DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Blue Heron Capital Management, LLC
Blue Heron Capital Management, LLC
We are an early-stage growth equity firm funding big ideas in healthcare and enterprise technology. Using the powerful combination of financial capital and
venture manager, reported GAV $252M across 24 vehicles
Importance
34
moderate
Active deployment
29
moderate
Emerging
0
low
Completeness
75
high
Freshness
100
high
Research priority
11
low
Identity and regulatory footprint
- Headquarters
- Richmond, VAadviserinfo.sec.gov
- Office address
- 1806 SUMMIT AVENUE, SUITE 200, Richmond, VA, 23230adviserinfo.sec.gov
- Business phone
- (202)246-3009adviserinfo.sec.gov
- Website
- HTTP://WWW.BLUEHERONCAP.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 31, 2026
- Private funds reported
- 23 (23 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $301Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business email
- info@blueheroncap.comblueheroncap.compublished by the subject
- business phone
- (804) 212-3400adviserinfo.sec.govpublished by the subject
- business phone
- (202)246-3009adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
1 observed deals
Stated (the firm’s website)
- Sectors
- enterprise software, healthcare
- Stages
- growth, early
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- growth investor
Observed (from deals on record)
Stage at participation
series a 100%
Stage at first entry
series a 100%
Sectors
unknown 100%
lead rate 100%follow-on rate 0%new logos, 12 months 1
Funds and vehicles
24 reported, 4 no longer reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| BHC Pf Co-Invest, LLC | SPV or co-invest vehicle | 2023 adv first reported | Active deployment | $14.0M Jul 1, 2024 | 68 | unknown | unknown |
| BHC Hc Co-Invest III, LLC | SPV or co-invest vehicle | 2023 adv first reported | Active deployment | $13.2M Jul 1, 2024 | 33 | unknown | unknown |
| Blue Heron Capital Fund Iii-A, LP | Feeder or parallel | 2023 adv first reported | Active deployment | $11.1M Jul 1, 2024 | 31 | unknown | unknown |
| BHC Mw Co-Invest, LLC | SPV or co-invest vehicle | 2023 form d first sale | Active deployment | $510,000 Jul 1, 2024 | 13 | $410,000 of $410,000 | Jun 8, 2023 |
| BHC PF Co-Invest, LLC | SPV or co-invest vehicle | 2023 form d first sale | Newly closed | unknown | unknown | $8.5M of $8.5M | Aug 27, 2025 |
| Blue Heron Capital Fund III, LP | Fund | 2022 form d first sale | Active deployment | $87.5M Jul 1, 2024 | 129 | $81.1M of $100M | Mar 14, 2023 |
| BHC Ys Co-Invest, LLC | SPV or co-invest vehicle | 2022 form d first sale | Active deployment | $2.5M Jul 1, 2024 | 15 | $2.5M of $2.5M | Sep 22, 2022 |
| BHC Ax Co-Invest, LLC | SPV or co-invest vehicle | 2022 form d first sale | Active deployment | $1.6M Jul 1, 2024 | 24 | $1.6M of $1.6M | Dec 30, 2022 |
| BHC Ct Co-Invest, LLC | SPV or co-invest vehicle | 2021 form d first sale | Fundraising | $4.4M Jul 1, 2024 | 34 | $4.2M | May 5, 2025 |
| BHC Aw Co-Invest, LLC | SPV or co-invest vehicle | 2020 form d first sale | Mature | $8.9M Jul 1, 2024 | 37 | $500,000 | Dec 22, 2020 |
| BHC Is Co-Invest, LLC | SPV or co-invest vehicle | 2020 form d first sale | Mature | $1.2M Jul 1, 2024 | 15 | $1.0M | Dec 22, 2020 |
| BHC Vd Co-Invest, LLC | SPV or co-invest vehicle | 2020 form d first sale | Mature | $308,532 Jul 1, 2024 | 2 | $325,000 | Jul 15, 2020 |
