expectations. We also seek anti-dilution provisions — preferably weighted-average broad-based — to protect against down rounds.
We negotiate for participating preferred shares with a 1× non-participating preference as a minimum floor, escalating to participating with a cap in competitive situations. This ensures return of capital before common shares participate in proceeds.
For meaningful check sizes we negotiate board observer seats or full board representation. At minimum, we require quarterly financials, annual audited statements, and immediate notification of material events.
Pro-rata rights allow us to maintain our ownership percentage in future rounds by investing our proportional share. We negotiate these rights in early rounds to preserve upside in breakout companies.
Tag-along rights ensure we can participate in any sale on the same terms as major shareholders. Right of first refusal provisions give us the ability to acquire shares before they transfer to unknown third parties.
We work to structure investments as QSBS-eligible C-corp shares wherever applicable, time closings relative to the tax calendar, and — in growth equity and buyout contexts — negotiate for deal structures that allow for tax-efficient exit treatment.
We conduct comprehensive, independent diligence — not a cursory review of the deck. The process typically spans 4–8 weeks for meaningful check sizes.
We review historical financials, cohort data, and cash flow statements — and commission a quality of earnings analysis for growth equity and buyout transactions to verify the sustainability of reported EBITDA.
We speak directly to customers — including churned customers — to validate product-market fit, pricing power, and switching cost assumptions. Customer discovery is often the most revealing step.
We engage industry experts and former employees to map the competitive landscape with precision, test the management team's assertions, and identify threats that may not appear in a standard market study.
We engage specialized counsel to review cap table cleanliness, IP ownership, key contracts, pending litigation, and regulatory status. In tech deals, we assess software IP defensibility and any open-source license exposures.
We conduct thorough background checks and reference calls with former colleagues, board members, and investors across prior ventures — not just the names provided by the company.
Prior to closing, we assess QSBS eligibility, Opportunity Zone qualification, and any state tax considerations. For larger transactions, we may engage specialized tax counsel to structure the investment for maximum after-tax efficiency.
Disciplined, research-driven, and fully aligned with your long-term success.
We believe markets are inefficient enough that skilled active management can add meaningful value. Index funds guarantee average returns minus fees — and expose you to every overvalued security in the benchmark.
Our approach concentrates capital in high-conviction ideas selected through rigorous fundamental analysis, allowing us to avoid overpriced areas and focus on durable value creation.
Past performance and historical metrics tell us where a business has been, not where it is going. Our research emphasizes future earnings power, competitive dynamics, and industry evolution over rearward-looking statistical analysis.
This orientation has been particularly valuable in identifying private equity opportunities before companies reach public markets at stretched valuations.
We do not believe in over-diversification. While we maintain prudent risk limits, we concentrate portfolios in our best ideas rather than diluting returns with marginal holdings. Twenty great ideas beat one hundred mediocre ones.
Concentration requires deep research and genuine conviction — and has historically generated superior risk-adjusted returns for long-term investors who can tolerate periodic volatility.
Our fee structure is straightforward: we earn our fees on assets under management. When you grow, we grow. There are no hidden revenue-sharing arrangements, no soft-dollar agreements, and no incentive to recommend products that aren't in your best interest.
Every decision we make is documented, explained, and available for review. We believe transparency is the foundation of a lasting client relationship.
We work with a select number of clients to ensure personalized attention. We welcome inquiries from qualified investors who are seeking a genuinely different approach.
Reach us directly or use the inquiry form. Initial consultations are confidential and carry no obligation.
Verasion Asset Management is a registered investment adviser in the State of California. Registration does not imply a certain level of skill or training. We serve accredited investors seeking personalized, research-driven portfolio management.
We respond to all inquiries within one business day. Your information is kept strictly confidential.