DFX Intelligence
Pathstone
Private equity with venture activitySEC-registered adviserClassification probable· Englewood, New JerseyPATHSTONE.COM
At Pathstone, we’re seeking to redefine what it means to be a modern advisor.
In the firm's own words, from its website.
As of · the latest observation of this organization; filed figures are as of its latest Form ADV
As of · the latest observation of this organization; filed figures are as of its latest Form ADV
19 additional team members, 2 additional co-investors and affiliates, 7 additional investments, funds and LPs, 19 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- Co-CIOWhy: Chief investment officer: owns the allocation decisionNo route on file yet
- President and Chief Investment Officer of Concentric InnovationWhy: Chief investment officer: owns the allocation decisionNo route on file yet
- Executive Managing DirectorWhy: Managing directorNo route on file yet
Relationship network
26 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.
Reading the network
- 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 Pathstone: 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 Pathstone
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
0 companies on record, 0 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.0 companies, 0 partner-attributed
No investment on record yet. Edges arrive from the firm’s portfolio page, financing announcements, and Form D board seats.
Stated thesis versus observed behaviour
no observed deals yet
Stated (the firm’s website)
- Sectors
- energy, cybersecurity
- Stages
- not stated or not yet read
- Geography
- global
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- family office
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors: no observed deals yet
lead rate no observed dealsfollow-on rate no observed dealsnew companies, 12 months 0
Team
17 current, 9 departed
Decision makers
who to call first, and why; then everyone else by function
- Eric Alt · Co-CIOWhy this person: Chief investment officer: owns the allocation decision; Named with investment responsibility
- Rahul Agrawal · President and Chief Investment Officer of Concentric InnovationWhy this person: Chief investment officer: owns the allocation decision; Named with investment responsibility
- Betty Andrikopoulos · Executive Managing DirectorWhy this person: Managing director; 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.17 current, 9 departed
- Co-CIO
- President and Chief Investment Officer of Concentric Innovation
- Executive Managing Director
9 departed (kept with end dates)
- John Robert Lapann · Chairman Emeritus · Dec 1, 2015 to Mar 31, 2022 Inference
- Kristin Lynn Fafard · Chief Investment Officer · Dec 1, 2015 to Mar 31, 2017 Inference
- Tammy Lynn Surratt · Managing Director · Jan 1, 2013 to Jan 2, 2014 Inference
Contacts
1 firm phone
1 firm phone on record, each with its source. Values open with the complete profile.
Funds and LPs
10 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.10 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| ESP Investors LLC | Fund | 2024 adv first reported | Early deployment | $5.1M Dec 23, 2024 | 2 | unknown | unknown |
| Montezuma Fund Viii LP | Fund | 2023 form d first sale | Active deployment | $41.1M Mar 31, 2026 | 111 | $22.4M | Mar 20, 2024 |
| CER Fund III Consolidation LLC | Fund | 2023 adv first reported | Active deployment | $5.4M Dec 23, 2024 | 2 | unknown | unknown |
Limited partners
0 LPs, 0 disclosed commitments
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
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.0 relationships across the firm's funds, from public pensions and the allocator graph
No allocator names this firm or its funds in a public disclosure DFX holds.
Relationships across DFX
0 co-investors · on 6 other DFX graphs
Co-investors
0 counted from shared deals, for the whole firm
No co-investor relationship yet: these are derived only from rounds and portfolio listings the graph has seen both investors on.
Across DFX and the capital chainon 6 other DFX graphs ShowHide
Across DFX
- Family office profile (matched by same CRD)
- Sponsor-market profile (matched by same CRD)
- The same institution is held on Family Offices, Independent Sponsors, Private Equity, Private Credit, Real Estate Funds, RIA and Wealth, matched by identifier. See which records
Across the graphs
Pathstone is the same institution as 6 records in Family Offices, Independent Sponsors, Private Equity, Private Credit, Real Estate Funds and RIA and Wealth.
