DFX Intelligence
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B••••••• P••••••• L••
Buyout firmClassification confirmedMiddle marketSEC registered investment adviser· San Francisco, CA
••• Locked
As of · identity and classification; each section below carries its own date
- Regulatory AUM
- $3.4B
- PE fund assets
- $3.4B
- PE funds
- 10
- Investments held
- 58 of 58
- Deals, last 12 months
- 8
Form ADV
Form ADV
Form ADV
DFX transaction tape
DFX transaction tape
As of · identity and classification; each section below carries its own date
What matters now
- 1 deal180 days
1 deal since 22 Apr 2026: bought R•••••• (platform, 22 Apr).
What it is buying now is the best guide to what it will buy next.
Classification, Form ADV and stated criteria
How this organization is classified, and on what basisBuyout firm · 2 in historyShowHide
- Class
- Buyout firmconfirmed, confidence 85%
- Basis
- 13 of 13 distinct vehicles are sworn Private Equity Funds; 13 reported gross assets on a filing in 2022 or later
- Size band
- Middle marketdefined by: proxy: $3.36bn Private Equity Fund GAV on the Form ADV filed 2026-03-30
- Strategies
- Secondaries
Classification history (2)
- Sep 23, 2026Buyout firm (confirmed, 85%)13 of 13 distinct vehicles are sworn Private Equity Funds; 13 reported gross assets on a filing in 2022 or later
- Sep 13, 2026Buyout firm (confirmed, 85%)10 of 10 distinct vehicles are sworn Private Equity Funds; 10 reported gross assets on a filing in 2022 or later
Regulatory footprint (Form ADV)RAUM $3.4B · 10 PE funds · filed Mar 30, 2026ShowHide
- Adviser type
- Registered investment adviser
- Form ADV filings
- Nov 27, 2018 to Mar 30, 2026
- RAUM
- $3.4Bregulatory assets under management of the adviser; not dry powder, not a fund size
- PE funds, latest filing
- 10
- PE fund GAV, latest filing
- $3.4Breported gross assets (Form ADV), not fund size
- All private fund GAV
- $3.4Bevery private fund type, latest filing
- 2024 PE fund GAV
- $3.6Bsum over funds typed Private Equity Fund with a 2024 or later as-of date
- PE share of funds, lifetime
- 100%
- Fund type mix
- Private equity fund: 10 funds, $3.4B reported gross assets, 13 ever reported
- Employees
- 25
- Headquarters
- San Francisco, CA
- Office address
- ••• Locked
- Business phone
- ••• Locked
Stated criteria beside observed behaviour2 of 8 criteria stated · 52 observed dealsShowHide
Stated by the firm
- Sectors
- Software
- Geography
- not stated or not yet read
- Revenue
- not stated or not yet read
- EBITDA
- not stated or not yet read
- Enterprise value
- not stated or not yet read
- Equity check
- not stated or not yet read
- Control
- not stated or not yet read
- Thesis
- ••• Locked
Observed from deals on record
- On record
- 52 companies, 58 holdings, 39 transactions
- Period
- 2020 to 2026 (76 dated observations, 21 holdings undated)
- Most deals
- Software (23 of 52, e.g. Silo and PriceBee), media telecom (2 of 52), industrial manufacturing (2 of 52) and 5 more
- Subsectors
- Software (16 of 52), vertical software (5 of 52), media telecom (2 of 52), miscellaneous manufacturing (2 of 52) and 4 more
- Deal roles
- 9 platforms, 29 add-ons, 20 with role not stated
- Add-ons per platform
- 3.22 add-ons per platform
- Control
- 32 control, 26 not stated
- Where
- Oh (1 of 52), tx (1 of 52), ca (1 of 52)
- By year
- 2020: 4 add-ons; 2021: 5 add-ons; 2022: 1 add-on; 2023: 2 add-ons; 2024: 5 add-ons, 1 other deal; 2025: 1 platform, 10 add-ons, 5 other deals; 2026: 1 platform, 4 add-ons
52 companies on the graph (39 transactions); most in software (23); 9 platforms and 29 add-ons; observed 2020 to 2026
FundsHow vehicles are groupedFeeders, parallels, executive funds, alternative investment vehicles and lettered sleeves are folded under the fund they belong to, read from the vehicle names. Deal-by-deal co-investment vehicles are pooled. Current funds come first: families are ordered by vintage, newest first, among those holding at least a twentieth of the largest family’s assets, then by size. The figure is the sum of each vehicle’s latest reported gross assets on Form ADV, not a fund size.
