First Analysis Capital Management LLC
First Analysis leverages 40+ years of expertise to partner with growth-focused B2B tech companies, offering deep research, venture capital and advisory services.
In the firm's own words, from its website.
2 additional team members, 16 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.
Nothing material in the last 180 days.
People to know
View all people- Chief Compliance OfficerWhy: Chief Compliance Officer at the firmNo route on file yet
- ChairmanWhy: Board memberNo route on file yet
Relationship network
27 connected entities
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
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 First Analysis Capital Management LLC: 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 First Analysis Capital Management LLC
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
17 companies on record, 0 new in 12 months
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Applied StemCell | portfolio listing | unknown | unknown | unknown | unknown | Sep 30, 2026 | Fact Firm website |
| Avenuez | portfolio listing | unknown | unknown | unknown | unknown | Sep 30, 2026 | Fact Firm website |
| CoolR | portfolio listing | unknown | unknown | unknown | unknown | Sep 30, 2026 | Fact Firm website |
- Sectors
- enterprise software, healthcare, biotech, marketplaces, cybersecurity, logistics, industrial, b2b, hrtech, vertical saas
- Stages
- not stated or not yet read
- Geography
- chicago
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- syndicate platform
Team
2 current, 5 departed
No one at this firm holds a partner, managing director or investment-lead title on record yet; the people named here are listed below by function.
Who else at this firm · 2 people, grouped by function
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.
- Chief Compliance Officer
- Chairman
5 departed (kept with end dates)
- Mark Thomas Koulogeorge · Member (Relying Adviser, First Analysis Management Company Iv, L.L.C.) · Feb 1, 1999 to Apr 27, 2018 Inference
- Charles Alvis Hamilton · Managing Member · Aug 1, 2001 to Apr 27, 2018 Inference
- Daniel Raynor · Managing Member · Aug 1, 2010 to Jan 25, 2024 Inference
1 firm phone on record, each with its source. Values open with the complete profile.
Funds and LPs
5 vehicles, 0 LPs disclosed
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| First Analysis Fund Xiv-A, L.P. | Feeder or parallel | 2023 adv first reported | Active deployment | $32.9M May 10, 2026 | 74 | $0 of $100M | Aug 11, 2023 |
| First Analysis Fund Xiv (cayman), L.P. | Feeder or parallel | 2023 adv first reported | Active deployment | $4.5M May 10, 2026 | 3 | $0 of $100M | Aug 3, 2023 |
| First Analysis Fund Xiv, L.P. | Fund | 2023 adv first reported | Active deployment | $3.6M May 10, 2026 | 21 | $0 of $100M | Jul 26, 2023 |
Relationships across DFX
3 co-investors · on 3 other DFX graphs
- 2026-10-011 shared deal · one time
- 2026-10-011 shared deal · one time
- 2026-09-301 shared deal · one time
Across DFX and the capital chainon 3 other DFX graphs ShowHide
- Sponsor-market profile (matched by same CRD)
- The same institution is held on Independent Sponsors, Private Equity, RIA and Wealth, matched by identifier. See which records
First Analysis Capital Management LLC is the same institution as 3 records in Independent Sponsors, Private Equity and RIA and Wealth.
DFX found 3 relationships across 3 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…
Evidence and history
12 dated events, 83 observations from 4 sources
- Jan 25, 2024Walter Humberto Barandiaran (Managing Member) no longer on Schedule A of First Analysis Capital Management LLC
- Jan 25, 2024Daniel Raynor (Managing Member) no longer on Schedule A of First Analysis Capital Management LLC
- Sep 6, 2023First Analysis Fund Xiv-A, L.P. first reported on Form ADV by First Analysis Private Equity Management V-B, L.L.C. (Venture Capital Fund)
- Sep 6, 2023First Analysis Fund Xiv, L.P. first reported on Form ADV by First Analysis Private Equity Management V-B, L.L.C. (Venture Capital Fund), GAV $3,000,000
- Sep 6, 2023First Analysis Fund Xiv (cayman), L.P. first reported on Form ADV by First Analysis Private Equity Management V-B, L.L.C. (Venture Capital Fund)
Address, phone, Form ADV filing and ownersForm ADV filed May 10, 2026 · 8 private fundsShowHide
- Headquarters
- Chicago, ILadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- firstanalysis.com
- SEC adviser type
- Registered investment adviseradviserinfo.sec.gov
- SEC exemption claimed
- unknown
- Latest Form ADV
- May 10, 2026
- Private funds reported
- 8 (5 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets, adviser total
- $186Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Regulatory AUM
- $186Mthe adviser's RAUM, a regulatory measure, never a fund size
- Employees
- 25
- Owners on Schedule A
- First Analysis Venture Operations and Research, L.L.C. (Manager), owns 75% or more