| BHC Ac Co-Invest, LLC | SPV or co-invest vehicle | 2020 form d first sale | Mature | $209,262 Jul 1, 2024 | 3 | $100,000 | Aug 26, 2020 |
| BHC Hc Co-Invest II, LLC | SPV or co-invest vehicle | 2019 form d first sale | Mature | $26.3M Jul 1, 2024 | 18 | $1.7M | Nov 5, 2019 |
| BHC Ch Co-Invest, LLC | SPV or co-invest vehicle | 2019 form d first sale | Mature | $4.2M Jul 1, 2024 | 33 | $1.5M | Nov 15, 2019 |
| BHC Hc Co-Invest LP | SPV or co-invest vehicle | 2018 form d first sale | Harvest | $2.5M Jul 1, 2024 | 2 | $250,000 of $250,000 | Jan 25, 2018 |
| BHC St Co-Invest LP | SPV or co-invest vehicle | 2017 form d first sale | Harvest | $242,939 Jul 1, 2024 | 26 | $1.8M of $1.8M | Nov 23, 2020 |
| BHC Ap Co-Invest LP | SPV or co-invest vehicle | 2016 form d first sale | Harvest | $0 Jul 1, 2024 | 10 | $876,000 | Mar 28, 2019 |
| BHC Tc II Co-Invest LP | SPV or co-invest vehicle | 2016 form d first sale | Harvest | $0 Jul 1, 2024 | 6 | $235,000 of $235,000 | Sep 20, 2016 |
| BHC Vs Co-Invest LP | SPV or co-invest vehicle | 2015 form d first sale | Harvest | $36,587 Jul 1, 2024 | 22 | $1.0M of $2.3M | Feb 12, 2016 |
| BHC Tc Co-Invest LP | SPV or co-invest vehicle | 2015 form d first sale | Harvest | $0 Jul 1, 2024 | 3 | $115,000 of $115,000 | Sep 2, 2015 |
| Blue Heron Capital Fund I, LP | Fund | 2013 form d first sale | Harvest | $19.4M Jul 1, 2024 | 64 | $25.4M of $50.0M | Aug 7, 2015 |
| Blue Heron Capital Fund II, LP | Fund | unknown | Unknown | $48.7M Jul 1, 2024 | 70 | $0 of $75.0M | Oct 31, 2018 |
| BHC Vt Co-Invest, LLC | SPV or co-invest vehicle | unknown | Unknown | $4.8M Jul 1, 2024 | 15 | $0 | Dec 20, 2018 |
| BHC Az Co-Invest LP | SPV or co-invest vehicle | unknown | Wound down | $7.1M Oct 20, 2021 | 28 | unknown | unknown |
| BHC Pl Co-Invest LP | SPV or co-invest vehicle | unknown | Wound down | $17,725 Mar 30, 2023 | 20 | unknown | unknown |
| BHC Pl II Co-Invest LP | SPV or co-invest vehicle | unknown | Wound down | $0 Mar 30, 2023 | 5 | unknown | unknown |
| BHC Dm Co-Invest LP | SPV or co-invest vehicle | unknown | Wound down | $0 Oct 20, 2021 | 2 | unknown | unknown |
GAV 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.
Investment team
12 current, 0 departed
Charlie Aprahamian
AssociateAssociate
Matt Jacobson
Investor relationsDirector of Investor Relations
Andrew Tichenor
Managing partnerCo-Founder & Managing Partner
Tom Benedetti
Managing partnerCo-Founder & Managing Partner
Jim Riley
Operating partnerOperating Partner
Oa Collaborative
OtherPortfolio Jobs
Andrew Scott Tichenor
PartnerManager · since May 1, 2013
Thomas Quentin Benedetti
PartnerManager · since May 1, 2013
Christine Lane
Platform and operationsController
Laura Tizard
Platform and operationsAccounting Manager
Nick Graziano
PrincipalPrincipal
Kevin Musco
Vice presidentVice President
Investments on record
1 edges, 1 companies, 0 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Remission Medical | Series A · Series A | lead | unknown | unknown | unknown | Apr 13, 2026 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
“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.
Co-investors
1 relationships from shared deals, counted for the whole firm
Limited partners
0 disclosed
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.