10 families, 14 vehicles on record
B••••••• P••••••• F••• I••• L••• · 1 vehicle · vintage 2025$716M
- B••••••• P••••••• F••• I••• L••• buyout or unlabelled$716M
B••••••• C•• L••• · 1 vehicle · vintage 2025$665M
- B••••••• C•• L••• Continuation vehicle · 2025$665M
E••••• A•••• F••• I• L••• · 1 vehicle · vintage 2023$53.7M
- E••••• A•••• F••• I• L••• Continuation vehicle · 2023$53.7M
B••••••• P••••••• F••• I•• L••• · 1 vehicle · vintage 2022$736M
- B••••••• P••••••• F••• I•• L••• buyout or unlabelled · 2022$736M
V•••••••• A•••• F•••• L••• · 1 vehicle · vintage 2022$125M
- V•••••••• A•••• F•••• L••• Continuation vehicle · 2022$125M
Co-investment vehicles · 1 vehicle · vintage 2020$59.9M
- B••••••• • C••••••••• I••••••••• L•• Co-investment vehicle · 2020$59.9M
4 smaller families are in the full list of vehicles.
View all 14 vehiclesnewest vintage first, then largest
| Fund | Vehicle | Vintage | Reported gross assets (Form ADV), not fund size | GAV by year | Form D sold | Lifecycle |
|---|---|---|---|---|---|---|
| B••••••• C•• L••• ADV: Private Equity Fund | Continuation vehicle | 2025 Form D first sale | $665M as of Mar 30, 2026 | $483M | Unknown | |
| E••••• A•••• F••• I• L••• ADV: Private Equity Fund | Continuation vehicle | 2023 Form D first sale | $53.7M as of Mar 30, 2026 | $39.2M | Early deployment | |
| B••••••• P••••••• F••• I•• L••• ADV: Private Equity Fund | buyout or unlabelled | 2022 first reported on Form ADV | $736M as of Mar 30, 2026 | $0 | Active deployment | |
| V•••••••• A•••• F•••• L••• ADV: Private Equity Fund | Continuation vehicle | 2022 Form D first sale | $125M as of Dec 2, 2024 | $104M | Early deployment | |
| V•••••••• A•••• F••• I• L••• | Continuation vehicle | 2022 Form D first sale | unknown | no reporting | $104M | Unknown |
| B••••••• •••• I•••••••• I•• L•• ADV: Private Equity Fund | buyout or unlabelled | 2021 first reported on Form ADV | $62.1M as of Mar 30, 2026 | $0 | Unknown | |
| B••••••• ••••••••• I••••••••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2020 first reported on Form ADV | $494M as of Mar 30, 2026 | no Form D | Unknown | |
| B••••••• P••••••• F••• I• L••• ADV: Private Equity Fund | buyout or unlabelled | 2020 first reported on Form ADV | $369M as of Mar 30, 2026 | no Form D | Harvest | |
| B••••••• • C••••••••• I••••••••• L•• ADV: Private Equity Fund | Co-investment vehicle | 2020 Form D first sale | $59.9M as of Dec 2, 2024 | $19.5M | Active deployment | |
| B••••••• ••••• I••••••••• L•• ADV: Private Equity Fund | buyout or unlabelled | 2019 Form D first sale | $69.1M as of Mar 30, 2026 | no Form D | Mature | |
| B••••••• P••••••• F••• I••• L••• ADV: Private Equity Fund | buyout or unlabelled | unknown | $716M as of Mar 30, 2026 | $0 | Unknown | |
| B••••••• •••• I••••••••• L•• ADV: Private Equity Fund | buyout or unlabelled | unknown | $149M as of Mar 30, 2026 | no Form D | Unknown | |
| B••••••• •• I••••••••• L••• ADV: Private Equity Fund | buyout or unlabelled | unknown | $49.7M as of Mar 30, 2026 | no Form D | Unknown | |
| B••••••• ••••••••• I••••••••• L•• ADV: Private Equity Fund | buyout or unlabelled | unknown | $24.4M as of Dec 2, 2024 | no Form D | Harvest |
TeamWhere the team comes fromEach row names its source in short; hover the source for its full description. Sources on this list: Investment organization websites (team, portfolio, strategy, criteria, news); Press release wires (PR Newswire, GlobeNewswire, Business Wire public pages and RSS); SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites). A person named by two sources under two spellings is shown once, with both sources.
