DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
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SEC-registered adviser
N•••••• C•••••• L•
Latest filing Apr 15, 2026
First filing on the tape Aug 2, 2023 · 10 filings
SEC status approved since Sep 1, 2023
RAUM
$168M
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
5
5 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
6
reported on Schedule D
History
10 filings and snapshots on the tape
RAUM$168M as of Apr 15, 2026
Mar 25, 2024$295M then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of Apr 15, 2026
Mar 25, 20240 then
Employees (5.A)5 as of Apr 15, 2026
Mar 25, 20246 then
Private funds6 as of Apr 15, 2026
Mar 25, 20245 then
RAUM -42% over the last fiscal yearIARs 0 to 0
Practice profile
derived from the filing of Apr 15, 2026; every figure names its basis
- RAUM per advisor
- unknownderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- unknownderivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- unknownderivedHNW RAUM over HNW clients
- Average account
- $27.9MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- unknownderivedItem 5.A over advisors
- Advisors per office
- unknownderived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- -42%derivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, performance-basedreportedItem 5.E
- Advisory activities
- portfolio management for pooled vehiclesreportedItem 5.G
- Custody
- $168M, 6 clientsreportedItem 9.A
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- buys or sells securities as principal to or from clients (8.A.2)
- has discretionary authority over which securities are bought or sold (8.C.1)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$168M100%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 6reported
- Financial planning clients
- 0reported
- Wrap fee programs
- noreported
- Custody of client assets
- $168M for 6 clientsreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
0 on IAPD today, longest tenure first
No representative is registered through this CRD on IAPD.
Advisor movement
Left, latest
none on the tape
Joined, latest
none on the tape
Private funds
6 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| N•••••• D••• L• | Venture Capital Fund | $105M | 44 | May 15, 2017 |
| N•••••• I••••• L• | Venture Capital Fund | $63.5M | 47 | Aug 2, 2023 |
| N•••••• I••••• L• | Venture Capital Fund | $60.8M | 65 | Mar 30, 2021 |
| N•••••• S•••••••• L• | Venture Capital Fund | $36.0M | 49 | Aug 2, 2023 |
| N•••••• D•• H•••••••• L•• | Venture Capital Fund | $29.9M | 23 | Apr 2, 2020 |
| N•••••• P••••••••• L• | Venture Capital Fund | $4.5M | 52 | Mar 8, 2019 |
Owners and control persons
Schedule A and B, latest filing
- S••••••••• M••••••• M••••• · Limited Partnercontrolsince 04/2013 · owns less than 5%
- S••••••••• M••••••• M••••• · Managing Membercontrolsince 04/2013 · owns 75% or more of N•••••• C•••••• L••
- S••••• G••• A•••••• · Chief Compliance Officersince 07/2023 · owns less than 5%
Entity owners
- N•••••• C•••••• L•• · General Partnerdirect · owns 75% or more
Related persons
Schedule D 7.A
- N•••••• C•••••• I••••••••• G•• L••n
- N•••••• C•••••• I••••••••• L•investment advisern
- N•••••• C•••••• L••n
- N•••••• D•• G•• L••pooled vehicle sponsorn
- N•••••• G•• L••pooled vehicle sponsorn
- N•••••• I•••• G•• L••pooled vehicle sponsorn
- N•••••• I••••• L•pooled vehicle sponsorn
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- RAUM down 25 %Change between filings · filing Apr 15, 2026RAUM (Item 5.F) moved from $288,446,569 to $167,523,413 (-42.0%) between the annual amendments of 2025-03-21 and 2026-04-15; the peer median change was +4.0% (1147 comparable advisers, 5.0th percentile of changes)peers: asset managers, $100M to $500M (1,147) · 5.1% percentile
What changed
consecutive filings, newest first
- Assets in custody · $288M to $168MMar 21, 2025 to Mar 31, 2026
- Financial planning clients · to 0Mar 21, 2025 to Mar 31, 2026
- HQ city · WOODSIDE to Mar 21, 2025 to Mar 31, 2026
- HQ state · CA to Mar 21, 2025 to Mar 31, 2026
- Discretionary RAUM · $288M to $168MMar 21, 2025 to Mar 31, 2026
- Pooled vehicle RAUM · $288M to $168MMar 21, 2025 to Mar 31, 2026
- RAUM · $288M to $168MMar 21, 2025 to Mar 31, 2026
- Accounts · 5 to 6May 14, 2024 to Mar 21, 2025
- Advisory employees · 6 to 5May 14, 2024 to Mar 21, 2025
- Pooled vehicle clients · 5 to 6May 14, 2024 to Mar 21, 2025
- Assets in custody · $219M to $288MMay 14, 2024 to Mar 21, 2025
- Employees · 6 to 5May 14, 2024 to Mar 21, 2025
- Financial planning clients · unset to May 14, 2024 to Mar 21, 2025
- Private funds · 5 to 6May 14, 2024 to Mar 21, 2025
- Discretionary RAUM · $295M to $288MMay 14, 2024 to Mar 21, 2025
- Pooled vehicle RAUM · $295M to $288MMay 14, 2024 to Mar 21, 2025
- RAUM · $295M to $288MMay 14, 2024 to Mar 21, 2025
- Accounts · 6 to 5Sep 18, 2023 to Mar 25, 2024
- Pooled vehicle clients · 6 to 5Sep 18, 2023 to Mar 25, 2024
- Private funds · 6 to 5Sep 18, 2023 to Mar 25, 2024
- Discretionary RAUM · $219M to $295MSep 18, 2023 to Mar 25, 2024
- Pooled vehicle RAUM · $219M to $295MSep 18, 2023 to Mar 25, 2024
- RAUM · $219M to $295MSep 18, 2023 to Mar 25, 2024
- Advisory employees · 1 to 6Aug 2, 2023 to Aug 22, 2023
- Employees · 1 to 6Aug 2, 2023 to Aug 22, 2023
- Private funds · 12 to 6Aug 2, 2023 to Aug 22, 2023
Signals
2 dated events
- N•••••• C•••••• L• reported RAUM $167.5M, down 42% from $288.4M (2025-03-21 to 2026-03-31)Mar 31, 2026 · RAUM change · derived
- N•••••• C•••••• L• filed its initial SEC registration (Form ADV)Aug 2, 2023 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
- N•••••• C•••••• L• · Private Equityshared crd · organization
- N•••••• C•••••• L• · Venture Capitalshared crd · organization
How to reach
public business contact points only, each with its source
- Website
- N••••••CAPITAL.COMreportedpublic record, Form ADV, Sep 19, 2026
- Principal office phone
- 415-465-1000reportedpublic record, Form ADV, Apr 15, 2026
Provenance
- Form ADV
- SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
- Advisors
- IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
- Class
- Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
- RAUM per advisor
- n/aderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026