General Catalyst
General Catalyst is a global investment and transformation company that partners with the world’s most ambitious entrepreneurs to drive resilience and applied AI.
In the firm's own words, from its website.
In the newsDFX coverage that names this record
2 stories- · Venture roundLead investor
Larger than 82% of the 65 other Series B rounds DFX recorded in six months.
Read full story: Rox raises $100 million Series B led by General Catalyst and March Capital
- · Venture roundLead investor
Larger than 82% of the 65 other Series B rounds DFX recorded in six months.
Read full story: Collective raises $100 million Series B led by General Catalyst
23 additional team members, 37 additional co-investors and affiliates, 351 additional investments, funds and LPs, 75 events, 41 verified contacts (24 professional url, 15 published business email, 1 general firm email, 1 firm phone)
Every relationship, signal and contact on this record, with the source on each.
7 days of DFX Intelligence free, then $199/month unless canceled. A card is taken when the trial starts.
Regulatory footprint (Form ADV): RAUM $46B · 49 private funds · filed Oct 5, 2026 source
Filed a Form D on Oct 6, 2026, for a fund listed on its Form ADV (see the fund).
What matters now
- 18 vehicleson Form D, 18 months
$1.59B reported sold so far.
A Form D is filed when a vehicle takes its first money, so these are open to LPs now.
- 23 companiesnew in 12 months
23 new companies in the last 12 months. Latest round Rox Series B ($100M round, led) on Nov 11, 2026.
A firm writing cheques this quarter is one a founder can pitch now.
- 56 of 98enter at Series B+
Its site says seed stage, but 56 of 98 first entries on record are Series B or later.
rounds to Nov 11, 2026 · A founder raising at the stage the site names should know where the cheques have actually gone.
- 3 departurespeople, 12 months
A team member departed (seen on or before Oct 15, 2026, the day it happened is not on record). 3 departures on record in 12 months.
A partner leaving or arriving changes who decides, and who a founder or LP should call.
- 6 companiesportfolio raising
6 portfolio companies have new financing on record in 6 months without this firm named on the round; the latest on Sep 15, 2026 ($108M round).
A portfolio company raising again is a follow-on decision for the firm and a co-investment opening for others.
People to know
View all people- Co-Founder & Managing DirectorWhy: Founder of the firmEmailProfile
- Chairman & Managing DirectorWhy: Managing directorProfile
- CEO India, MENA & Managing DirectorWhy: Runs the firm (chief executive or president)EmailProfile
Relationship network
572 connected entities122 observed rounds67 repeat counterparties17 dated rounds shown here, 2012 to 2026
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.
7 mentions in the sources could not be matched to a firm or person, so they are held back from the picture and its summary.
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.
- Sponsor
- Company
- Capital provider
- 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? Published routes
Name your firm, a company or a person, and DFX finds the published routes to General Catalyst: 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.
Public record only. For routes through people you know, see Who can introduce you.
See how you connect to General Catalyst
7 days of DFX Intelligence free, then $199/month unless canceled. A card is taken when the trial starts.
Investing
185 companies on record, 23 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.| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Rox | Series B · Series B | lead | unknown | $100M | unknown | Nov 11, 2026 | Fact Press release |
| Collective | Series B · Series B | lead | unknown | $100M | unknown | Oct 29, 2026 | Fact Press release |
| Varda | Series D · Series D+ | participant | unknown | $251M | unknown | Sep 30, 2026 | Fact Press release |
Stated thesis versus observed behaviour
- Sectors
- ai, healthcare, space, defense, industrial
- Stages
- seed
- Geography
- europe, global
- Check size
- not stated; DFX does not estimate checks from round sizes
People
27 current, 7 departed
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.- Joel Cutler · Co-Founder & Managing DirectorWhy this person: Founder of the firm; Named with investment responsibility; Confirmed current on the firm's own site 2026-10-01LinkedIn or profile link and work email on file (their bio on the firm's website, firm website), confirmed 2026-10-01, confidence 90%
- Ken Chenault · Chairman & Managing DirectorWhy this person: Managing director; Named with investment responsibility; Confirmed current on the firm's own site 2026-11-01LinkedIn or profile link on file (firm website, their bio on the firm's website), confirmed 2026-11-01, confidence 90%
- Neeraj Arora · CEO India, MENA & Managing DirectorWhy this person: Runs the firm (chief executive or president); Named with investment responsibility; Confirmed current on the firm's own site 2026-10-01LinkedIn or profile link and work email on file (their bio on the firm's website, firm website), confirmed 2026-10-01, confidence 90%
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. 3 with a route on file. 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.