26 current, 0 former
- Partner
- partner
- Partner · since Sep 1, 2010
- Principal
- Principal
Full team · 26 peoplegrouped by role, with sources
Partner (3)
- K•••••• F•••• · Partner · start date unknown Press release
- M••• M••••••• · partner · start date unknown Press release
- S•••••• J•••• D•••• · Partner · since Sep 1, 2010 Form ADV Press release
Principal (5)
- A•••••••• I••••• · Principal · start date unknown Firm website
- D••••• V•••••• · Principal · start date unknown Firm website
- J••••• G•••••• · Principal · start date unknown Firm website
- K••• H•••••• · Principal · start date unknown Firm website
- T••••••• B•• · Principal · start date unknown Firm website
Vice president (4)
- C•••••• F••••• · Senior Associate · start date unknown Firm website
- J••• C•••••• · Senior Associate · start date unknown Firm website
- J••••• R•••• · Vice President · start date unknown Firm website
- Z•••••• L•• · Vice President · start date unknown Firm website
Associate (5)
- E•••• U••••• · Associate · start date unknown Firm website
- K•••••••• M•••••• · Associate · start date unknown Firm website
- O••• A••••• · Associate · start date unknown Firm website
- O••••• X• · Associate · start date unknown Firm website
- P•••••• W••• · Associate · start date unknown Firm website
Analyst (3)
- A••• A•••••• · Analyst · start date unknown Firm website
- N•••••••• F••••• · Analyst · start date unknown Firm website
- Z••• R•••••• · Analyst · start date unknown Firm website
Operating partner (2)
- H••••• S••••••• · Operating Partner · start date unknown Press release
- S••••• B••••••••• · Operating Partner · start date unknown Press release
Platform (4)
- A••••• A••• · Executive Assistant · start date unknown Firm website
- D•••• S••••• · Vice President, Finance · start date unknown Firm website
- K•••• C••••• · Executive Assistant & Deal Coordinator · start date unknown Firm website
- M••• T•••••••• S•••• · Chief Compliance Officer · since Feb 1, 2019 Form ADV
DealsHow deals are mergedOne row per deal. A portfolio relationship and a transaction that describe the same deal (the same transaction, or the same company on the same date) are printed once, with the columns of both. 58 portfolio relationships and 39 transactions are on this record.
60 on record, newest first · 9 platforms · 29 add-ons
| Date | Company | Deal | This firm’s role | Status | Partner | Source |
|---|---|---|---|---|---|---|
| Apr 22, 2026 | R•••••• | Platform acquisition | Sponsor (confirmed) | active held 5 months | M••• M••••••• (confirmed) | b•••••••••.com |
| Feb 18, 2026 | A•••• add-on to V•••••••• | Add-on acquisition | Sponsor (derived) | active held 7 months | unknown | b•••••••••.com |
| Feb 18, 2026 | A•••• add-on to V•••••••• | Add-on acquisition | Sponsor (derived) | active held 7 months | unknown | b•••••••••.com |
| Feb 6, 2026 | I••••• add-on to R•••••• | Add-on acquisition | Sponsor (confirmed) | active held 8 months | S••••• B••••••••• (confirmed) | b•••••••••.com |
| Feb 6, 2026 | I••••• add-on to R•••••• | Add-on acquisition | Sponsor (confirmed) | active held 8 months | S••••• B••••••••• (confirmed) | b•••••••••.com |
All 60 dealsnewest first
| Date | Company | Deal | This firm’s role | Status | Partner | Source |
|---|---|---|---|---|---|---|
| Apr 22, 2026 | R•••••• | Platform acquisition | Sponsor (confirmed) | active held 5 months | M••• M••••••• (confirmed) | b•••••••••.com |
| Feb 18, 2026 | A•••• add-on to V•••••••• | Add-on acquisition | Sponsor (derived) | active held 7 months | unknown | b•••••••••.com |
| Feb 18, 2026 | A•••• add-on to V•••••••• | Add-on acquisition | Sponsor (derived) | active held 7 months | unknown | b•••••••••.com |
| Feb 6, 2026 | I••••• add-on to R•••••• | Add-on acquisition | Sponsor (confirmed) | active held 8 months | S••••• B••••••••• (confirmed) | b•••••••••.com |
| Feb 6, 2026 | I••••• add-on to R•••••• | Add-on acquisition | Sponsor (confirmed) | active held 8 months | S••••• B••••••••• (confirmed) | b•••••••••.com |
| Nov 5, 2025 | P•• T•••• add-on to S••• | Add-on acquisition | Sponsor (confirmed) | active held 11 months | S••••• B••••••••• (confirmed) | b•••••••••.com |
