Activate Capital Partners
Activate Capital backs breakout technology companies across energy, industrial, and digital infrastructure.
In the firm's own words, from its website.
15 additional team members, 37 additional co-investors and affiliates, 34 additional investments, funds and LPs, 6 events, 2 verified contacts (1 published business email, 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.
What matters now
- 1 vehicleon Form D, 18 months
$186M reported sold so far.
A Form D is filed when a vehicle takes its first money, so these are open to LPs now.
- 1 companyportfolio raising
One portfolio company has new financing on record in 6 months without this firm named on the round; the latest on 31 Aug 2026 ($3.11B sold on Form D).
A portfolio company raising again is a follow-on decision for the firm and a co-investment opening for others.
- 5 dealswith Westly Group
Invests most often alongside Westly Group (5 shared deals) and G2vp (3 shared deals).
pair last observed on record 1 Oct 2026, not a deal date · The firms it syndicates with are the likeliest to see the same deals and to fill out its rounds.
People to know
View all people- Managing PartnerWhy: Managing partner: runs the firmNo route on file yet
- Managing PartnerWhy: Managing partner: runs the firmNo route on file yet
- Managing PartnerWhy: Managing partner: runs the firmNo route on file yet
Relationship network
98 connected entities11 observed rounds2 repeat counterparties
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 Activate Capital Partners: 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 Activate Capital Partners
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
33 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 |
|---|---|---|---|---|---|---|---|
| Aerones | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Firm website |
| Altana AI | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Firm website |
| Antora | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Firm website |
Stated thesis versus observed behaviour
- Sectors
- energy
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
Team
21 current, 2 departed
Decision makers
- Anup Jacob · Managing PartnerWhy this person: Managing partner: runs the firm; Named with investment responsibility
- David Francis Lincoln · Managing PartnerWhy this person: Managing partner: runs the firm; Named with investment responsibility
- Raj Atluru · Managing PartnerWhy this person: Managing partner: runs the firm; 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.- Managing Partner · 4 deals attributed
- Managing Partner · 3 deals attributed
- Managing Partner · 1 deal attributed
2 departed (kept with end dates)
- Michael Derosa · Managing Director · Jan 1, 2018 to Mar 31, 2020 Inference
- Phyllis Reid · Director Of Finance · Aug 1, 2018 to Jun 24, 2024 Inference
Contacts
1 published business email, 1 firm phone on record, each with its source. Values open with the complete profile.
Funds and LPs
7 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 |
|---|---|---|---|---|---|---|---|
| Activate Capital Partners III, LP | Fund | 2024 form d first sale | Fundraising | $343M Mar 31, 2026 | 27 | $186M of $500M | Oct 1, 2025 |
| ACP II Executive, LP | Fund | 2023 adv first reported | Active deployment | $9.9M Mar 31, 2026 | 21 | $0 | Oct 3, 2022 |
| Activate Capital Partners II, LP | Fund | 2022 adv first reported | Active deployment | $589M Mar 31, 2026 | 73 | $0 of $300M | Oct 21, 2021 |
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.| Allocator | Type | Fund | Amount | Date | Source |
|---|---|---|---|---|---|
| The Monarch Charitable Foundation | FOUNDATION | Activate Capital Partners III, LP | $303,656 fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
| John D & Catherine T Macarthur Foundation | FOUNDATION | Activate Capital Partners II, LP | $11.0M fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
Relationships across DFX
65 co-investors · on 1 other DFX graph
Co-investors
- 2026-10-015 shared deals · strong
- 2026-09-303 shared deals · recurring
- 2026-10-012 shared deals · recurring
Across DFX and the capital chainon 1 other DFX graph · 2 capital paths ShowHide
- The same institution is held on Allocators, matched by identifier. See which records
Activate Capital Partners is the same institution as 1 record in Allocators.
The joined record opens with the product, beside every other relationship on this page.
Checking your plan…
Activate Capital Partners sits on 2 traced paths of capital across the graphs.
