HCG Fund Management LP

Private equity with venture activitySEC-registered adviserClassification probable· Raleigh, North CarolinaHCGFUNDS.COM

Private equity with venture activity, based in Raleigh, North Carolina, reporting $33.1M of fund assets on its funds' Form ADV filings.

Composed from this organization's classification, location and filed figures.

Reported fund assets
$33.1M
sum of its funds' Form ADV filings, last 30 months
Investment team
3
Latest vintage
2021
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsFundsInvestmentsTeam (4)
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

3 additional investments, funds and LPs, 5 events, 2 verified contacts (1 general firm 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
  • Hadi Fred Habal
    Principal, Chief Executive Officer, Chief Investment Officer
    Why: Chief investment officer: owns the allocation decision
    No route on file yet
  • Jose Novel Penabad
    Member
    Why: Named with investment responsibility
    No route on file yet

Relationship network

9 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 HCG Fund Management LP: 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 HCG Fund Management LP

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
fintech, consumer
Stages
pre seed, seed, series a, early
Geography
usa
Check size
not stated; DFX does not estimate checks from round sizes
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

4 current, 1 departed
Decision makers
who to call first, and why; then everyone else by function
  • Hadi Fred Habal · Principal, Chief Executive Officer, Chief Investment Officer
    Why this person: Chief investment officer: owns the allocation decision; Named with investment responsibility
  • Jose Novel Penabad · Member
    Why this person: Named with investment responsibility
Who else at this firm · 1 person, grouped by function
Finance, operations and compliance (1)
  • Gretta Jane Heaney · Chief Compliance Officer
    Why this person: Chief Compliance Officer at the firm

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
4 current, 1 departed
1 departed (kept with end dates)
Contacts
1 general firm email, 1 firm phone

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

Funds and LPs

6 vehicles, 0 LPs disclosed
Funds and vehicles
6 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
HCG Flex Coinvest C LLCSPV or co-invest vehicle2021 form d first saleMature$1.6M
Sep 9, 2026
15$1.5M
of $1.5M
Nov 1, 2021
HCG Point Coinvest B LLCSPV or co-invest vehicle2021 form d first saleMature$64,008
Sep 9, 2026
7$385,000
of $385,000
Apr 6, 2021
HCG Digital Ventures II, LPFund2020 form d first saleMature$19.1M
Sep 9, 2026
51$4.1M
of $20.0M
Jun 24, 2021
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 2 other DFX graphs
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 2 other DFX graphs Show
Across DFX
  • The same institution is held on Private Credit, RIA and Wealth, matched by identifier. See which records
Across the graphs

HCG Fund Management LP is the same institution as 2 records in Private Credit and RIA and Wealth.

Private Credit1RIA and Wealth1

DFX found 2 relationships across 2 datasets

Which record it is in each graph, what it is called there, and how the two were matched.

