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.
The names on this page are hidden. Create a free account and they fill in. No card, and every figure, date and source on this page is public either way.
Firms / S•• C•••••• L••
S•• C•••••• L••
S28 Capital is a venture fund based in San Francisco, run by operators and entrepreneurs who are helping the next generation of founders build their companies.
venture manager, reported GAV $590M across 4 vehicles
Importance
24
moderate
Active deployment
25
moderate
Emerging
0
low
Completeness
63
high
Freshness
98
high
Research priority
11
low
Identity and regulatory footprint
- Headquarters
- San Francisco, CAadviserinfo.sec.gov
- Office address
- 2261 MARKET STREET #4518, San Francisco, CA, 94114adviserinfo.sec.gov
- Business phone
- 415-400-4643adviserinfo.sec.gov
- Website
- s•••••••••.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
- Apr 3, 2026
- Private funds reported
- 3 (3 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $490Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business email
- vic@s28capital.coms28capital.compublished by the subject
- business phone
- 415-400-4643adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
no observed deals yet
Stated (the firm’s website)
- Sectors
- enterprise software, consumer, hardware, devtools, cybersecurity
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
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
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| S•• C•••••• I•• L••• | Fund | 2023 adv first reported | Active deployment | $44.4M Mar 18, 2024 | 28 | $0 | Apr 23, 2021 |
| S••••••• 2• S•••••• O• I• L••• | Fund | 2017 adv first reported | Harvest | $458,764 Mar 18, 2024 | 1 | unknown | unknown |
| S••••••• 2• X• F•••• L• | Fund | 2016 adv first reported | Harvest | $5.4M Mar 18, 2024 | 20 | unknown | unknown |
| S••••••• 2• C•••••• I• L••• | Fund | 2015 form d first sale | Harvest | $540M Mar 18, 2024 | 24 | $170M | Sep 20, 2016 |
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
2 current, 1 departed
K••• H•
General partnerFounder & General Partner
K••• C•••••••• H•
PartnerManaging Director · since Jul 1, 2017
1 departed (kept with end dates)
- L••• K•••••••• W••• · Member · Jun 1, 2015 to Sep 14, 2017 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
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
6 dated events
- Mar 9, 2023S•• C•••••• I•• L••• first reported on Form ADV by S•• C•••••• L•• (Venture Capital Fund), GAV $38,418,495Fund first reported on Form ADVFundsFactS•• C•••••• I•• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 14, 2017L••• K•••••••• W••• (Member) no longer on Schedule A of S••••••• 28 Capital LLC
- Mar 28, 2017S••••••• 2• S•••••• O• I• L••• first reported on Form ADV by S••••••• 28 Capital LLC (Venture Capital Fund)Fund first reported on Form ADVFundsFactS••••••• 2• S•••••• O• I• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2016S••••••• 2• X• F•••• L• first reported on Form ADV by S••••••• 28 Capital LLC (Venture Capital Fund), GAV $1,000,000Fund first reported on Form ADVFundsFactS••••••• 2• X• F•••• L•SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Aug 24, 2015S••••••• 28 Capital 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)
- Aug 24, 2015S••••••• 2• C•••••• I• L••• first reported on Form ADV by S••••••• 28 Capital LLC (Venture Capital Fund), GAV $131,000,000Fund first reported on Form ADVFundsFactS••••••• 2• C•••••• I• L•••SEC 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 (confirmed, 95%, cls-1)venture manager, reported GAV $590M across 4 vehicles
Evidence
51 observations from 3 sources