S28 Capital LLC

Institutional venture firmSEC venture capital fund adviser· San Francisco, CaliforniaS28CAPITAL.COM

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.

In the firm's own words, from its website.

Reported fund assets
$490M
sum of its funds' Form ADV filings, last 30 months
Investment team
3
Latest vintage
2023
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsFundsInvestmentsTeam (3)
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

1 additional investment, fund or LP, 1 event, 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.

Nothing material in the last 180 days.

People to know

View all people
  • Kent Ching-Tak Ho
    Managing Director
    Why: Managing director
    No route on file yet
  • Victor Pang
    Managing Director
    Why: Managing director
    No route on file yet

Relationship network

6 connected entities

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.

Reading the network
  • Fund or vehicle
  • Person

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 S28 Capital 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 S28 Capital LLC

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Investing

0 companies on record, 0 new in 12 months
Investments on record
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.
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 no observed dealsfollow-on rate no observed dealsnew companies, 12 months 0

Team

3 current, 1 departed
Decision makers
who to call first, and why; then everyone else by function
  • Kent Ching-Tak Ho · Managing Director
    Why this person: Managing director; Named with investment responsibility
  • Victor Pang · Managing Director
    Why this person: Managing director; 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
3 current, 1 departed
1 departed (kept with end dates)
Contacts
1 published business email, 1 firm phone

1 published business email, 1 firm phone on record, each with its source. Values open with the complete profile.

Funds and LPs

4 vehicles, 0 LPs disclosed
Funds and vehicles
4 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
S28 Capital II, L.P.Fund2023 adv first reportedActive deployment$52.1M
Apr 3, 2026
26$0Apr 23, 2021
Spectrum 28 Special Op I, L.P.Fund2017 adv first reportedHarvest$458,764
Mar 18, 2024
1unknownunknown
Spectrum 28 X Fund, LPFund2016 adv first reportedHarvest$3.8M
Apr 3, 2026
20unknownunknown
Limited partners
0 LPs, 0 disclosed commitments
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.
Known LPs and allocators
0 relationships across the firm's funds, from public pensions and the allocator graph
No allocator names this firm or its funds in a public disclosure DFX holds.

Relationships across DFX

0 co-investors · on 1 other DFX graph
Co-investors
0 counted from shared deals, 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.
Across DFX and the capital chainon 1 other DFX graph Show
Across DFX
  • The same institution is held on RIA and Wealth, matched by identifier. See which records
Across the graphs

S28 Capital LLC is the same institution as 1 record in RIA and Wealth.

RIA and Wealth1

The joined record opens with the product, beside every other relationship on this page.