Classification history
Every classification this record has carried1 on recordShowHide
- Sep 12, 2026Syndicate platform (probable, 80%)Name or self-description says syndicate platform
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC funds reported | May 10, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | May 10, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | May 10, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | May 6, 2024 | Fact | Form ADV |
| First Form ADV filing | 2012-02-17 | May 10, 2026 | Fact | Form ADV |
| First Form ADV filing | 2012-02-17 | May 6, 2024 | 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 | 2026-05-10 | May 10, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-05-10 | May 10, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-05-06 | May 6, 2024 | Fact | Form ADV |
| SEC status | Approved | May 10, 2026 | Fact | Form ADV |
| SEC status effective | 2012-03-30 | May 10, 2026 | Fact | Form ADV |
| Venture share of reported funds | 0 | May 10, 2026 | Fact | Form ADV |
| Venture share of reported funds | 0 | May 6, 2024 | Fact | Form ADV |
| Business phone | May 10, 2026 | Fact | Form ADV | |
| Business phone | May 6, 2024 | Fact | Form ADV | |
| Contact page url | Sep 30, 2026 | Fact | no URL | |
| Contact page url | Sep 16, 2026 | Fact | no URL | |
| Description | Sep 30, 2026 | Fact | no URL | |
| Description | Sep 16, 2026 | Fact | no URL | |
| Description | Sep 12, 2026 | Fact | no URL | |
| Employees | 25 | May 10, 2026 | Fact | Form ADV |
| Employees | 25 | May 6, 2024 | Fact | Form ADV |
| Headquarters | Chicago, IL | May 10, 2026 | Fact | Form ADV |
| Headquarters | Chicago, IL | May 6, 2024 | Fact | Form ADV |
| Office address | May 10, 2026 | Fact | Form ADV | |
| Office address | May 6, 2024 | Fact | Form ADV | |
| Self-described type | Syndicate platform | Sep 30, 2026 | Fact | no URL |
| Self-described type | Syndicate platform | Sep 16, 2026 | Fact | no URL |
| Self-described type | Syndicate platform | Sep 12, 2026 | Fact | no URL |
| Legal form | Limited Liability Company | May 10, 2026 | Fact | Form ADV |
| PE funds reported | 3 | May 10, 2026 | Fact | Form ADV |
| Portfolio page | Sep 30, 2026 | Fact | no URL | |
| Portfolio page | Sep 16, 2026 | Fact | no URL | |
| Portfolio page | Sep 12, 2026 | Fact | no URL | |
| Private funds reported | 8 | May 10, 2026 | Fact | Form ADV |
| Private funds reported | 8 | May 10, 2026 | Fact | Form ADV |
| Private funds reported | 12 | May 6, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $186M | May 10, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $186M | May 10, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $199M | May 6, 2024 | Fact | Form ADV |
| Regulatory AUM (adviser, not fund size) | $186M | May 10, 2026 | Fact | Form ADV |
| Regulatory AUM (adviser, not fund size) | $199M | May 6, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | May 10, 2026 | Fact | Form ADV |
| Stated geography | chicago “geography words on the home page” | Sep 30, 2026 | Fact | no URL |
| Stated geography | chicago “geography words on the home page” | Sep 16, 2026 | Fact | no URL |
| Stated geography | chicago “geography words on the home page” | Sep 12, 2026 | Fact | no URL |
| Stated sectors | Enterprise software, healthcare, biotech, marketplaces, cybersecurity, logistics, industrial, B2B, hrtech, vertical SAAS “sector words on the home page” | Sep 30, 2026 | Fact | no URL |
| Stated sectors | Enterprise software, healthcare, biotech, marketplaces, cybersecurity, logistics, industrial, B2B, hrtech, vertical SAAS “sector words on the home page” | Sep 16, 2026 | Fact | no URL |
| Stated sectors | Enterprise software, healthcare, biotech, marketplaces, cybersecurity, logistics, industrial, B2B, hrtech, vertical SAAS “sector words on the home page” | Sep 12, 2026 | Fact | no URL |
| Venture funds reported | 5 | May 10, 2026 | Fact | Form ADV |
| Venture funds reported | 5 | May 10, 2026 | Fact | Form ADV |
| Venture funds reported | 5 | May 6, 2024 | Fact | Form ADV |
| Website | May 6, 2024 | Fact | Form ADV | |
| Site title | Sep 30, 2026 | Fact | no URL | |
| Site title | Sep 16, 2026 | Fact | no URL | |
| Site title | Sep 12, 2026 | Fact | no URL |
How this is scored
Scores, classification basis and filing advisersSyndicate platform, probableShowHide
Name or self-description says syndicate platform
- importance
- gav: $0 · funds: 0.42 · people: 0 · investments: 0.46 · co investors: 0.19
- active deployment
- investments 12m: 0 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: not scored
- emerging manager
- fund count: 5 · reported gav: $116M · first adv filing: 2012-02-17 · years since first filing: 14.6
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Record history
- Adviser's first ADV filing2012-02-17source 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.
Not yet on record: investment team.