DFX Intelligence

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SEC-registered adviser

H••••••• A•••••• L••

Asset manager (funds and pooled vehicles)San Mateo, CaliforniaCRD 310662SEC 801-120524website IAPD

Latest filing Mar 31, 2026

First filing on the tape Aug 29, 2020 · 11 filings

SEC status approved since Mar 15, 2021

RAUM

$1.6B

reported, Item 5.F

Discretionary

51%

of RAUM

Private clients

0.0%

$0 individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

n/a

derived; firm RAUM over IAPD count

Employees

2 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

11 filings and snapshots on the tape

RAUM$1.6B as of Mar 31, 2026

Mar 30, 2022$380M then

HNW client RAUM: no history

State-registered IARs (5.B.3)0 as of Mar 31, 2026

Mar 30, 20220 then

Employees (5.A)3 as of Mar 31, 2026

Mar 30, 20223 then

Private funds5 as of Mar 31, 2026

Mar 30, 20222 then

RAUM +26% over the last fiscal year+24% a year over threeIARs 0 to 0offices 3 to 2

Practice profile

derived from the filing of Mar 31, 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: $312MderivedRAUM over accounts (5.F.2.f)
Discretionary: 51%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: unknownderivedItem 5.A over advisors
Advisors per office: unknownderived3 offices incl. principal (1.F.5)
RAUM growth, one year: +26%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
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)
a related person has custody of client cash (9.B.1.a)
a related person has custody of client securities (9.B.1.b)
marketing includes hypothetical performance (5.L.3)

Where the RAUM sits

Form ADV Item 5.D, latest filing

Pooled investment vehicles$1.6B100%

Individual clients: n/areported
HNW clients: n/areported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 5reported
Financial planning clients: reported
Wrap fee programs: noreported
Custody of client assets: noreported
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

Every departure Every arrival

Private funds

3 reported on Schedule D 7.B.(1)

Fund	Type	Gross assets	Owners	First reported
H••••••• P•••••• C••••• F••• 1• L•••	Hedge Fund	$537M	2	Mar 30, 2022
H••••••• P•••••• G••••• V•••••• G••••• F••• I• L•••	Hedge Fund	$442M	10	Mar 30, 2022
H••••••• V•••••• G••••• C••••• O••••••••• F••• 1• L•••	Hedge Fund	$102M	1	Mar 27, 2024

Owners and control persons

Schedule A and B, latest filing

B••••••••• S•••• · Chief Executive Officer; Sole Managercontrol
since 05/2020 · owns less than 5%
B••••••• K•••••••• Z••• · Chief Compliance Officercontrol
since 04/2022 · owns less than 5%
M••••• S•••• H•••• · Chief Financial Officercontrol
since 05/2020 · owns less than 5%

Entity owners

H••••••• C•••••• M••••••••• L•• · Sole Member
direct · owns 75% or more
H••••••• C••••••• I••• · Sole Member
indirect · owns 75% or more of H••••••• C•••••• M••••••••• L•• · public reporting company

Related persons

Schedule D 7.A

H••••••• P•••••• G••••• V•••••• G••••• F••• G• I• L••
pooled vehicle sponsory
H••••••• V•••••• G••••• C••••• O••••••••• F••• G• I• L••
pooled vehicle sponsory

