Arboretum Ventures
For over 20 years we have been a successful healthcare venture capital firm rooted in the Midwest. Check out our portfolio companies.
In the firm's own words, from its website.
15 additional team members, 29 additional co-investors and affiliates, 53 additional investments, funds and LPs, 7 events, 1 verified contact (1 firm phone)
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What matters now
- 1 companynew in 12 months
1 new company in the last 12 months.
A firm writing cheques this quarter is one a founder can pitch now.
- 2 companiesportfolio raising
2 portfolio companies have new financing on record in 6 months without this firm named on the round; the latest on 16 Jul 2026 ($12.3M sold on Form D).
A portfolio company raising again is a follow-on decision for the firm and a co-investment opening for others.
- 3 dealswith Long River Capital Management II
Invests most often alongside Long River Capital Management II (3 shared deals) and Asset Management Ventures (3 shared deals).
pair last observed on record 1 Oct 2026, not a deal date · The firms it syndicates with are the likeliest to see the same deals and to fill out its rounds.
Measuredshared rounds and portfolio companies on recordFor Founders building a round, co-investorsCo-investors →
People to know
View all people- Managing PartnerWhy: Managing partner: runs the firmNo route on file yet
- Founder & Managing PartnerWhy: Managing partner: runs the firmNo route on file yet
- Managing PartnerWhy: Managing partner: runs the firmNo route on file yet
Relationship network
109 connected entities62 observed rounds25 repeat counterparties11 dated rounds shown here, 2009 to 2025
From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.
- Sponsor
- Company
- Fund or vehicle
- Person
›How strength and recency are read
Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
How am I connected?
Name your firm, a company or a person, and DFX finds the published routes to Arboretum Ventures: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.
See how you connect to Arboretum Ventures
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
52 companies on record, 1 new in 12 months
Investments on record
What these amounts mean“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.Acquired, Public, Exited and Active are what the firm’s own portfolio card says, read on the date shown when you hover the chip; they are not deal dates. A company with no chip is one whose card states no outcome: DFX does not assume it is active.| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Accuri Cytometers | portfolio listing | unknown | unknown | unknown | unknown | Sep 30, 2026 | Fact Firm website |
| Akadeum Life Sciences, Inc. | portfolio listing | unknown | unknown | unknown | unknown | Sep 30, 2026 | Fact Firm website |
| Allay Therapeutics, Inc. | portfolio listing | unknown | unknown | unknown | unknown | Sep 30, 2026 | Fact Firm website |
Stated thesis versus observed behaviour
- Sectors
- ai, healthcare, biotech, medtech
- Stages
- early
- Geography
- midwest
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Team
21 current, 1 departed
Decision makers
- Dan Kidle · Managing PartnerWhy this person: Managing partner: runs the firm; Named with investment responsibility
- Tim Petersen · Founder & Managing PartnerWhy this person: Managing partner: runs the firm; Named with investment responsibility
- Tom Shehab · Managing PartnerWhy this person: Managing partner: runs the firm; Named with investment responsibility
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
Investment team
How the team is orderedPartners who lead rounds first (rounds led, then deals attributed, then seniority), then the rest of the investment team, then investor relations, finance and operations. A person named by two sources under two spellings is shown once.- Founder & Managing Partner · 14 deals attributed
- Managing Partner · 11 deals attributed
- Managing Partner · 7 deals attributed
1 departed (kept with end dates)
- Brian Wayne Duncan · Manager, Arboretum Investment Manager Iia, Llc · Mar 1, 2010 to Mar 19, 2013 Inference
Contacts
1 firm phone on record, each with its source. Values open with the complete profile.
