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 / HG Capital Management, LLC
HG Capital Management, LLC
Institutional venture firm · probableNashville, TNheritagegroupusa.comSEC registered investment adviser
venture manager, reported GAV $806M across 8 vehicles
Importance
39
elevated
Active deployment
25
moderate
Emerging
0
low
Completeness
63
high
Freshness
100
high
Research priority
14
low
Identity and regulatory footprint
- Headquarters
- Nashville, TNadviserinfo.sec.gov
- Office address
- 10 BURTON HILLS BLVD, STE 250, Nashville, TN, 37215adviserinfo.sec.gov
- Business phone
- 615-665-8220adviserinfo.sec.gov
- SEC adviser type
- registered investment adviseradviserinfo.sec.gov
- SEC exemption claimed
- unknown
- Latest Form ADV
- Mar 15, 2024
- Private funds reported
- 4 (4 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $806Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Regulatory AUM
- $806Mthe adviser's RAUM, a regulatory measure, never a fund size
- Employees
- 14
- Owners on Schedule A
- Heritage Group LLC (Holding Company), E
- business email
- info@heritagegroupusa.comheritagegroupusa.compublished by the subject
- business phone
- 615-665-8220adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
no observed deals yet
Stated (the firm’s website)
- Sectors
- healthcare
- 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
8 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| NYS 1 Co-Invest, L.P | SPV or co-invest vehicle | 2025 lp reported | Early deployment | unknown | unknown | unknown | unknown |
| Hg Saturn 4 A, L.P | Fund | 2025 lp reported | Early deployment | unknown | unknown | unknown | unknown |
| Hg Saturn 3 A L.P | Fund | 2023 lp reported | Active deployment | unknown | unknown | unknown | unknown |
| Heritage Group Monogram Holdings, LP | Fund | 2022 form d first sale | Active deployment | $15.9M Mar 15, 2024 | 13 | $10.1M of $10.1M | Dec 23, 2022 |
| Hg Saturn 2 A LP | Fund | 2020 lp reported | Mature | unknown | unknown | unknown | unknown |
| Heritage Healthcare Innovation Fund III, LP | Fund | 2019 form d first sale | Mature | $417M Mar 15, 2024 | 69 | $307M of $315M | Dec 14, 2020 |
| Heritage Healthcare Innovation Fund II, LP | Fund | 2015 form d first sale | Harvest | $334M Mar 15, 2024 | 37 | $100M of $200M | May 13, 2015 |
| Heritage Healthcare Innovation Fund, LP | Fund | 2011 form d first sale | Harvest | $38.9M Mar 15, 2024 | 25 | $157M of $200M | Apr 25, 2012 |
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
21 current, 2 departed
Logan Othmer
AssociateAssociate
Taneisha Gillyard Cheairs
Board or advisoryEXECUTIVE ADVISORY BOARD
David McClellan
Founder or executiveCo-Founder
Rock Morphis
Founder or executiveCo-Founder
Bryan Bui
PartnerPartner
David Gray Mcclellan
PartnerPartner - Hg Capital Management Iii, Llc · since Jan 1, 2011
Graham Lambert Hunter
PartnerPartner - Hg Capital Management Iii, Llc · since Sep 1, 2020
Jesse Alexander Bland
PartnerPartner - Hg Capital Management Iii, Llc · since Sep 1, 2020
Jesse Bland
PartnerPartner
Lauren a. Grzebien
PartnerPartner - Hg Capital Management Iii, Llc · since Sep 1, 2020
Lauren Brueggen
PartnerPartner
Rock Anthony Morphis
PartnerPartner - Hg Capital Management Iii, Llc · since Jan 1, 2011
Florence Chassaignac
Platform and operationsDirector of Operations
Jason Frederick Young
Platform and operationsChief Financial Officer And Chief Compliance Officer · since Mar 1, 2020
Jason Young
Platform and operationsCFO & CCO
Kelsey Lantrip
Platform and operationsExecutive Coordinator
Kevin Ryan
PrincipalPrincipal
Alex Essig
Vice presidentSenior Associate
Ben Burnside
Vice presidentVice President
Drew Harmata
Vice presidentVice President
Franklin Garstin
Vice presidentSenior Associate
2 departed (kept with end dates)
