Five Elms Capital

CandidateSEC-registered adviser· Kansas City, MissouriFIVEELMS.COM

We are active and experienced software investors investing in B2B software founders who are passionate about their product, people and culture.

In the firm's own words, from its website.

Reported fund assets
$197M
sum of its funds' Form ADV filings, last 30 months
New companies, 12 mo
2
Investment team
23
Latest vintage
2017
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsInvestments (2)Team (53)Funds
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

48 additional team members, 1 additional co-investor or affiliate, 6 additional investments, funds and LPs, 17 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. Last change: 11 Dec 2025, 2 new companies in the last 12 months. Latest round Ritten Series B ($35M round, led) on 11 Dec 2025.

People to know

View all people
  • Ryan Mandl
    Partner
    Why: Partner: part of the investment decision
    No route on file yet
  • Kristin Rosberg
    Partner
    Why: Partner: part of the investment decision
    No route on file yet
  • Fred Coulson
    Managing Director, Value Creation
    Why: Managing director
    No route on file yet

Relationship network

67 connected entities4 observed rounds2 repeat counterpartiesrounds 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.

Reading the network
  • Sponsor
  • Company
  • Capital provider
  • 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 Five Elms Capital: 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 Five Elms Capital

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Investing

2 companies on record, 2 new in 12 months
Investments on record
2 companies, 4 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
Ritten, Inc.Form D equity offeringunknown · boardRyan Mandl (strongly supported)$25.0M
form d sold
unknownDec 18, 2025Inference Form D
Digitail Inc.Form D equity offeringunknown · boardReed Edwards (strongly supported)$16.0M
form d sold
unknownNov 17, 2025Inference Form D
Stated thesis versus observed behaviour
4 observed deals
Stated (the firm’s website)
Sectors
ai
Stages
not stated or not yet read
Geography
canada, globally, new york, ohio, philadelphia
Check size
not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation
series b 100%
Stage at first entry
series b 100%
Industries, each company once
Hardware and deep tech, Software or Tech-enabled and IT services (2)
lead rate 100%follow-on rate 100%new companies, 12 months 2

Team

53 current, 3 departed
Decision makers
who to call first, and why; then everyone else by function
  • Ryan Mandl · Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility; Led 1 round on record
  • Kristin Rosberg · Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility
  • Fred Coulson · Managing Director, Value Creation
    Why 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
53 current, 3 departed
3 departed (kept with end dates)
  • Aaron Matthew Handke · Member Of Fe Foxpoint Debt Gp, Llc · May 1, 2015 to Mar 29, 2019 Inference
  • Joseph Dillon Onofrio · Member Of Frontier Five Elms Equity Fund Ii Gp, Llc · Oct 1, 2011 to Mar 29, 2019 Inference
  • Ryan Richard Mandle · Member Of Fe Foxpoint Debt Gp, Llc · May 1, 2015 to Mar 29, 2019 Inference
Contacts
1 firm phone

1 firm phone on record, each with its source. Values open with the complete profile.

Funds and LPs

7 vehicles, 1 LPs disclosed
Funds and vehicles
7 reported, 2 no longer reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Five Elms III B, LPFund · ADV: Private Equity Fund2017 adv first reportedHarvest$83.7M
Jun 1, 2026
39$0
of $125M
Sep 28, 2016
Five Elms III Q, LPFund · ADV: Private Equity Fund2017 adv first reportedHarvest$50.3M
Jun 1, 2026
72$0
of $125M
Sep 28, 2016
Five Elms III a, LPFund · ADV: Private Equity Fund2017 adv first reportedHarvest$17.2M
Jun 1, 2026
25$0
of $125M
Sep 28, 2016
Limited partners
1 LPs, 1 disclosed commitments
Known LPs and allocators
1 relationship across the firm's funds, from public pensions and the allocator graph
AllocatorTypeFundAmountDateSource
Massachusetts Pension Reserves Investment Management BoardPUBLIC INSTITUTIONAL POOLFive Elms GP at Five Elms Capital
amount not disclosed
reported as of Jun 30, 2025Fact Pension disclosure

Relationships across DFX

4 co-investors · on 5 other DFX graphs
Co-investors
4 counted from shared deals, for the whole firm
Across DFX and the capital chainon 5 other DFX graphs · 1 capital path Show
Across DFX
  • Sponsor-market profile (matched by same CRD)
  • The same institution is held on Independent Sponsors, RIA and Wealth, Private Equity, Private Credit, Allocators, matched by identifier. See which records
Across the graphs

Five Elms Capital is the same institution as 5 records in Independent Sponsors, RIA and Wealth, Private Equity, Private Credit and Allocators.

Independent Sponsors1RIA and Wealth1Private Equity1Private Credit1Allocators1

DFX found 5 relationships across 5 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…

Capital chain

Five Elms Capital sits on 1 traced path of capital across the graphs.

