Sandbox Investment Management, LLC
Institutional venture firm, based in Chicago, Illinois, reporting $125M of fund assets across 4 funds.
Composed from this organization's classification, location and filed figures.
1 additional team member, 2 additional investments, funds and LPs, 4 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.
People to know
View all people- MemberWhy: Named with investment responsibilityNo route on file yet
- ManagerWhy: Named with investment responsibilityNo route on file yet
- ManagerWhy: Named with investment responsibilityNo route on file yet
Relationship network
11 connected entities2 observed rounds1 repeat counterpartyrounds 2009 to 2010
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
- 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 Sandbox Investment Management, LLC: 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 Sandbox Investment Management, LLC
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
2 companies on record, 0 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 |
|---|---|---|---|---|---|---|---|
| Bloom Health Corp | Form D equity offering | unknown · board | Paul F Brown (strongly supported) | $7.5M form d sold | unknown | Dec 16, 2010 | Inference Form D |
Stated thesis versus observed behaviour
- 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
Team
32 current, 7 departed
Decision makers
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.- Member
- Manager
- Manager
3 departed (kept with end dates)
- Paul F Brown · Member, Manager · Nov 1, 2011 to Mar 30, 2016 Inference
- Robert Bernard Shapiro · Manager · Aug 1, 2008 to Mar 29, 2024 Inference
- Steven Engelberg · Manager · Aug 1, 2008 to Mar 29, 2024 Inference
Contacts
1 firm phone on record, each with its source. Values open with the complete profile.
Funds and LPs
0 vehicles, 0 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 |
|---|---|---|---|---|---|---|---|
| Bluecross Blueshield Venture Partners II, L.P. | Fund | unknown | Wound down | $179M Apr 3, 2013 | 23 | unknown | unknown |
| Bluecross Blueshield Venture Partners, L.P. | Fund | unknown | Wound down | $116M Apr 3, 2013 | 13 | unknown | unknown |
| Sandbox Advantage Fund, L.P. | Fund | unknown | Wound down | $30.0M Apr 3, 2013 | 10 | unknown | unknown |
Limited partners
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.Relationships across DFX
1 co-investors
Co-investors
- 2023-05-161 shared deal · one time
Evidence and history
9 dated events, 56 observations from 2 sources
Timeline
- Mar 29, 2024Steven Engelberg (Manager) no longer on Schedule A of Sandbox Investment Management, LLC
- Mar 29, 2024Robert Bernard Shapiro (Manager) no longer on Schedule A of Sandbox Investment Management, LLC
- Mar 30, 2016Paul F Brown (Member, Manager) no longer on Schedule A of Sandbox Investment Management, LLC
- Apr 1, 2014Annahita Haghgooie joined Schedule A of Sandbox Investment Management, LLC as Member
- Apr 1, 2014Thomas Hawes joined Schedule A of Sandbox Investment Management, LLC as Member
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 25, 2026 · 4 private fundsShowHide
- Headquarters
- Chicago, ILadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- SANDBOXINDUSTRIES.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 25, 2026
- Private funds reported
- 4 (4 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets, adviser total
- $125Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- Sandbox Rld, LLC (Member, Manager), owns 75% or more; Sandbox Industries Manager, LLC (Member, Manager), owns 75% or more
Classification history
Classification history
Every classification this record has carried1 on recordShowHide
- Sep 12, 2026Institutional venture firm (confirmed, 70%)Venture manager with no reported fund assets yet (scale unknown)
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC exemption, VC funds reported | Mar 25, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 25, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 29, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 25, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 25, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 29, 2024 | Fact | Form ADV |
| First Form ADV filing | 2012-03-29 | Mar 25, 2026 | Fact | Form ADV |
| First Form ADV filing | 2012-03-29 | Mar 29, 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 | 2026-03-25 | Mar 25, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-25 | Mar 25, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-03-29 | Mar 29, 2024 | Fact | Form ADV |
| SEC status | ERA - Active | Mar 25, 2026 | Fact | Form ADV |
| SEC status effective | 2012-03-29 | Mar 25, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 25, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 29, 2024 | Fact | Form ADV |
| Business phone | Mar 25, 2026 | Fact | Form ADV | |
| Business phone | Mar 29, 2024 | Fact | Form ADV | |
| Headquarters | Chicago, IL | Mar 25, 2026 | Fact | Form ADV |
| Headquarters | Chicago, IL | Mar 29, 2024 | Fact | Form ADV |
| Office address | Mar 25, 2026 | Fact | Form ADV | |
| Office address | Mar 29, 2024 | Fact | Form ADV | |
| Legal form | Limited Liability Company | Mar 25, 2026 | Fact | Form ADV |
| Legal form | Limited Liability Company | Mar 29, 2024 | Fact | Form ADV |
| Private funds reported | 4 | Mar 25, 2026 | Fact | Form ADV |
| Private funds reported | 4 | Mar 25, 2026 | Fact | Form ADV |
| Private funds reported | 4 | Mar 29, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $125M | Mar 25, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $125M | Mar 25, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $108M | Mar 29, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Mar 25, 2026 | Fact | Form ADV |
| Venture funds reported | 4 | Mar 25, 2026 | Fact | Form ADV |
| Venture funds reported | 4 | Mar 25, 2026 | Fact | Form ADV |
| Venture funds reported | 4 | Mar 29, 2024 | Fact | Form ADV |
| Website | Mar 25, 2026 | Fact | Form ADV | |
| Website | Mar 29, 2024 | Fact | Form ADV |
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmed · 3 filing advisers share this firmShowHide
Venture manager with no reported fund assets yet (scale unknown)
One of 3 advisers that share sandboxindustries.com; the firm is Sandbox Industries. Sandbox Industries, Sandbox Holdings, 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.
- importance
- gav: 0.33 · funds: 0.42 · people: 0.24 · investments: 0.11 · co investors: 0
- active deployment
- investments 12m: 0 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 0 · latest investment at: not scored
- emerging manager
- fund count: 5 · reported gav: $125M · 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
- Grouped with firm2026-09-12
- Adviser's first ADV filing2012-03-29source on record
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.
Not yet on record: latest vintage.