| Nov 5, 2025 | P•• T•••• add-on to S••• | Add-on acquisition | Sponsor (confirmed) | active held 11 months | S••••• B••••••••• (confirmed) | b•••••••••.com |
| Oct 20, 2025 | L••• add-on to R•••••• | Add-on acquisition | Sponsor (confirmed) | active held 11 months | S••••• B••••••••• (confirmed) | b•••••••••.com |
| Aug 5, 2025 | P•••••• | Platform acquisition | Sponsor (confirmed) | active held 1.1 years | M••• M••••••• (confirmed) | b•••••••••.com |
| Jul 30, 2025 | D••••••••• add-on to V•••••••• | Add-on acquisition | Sponsor (derived) | active held 1.2 years | unknown | b•••••••••.com |
| Jul 1, 2025 | K•••• | Growth investment | Sponsor (confirmed) | active held 1.2 years | S•••••• D•••• (confirmed) | b•••••••••.com |
| Apr 29, 2025 | A•••••• | Growth investment | Sponsor (confirmed) | active held 1.4 years | K•••••• F•••• (confirmed) | b•••••••••.com |
| Apr 4, 2025 | G•••• add-on to X•• | Add-on acquisition | Sponsor (confirmed) | active held 1.5 years | unknown | b•••••••••.com |
| Mar 11, 2025 | R•••••• | Majority investment | Sponsor (confirmed) | active held 1.5 years | S••••• B••••••••• (confirmed) | remsoft.com |
| Mar 11, 2025 | L•• G•••••••• add-on to R•••••• | Add-on acquisition | Sponsor (confirmed) | active held 1.5 years | unknown | remsoft.com |
| Mar 5, 2025 | B• M•••• add-on to F••••• | Add-on acquisition | Sponsor (derived) | active held 1.6 years | unknown | b•••••••••.com |
| Mar 5, 2025 | B• M•••• add-on to F••••• | Add-on acquisition | Sponsor (derived) | active held 1.6 years | unknown | b•••••••••.com |
| Mar 3, 2025 | I••••••••• add-on to S•••••••• | Add-on acquisition | Sponsor (confirmed) | active held 1.6 years | unknown | b•••••••••.com |
| Mar 3, 2025 | P••••••• add-on to X•• | Add-on acquisition | Sponsor (derived) | active held 1.6 years | unknown | b•••••••••.com |
| Jan 15, 2025 | S••• T••••••••• | Growth investment | Sponsor (confirmed) | active held 1.7 years | unknown | b•••••••••.com |
| Jan 15, 2025 | S••• T••••••••• | Growth investment | Sponsor (confirmed) | active held 1.7 years | unknown | b•••••••••.com |
| May 1, 2024 | M••••••• add-on to V•••••••• | Add-on acquisition | Sponsor (derived) | active held 2.4 years | unknown | versaterm.com |
| Apr 11, 2024 | I••••••••• C••••••• S•••••• add-on to V•••••••• | Add-on acquisition | Sponsor (derived) | active held 2.5 years | unknown | b•••••••••.com |
| Feb 20, 2024 | I••••••••• C•••••• • I••••••••• S•••••• add-on to E•••••• | Add-on acquisition | Sponsor (derived) | active held 2.6 years | unknown | b•••••••••.com |
| Jan 25, 2024 | X•• | Growth investment | Sponsor (confirmed) | active held 2.7 years | M••• M••••••• (confirmed) | b•••••••••.com |
| Jan 16, 2024 | A••••••••• add-on to E•••••• | Add-on acquisition | Sponsor (derived) | active held 2.7 years | unknown | b•••••••••.com |
| Jan 16, 2024 | A••••••••• add-on to E•••••• | Add-on acquisition | Sponsor (derived) | active held 2.7 years | unknown | b•••••••••.com |
| Mar 16, 2023 | C• T••••••••• add-on to V•••••••• | Add-on acquisition | Sponsor (derived) | active held 3.5 years | unknown | versaterm.com |
| Jan 19, 2023 | V••••• L•••• I••• add-on to V•••••••• | Add-on acquisition | Sponsor (confirmed) | active held 3.7 years | unknown | versaterm.com |
| Oct 12, 2022 | F•••••••• S•••••••• add-on to V•••••••• | Add-on acquisition | Sponsor (confirmed) | active held 4.0 years | unknown | versaterm.com |
| Nov 17, 2021 | K•••••• | Add-on acquisition | Sponsor (confirmed) | not in the portfolio read | unknown | b•••••••••.com |
| Aug 24, 2021 | J••••••••• I••• add-on to V•••••••• | Add-on acquisition | Sponsor (confirmed) | active held 5.1 years | unknown | b•••••••••.com |
| Jul 13, 2021 | e•••• S•••••• | Add-on acquisition | Sponsor (confirmed) | not in the portfolio read | unknown | b•••••••••.com |
| Jun 14, 2021 | A••••• S•••••• L•• add-on to V•••••••• | Add-on acquisition | Sponsor (derived) | active held 5.3 years | unknown | b•••••••••.com |
| Feb 6, 2021 | T••••••••• I••• add-on to V•••••••• | Add-on acquisition | Sponsor (derived) | active held 5.6 years | unknown | versaterm.com |