DFX traced 2 paths 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
11 dated events, 64 observations from 4 sources
Timeline
- Mar 31, 2026ACP Kin Spv, LP first reported on Form ADV by Activate Capital Partners (Venture Capital Fund), GAV $9,021,212
- Mar 31, 2026ACP Omnidian Spv, LP first reported on Form ADV by Activate Capital Partners (Venture Capital Fund), GAV $9,573,764
- Mar 31, 2026Activate Capital Partners III, LP first reported on Form ADV by Activate Capital Partners (Venture Capital Fund), GAV $343,437,103
- Oct 1, 2024Activate Capital Partners filed the first Form D for Activate Capital Partners III, LP (fund 3), its next fund after Activate Capital Partners II, LP (vintage 2021); offering $500.0M
- Jun 24, 2024Phyllis Reid (Director Of Finance) no longer on Schedule A of Activate Capital Partners
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 31, 2026 · 6 private fundsShowHide
- Headquarters
- San Francisco, CAadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- activatecp.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 31, 2026
- Private funds reported
- 6 (6 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets, adviser total
- $1.1Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- Anup M. Jacob Revocable Trust (Managing Partner), owns 25% to 50%; Activate Capital GP, LLC (General Partner), owns under 5%; The 2004 Buckley Atluru Family Trust (Managing Partner), owns 25% to 50%
Classification history
Classification history
Every classification this record has carried3 on recordShowHide
- Sep 23, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $1.1B across 7 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $578M across 6 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $578M across 4 vehicles
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 31, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Jun 24, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Jun 24, 2024 | Fact | Form ADV |
| First Form ADV filing | 2020-01-07 | Mar 31, 2026 | Fact | Form ADV |
| First Form ADV filing | 2020-01-07 | Jun 24, 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 | 2026-03-31 | Mar 31, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-31 | Mar 31, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-06-24 | Jun 24, 2024 | Fact | Form ADV |
| SEC status | ERA - Active | Mar 31, 2026 | Fact | Form ADV |
| SEC status effective | 2020-01-07 | Mar 31, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 31, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Jun 24, 2024 | Fact | Form ADV |
| Business phone | Mar 31, 2026 | Fact | Form ADV | |
| Business phone | Jun 24, 2024 | Fact | Form ADV | |
| Description | Sep 16, 2026 | Fact | ||
| Description | Sep 13, 2026 | Fact | ||
| Headquarters | San Francisco, CA | Mar 31, 2026 | Fact | Form ADV |
| Headquarters | San Francisco, CA | Jun 24, 2024 | Fact | Form ADV |
| Office address | Mar 31, 2026 | Fact | Form ADV | |
| Office address | Jun 24, 2024 | Fact | Form ADV | |
| Legal form | Limited Partnership | Mar 31, 2026 | Fact | Form ADV |
| Legal form | Limited Partnership | Jun 24, 2024 | Fact | Form ADV |
| Portfolio page | Sep 16, 2026 | Fact | ||
| Portfolio page | Sep 13, 2026 | Fact | ||
| Private funds reported | 6 | Mar 31, 2026 | Fact | Form ADV |
| Private funds reported | 6 | Mar 31, 2026 | Fact | Form ADV |
| Private funds reported | 3 | Jun 24, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $1.1B | Mar 31, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $1.1B | Mar 31, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $578M | Jun 24, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Mar 31, 2026 | Fact | Form ADV |
| Stated sectors | energy “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | energy “sector words on the home page” | Sep 13, 2026 | Fact | |
| Team page | Sep 16, 2026 | Fact | ||
| Team page | Sep 13, 2026 | Fact | ||
| Venture funds reported | 6 | Mar 31, 2026 | Fact | Form ADV |
| Venture funds reported | 6 | Mar 31, 2026 | Fact | Form ADV |
| Venture funds reported | 3 | Jun 24, 2024 | Fact | Form ADV |
| Website | Jun 24, 2024 | Fact | Form ADV | |
| Website resolved domain | activatecap.com | Sep 16, 2026 | Fact | |
| Website resolved domain | activatecap.com | Sep 14, 2026 | Fact | |
| Website status | unreachable “home page did not answer with HTML” | Oct 1, 2026 | Fact | |
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 13, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShowHide
Venture manager, reported GAV $1.1B across 7 vehicles
- importance
- gav: 0.62 · funds: 0.58 · people: 0.44 · investments: 0.61 · co investors: 0.73
- active deployment
- investments 12m: 0 · fund raising 18m: 1 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: not scored
- emerging manager
- fund count: 7 · reported gav: $1.1B · first adv filing: 2020-01-07 · years since first filing: 6.7
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Fits
- score 44.7confidence 100%Why: sector fit; activity; analogous; cap tableWatch: adjacent portfolio
- score 24confidence 80%Why: activity; cap table
Scored by DFX match engines from the record's observed portfolio, stage, geography and recent activity. A fit is a reason to look, not a mandate; the blockers say what the model could not confirm. Names and the evidence sentences show with the names on this page.
Record history
- Adviser's first ADV filing2020-01-07source 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.