- Taneisha Gillyard Cheairs · EXECUTIVE ADVISORY BOARD · ? to Sep 16, 2026 Inference
- William Paul Wallace · Partner - Hg Capital Management Iii, Llc · Jan 1, 2011 to Jan 4, 2022 Inference
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
13 disclosed
- New York State Common Retirement Fund in NYS 1 Co-Invest, L.P $50.0M Aug 8, 2025 osc.ny.gov
- New York State Common Retirement Fund in Hg Saturn 4 A, L.P $175M Aug 8, 2025 osc.ny.gov
- Los Angeles City Employees' Retirement System in Hg Saturn 4 A, L.P amount undisclosed lacers.org
- California Public Employees' Retirement System in Hg Saturn 3 A L.P $150M calpers.ca.gov
- California Public Employees' Retirement System in Hg Saturn 4 A, L.P $150M calpers.ca.gov
- Los Angeles City Employees' Retirement System in Hg Saturn 3 A L.P amount undisclosed lacers.org
- California State Teachers' Retirement System in Hg Saturn 3 A L.P $120M calstrs.com
- California State Teachers' Retirement System in Hg Saturn 4 A, L.P $200M calstrs.com
- Pennsylvania Public School Employees' Retirement System in Hg Saturn 2 A LP $100M pa.gov
- Pennsylvania Public School Employees' Retirement System in Hg Saturn 3 A L.P $100M pa.gov
- Pennsylvania Public School Employees' Retirement System in Hg Saturn 4 A, L.P $100M pa.gov
- California State Teachers' Retirement System in Hg Saturn 2 A LP $150M calstrs.com
- Colorado Public Employees' Retirement Association in Hg Saturn 4 A, L.P $50.0M content.copera.org
Timeline
11 dated events
- Sep 16, 2026Taneisha Gillyard Cheairs (EXECUTIVE ADVISORY BOARD) no longer on the team page of HG Capital Management, LLCPerson leftPeopleInferenceTaneisha Gillyard CheairsVenture organization websites (about, team, portfolio, thesis, news pages)
- Mar 22, 2023Heritage Group Monogram Holdings, LP first reported on Form ADV by HG Capital Management, LLC (Venture Capital Fund), GAV $10,249,991Fund first reported on Form ADVFundsFactHeritage Group Monogram Holdings, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 4, 2022William Paul Wallace (Partner - Hg Capital Management Iii, Llc) no longer on Schedule A of HG Capital Management, LLC
- Sep 1, 2020Jesse Alexander Bland joined Schedule A of HG Capital Management, LLC as Partner - Hg Capital Management Iii, Llc
- Sep 1, 2020Graham Lambert Hunter joined Schedule A of HG Capital Management, LLC as Partner - Hg Capital Management Iii, Llc
- Sep 1, 2020Lauren a. Grzebien joined Schedule A of HG Capital Management, LLC as Partner - Hg Capital Management Iii, Llc
- Mar 27, 2020Heritage Healthcare Innovation Fund III, LP first reported on Form ADV by HG Capital Management, LLC (Venture Capital Fund), GAV $223,500,000Fund first reported on Form ADVFundsFactHeritage Healthcare Innovation Fund III, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 1, 2020Jason Frederick Young joined Schedule A of HG Capital Management, LLC as Chief Financial Officer
- Jun 26, 2015Heritage Healthcare Innovation Fund II, LP first reported on Form ADV by HG Capital Management, LLC (Venture Capital Fund), GAV $100,000,000Fund first reported on Form ADVFundsFactHeritage Healthcare Innovation Fund II, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2012Heritage Healthcare Innovation Fund, LP first reported on Form ADV by HG Capital Management, LLC (Venture Capital Fund), GAV $128,357,133Fund first reported on Form ADVFundsFactHeritage Healthcare Innovation Fund, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2012HG 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)
Classification history
- Sep 14, 2026Institutional venture firm (probable, 80%, cls-1)venture manager, reported GAV $806M across 8 vehicles
- Sep 12, 2026Institutional venture firm (probable, 80%, cls-1)venture manager, reported GAV $806M across 4 vehicles
Evidence
40 observations from 2 sources