Offices

Schedule D 1.F, the 25 largest

Boston, MA1 employees
Bethesda, MD
Elmhurst, IL
New York, NY

ADV anomalies

1 against comparable advisers; where to look, not conclusions

p•••••• fund count surgeChange between filings · filing Mar 31, 2026
private funds (Schedule D 7.B.1) moved from 3.0 to 5.0 (+67.0%) between the annual amendments of 2025-03-31 and 2026-03-31; the peer median change was 0.0% (1022 comparable advisers, 97.0th percentile of changes)
peers: asset managers, $1B to $5B (1,022) · 97% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Accounts · 3 to 5
Mar 31, 2025 to Mar 31, 2026
Pooled vehicle clients · 3 to 5
Mar 31, 2025 to Mar 31, 2026
Other offices · 3 to 2
Mar 31, 2025 to Mar 31, 2026
Private funds · 3 to 5
Mar 31, 2025 to Mar 31, 2026
Discretionary RAUM · $524M to $795M
Mar 31, 2025 to Mar 31, 2026
Non-discretionary RAUM · $717M to $763M
Mar 31, 2025 to Mar 31, 2026
Pooled vehicle RAUM · $1.2B to $1.6B
Mar 31, 2025 to Mar 31, 2026
RAUM · $1.2B to $1.6B
Mar 31, 2025 to Mar 31, 2026
Financial planning clients · unset to
Mar 27, 2024 to Mar 31, 2025
Other offices · 4 to 3
Mar 27, 2024 to Mar 31, 2025
Discretionary RAUM · $442M to $524M
Mar 27, 2024 to Mar 31, 2025
Non-discretionary RAUM · $638M to $717M
Mar 27, 2024 to Mar 31, 2025
Pooled vehicle RAUM · $1.1B to $1.2B
Mar 27, 2024 to Mar 31, 2025
RAUM · $1.1B to $1.2B
Mar 27, 2024 to Mar 31, 2025
Accounts · 2 to 3
Feb 15, 2024 to Mar 27, 2024
Pooled vehicle clients · 2 to 3
Feb 15, 2024 to Mar 27, 2024
Private funds · 2 to 3
Feb 15, 2024 to Mar 27, 2024
Discretionary RAUM · $336M to $442M
Feb 15, 2024 to Mar 27, 2024
Non-discretionary RAUM · $490M to $638M
Feb 15, 2024 to Mar 27, 2024
Pooled vehicle RAUM · $826M to $1.1B
Feb 15, 2024 to Mar 27, 2024
RAUM · $826M to $1.1B
Feb 15, 2024 to Mar 27, 2024
HQ city · PALO ALTO to SAN MATEO
Mar 30, 2023 to Feb 15, 2024
Discretionary RAUM · $111M to $336M
Apr 26, 2022 to Mar 30, 2023
Non-discretionary RAUM · $268M to $490M
Apr 26, 2022 to Mar 30, 2023
Pooled vehicle RAUM · $380M to $826M
Apr 26, 2022 to Mar 30, 2023
RAUM · $380M to $826M
Apr 26, 2022 to Mar 30, 2023
Accounts · 1 to 2
Sep 28, 2021 to Mar 30, 2022
Pooled vehicle clients · 1 to 2
Sep 28, 2021 to Mar 30, 2022
Private funds · unset to 2
Sep 28, 2021 to Mar 30, 2022
Discretionary RAUM · $0 to $111M
Sep 28, 2021 to Mar 30, 2022
Non-discretionary RAUM · $201M to $268M
Sep 28, 2021 to Mar 30, 2022
Pooled vehicle RAUM · $201M to $380M
Sep 28, 2021 to Mar 30, 2022
RAUM · $201M to $380M
Sep 28, 2021 to Mar 30, 2022
Accounts · unset to 1.0
Feb 11, 2021 to Jul 12, 2021
Pooled vehicle clients · unset to 1.0
Feb 11, 2021 to Jul 12, 2021
Discretionary RAUM · unset to 0.0
Feb 11, 2021 to Jul 12, 2021
Non-discretionary RAUM · unset to 201397666.0
Feb 11, 2021 to Jul 12, 2021
Pooled vehicle RAUM · unset to 201397666.0
Feb 11, 2021 to Jul 12, 2021
RAUM · unset to 201397666.0
Feb 11, 2021 to Jul 12, 2021
Other offices · 5 to 4
Aug 29, 2020 to Feb 11, 2021

Signals

7 dated events

H••••••• A•••••• L•• reported RAUM $1.6B, up 26% from $1.2B (2025-03-31 to 2026-03-31)
Mar 31, 2026 · RAUM change · derived
H••••••• A•••••• L•• reported RAUM $1.1B, up 31% from $826.1M (2024-02-15 to 2024-03-27)
Mar 27, 2024 · RAUM change · derived
H••••••• A•••••• L•• reported RAUM $826.1M, up 117% from $379.9M (2022-04-26 to 2023-03-30)
Mar 30, 2023 · RAUM change · derived
Z••• K••••••• B•••••• (Chief Compliance Officer) appeared on Schedule A of H••••••• A•••••• L••
Mar 30, 2023 · Control person joined · fact
H••••••• A•••••• L•• reported RAUM $379.9M, up 89% from $201.4M (2021-09-28 to 2022-03-30)
Mar 30, 2022 · RAUM change · derived
Patricia Melanie Grace (Chief Compliance Officer) no longer on Schedule A of H••••••• A•••••• L•• (listed 2021-07-12, absent 2021-09-28)
Sep 28, 2021 · Control person left · inference
H••••••• A•••••• L•• filed its initial SEC registration (Form ADV)
Aug 29, 2020 · First SEC registration · fact

Across DFX

shared identifiers only, never a name match

No identifier-backed link to the venture, private equity, family office or sponsor graphs.

How to reach

public business contact points only, each with its source

Firm profile: linkedin.com/company/hercules-capitalreportedpublic record, Form ADV, Mar 31, 2026
Website: h•••.comreportedpublic record, Form ADV, Mar 31, 2026
Principal office phone: 650-289-3060reportedpublic record, Form ADV, Mar 31, 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