Funds and LPs
8 vehicles, 0 LPs disclosed
Funds and vehicles
What these amounts meanGAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Arboretum Ventures V, LP | Fund | 2020 adv first reported | Mature | $251M Mar 4, 2026 | 75 | $0 of $250M | Jan 30, 2019 |
| Arboretum Ventures IV, LP | Fund | 2016 adv first reported | Harvest | $106M Mar 4, 2026 | 60 | $0 of $215M | Jun 18, 2015 |
| Arboretum Ventures III, L.P. | Fund | 2011 form d first sale | Harvest | $3.8M Mar 4, 2026 | 70 | $137M of $137M | Sep 28, 2011 |
Limited partners
Known LPs and allocators
What these amounts and dates areEach commitment is counted once across the pension tape and the allocator graph. A commitment date prints only when the source printed one; otherwise the row carries the report date. A foundation’s 990-PF line is a holding at fair value, never a commitment. Rows without a fund on the venture graph are commitments to this manager.| Allocator | Type | Fund | Amount | Date | Source |
|---|---|---|---|---|---|
| Herbert H & Grace a Dow Foundation | FOUNDATION | 27-4709037 - ARBORETUM VENTURES III at Arboretum Ventures | $258,431 fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
| Colorado Trust | FOUNDATION | ARBORETUM VENTURES at Arboretum Ventures | $1.2M fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
| Herbert H & Grace a Dow Foundation | FOUNDATION | 47-4200749 - ARBORETUM VENTURES IV at Arboretum Ventures | $605,240 fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
Relationships across DFX
32 co-investors · on 2 other DFX graphs
Co-investors
- 2026-10-013 shared deals · recurring
- 2026-09-303 shared deals · recurring
- 2026-09-303 shared deals · recurring
Compare portfolios with Long River Capital Management II LLC, Asset Management Ventures, LLC, Genoa Ventures, LLC or any firm. Co-investors across the market
Across DFX and the capital chainon 2 other DFX graphs · 3 capital paths ShowHide
- The same institution is held on Allocators, RIA and Wealth, matched by identifier. See which records
Arboretum Ventures is the same institution as 2 records in Allocators and RIA and Wealth.
DFX found 2 relationships across 2 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
Arboretum Ventures sits on 3 traced paths of capital across the graphs.
DFX traced 3 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Evidence and history
12 dated events, 95 observations from 3 sources
Timeline
- Mar 23, 2020Arboretum Ventures V, LP first reported on Form ADV by Arboretum Ventures (Venture Capital Fund), GAV $248,705,672
- Feb 1, 2019Thomas Michael Shehab joined Schedule A of Arboretum Ventures as Manager, Arboretum Investment Manager V, Llc
- Mar 22, 2016Arboretum Ventures IV, LP first reported on Form ADV by Arboretum Ventures (Venture Capital Fund), GAV $215,842,826
- Jun 1, 2015Paul Ernest Mccreadie joined Schedule A of Arboretum Ventures as Manager, Arboretum Investment Manager Iv, Llc
- Mar 19, 2013Brian Wayne Duncan (Manager, Arboretum Investment Manager Iia, Llc) no longer on Schedule A of Arboretum Ventures
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 4, 2026 · 6 private fundsShowHide
- Headquarters
- Ann Arbor, MIadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- ARBORETUMVC.COM
- SEC adviser type
- Exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- Venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 4, 2026
- Private funds reported
- 6 (6 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets, adviser total
- $605Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- Arboretum Investment Manager II, LLC (Manager, Arboretum Investment Manager Iia, Llc), owns 75% or more
Classification history
Classification history
Every classification this record has carried3 on recordShowHide
- Sep 23, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $625M across 8 vehicles
- Sep 15, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $796M across 7 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $792M across 6 vehicles
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC exemption, VC funds reported | Mar 4, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 4, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Nov 18, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 4, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 4, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Nov 18, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 13, 2023 | Fact | Form ADV |
| First Form ADV filing | 2023-03-10 | Mar 4, 2026 | Fact | Form ADV |
| First Form ADV filing | 2023-03-10 | Nov 18, 2024 | Fact | Form ADV |