| Mar 25, 2020 | K•••••• add-on to V•••••••• | Add-on acquisition | Sponsor (derived) | active held 6.5 years | unknown | versaterm.com |
| Mar 5, 2020 | X•••••• I••• add-on to R•••••• | Add-on acquisition | Sponsor (derived) | active held 6.6 years | unknown | remsoft.com |
| Jan 9, 2020 | S•••• T••• add-on to V•••••••• | Add-on acquisition | Sponsor (confirmed) | active held 6.7 years | unknown | versaterm.com |
| Jan 7, 2020 | e•••• S•••••• add-on to V•••••••• | Add-on acquisition | Sponsor (derived) | active held 6.7 years | unknown | versaterm.com |
| date unknown | T••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | S••••••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | ••••••••• U•••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | S••• | Portfolio relationship | Platform | active | unknown | Fact Firm website |
| date unknown | I••••••••• D••••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | V•••••••• | Portfolio relationship | Platform | active | unknown | Fact Firm website |
| date unknown | E••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | C••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | L••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | i••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | F••••• I••••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | G••••••• S•••••• I••• | Portfolio relationship | Role unknown | active | unknown | Fact DFX cross-reference |
| date unknown | S•••••••• | Portfolio relationship | Platform | active | unknown | Fact Firm website |
| date unknown | L••••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | E•••••• | Portfolio relationship | Platform | active | unknown | Fact Firm website |
| date unknown | L• I••••••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | H• G•••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | 2••••••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | 7••••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
| date unknown | F••••• | Portfolio relationship | Platform | active | unknown | Fact Firm website |
| date unknown | H••• H••••• | Portfolio relationship | Role unknown | active | unknown | Fact Firm website |
Placement agents, lenders, advisers and co-investors
10 relationships
Placement agents (4)
- C•••••• S••••••••• C••••••••• 5 shared · very strong · last Feb 1, 2022
- P•• P••••••• L• 2 shared · recurring · last Feb 25, 2025
- P••• H••• G•••• L•• 2 shared · recurring · last Feb 1, 2022
- L••••• F••••• • C•• L•• 1 shared · one time · last Jan 28, 2025
Financial advisers (5)
- W•••••• B•••• 1 shared · one time · last Aug 5, 2025
- S••• • C•••••• 1 shared · one time · last Aug 5, 2025
- B••••••• • C••••••• L•• 1 shared · one time · last Oct 12, 2022
- B•••••• C•••••• 1 shared · one time · last Mar 16, 2023
- L•••••••• P••••••• 1 shared · one time · last Apr 22, 2026
Legal advisers (1)
- B••••• • T•••••••• L•• 1 shared · one time · last Mar 16, 2023
LP commitmentsHow LPs are totalledOne line per LP, largest disclosed total first. A commitment that the same LP reports again in a later document is counted once in its total; both documents stay in the full list. Rows repeated line for line from one document are shown once.
0 LPs, 0 disclosed commitments
No LP commitment collected yet. An LP edge needs a public disclosure with a quote, such as a pension plan’s report or an announcement naming the LP.
Events
26 not already shown above, of 34 most recent
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Full timeline · 34 eventsnewest first, including the LP commitments and deals above
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- Aug 29, 2024••• Locked
- Jan 25, 2024••• Locked
- Nov 27, 2018••• Locked
Across the graphs
B••••••• P••••••• L•• is the same institution as 4 records in Venture Capital, Independent Sponsors, RIA and Wealth and Allocators.
Venture Capital1Independent Sponsors1RIA and Wealth1Allocators1
Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.
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