Family Offices1Independent Sponsors1Private Equity1Private Credit1Real Estate Funds1RIA and Wealth1
DFX found 6 relationships across 6 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
24 dated events, 114 observations from 4 sources
Timeline
24 dated events
- Dec 23, 2024Lisandra Evelyn Wilmott (Chief Compliance Officer/ General Counsel) no longer on Schedule A of Pathstone
- Jun 1, 2024Charles Paxson Keates joined Schedule A of Pathstone as Interim Chief Compliance Officer/General Counsel
- Mar 29, 2024David Allen Scarpello (Chief Financial Officer) no longer on Schedule A of Pathstone
- Mar 29, 2024ESP Investors LLC first reported on Form ADV by Pathstone (Venture Capital Fund), GAV $5,072,252
- Jan 1, 2024Michelle Ross Johnston joined Schedule A of Pathstone as Chief Financial Officer
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 31, 2026 · 161 private fundsShowHide
- Headquarters
- Englewood, NJadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- PATHSTONE.COM
- SEC adviser type
- Registered investment adviseradviserinfo.sec.gov
- SEC exemption claimed
- unknown
- Latest Form ADV
- Mar 31, 2026
- Private funds reported
- 161 (8 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets, adviser total
- $14Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Regulatory AUM
- $110Bthe adviser's RAUM, a regulatory measure, never a fund size
- Employees
- 704
- Owners on Schedule A
- Kelso GP Xi, LLC (General Partner); KIA Xi (tailwind) GP, L.P. (General Partner); Pathstone Holdings, LLC (Member), owns 75% or more
Classification history
Classification history
Every classification this record has carried3 on recordShowHide
- Sep 23, 2026Private equity with venture activity (probable, 75%)Registered adviser; venture funds are 6% of 161 private funds
- Sep 12, 2026Private equity with venture activity (probable, 75%)Registered adviser; venture funds are 8% of 161 private funds
- Sep 12, 2026Private equity with venture activity (probable, 75%)Registered adviser; venture funds are 8% of 119 private funds
Evidence
115 observations from 4 sources
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC funds reported | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | Dec 23, 2024 | Fact | Form ADV |
| First Form ADV filing | 2012-03-28 | Mar 31, 2026 | Fact | Form ADV |
| First Form ADV filing | 2012-03-28 | Dec 23, 2024 | 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 | 2026-03-31 | Mar 31, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-31 | Mar 31, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-12-23 | Dec 23, 2024 | Fact | Form ADV |
| SEC status | Approved | Mar 31, 2026 | Fact | Form ADV |
| SEC status effective | 2009-12-04 | Mar 31, 2026 | Fact | Form ADV |
| Venture share of reported funds | 0 | Mar 31, 2026 | Fact | Form ADV |
| Venture share of reported funds | 0 | Dec 23, 2024 | Fact | Form ADV |
| Business phone | Mar 31, 2026 | Fact | Form ADV | |
| Business phone | Dec 23, 2024 | 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 | ||
| Employees | 704 | Mar 31, 2026 | Fact | Form ADV |
| Employees | 408 | Dec 23, 2024 | Fact | Form ADV |
| Headquarters | Englewood, NJ | Mar 31, 2026 | Fact | Form ADV |
| Headquarters | Englewood, NJ | Dec 23, 2024 | Fact | Form ADV |
| Office address | Mar 31, 2026 | Fact | Form ADV | |
| Office address | Dec 23, 2024 | Fact | Form ADV | |
| Self-described type | Family office | Sep 30, 2026 | Fact | |
| Self-described type | Family office | Sep 16, 2026 | Fact | |
| Self-described type | Family office | Sep 12, 2026 | Fact | |
| Legal form | Limited Liability Company | Mar 31, 2026 | Fact | Form ADV |
| Other funds reported | 22 | Mar 31, 2026 | Fact | Form ADV |
| PE funds reported | 84 | Mar 31, 2026 | Fact | Form ADV |
| Portfolio page | Sep 30, 2026 | Fact | ||
| Portfolio page | Sep 16, 2026 | Fact | ||
| Portfolio page | Sep 12, 2026 | Fact | ||
| Private funds reported | 161 | Mar 31, 2026 | Fact | Form ADV |
| Private funds reported | 161 | Mar 31, 2026 | Fact | Form ADV |
| Private funds reported | 119 | Dec 23, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $14B | Mar 31, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $14B | Mar 31, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $7.9B | Dec 23, 2024 | Fact | Form ADV |
| Regulatory AUM (adviser, not fund size) | $110B | Mar 31, 2026 | Fact | Form ADV |
| Regulatory AUM (adviser, not fund size) | $48B | Dec 23, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Mar 31, 2026 | Fact | Form ADV |
| Stated geography | global “geography words on the home page” | Sep 30, 2026 | Fact | |
| Stated geography | global “geography words on the home page” | Sep 16, 2026 | Fact | |
| Stated geography | global “geography words on the home page” | Sep 12, 2026 | Fact | |
| Stated sectors | Energy, cybersecurity “sector words on the home page” | Sep 30, 2026 | Fact | |
| Stated sectors | Energy, cybersecurity “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | Energy, cybersecurity “sector 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 | 8 | Mar 31, 2026 | Fact | Form ADV |
| Venture funds reported | 8 | Mar 31, 2026 | Fact | Form ADV |
| Venture funds reported | 10 | Dec 23, 2024 | Fact | Form ADV |
| Website | Dec 23, 2024 | 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 advisersPrivate equity with venture activity, probableShowHide
Importance
36
elevated
Active deployment
25
moderate
Emerging
0
low
Freshness
100
high
Private equity with venture activity · probableSEC registered investment adviser
Registered adviser; venture funds are 6% of 161 private funds
The inputs behind each score
- importance
- gav: 0.51 · funds: 0.83 · people: 0.36 · investments: 0 · scale basis: Venture-typed funds only (Private equity with venture activity): 10 funds, $470M of $470M reported · co investors: 0
- 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: 10 · reported gav: $470M · 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
1 dated event on the change ledger, latest event first
- 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.
Not yet on record: new companies, 12 mo.