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

Checking your plan…

Evidence and history

10 dated events, 69 observations from 3 sources
Timeline
10 dated events
  1. seen on or beforeSep 23, 2026
    HCG Fund Management LP: INSTITUTIONAL_VC -> PE_WITH_VENTURE_ACTIVITY (registered adviser; venture funds are 46% of 10 private funds)
    Classification changedClassificationInferenceno URL
  2. Sep 9, 2026
    HCG Digital Ventures III LP first reported on Form ADV by HCG Fund Management LP (Venture Capital Fund), GAV $3,808,934
    Fund first reported on Form ADVFundsInferenceHCG Digital Ventures III LPForm ADV
  3. Mar 31, 2022
    HCG Flex Coinvest C LLC first reported on Form ADV by HCG Fund Management LP (Venture Capital Fund), GAV $1,500,000
    Fund first reported on Form ADVFundsFactHCG Flex Coinvest C LLCForm ADV
  4. Mar 31, 2022
    HCG Digital Ventures II, LP first reported on Form ADV by HCG Fund Management LP (Venture Capital Fund), GAV $10,245,000
    Fund first reported on Form ADVFundsFactHCG Digital Ventures II, LPForm ADV
  5. Mar 31, 2022
    Gregory Daniel Schwieder (Chief Financial Officer) no longer on Schedule A of HCG Fund Management LP
    Person leftPeopleInferenceGregory Daniel SchwiederForm ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Sep 9, 2026 · 10 private fundsShow
Headquarters
Raleigh, NCadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
HCGFUNDS.COM
SEC adviser type
Registered investment adviseradviserinfo.sec.gov
SEC exemption claimed
unknown
Latest Form ADV
Sep 9, 2026
Private funds reported
10 (5 venture capital funds)adviserinfo.sec.gov
Private fund gross assets, adviser total
$347Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Regulatory AUM
$347Mthe adviser's RAUM, a regulatory measure, never a fund size
Employees
11
Owners on Schedule A
MIJ Analytics, LLC (Member), owns 25% to 50%; HCG Funds LLC (General Partner), owns under 5%; Jenesem LLC (Member), owns 25% to 50%
Classification history
Every classification this record has carried3 on recordShow
  1. Sep 23, 2026
    Private equity with venture activity (probable, 75%)
    Registered adviser; venture funds are 46% of 10 private funds
  2. Sep 14, 2026
    Institutional venture firm (probable, 80%)
    Venture manager, reported GAV $108M across 5 vehicles
  3. Sep 12, 2026
    Institutional venture firm (probable, 80%)
    Venture manager, reported GAV $694M across 6 vehicles
Evidence
69 observations from 3 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC funds reportedMar 27, 2026FactForm ADV
SEC adviser typeRegistered investment adviserSep 9, 2026FactForm ADV
SEC adviser typeRegistered investment adviserMar 27, 2026FactForm ADV
SEC adviser typeRegistered investment adviserMar 27, 2024FactForm ADV
First Form ADV filing2016-07-15Sep 9, 2026FactForm ADV
First Form ADV filing2016-07-15Mar 27, 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 filing2026-09-09Sep 9, 2026FactForm ADV
Latest Form ADV filing2026-03-27Mar 27, 2026FactForm ADV
Latest Form ADV filing2024-03-27Mar 27, 2024FactForm ADV
SEC statusApprovedMar 27, 2026FactForm ADV
SEC status effective2016-07-25Mar 27, 2026FactForm ADV
Venture share of reported funds0Sep 9, 2026FactForm ADV
Venture share of reported funds1Mar 27, 2024FactForm ADV
Business phoneMar 27, 2026FactForm ADV
Business phoneMar 27, 2024FactForm ADV
Contact page urlSep 16, 2026Factno URL
Employees11Mar 27, 2026FactForm ADV
Employees27Mar 27, 2024FactForm ADV
HeadquartersRaleigh, NCMar 27, 2026FactForm ADV
HeadquartersRaleigh, NCMar 27, 2024FactForm ADV
Office addressMar 27, 2026FactForm ADV
Office addressMar 27, 2024FactForm ADV
Legal formLimited PartnershipMar 27, 2026FactForm ADV
Other funds reported4Mar 27, 2026FactForm ADV
Portfolio pageSep 16, 2026Factno URL
Portfolio pageSep 14, 2026Factno URL
Private funds reported10Sep 9, 2026FactForm ADV
Private funds reported10Mar 27, 2026FactForm ADV
Private funds reported6Mar 27, 2024FactForm ADV
Private fund gross assets (reported)$347MSep 9, 2026FactForm ADV
Private fund gross assets (reported)$347MMar 27, 2026FactForm ADV
Private fund gross assets (reported)$694MMar 27, 2024FactForm ADV
Regulatory AUM (adviser, not fund size)$347MMar 27, 2026FactForm ADV
Regulatory AUM (adviser, not fund size)$710MMar 27, 2024FactForm ADV
Schedule a diffsadiff-1Sep 9, 2026FactForm ADV
Stated geographyusa
“geography words on the home page”
Sep 16, 2026Factno URL
Stated geographyusa
“geography words on the home page”
Sep 14, 2026Factno URL
Stated sectorsFintech, consumer
“sector words on the home page”
Sep 16, 2026Factno URL
Stated sectorsFintech, consumer
“sector words on the home page”
Sep 14, 2026Factno URL
Stated stagesPre seed, seed, series a, early
“stage words on the home page”
Sep 16, 2026Factno URL
Stated stagesPre seed, seed, series a, early
“stage words on the home page”
Sep 14, 2026Factno URL
Team pageSep 16, 2026Factno URL
Team pageSep 14, 2026Factno URL
Venture funds reported5Sep 9, 2026FactForm ADV
Venture funds reported5Mar 27, 2026FactForm ADV
Venture funds reported4Mar 27, 2024FactForm ADV
WebsiteMar 27, 2026FactForm ADV
WebsiteMar 27, 2024FactForm ADV
Site titleSep 16, 2026Factno URL
Site titleSep 14, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersPrivate equity with venture activity, probableShow
Importance
14
low
Active deployment
0
low
Emerging
0
low
Freshness
100
high
Private equity with venture activity · probableSEC registered investment adviser

Registered adviser; venture funds are 46% of 10 private funds

The inputs behind each score
importance
gav: $0 · funds: 0.42 · people: 0.16 · investments: 0 · scale basis: Venture-typed funds only (Private equity with venture activity): 5 funds, $33M of $33M reported · co investors: 0
active deployment
investments 12m: 0 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 0 · latest investment at: not scored
emerging manager
fund count: 6 · reported gav: $33.1M · first adv filing: 2016-07-15 · years since first filing: 10.2

Fits, record history and connections

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

Record history

2 identity changes, 2 dated events on the change ledger, latest event first
  • Organization classification changed
    2026-09-23
  • Fund refused
    2026-09-14
  • Fund refused
    2026-09-14

+1 more change on this record's ledger

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

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.