2 named earlier, not confirmed current
- Adam Valkin · Managing DirectorNamed in a press release dated 2017-07-26; no later source lists this role
- Niko Bonatsos · Managing DirectorNamed in a press release dated 2021-05-25; no later source lists this role
7 departed (kept with end dates)
- Arif Ahmed · EVP, Head of Family Office · ? to Oct 15, 2026 Inference
- Chris Wolfe · Chief Investment Officer, GC Wealth · ? to Oct 15, 2026 Inference
- Joel Edward Cutler · Member · Feb 1, 2018 to Mar 29, 2024 Inference
Contacts
1 general firm email, 15 published business email, 1 firm phone, 24 professional url on record, each with its source. Values open with the complete profile.
Funds and LPs
67 vehicles, 5 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 |
|---|---|---|---|---|---|---|---|
| GC Venture XII (A-I), L.P. | Fund | 2026 form d first sale | FundraisingInferred | unknown | unknown | $168M | Feb 5, 2026 |
| GC Venture XII (A-II), L.P. | Fund | 2026 form d first sale | FundraisingInferred | unknown | unknown | $80.9M | Feb 5, 2026 |
| GC Venture XII (A), L.P. | Fund | 2025 form d first sale | FundraisingInferred | $92.4M Oct 5, 2026 | 9 | $50.0M | Dec 19, 2025 |
Limited partners
- 2026-06-301 commitment to 1 fund · $80.0M disclosed
- 2023-11-292 commitments to 2 funds · $31.0M disclosed
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.| Allocator | Type | Fund | Amount | Date | Source |
|---|---|---|---|---|---|
| California Public Employees' Retirement System | STATE RETIREMENT SYSTEM | Bear Coast (ventures) Fund, LP | $1.9B committed | reported as of Mar 31, 2026 | Fact Pension disclosure |
| California Public Employees' Retirement System | STATE RETIREMENT SYSTEM | Bear Coast (ventures) Fund II, L.P. | $700M committed | reported as of Mar 31, 2026 | Fact Pension disclosure |
| California Public Employees' Retirement System | STATE RETIREMENT SYSTEM | Bear Coast (cv) Fund, LP | $400M committed | reported as of Mar 31, 2026 | Fact Pension disclosure |
Relationships across DFX
527 co-investors · on 3 other DFX graphs
Co-investors
- 2026-11-1111 shared deals · very strong · they led 3 · this firm led 2
- 2026-11-0411 shared deals · very strong · this firm led 2
- 2026-11-0410 shared deals · very strong · they led 3 · this firm led 3
Compare portfolios with Andreessen Horowitz, Y Combinator, Lightspeed Venture Partners or any firm. Co-investors across the market
Across DFX and the capital chainon 3 other DFX graphs · 351 capital paths ShowHide
- The same institution is held on Allocators, Private Equity, RIA and Wealth, matched by identifier. See which records
General Catalyst is the same institution as 3 records in Allocators, Private Equity and RIA and Wealth.
DFX found 3 relationships across 3 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
7 days of DFX Intelligence free, then $199/month unless canceled. A card is taken when the trial starts.
Checking your plan…
General Catalyst sits on 351 traced paths of capital across the graphs.
