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 / Deepwater Asset Management, LLC
Deepwater Asset Management, LLC
Institutional venture firm · probableMinneapolis, MNdeepwatermgmt.comSEC registered investment adviser
Discover tailored investment strategies from a trusted team of experts. Our firm delivers long-term growth and portfolio diversification for high-net-worth individuals and institutions.
venture manager, reported GAV $58M across 3 vehicles
Importance
25
moderate
Active deployment
51
elevated
Emerging
0
low
Completeness
75
high
Freshness
100
high
Research priority
16
moderate
Identity and regulatory footprint
- Headquarters
- Minneapolis, MNadviserinfo.sec.gov
- Office address
- 21 N. THIRD ST. #250, Minneapolis, MN, 55401adviserinfo.sec.gov
- Business phone
- 612-424-1393adviserinfo.sec.gov
- Website
- https://deepwatermgmt.com
- SEC adviser type
- registered investment adviseradviserinfo.sec.gov
- SEC exemption claimed
- unknown
- Latest Form ADV
- Aug 12, 2026
- Private funds reported
- 10 (8 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $314Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Regulatory AUM
- $567Mthe adviser's RAUM, a regulatory measure, never a fund size
- Employees
- 9
- business phone
- 612-424-1393adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
7 observed deals
Stated (the firm’s website)
- Sectors
- ai, fintech, deep tech, hardware, robotics
- Stages
- growth, early
- 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
unknown 86%Other Technology 14%
lead rate n/afollow-on rate n/anew logos, 12 months 7
Funds and vehicles
3 reported, 1 no longer reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Deepwater Venture Fund II, LP | Fund | 2023 form d first sale | Active deployment | $20.0M Sep 30, 2024 | 5 | $12.5M | Jan 2, 2024 |
| Deepwater Spv I, LP | SPV or co-invest vehicle | 2022 form d first sale | Active deployment | $5.0M Sep 30, 2024 | 4 | $4.4M | Dec 19, 2024 |
| Loup Ventures Fund I LP | Fund | unknown | Unknown | $33.0M Sep 30, 2024 | 3 | $0 of $20.0M | Jul 10, 2017 |
| Loup Spv I, LP | SPV or co-invest vehicle | 2023 adv first reported | Wound down | $5.0M Mar 27, 2023 | 33 | 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
11 current, 0 departed
Brian Baker
AnalystPortfolio Research Analyst
Andrew Hutchins Murphy
Managing partnerManaging Partner, Chief Compliance Officer · since Feb 1, 2017
Andrew Murphy
Managing partnerCo-founder, Managing Partner
Charles Eugene Munster
Managing partnerManaging Partner · since Feb 1, 2017
Doug Clinton
Managing partnerCo-founder, Managing Partner
Douglas J Clinton
Managing partnerManaging Partner · since Feb 1, 2017
Gene Munster
Managing partnerCo-founder, Managing Partner
Joseph Conroy Robillard
Managing partnerManaging Partner · since Jun 1, 2022
Into Innovation
OtherJoin us in navigating insight toward impactful investment.
Mira Wallace
Platform and operationsHead of Operations
Mike Olson
Venture partnerVenture Partner
Investments on record
7 edges, 7 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
38 relationships from shared deals, counted for the whole firm
IN Venture 1 shared · one timeAvenir Management Company, LLC 1 shared · one timeSection Partners 1 shared · one timeMotley Fool Ventures 1 shared · one timeSignalfire 1 shared · one timeMana Ventures 1 shared · one timeConstruct Capital Management, LLC 1 shared · one timeNelstone Ventures Advisors 1 shared · one timeEastlink Capital Management, LLC 1 shared · one timeAIX Ventures LLC 1 shared · one timeMerus Capital Management Company, LLC 1 shared · one timeAlkeon Capital Management, LLC 1 shared · one timeHivemind Capital Partners LLC 1 shared · one timeClearsky Advisors LLC 1 shared · one timeCross Creek Advisors, LLC 1 shared · one timeSpider Capital 1 shared · one timeManhattan West Asset Management, LLC 1 shared · one time1984 Ventures Management, LLC 1 shared · one timeLUX Capital Management, LLC 1 shared · one timeDark Pool Capital 1 shared · one timeBullvc Fund Management LLC 1 shared · one timeVesey Ventures LP 1 shared · one timeVertex Ventures 1 shared · one time137 Ventures Management, LLC 1 shared · one timeAurora Management LLC 1 shared · one timeBlue Bear Investment Group, LLC 1 shared · one timeHyde Park Venture Partners 1 shared · one timeViewpoint Ventures 1 shared · one timeSwan & Legend 1 shared · one timeNEA: New Enterprise Associates 1 shared · one timeProfounders Capital Partners LLP 1 shared · one timePantera 1 shared · one timeAmplify Partners 1 shared · one timeWebb Investment Network Management, LLC 1 shared · one timeInterplay Ventures Early Stage Management LLC 1 shared · one timeAzolla Management Company, LP 1 shared · one timeA.capital Ventures 1 shared · one timeSoma Capital Management LLC 1 shared · one time
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
7 dated events
- Mar 25, 2024Deepwater Spv I, LP first reported on Form ADV by Deepwater Asset Management, LLC (Venture Capital Fund), GAV $5,000,000Fund first reported on Form ADVFundsFactDeepwater Spv I, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2024Loup Spv I, LP no longer reported on Form ADV by Deepwater Asset Management, LLCFund no longer reportedFundsInferenceLoup Spv I, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2024Deepwater Venture Fund II, LP first reported on Form ADV by Deepwater Asset Management, LLC (Venture Capital Fund), GAV $20,000,000Fund first reported on Form ADVFundsFactDeepwater Venture Fund II, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 27, 2023Loup Spv I, LP first reported on Form ADV by Loup (Venture Capital Fund), GAV $5,000,000Fund first reported on Form ADVFundsFactLoup Spv I, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jun 1, 2022Joseph Conroy Robillard joined Schedule A of Loup Funds, LLC as Managing Partner
- Sep 2, 2021Loup Funds, LLC first filed Form ADV (ERA)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 2, 2021Loup Ventures Fund I LP first reported on Form ADV by Loup Funds, LLC (Venture Capital Fund), GAV $19,016,898Fund first reported on Form ADVFundsFactLoup Ventures Fund I LPSEC 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 (probable, 80%, cls-1)venture manager, reported GAV $58M across 3 vehicles
Evidence
51 observations from 3 sources