Five Elms Capital
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.
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- PartnerWhy: Partner: part of the investment decisionNo route on file yet
- PartnerWhy: Partner: part of the investment decisionNo route on file yet
- Managing Director, Value CreationWhy: Managing directorNo 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.
- Sponsor
- Company
- Capital provider
- 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 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
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 |
|---|---|---|---|---|---|---|---|
| Ritten, Inc. | Form D equity offering | unknown · board | Ryan Mandl (strongly supported) | $25.0M form d sold | unknown | Dec 18, 2025 | Inference Form D |
| Digitail Inc. | Form D equity offering | unknown · board | Reed Edwards (strongly supported) | $16.0M form d sold | unknown | Nov 17, 2025 | Inference Form D |
Stated thesis versus observed behaviour
- 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
Team
53 current, 3 departed
Decision makers
- Ryan Mandl · PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility; Led 1 round on record
- Kristin Rosberg · PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility
- Fred Coulson · Managing Director, Value CreationWhy 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.- Partner · led 1 round on record
- Managing Director, Value Creation
- Partner
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 on record, each with its source. Values open with the complete profile.
Funds and LPs
7 vehicles, 1 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 |
|---|---|---|---|---|---|---|---|
| Five Elms III B, LP | Fund · ADV: Private Equity Fund | 2017 adv first reported | Harvest | $83.7M Jun 1, 2026 | 39 | $0 of $125M | Sep 28, 2016 |
| Five Elms III Q, LP | Fund · ADV: Private Equity Fund | 2017 adv first reported | Harvest | $50.3M Jun 1, 2026 | 72 | $0 of $125M | Sep 28, 2016 |
| Five Elms III a, LP | Fund · ADV: Private Equity Fund | 2017 adv first reported | Harvest | $17.2M Jun 1, 2026 | 25 | $0 of $125M | Sep 28, 2016 |
Limited partners
- 1 commitment · amounts undisclosed
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 |
|---|---|---|---|---|---|
| Massachusetts Pension Reserves Investment Management Board | PUBLIC INSTITUTIONAL POOL | Five Elms GP at Five Elms Capital | amount not disclosed | reported as of Jun 30, 2025 | Fact Pension disclosure |
Relationships across DFX
4 co-investors · on 5 other DFX graphs
Co-investors
- 2025-12-111 shared deal · one time · this firm led 1
- 2025-11-101 shared deal · one time · this firm led 1
- 2025-11-101 shared deal · one time · this firm led 1
Across DFX and the capital chainon 5 other DFX graphs · 1 capital path ShowHide
- 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
Five Elms Capital is the same institution as 5 records in Independent Sponsors, RIA and Wealth, Private Equity, Private Credit and Allocators.
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…
Five Elms Capital sits on 1 traced path of capital across the graphs.
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
- seen on or beforeSep 24, 2026Five Elms Capital: PE_WITH_VENTURE_ACTIVITY -> CANDIDATE_VC (no sworn venture fact yet (name or round mention only))Classification changedClassificationInference
- Jun 30, 2025Mass PRIM lists Five Elms GP among its private equity managersLP commitment disclosedLPsFactMassachusetts Pension Reserves Investment Management BoardPension disclosure
- Feb 1, 2023Jennifer Ann Timmons Witt joined Schedule A of Five Elms Capital as General Counsel
- Mar 30, 2020Dynamic Elms, LP no longer reported on Form ADV by Five Elms Capital
- Mar 29, 2019Aaron Matthew Handke (Member Of Fe Foxpoint Debt Gp, Llc) no longer on Schedule A of Five Elms Capital
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Jun 1, 2026 · 23 private fundsShowHide
- 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
Classification history
Every classification this record has carried3 on recordShowHide
- Sep 24, 2026Candidate (candidate, 50%)No sworn venture fact yet (name or round mention only)
- Sep 23, 2026Private equity with venture activity (probable, 75%)Registered adviser; venture funds are 0% of 23 private funds
- Sep 12, 2026Private equity with venture activity (probable, 75%)Registered adviser; venture funds are 0% of 19 private funds
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| SEC adviser type | Registered investment adviser | Jun 1, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | Mar 28, 2024 | Fact | Form ADV |
| First Form ADV filing | 2012-03-29 | Jun 1, 2026 | Fact | Form ADV |
| First Form ADV filing | 2012-03-29 | Mar 28, 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 | 2026-06-01 | Jun 1, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-03-28 | Mar 28, 2024 | Fact | Form ADV |
| Venture share of reported funds | 0 | Jun 1, 2026 | Fact | Form ADV |
| Venture share of reported funds | 0 | Mar 28, 2024 | Fact | Form ADV |
| Business phone | Mar 28, 2024 | Fact | Form ADV | |
| Contact page url | Sep 30, 2026 | Fact | ||
| Contact page url | Sep 16, 2026 | Fact | ||
| Description | Sep 13, 2026 | Fact | ||
| Employees | 55 | Mar 28, 2024 | Fact | Form ADV |
| Headquarters | Kansas City, MO | Mar 28, 2024 | Fact | Form ADV |
| Office address | Mar 28, 2024 | Fact | Form ADV | |
| Portfolio page | Sep 30, 2026 | Fact | ||
| Portfolio page | Sep 16, 2026 | Fact | ||
| Portfolio page | Sep 13, 2026 | Fact | ||
| Private funds reported | 23 | Jun 1, 2026 | Fact | Form ADV |
| Private funds reported | 19 | Mar 28, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $3.2B | Jun 1, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $2.4B | Mar 28, 2024 | Fact | Form ADV |
| Regulatory AUM (adviser, not fund size) | $2.4B | Mar 28, 2024 | Fact | Form ADV |
| Stated geography | Canada, globally, new york, ohio, philadelphia “geography words on the home page” | Sep 13, 2026 | Fact | |
| Stated sectors | ai “sector words on the home page” | Sep 30, 2026 | Fact | |
| Stated sectors | ai “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | AI, enterprise software, B2B “sector words on the home page” | Sep 13, 2026 | Fact | |
| Team page | Sep 30, 2026 | Fact | ||
| Team page | Sep 16, 2026 | Fact | ||
| Team page | Sep 13, 2026 | Fact | ||
| Venture funds reported | 0 | Jun 1, 2026 | Fact | Form ADV |
| Venture funds reported | 0 | Mar 28, 2024 | Fact | Form ADV |
| Website | Mar 28, 2024 | Fact | Form ADV | |
| Site title | Sep 13, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersCandidate, candidateShowHide
No sworn venture fact yet (name or round mention only)
- 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
- Organization classification changed2026-09-24
- Fund refused2026-09-14
- Fund refused2026-09-14
+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.