Checking your plan…

Evidence and history

6 dated events, 65 observations from 3 sources
Timeline
6 dated events
  1. Mar 9, 2023
    S28 Capital II, L.P. first reported on Form ADV by S28 Capital LLC (Venture Capital Fund), GAV $38,418,495
    Fund first reported on Form ADVFundsFactS28 Capital II, L.P.Form ADV
  2. Sep 14, 2017
    Lyon King-Fook Wong (Member) no longer on Schedule A of Spectrum 28 Capital LLC
    Person leftPeopleInferenceLyon King-Fook WongForm ADV
  3. Mar 28, 2017
    Spectrum 28 Special Op I, L.P. first reported on Form ADV by Spectrum 28 Capital LLC (Venture Capital Fund)
    Fund first reported on Form ADVFundsFactSpectrum 28 Special Op I, L.P.Form ADV
  4. Mar 30, 2016
    Spectrum 28 X Fund, LP first reported on Form ADV by Spectrum 28 Capital LLC (Venture Capital Fund), GAV $1,000,000
    Fund first reported on Form ADVFundsFactSpectrum 28 X Fund, LPForm ADV
  5. Aug 24, 2015
    Spectrum 28 Capital LLC first filed Form ADV (ERA, venture capital fund adviser exemption)
    First SEC adviser filingOrganizationFactForm ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Apr 3, 2026 · 3 private fundsShow
Headquarters
San Francisco, CAadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
S28CAPITAL.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, adviser total
$490Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Classification history
Every classification this record has carried2 on recordShow
  1. Sep 23, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $491M across 4 vehicles
  2. Sep 12, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $590M across 4 vehicles
Evidence
65 observations from 3 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC exemption, VC funds reportedApr 3, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserApr 3, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserMar 18, 2024FactForm ADV
SEC adviser typeExempt reporting adviserApr 3, 2026FactForm ADV
SEC adviser typeExempt reporting adviserApr 3, 2026FactForm ADV
SEC adviser typeExempt reporting adviserMar 18, 2024FactForm ADV
First Form ADV filing2015-08-24Apr 3, 2026FactForm ADV
First Form ADV filing2015-08-24Mar 18, 2024FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-29Sep 30, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-25Sep 26, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-23Sep 24, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-21Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-22Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1Sep 12, 2026FactForm ADV
Latest Form ADV filing2026-04-03Apr 3, 2026FactForm ADV
Latest Form ADV filing2026-04-03Apr 3, 2026FactForm ADV
Latest Form ADV filing2024-03-18Mar 18, 2024FactForm ADV
SEC statusERA - ActiveApr 3, 2026FactForm ADV
SEC status effective2022-08-25Apr 3, 2026FactForm ADV
Venture share of reported funds1Apr 3, 2026FactForm ADV
Venture share of reported funds1Mar 18, 2024FactForm ADV
Business phoneApr 3, 2026FactForm ADV
Business phoneMar 18, 2024FactForm ADV
DescriptionSep 16, 2026Factno URL
DescriptionSep 14, 2026Factno URL
HeadquartersSan Francisco, CAApr 3, 2026FactForm ADV
HeadquartersSan Francisco, CAMar 18, 2024FactForm ADV
Office addressApr 3, 2026FactForm ADV
Office addressMar 18, 2024FactForm ADV
Self-described typeVenture capitalSep 16, 2026Factno URL
Self-described typeVenture capitalSep 14, 2026Factno URL
Legal formLimited Liability CompanyApr 3, 2026FactForm ADV
Legal formLimited Liability CompanyMar 18, 2024FactForm ADV
Private funds reported3Apr 3, 2026FactForm ADV
Private funds reported3Apr 3, 2026FactForm ADV
Private funds reported4Mar 18, 2024FactForm ADV
Private fund gross assets (reported)$490MApr 3, 2026FactForm ADV
Private fund gross assets (reported)$490MApr 3, 2026FactForm ADV
Private fund gross assets (reported)$590MMar 18, 2024FactForm ADV
Schedule a diffsadiff-1Apr 3, 2026FactForm ADV
Stated sectorsEnterprise software, consumer, hardware, devtools, cybersecurity
“sector words on the home page”
Sep 16, 2026Factno URL
Stated sectorsEnterprise software, consumer, hardware, devtools, cybersecurity
“sector words on the home page”
Sep 14, 2026Factno URL
Team pageSep 16, 2026Factno URL
Team pageSep 14, 2026Factno URL
Venture funds reported3Apr 3, 2026FactForm ADV
Venture funds reported3Apr 3, 2026FactForm ADV
Venture funds reported4Mar 18, 2024FactForm ADV
WebsiteApr 3, 2026FactForm ADV
WebsiteMar 18, 2024FactForm ADV
Site titleSep 16, 2026Factno URL
Site titleSep 14, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShow
Importance
25
moderate
Active deployment
25
moderate
Emerging
0
low
Freshness
100
high
Institutional venture firmSEC exempt reporting adviser

Venture manager, reported GAV $491M across 4 vehicles

The inputs behind each score
importance
gav: $1 · funds: 0.33 · people: 0.12 · investments: 0 · co investors: 0
active deployment
investments 12m: 0 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: not scored
emerging manager
fund count: 4 · reported gav: $490M · first adv filing: 2015-08-24 · years since first filing: 11.1

Fits, record history and connections

scored matches for this investor, every identity change, every edge

Record history

1 dated event on the change ledger, latest event first
  • Adviser's first ADV filing
    2015-08-24source 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: new companies, 12 mo.