| First Form ADV filing | 2012-03-28 | Mar 13, 2023 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-30 | Oct 1, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-29 | Sep 30, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-25 | Sep 26, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-23 | Sep 24, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-21 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-22 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1 | Sep 12, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-04 | Mar 4, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-04 | Mar 4, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-11-18 | Nov 18, 2024 | Fact | Form ADV |
| Latest Form ADV filing | 2023-03-13 | Mar 13, 2023 | Fact | Form ADV |
| SEC status | ERA - Active | Mar 4, 2026 | Fact | Form ADV |
| SEC status effective | 2023-03-10 | Mar 4, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 4, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Nov 18, 2024 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 13, 2023 | Fact | Form ADV |
| Business phone | Mar 4, 2026 | Fact | Form ADV | |
| Business phone | Nov 18, 2024 | Fact | Form ADV | |
| Business phone | Mar 13, 2023 | Fact | Form ADV | |
| Contact page url | Sep 30, 2026 | Fact | ||
| Contact page url | Sep 16, 2026 | Fact | ||
| Description | Sep 30, 2026 | Fact | ||
| Description | Sep 16, 2026 | Fact | ||
| Description | Sep 12, 2026 | Fact | ||
| Headquarters | Ann Arbor, MI | Mar 4, 2026 | Fact | Form ADV |
| Headquarters | Ann Arbor, MI | Nov 18, 2024 | Fact | Form ADV |
| Headquarters | Ann Arbor, MI | Mar 13, 2023 | Fact | Form ADV |
| Office address | Mar 4, 2026 | Fact | Form ADV | |
| Office address | Nov 18, 2024 | Fact | Form ADV | |
| Office address | Mar 13, 2023 | Fact | Form ADV | |
| Self-described type | Venture capital | Sep 30, 2026 | Fact | |
| Self-described type | Venture capital | Sep 16, 2026 | Fact | |
| Self-described type | Venture capital | Sep 12, 2026 | Fact | |
| Legal form | Limited Liability Company | Mar 4, 2026 | Fact | Form ADV |
| Legal form | Limited Liability Company | Nov 18, 2024 | Fact | Form ADV |
| Legal form | Corporation | Mar 13, 2023 | Fact | Form ADV |
| Portfolio page | Sep 30, 2026 | Fact | ||
| Portfolio page | Sep 16, 2026 | Fact | ||
| Portfolio page | Sep 12, 2026 | Fact | ||
| Private funds reported | 6 | Mar 4, 2026 | Fact | Form ADV |
| Private funds reported | 6 | Mar 4, 2026 | Fact | Form ADV |
| Private funds reported | 8 | Nov 18, 2024 | Fact | Form ADV |
| Private funds reported | 7 | Mar 13, 2023 | Fact | Form ADV |
| Private fund gross assets (reported) | $605M | Mar 4, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $605M | Mar 4, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $648M | Nov 18, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $798M | Mar 13, 2023 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Mar 4, 2026 | Fact | Form ADV |
| Stated geography | midwest “geography words on the home page” | Sep 30, 2026 | Fact | |
| Stated geography | midwest “geography words on the home page” | Sep 16, 2026 | Fact | |
| Stated geography | midwest “geography words on the home page” | Sep 12, 2026 | Fact | |
| Stated sectors | AI, healthcare, biotech, medtech “sector words on the home page” | Sep 30, 2026 | Fact | |
| Stated sectors | AI, healthcare, biotech, medtech “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | AI, healthcare, biotech, medtech “sector words on the home page” | Sep 12, 2026 | Fact | |
| Stated stages | early “stage words on the home page” | Sep 30, 2026 | Fact | |
| Stated stages | early “stage words on the home page” | Sep 16, 2026 | Fact | |
| Stated stages | early “stage words on the home page” | Sep 12, 2026 | Fact | |
| Team page | Sep 30, 2026 | Fact | ||
| Team page | Sep 16, 2026 | Fact | ||
| Team page | Sep 12, 2026 | Fact | ||
| Venture funds reported | 6 | Mar 4, 2026 | Fact | Form ADV |
| Venture funds reported | 6 | Mar 4, 2026 | Fact | Form ADV |
| Venture funds reported | 8 | Nov 18, 2024 | Fact | Form ADV |
| Venture funds reported | 7 | Mar 13, 2023 | Fact | Form ADV |
| Website | Mar 4, 2026 | Fact | Form ADV | |
| Website | Nov 18, 2024 | Fact | Form ADV | |
| Website | Mar 13, 2023 | Fact | Form ADV | |
| Site title | Sep 30, 2026 | Fact | ||
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 12, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShowHide
Venture manager, reported GAV $625M across 8 vehicles
- importance
- gav: 0.54 · funds: 0.67 · people: 1 · investments: 0.75 · co investors: 0.61
- active deployment
- investments 12m: 0.13 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 0 · latest investment at: 2026-07-31
- emerging manager
- fund count: 8 · reported gav: $605M · first adv filing: 2012-03-28 · years since first filing: 14.5
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Record history
- Adviser's first ADV filing2012-03-28source on record
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.