Allocator commitments to a manager

DFX traced 1 path 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

22 dated events, 59 observations from 3 sources
Timeline
22 dated events
  1. seen on or beforeSep 24, 2026
    Five Elms Capital: PE_WITH_VENTURE_ACTIVITY -> CANDIDATE_VC (no sworn venture fact yet (name or round mention only))
    Classification changedClassificationInferenceno URL
  2. Jun 30, 2025
    Mass PRIM lists Five Elms GP among its private equity managers
    LP commitment disclosedLPsFactMassachusetts Pension Reserves Investment Management BoardPension disclosure
  3. Feb 1, 2023
    Jennifer Ann Timmons Witt joined Schedule A of Five Elms Capital as General Counsel
    Person joinedPeopleFactJennifer Ann Timmons WittForm ADV
  4. Mar 30, 2020
    Dynamic Elms, LP no longer reported on Form ADV by Five Elms Capital
    Fund no longer reportedFundsInferenceDynamic Elms, LPForm ADV
  5. Mar 29, 2019
    Aaron Matthew Handke (Member Of Fe Foxpoint Debt Gp, Llc) no longer on Schedule A of Five Elms Capital
    Person leftPeopleInferenceAaron Matthew HandkeForm ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Jun 1, 2026 · 23 private fundsShow
Headquarters
Kansas City, MOadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
FIVEELMS.COM
SEC adviser type
Registered investment adviseradviserinfo.sec.gov
SEC exemption claimed
unknown
Latest Form ADV
Jun 1, 2026
Private funds reported
23 (0 venture capital funds)adviserinfo.sec.gov
Private fund gross assets, adviser total
$3.2Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Regulatory AUM
$2.4Bthe adviser's RAUM, a regulatory measure, never a fund size
Employees
55
Owners on Schedule A
Five Elms Capital (Managing Member), owns under 5%
Classification history
Every classification this record has carried3 on recordShow
  1. Sep 24, 2026
    Candidate (candidate, 50%)
    No sworn venture fact yet (name or round mention only)
  2. Sep 23, 2026
    Private equity with venture activity (probable, 75%)
    Registered adviser; venture funds are 0% of 23 private funds
  3. Sep 12, 2026
    Private equity with venture activity (probable, 75%)
    Registered adviser; venture funds are 0% of 19 private funds
Evidence
59 observations from 3 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
SEC adviser typeRegistered investment adviserJun 1, 2026FactForm ADV
SEC adviser typeRegistered investment adviserMar 28, 2024FactForm ADV
First Form ADV filing2012-03-29Jun 1, 2026FactForm ADV
First Form ADV filing2012-03-29Mar 28, 2024FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-29Sep 30, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-25Sep 26, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-23Sep 24, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-21Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-22Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1Sep 12, 2026FactForm ADV
Latest Form ADV filing2026-06-01Jun 1, 2026FactForm ADV
Latest Form ADV filing2024-03-28Mar 28, 2024FactForm ADV
Venture share of reported funds0Jun 1, 2026FactForm ADV
Venture share of reported funds0Mar 28, 2024FactForm ADV
Business phoneMar 28, 2024FactForm ADV
Contact page urlSep 30, 2026Factno URL
Contact page urlSep 16, 2026Factno URL
DescriptionSep 13, 2026Factno URL
Employees55Mar 28, 2024FactForm ADV
HeadquartersKansas City, MOMar 28, 2024FactForm ADV
Office addressMar 28, 2024FactForm ADV
Portfolio pageSep 30, 2026Factno URL
Portfolio pageSep 16, 2026Factno URL
Portfolio pageSep 13, 2026Factno URL
Private funds reported23Jun 1, 2026FactForm ADV
Private funds reported19Mar 28, 2024FactForm ADV
Private fund gross assets (reported)$3.2BJun 1, 2026FactForm ADV
Private fund gross assets (reported)$2.4BMar 28, 2024FactForm ADV
Regulatory AUM (adviser, not fund size)$2.4BMar 28, 2024FactForm ADV
Stated geographyCanada, globally, new york, ohio, philadelphia
“geography words on the home page”
Sep 13, 2026Factno URL
Stated sectorsai
“sector words on the home page”
Sep 30, 2026Factno URL
Stated sectorsai
“sector words on the home page”
Sep 16, 2026Factno URL
Stated sectorsAI, enterprise software, B2B
“sector words on the home page”
Sep 13, 2026Factno URL
Team pageSep 30, 2026Factno URL
Team pageSep 16, 2026Factno URL
Team pageSep 13, 2026Factno URL
Venture funds reported0Jun 1, 2026FactForm ADV
Venture funds reported0Mar 28, 2024FactForm ADV
WebsiteMar 28, 2024FactForm ADV
Site titleSep 13, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersCandidate, candidateShow
Importance
22
moderate
Active deployment
8
low
Emerging
0
low
Freshness
100
high
CandidateSEC registered investment adviser

No sworn venture fact yet (name or round mention only)

The inputs behind each score
importance
gav: 0 · funds: 0 · people: 0.92 · investments: 0.22 · scale basis: Venture-typed funds only (Candidate): 0 funds, $0M of $197M reported · co investors: 0.24
active deployment
investments 12m: 0.25 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 0 · latest investment at: 2025-12-11
emerging manager
fund count: 9 · reported gav: $197M · first adv filing: 2012-03-29 · years since first filing: 14.5

Fits, record history and connections

scored matches for this investor, every identity change, every edge

Record history

2 identity changes, 3 dated events on the change ledger, latest event first
  • Organization classification changed
    2026-09-24
  • Fund refused
    2026-09-14
  • Fund refused
    2026-09-14

+2 more changes on this record's ledger

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

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.