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 / Expanding Capital
Expanding Capital
Institutional venture firm · probableGreenwich, CTxcap.vcSEC exempt reporting adviserpart of Expanding Capital
One of 2 advisers that share xcap.vc; the firm is Expanding Capital. Bbridge LLC. Each keeps its own CRD, funds and filings; the grouping is the website each swore to on Form ADV and is recomputed every pass.
venture manager, reported GAV $140M across 4 vehicles
Importance
19
moderate
Active deployment
0
low
Emerging
0
low
Completeness
44
elevated
Freshness
97
high
Research priority
6
low
Identity and regulatory footprint
- Headquarters
- Greenwich, CTadviserinfo.sec.gov
- Office address
- 151 RAILROAD AVENUE, UNIT 3F, Greenwich, CT, 06830adviserinfo.sec.gov
- Business phone
- 415-606-9209adviserinfo.sec.gov
- Website
- https://www.xcap.vc
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- private fund adviseradviserinfo.sec.gov
- Latest Form ADV
- Mar 17, 2026
- Private funds reported
- 4 (4 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $104Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- Partners Holdings, Inc. (Owner), C; GP Investments, Ltd. (Owner), E; Gpic, Ltd. (Member), B
- business phone
- 415-606-9209adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
no observed deals yet
Stated (the firm’s website)
- Sectors
- not stated or not yet read
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
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 n/afollow-on rate n/anew logos, 12 months 0
Funds and vehicles
4 reported, 1 no longer reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Expanding Capital II, LP | Fund | 2019 form d first sale | Mature | $40.1M Mar 7, 2024 | 11 | $22.8M of $150M | Dec 20, 2021 |
| Bbridge Capital I, LP | Fund | unknown | Unknown | $42.9M Mar 7, 2024 | 18 | unknown | unknown |
| Expanding Capital Ii-A, LP | Feeder or parallel | unknown | Unknown | $29.4M Mar 7, 2024 | 11 | $0 of $30.0M | Mar 16, 2020 |
| Expanding Tfo I, LP | Fund | unknown | Unknown | $27.8M Mar 7, 2024 | 36 | $0 of $40.0M | May 8, 2018 |
| Xcap Ch Vehicle, LP | Fund | unknown | Wound down | $0 Mar 31, 2023 | 11 | 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
4 current, 0 departed
Leonardo S Salgado
Founder or executiveCeo · since Jun 1, 2015
Antonio Bonchristiano
PrincipalDirector · since Jun 1, 2015
Christian van Hoegaerden H Telles
PrincipalDirector · since Mar 1, 2019
Gregory Louis Reider
PrincipalDirector · since Jun 1, 2015
Investments on record
0 edges, 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.
Co-investors
0 relationships from shared deals, counted 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.
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
5 dated events
- Mar 7, 2024Xcap Ch Vehicle, LP no longer reported on Form ADV by Expanding CapitalFund no longer reportedFundsInferenceXcap Ch Vehicle, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Feb 16, 2021Expanding Capital 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)
- Feb 16, 2021Expanding Capital II, LP first reported on Form ADV by Expanding Capital (Venture Capital Fund), GAV $19,376,449Fund first reported on Form ADVFundsFactExpanding Capital II, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Feb 16, 2021Xcap Ch Vehicle, LP first reported on Form ADV by Expanding Capital (Venture Capital Fund), GAV $14,680,438Fund first reported on Form ADVFundsFactXcap Ch Vehicle, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Feb 16, 2021Expanding Capital Ii-A, LP first reported on Form ADV by Expanding Capital (Venture Capital Fund), GAV $28,695,000Fund first reported on Form ADVFundsFactExpanding Capital Ii-A, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Institutional venture firm (probable, 80%, cls-1)venture manager, reported GAV $140M across 4 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $140M across 4 vehicles
Evidence
33 observations from 2 sources