S28 Capital LLC
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.
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- Managing DirectorWhy: Managing directorNo route on file yet
- Managing DirectorWhy: Managing directorNo 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.
- 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 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
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.Stated thesis versus observed behaviour
- 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
Team
3 current, 1 departed
Decision makers
- Kent Ching-Tak Ho · Managing DirectorWhy this person: Managing director; Named with investment responsibility
- Victor Pang · Managing DirectorWhy 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
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 Director
- Managing Director
1 departed (kept with end dates)
- Lyon King-Fook Wong · Member · Jun 1, 2015 to Sep 14, 2017 Inference
Contacts
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
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 |
|---|---|---|---|---|---|---|---|
| S28 Capital II, L.P. | Fund | 2023 adv first reported | Active deployment | $52.1M Apr 3, 2026 | 26 | $0 | Apr 23, 2021 |
| Spectrum 28 Special Op I, L.P. | Fund | 2017 adv first reported | Harvest | $458,764 Mar 18, 2024 | 1 | unknown | unknown |
| Spectrum 28 X Fund, LP | Fund | 2016 adv first reported | Harvest | $3.8M Apr 3, 2026 | 20 | 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
0 co-investors · on 1 other DFX graph
Co-investors
Across DFX and the capital chainon 1 other DFX graph ShowHide
- The same institution is held on RIA and Wealth, matched by identifier. See which records
S28 Capital LLC is the same institution as 1 record in RIA and Wealth.
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
- Mar 9, 2023S28 Capital II, L.P. first reported on Form ADV by S28 Capital LLC (Venture Capital Fund), GAV $38,418,495
- Sep 14, 2017Lyon King-Fook Wong (Member) no longer on Schedule A of Spectrum 28 Capital LLC
- Mar 28, 2017Spectrum 28 Special Op I, L.P. first reported on Form ADV by Spectrum 28 Capital LLC (Venture Capital Fund)
- Mar 30, 2016Spectrum 28 X Fund, LP first reported on Form ADV by Spectrum 28 Capital LLC (Venture Capital Fund), GAV $1,000,000
- Aug 24, 2015Spectrum 28 Capital LLC first filed Form ADV (ERA, venture capital fund adviser exemption)
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Apr 3, 2026 · 3 private fundsShowHide
- 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
Classification history
Every classification this record has carried2 on recordShowHide
- Sep 23, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $491M across 4 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $590M 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 | Apr 3, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Apr 3, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 18, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Apr 3, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Apr 3, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 18, 2024 | Fact | Form ADV |
| First Form ADV filing | 2015-08-24 | Apr 3, 2026 | Fact | Form ADV |
| First Form ADV filing | 2015-08-24 | Mar 18, 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 | 2026-04-03 | Apr 3, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-04-03 | Apr 3, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-03-18 | Mar 18, 2024 | Fact | Form ADV |
| SEC status | ERA - Active | Apr 3, 2026 | Fact | Form ADV |
| SEC status effective | 2022-08-25 | Apr 3, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Apr 3, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 18, 2024 | Fact | Form ADV |
| Business phone | Apr 3, 2026 | Fact | Form ADV | |
| Business phone | Mar 18, 2024 | Fact | Form ADV | |
| Description | Sep 16, 2026 | Fact | ||
| Description | Sep 14, 2026 | Fact | ||
| Headquarters | San Francisco, CA | Apr 3, 2026 | Fact | Form ADV |
| Headquarters | San Francisco, CA | Mar 18, 2024 | Fact | Form ADV |
| Office address | Apr 3, 2026 | Fact | Form ADV | |
| Office address | Mar 18, 2024 | Fact | Form ADV | |
| Self-described type | Venture capital | Sep 16, 2026 | Fact | |
| Self-described type | Venture capital | Sep 14, 2026 | Fact | |
| Legal form | Limited Liability Company | Apr 3, 2026 | Fact | Form ADV |
| Legal form | Limited Liability Company | Mar 18, 2024 | Fact | Form ADV |
| Private funds reported | 3 | Apr 3, 2026 | Fact | Form ADV |
| Private funds reported | 3 | Apr 3, 2026 | Fact | Form ADV |
| Private funds reported | 4 | Mar 18, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $490M | Apr 3, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $490M | Apr 3, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $590M | Mar 18, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Apr 3, 2026 | Fact | Form ADV |
| Stated sectors | Enterprise software, consumer, hardware, devtools, cybersecurity “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | Enterprise software, consumer, hardware, devtools, cybersecurity “sector words on the home page” | Sep 14, 2026 | Fact | |
| Team page | Sep 16, 2026 | Fact | ||
| Team page | Sep 14, 2026 | Fact | ||
| Venture funds reported | 3 | Apr 3, 2026 | Fact | Form ADV |
| Venture funds reported | 3 | Apr 3, 2026 | Fact | Form ADV |
| Venture funds reported | 4 | Mar 18, 2024 | Fact | Form ADV |
| Website | Apr 3, 2026 | Fact | Form ADV | |
| Website | Mar 18, 2024 | Fact | Form ADV | |
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 14, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShowHide
Venture manager, reported GAV $491M across 4 vehicles
- importance
- gav: 0.51 · 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
- Adviser's first ADV filing2015-08-24source 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.