DFX traced 351 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
7 days of DFX Intelligence free, then $199/month unless canceled. A card is taken when the trial starts.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Evidence and history
80 dated events, 143 observations from 4 sources
Timeline
- seen on or beforeOct 15, 2026Chris Wolfe (Chief Investment Officer, GC Wealth) no longer on the team page of General Catalyst
- seen on or beforeOct 15, 2026Arif Ahmed (EVP, Head of Family Office) no longer on the team page of General Catalyst
- seen on or beforeOct 15, 2026Andrew Burge (Chief Administrative Officer, GC Wealth) no longer on the team page of General Catalyst
- Jul 21, 2026GC Venture Xii (a), L.P. first reported on Form ADV by General Catalyst (Venture Capital Fund), GAV $92,359,753
- Jul 21, 2026General Catalyst Guadalupe Piv, L.P. first reported on Form ADV by General Catalyst (Venture Capital Fund), GAV $130,725,215
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Oct 5, 2026 · 49 private fundsShowHide
- Headquarters
- Cambridge, MAadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- GENERALCATALYST.COM
- SEC adviser type
- Registered investment adviseradviserinfo.sec.gov
- SEC exemption claimed
- unknown
- Latest Form ADV
- Oct 5, 2026
- Private funds reported
- 49 (44 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets, adviser total
- $49Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Regulatory AUM
- $46Bthe adviser's RAUM, a regulatory measure, never a fund size
- Employees
- 211
Classification history
Classification history
Every classification this record has carried3 on recordShowHide
- Sep 23, 2026Multi-stage venture firm (probable, 80%)Both early and growth/opportunity families, reported GAV $49.6B
- Sep 15, 2026Multi-stage venture firm (probable, 80%)Both early and growth/opportunity families, reported GAV $28.9B
- Sep 12, 2026Multi-stage venture firm (probable, 80%)Both early and growth/opportunity families, reported GAV $24.4B
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC funds reported | Jul 21, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | Oct 5, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | Jul 21, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | Jul 21, 2026 | Fact | Form ADV |
| SEC adviser type | Registered investment adviser | May 16, 2024 | Fact | Form ADV |
| First Form ADV filing | 2012-03-30 | Oct 5, 2026 | Fact | Form ADV |
| First Form ADV filing | 2012-03-30 | Jul 21, 2026 | Fact | Form ADV |
| First Form ADV filing | 2012-03-30 | May 16, 2024 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-11-10 | Nov 11, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-11-09 | Nov 10, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-11-06 | Nov 7, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-11-03 | Nov 4, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-11-02 | Nov 3, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-30 | Nov 1, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-29 | Oct 30, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-28 | Oct 29, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-27 | Oct 28, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-25 | Oct 26, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-23 | Oct 25, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-22 | Oct 24, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-21 | Oct 22, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-20 | Oct 21, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-19 | Oct 20, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-16 | Oct 19, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-12 | Oct 14, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-13 | Oct 14, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-10 | Oct 12, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-09 | Oct 11, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-08 | Oct 10, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-07 | Oct 9, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-06 | Oct 8, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-05 | Oct 6, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-10-02 | Oct 4, 2026 | 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 | 2026-10-05 | Oct 5, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-07-21 | Jul 21, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-07-21 | Jul 21, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-05-16 | May 16, 2024 | Fact | Form ADV |
| SEC status | Approved | Jul 21, 2026 | Fact | Form ADV |
| SEC status effective | 2019-04-26 | Jul 21, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Oct 5, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Jul 21, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | May 16, 2024 | Fact | Form ADV |
| Business phone | Jul 21, 2026 | Fact | Form ADV | |
| Business phone | May 16, 2024 | Fact | Form ADV | |
| Contact page url | Oct 30, 2026 | Fact | ||
| Contact page url | Oct 15, 2026 | Fact | ||
| Contact page url | Sep 30, 2026 | Fact | ||
| Contact page url | Sep 16, 2026 | Fact | ||
| Description | Oct 30, 2026 | Fact | ||
| Description | Oct 15, 2026 | Fact | ||
| Description | Sep 30, 2026 | Fact | ||
| Description | Sep 16, 2026 | Fact | ||
| Description | Sep 14, 2026 | Fact | ||
