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.
Firms / Conversion Capital, LLC
Conversion Capital, LLC
Conversion Capital is a venture firm investing in transformative businesses at the center of the global economy.
venture manager, reported GAV $219M across 4 vehicles
Importance
28
moderate
Active deployment
19
moderate
Emerging
0
low
Completeness
75
high
Freshness
99
high
Research priority
8
low
Identity and regulatory footprint
- Headquarters
- Fulton, MDadviserinfo.sec.gov
- Office address
- 11431 IAGER BLVD, Fulton, MD, 20759adviserinfo.sec.gov
- Business phone
- 917-627-9539adviserinfo.sec.gov
- 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 30, 2026
- Private funds reported
- 4 (4 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $270Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business email
- ir@conversioncapital.comconversioncapital.compublished by the subject
- business email
- info@conversioncapital.comconversioncapital.compublished by the subject
- business email
- pr@conversioncapital.comconversioncapital.compublished by the subject
- business phone
- 917-627-9539adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
6 observed deals
Stated (the firm’s website)
- Sectors
- ai, hardware, data infrastructure, media
- Stages
- early
- Geography
- global, new york, usa, washington, d.c
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Observed (from deals on record)
Stage at participation
seed 100%
Stage at first entry
seed 100%
Sectors
unknown 100%
lead rate 0%follow-on rate 0%new logos, 12 months 5
Funds and vehicles
4 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Conversion Capital Fund III, LP | Fund | 2022 adv first reported | Active deployment | $116M Mar 13, 2024 | 97 | $120M of $120M | Jun 28, 2022 |
| Conversion Capital Fund II, LP | Fund | 2017 form d first sale | Harvest | $52.7M Mar 13, 2024 | 31 | $20.0M of $25.0M | Sep 3, 2021 |
| Conversion Capital Fund, LP | Fund | 2015 form d first sale | Harvest | $9.6M Mar 13, 2024 | 16 | $8.3M of $10.0M | Jun 3, 2015 |
| Conversion Capital Fuel, LLC | Fund | unknown | Unknown | $40.2M Mar 13, 2024 | 3 | unknown | unknown |
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
8 current, 0 departed
Erin Collard
Board or advisoryOperating Advisor
Eugene Marinelli
Board or advisoryOperating Advisor
Christian Lawless
General partnerGeneral Partner
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OtherPortfolio
Christian Joseph Lawless
PartnerManager · since Dec 1, 2012
Andrew Unger
Platform and operationsRecruiting Advisor
Max Humphrey
Platform and operationsVP of Finance
Andres Sucre
Venture partnerVenture Partner
Investments on record
6 edges, 6 companies, 0 partner-attributed
“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.
Co-investors
7 relationships from shared deals, counted for the whole firm
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
- Sep 16, 2026Building the Future of Mortgage Infrastructure no longer listed on Conversion Capital, LLC's portfolio pageRemoved from portfolio pagePortfolioInferenceBuilding the Future of Mortgage InfrastructureVenture organization websites (about, team, portfolio, thesis, news pages)
- Apr 1, 2022Conversion Capital Fund III, LP first reported on Form ADV by Conversion Capital, LLC (Venture Capital Fund), GAV $68,759,282Fund first reported on Form ADVFundsFactConversion Capital Fund III, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 3, 2019Conversion 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)
- Apr 3, 2019Conversion Capital Fund II, LP first reported on Form ADV by Conversion Capital, LLC (Venture Capital Fund), GAV $16,600,000Fund first reported on Form ADVFundsFactConversion Capital Fund II, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 3, 2019Conversion Capital Fund, LP first reported on Form ADV by Conversion Capital, LLC (Venture Capital Fund), GAV $13,400,000Fund first reported on Form ADVFundsFactConversion Capital Fund, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 3, 2019Conversion Capital Fuel, LLC first reported on Form ADV by Conversion Capital, LLC (Venture Capital Fund), GAV $10,000,000Fund first reported on Form ADVFundsFactConversion Capital Fuel, LLCSEC 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 $219M across 4 vehicles
Evidence
49 observations from 3 sources