Timeline
32 dated events
- Mar 29, 2024BHC Pl Co-Invest LP no longer reported on Form ADV by Blue Heron Capital Management, LLCFund no longer reportedFundsInferenceBHC Pl Co-Invest LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2024BHC Mw Co-Invest, LLC first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $510,000Fund first reported on Form ADVFundsFactBHC Mw Co-Invest, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2024BHC Pl II Co-Invest LP no longer reported on Form ADV by Blue Heron Capital Management, LLCFund no longer reportedFundsInferenceBHC Pl II Co-Invest LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2023Blue Heron Capital Fund Iii-A, LP first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $9,069,800Fund first reported on Form ADVFundsFactBlue Heron Capital Fund Iii-A, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2023Blue Heron Capital Fund III, LP first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $69,033,500Fund first reported on Form ADVFundsFactBlue Heron Capital Fund III, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2023BHC Pf Co-Invest, LLC first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $5,487,641Fund first reported on Form ADVFundsFactBHC Pf Co-Invest, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2023BHC Hc Co-Invest III, LLC first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $13,182,513Fund first reported on Form ADVFundsFactBHC Hc Co-Invest III, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2023BHC Ys Co-Invest, LLC first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $2,500,000Fund first reported on Form ADVFundsFactBHC Ys Co-Invest, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2023BHC Ax Co-Invest, LLC first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $1,657,692Fund first reported on Form ADVFundsFactBHC Ax Co-Invest, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2022BHC Ct Co-Invest, LLC first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $1,395,000Fund first reported on Form ADVFundsFactBHC Ct Co-Invest, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2022BHC Az Co-Invest LP no longer reported on Form ADV by Blue Heron Capital Management, LLCFund no longer reportedFundsInferenceBHC Az Co-Invest LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2022BHC Dm Co-Invest LP no longer reported on Form ADV by Blue Heron Capital Management, LLCFund no longer reportedFundsInferenceBHC Dm Co-Invest LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2021BHC Aw Co-Invest, LLC first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $500,000Fund first reported on Form ADVFundsFactBHC Aw Co-Invest, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2021BHC Is Co-Invest, LLC first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $1,000,000Fund first reported on Form ADVFundsFactBHC Is Co-Invest, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 6, 2020BHC Vd Co-Invest, LLC first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $325,000Fund first reported on Form ADVFundsFactBHC Vd Co-Invest, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 6, 2020BHC Ac Co-Invest, LLC first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $100,000Fund first reported on Form ADVFundsFactBHC Ac Co-Invest, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2020BHC Ch Co-Invest, LLC first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $1,500,000Fund first reported on Form ADVFundsFactBHC Ch Co-Invest, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2020BHC Hc Co-Invest II, LLC first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $1,739,945Fund first reported on Form ADVFundsFactBHC Hc Co-Invest II, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 3, 2019Blue Heron Capital Fund II, LP first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $14,850,000Fund first reported on Form ADVFundsFactBlue Heron Capital Fund II, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 3, 2019BHC Pl Co-Invest LP first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $1,071,101Fund first reported on Form ADVFundsFactBHC Pl Co-Invest LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 3, 2019BHC Dm Co-Invest LP first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $250,000Fund first reported on Form ADVFundsFactBHC Dm Co-Invest LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 3, 2019BHC Tc Co-Invest LP first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $46,985Fund first reported on Form ADVFundsFactBHC Tc Co-Invest LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 3, 2019BHC Tc II Co-Invest LP first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $96,014Fund first reported on Form ADVFundsFactBHC Tc II Co-Invest LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 3, 2019BHC Vs Co-Invest LP first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $3,899,818Fund first reported on Form ADVFundsFactBHC Vs Co-Invest LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 3, 2019BHC Vt Co-Invest, LLC first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $1,000,000Fund first reported on Form ADVFundsFactBHC Vt Co-Invest, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 3, 2019Blue Heron Capital Fund I, LP first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $26,139,204Fund first reported on Form ADVFundsFactBlue Heron Capital Fund I, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 3, 2019BHC St Co-Invest LP first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $1,334,297Fund first reported on Form ADVFundsFactBHC St Co-Invest LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 3, 2019BHC Az Co-Invest LP first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $2,165,354Fund first reported on Form ADVFundsFactBHC Az Co-Invest LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 3, 2019BHC Ap Co-Invest LP first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $622,297Fund first reported on Form ADVFundsFactBHC Ap Co-Invest LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 3, 2019BHC Pl II Co-Invest LP first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $191,269Fund first reported on Form ADVFundsFactBHC Pl II Co-Invest LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 3, 2019Blue Heron Capital Management, LLC first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 3, 2019BHC Hc Co-Invest LP first reported on Form ADV by Blue Heron Capital Management, LLC (Venture Capital Fund), GAV $276,666Fund first reported on Form ADVFundsFactBHC Hc Co-Invest LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 13, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $252M across 24 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $252M across 23 vehicles
Evidence
52 observations from 3 sources