| Employees | 211 | Jul 21, 2026 | Fact | Form ADV |
| Employees | 205 | May 16, 2024 | Fact | Form ADV |
| Headquarters | Cambridge, MA | Jul 21, 2026 | Fact | Form ADV |
| Headquarters | Cambridge, MA | May 16, 2024 | Fact | Form ADV |
| Office address | Jul 21, 2026 | Fact | Form ADV | |
| Office address | May 16, 2024 | Fact | Form ADV | |
| Legal form | Limited Liability Company | Jul 21, 2026 | Fact | Form ADV |
| Other funds reported | 5 | Jul 21, 2026 | Fact | Form ADV |
| Portfolio page | Oct 30, 2026 | Fact | ||
| Portfolio page | Oct 15, 2026 | Fact | ||
| Portfolio page | Sep 30, 2026 | Fact | ||
| Portfolio page | Sep 16, 2026 | Fact | ||
| Portfolio page | Sep 14, 2026 | Fact | ||
| Private funds reported | 49 | Oct 5, 2026 | Fact | Form ADV |
| Private funds reported | 49 | Jul 21, 2026 | Fact | Form ADV |
| Private funds reported | 49 | Jul 21, 2026 | Fact | Form ADV |
| Private funds reported | 40 | May 16, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $49B | Oct 5, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $49B | Jul 21, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $49B | Jul 21, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $29B | May 16, 2024 | Fact | Form ADV |
| Regulatory AUM (adviser, not fund size) | $46B | Jul 21, 2026 | Fact | Form ADV |
| Regulatory AUM (adviser, not fund size) | $27B | May 16, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Jul 21, 2026 | Fact | Form ADV |
| Stated geography | Europe, global “geography words on the home page” | Oct 30, 2026 | Fact | |
| Stated geography | Europe, global “geography words on the home page” | Oct 15, 2026 | Fact | |
| Stated geography | Europe, global “geography words on the home page” | Sep 30, 2026 | Fact | |
| Stated geography | Europe, global “geography words on the home page” | Sep 16, 2026 | Fact | |
| Stated geography | Europe, global “geography words on the home page” | Sep 14, 2026 | Fact | |
| Stated sectors | AI, healthcare, space, defense, industrial “sector words on the home page” | Oct 30, 2026 | Fact | |
| Stated sectors | AI, healthcare, space, defense, industrial “sector words on the home page” | Oct 15, 2026 | Fact | |
| Stated sectors | AI, healthcare, space, defense, industrial “sector words on the home page” | Sep 30, 2026 | Fact | |
| Stated sectors | AI, healthcare, space, defense, industrial “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | AI, healthcare, space, defense, industrial “sector words on the home page” | Sep 14, 2026 | Fact | |
| Stated stages | seed “stage words on the home page” | Oct 30, 2026 | Fact | |
| Stated stages | seed “stage words on the home page” | Oct 15, 2026 | Fact | |
| Stated stages | seed “stage words on the home page” | Sep 30, 2026 | Fact | |
| Stated stages | seed “stage words on the home page” | Sep 16, 2026 | Fact | |
| Stated stages | seed “stage words on the home page” | Sep 14, 2026 | Fact | |
| Team page | Oct 30, 2026 | Fact | ||
| Team page | Oct 15, 2026 | Fact | ||
| Team page | Sep 30, 2026 | Fact | ||
| Team page | Sep 16, 2026 | Fact | ||
| Team page | Sep 14, 2026 | Fact | ||
| Venture funds reported | 44 | Oct 5, 2026 | Fact | Form ADV |
| Venture funds reported | 44 | Jul 21, 2026 | Fact | Form ADV |
| Venture funds reported | 44 | Jul 21, 2026 | Fact | Form ADV |
| Venture funds reported | 37 | May 16, 2024 | Fact | Form ADV |
| Website | Sep 12, 2026 | Fact | Form ADV | |
| Website | May 16, 2024 | Fact | Form ADV | |
| Site title | Oct 30, 2026 | Fact | ||
| Site title | Oct 15, 2026 | Fact | ||
| Site title | Sep 30, 2026 | Fact | ||
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 14, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersMulti-stage venture firm, probableShowHide
Both early and growth/opportunity families, reported GAV $49.6B
- importance
- gav: 1 · funds: 1 · people: 0.88 · investments: 0.87 · co investors: 1
- active deployment
- investments 12m: 1 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-11-11
- emerging manager
- fund count: 78 · reported gav: $50B · first adv filing: 2012-03-30 · years since first filing: 14.6
Connected records
Funds
- GC Venture XII (A-I), L.P. (vintage 2026)
- GC Venture XII (A-II), L.P. (vintage 2026)
- GC Venture XII (A), L.P. (vintage 2025)
75 more on this record
Co-investors
- Andreessen Horowitz (11 shared deals)
- Y Combinator (11 shared deals)
- Lightspeed Venture Partners (10 shared deals)
Limited partners
- New York State Common Retirement Fund
- Los Angeles City Employees' Retirement System
3 more on this record
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Fits
- score 62.8confidence 100%Why: sector fit; stage fit; activity; analogousWatch: adjacent portfolio
- score 41.2confidence 90%Why: stage fit; activity; cap table
- score 41.1confidence 100%Why: sector fit; geography fit; activity; analogousWatch: adjacent portfolio
+6 more scored matches
7 days of DFX Intelligence free, then $199/month unless canceled. A card is taken when the trial starts.
Scored by DFX match engines from the record's observed portfolio, stage, geography and recent activity. A fit is a reason to look, not a mandate; the blockers say what the model could not confirm. Names and the evidence sentences show with the names on this page.
Record history
- Adviser's first ADV filing2012-03-30source 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.