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 / Meritech Capital
Meritech Capital
We help build market-leading companies in the markets that matter.
venture manager, reported GAV $4,115M across 18 vehicles
Importance
52
elevated
Active deployment
36
elevated
Emerging
0
low
Completeness
56
elevated
Freshness
100
high
Research priority
20
moderate
Identity and regulatory footprint
- Headquarters
- Palo Alto, CAadviserinfo.sec.gov
- Office address
- 245 LYTTON AVENUE, SUITE 125, Palo Alto, CA, 94301adviserinfo.sec.gov
- Business phone
- 650-475-2200adviserinfo.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 31, 2026
- Private funds reported
- 18 (18 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $4.6Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 650-475-2200adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
2 observed deals
Stated (the firm’s website)
- Sectors
- not stated or not yet read
- Stages
- not stated or not yet read
- Geography
- not stated
- 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
unknown 100%
lead rate 50%follow-on rate 0%new logos, 12 months 2
Funds and vehicles
18 reported, 7 no longer reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Lytton Affiliates 125.4 | Feeder or parallel | 2023 adv first reported | Active deployment | $36.3M Dec 20, 2024 | 15 | unknown | unknown |
| Lytton Friends 125.4 | Fund | 2023 adv first reported | Active deployment | $16.4M Dec 20, 2024 | 68 | $0 of $16.6M | Oct 4, 2022 |
| Lytton Partners 125.4 | Fund | 2022 form d first sale | Active deployment | $1.1B Dec 20, 2024 | 126 | $1.1B of $1.1B | Jun 9, 2022 |
| Lytton Partners 125.4 Sidecar | SPV or co-invest vehicle | 2022 form d first sale | Active deployment | $250M Dec 20, 2024 | 92 | $250M of $250M | Jun 9, 2022 |
| Lytton Partners 125.fa | Fund | 2022 adv first reported | Active deployment | $9.8M Dec 20, 2024 | 10 | unknown | unknown |
| Lytton Partners 125.ff | Fund | 2021 form d first sale | Mature | $253M Dec 20, 2024 | 53 | $250M of $250M | May 14, 2021 |
| Lytton Partners Special 1.0 | SPV or co-invest vehicle | 2021 form d first sale | Mature | $36.9M Dec 20, 2024 | 13 | $46.1M of $46.1M | May 14, 2021 |
| Lytton Affiliates 125.3 | Feeder or parallel | 2021 adv first reported | Mature | $23.6M Dec 20, 2024 | 11 | unknown | unknown |
| Lytton Partners 125.3 | Fund | 2020 form d first sale | Mature | $847M Dec 20, 2024 | 98 | $800M of $800M | Jun 5, 2020 |
| Lytton Friends 125.3 | Fund | 2020 form d first sale | Mature | $20.2M Dec 20, 2024 | 63 | $17.9M of $17.9M | Aug 14, 2020 |
| Lytton Affiliates 125.2 | Feeder or parallel | 2019 adv first reported | Mature | $22.4M Dec 20, 2024 | 11 | unknown | unknown |
| Lytton Partners 125.2 | Fund | 2018 form d first sale | Harvest | $788M Dec 20, 2024 | 73 | $630M of $630M | Jun 1, 2018 |
| Lytton Friends 125.2 | Fund | 2018 form d first sale | Harvest | $11.2M Dec 20, 2024 | 21 | $8.5M of $8.5M | Aug 14, 2018 |
| Lytton Affiliates 125 | Feeder or parallel | 2015 adv first reported | Harvest | $18.8M Dec 20, 2024 | 10 | unknown | unknown |
| Lytton Partners 125 | Fund | 2014 form d first sale | Harvest | $540M Dec 20, 2024 | 54 | $500M of $500M | Jul 29, 2014 |
| Lytton Partners 125 Sidecar | SPV or co-invest vehicle | 2014 form d first sale | Harvest | $91.0M Dec 20, 2024 | 23 | $65.0M of $65.0M | Jul 29, 2014 |
| Lytton Partners | Fund | 2010 form d first sale | Harvest | $47.3M Dec 20, 2024 | 34 | $390M of $400M | Nov 1, 2010 |
| Lytton Affiliates | Feeder or parallel | unknown | Unknown | $3.5M Dec 20, 2024 | 8 | unknown | unknown |
| University Partners | Fund | unknown | Wound down | $118M Jun 28, 2013 | 87 | unknown | unknown |
| Middlefield Partners | Fund | unknown | Wound down | $93.6M Mar 28, 2019 | 91 | unknown | unknown |
| Middlefield Affiliates | Feeder or parallel | unknown | Wound down | $8.8M Mar 28, 2019 | 16 | unknown | unknown |
| Hamilton Partners | Fund | unknown | Wound down | $3.5M Mar 31, 2020 | 44 | unknown | unknown |
| Hamilton Affiliates | Feeder or parallel | unknown | Wound down | $2.7M Mar 31, 2020 | 10 | unknown | unknown |
| Willow Partners | Fund | unknown | Wound down | $2.0M Mar 28, 2019 | 43 | unknown | unknown |
| University Affiliates | Feeder or parallel | unknown | Wound down | $555,546 Jun 28, 2013 | 20 | 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
14 current, 4 departed
Tanner Bhonslay
OtherInvestment
Andrew William Heck
Platform and operationsChief Operating Officer And Chief Financial Officer · since Dec 1, 2023
Andrew William Heck
Platform and operationsChief Operating Officer And Chief Financial Officer · since Dec 1, 2023
Alexander Francis Clayton
PrincipalCo-President, Director And Shareholder · since Feb 1, 2021
Alexander Francis Clayton
PrincipalCo-President, Director And Shareholder · since Feb 1, 2021
Arsham Memarzadeh
PrincipalCo-President, Director And Shareholder · since Jan 1, 2026
George Harrington Bischof
PrincipalCo-President, Director And Shareholder · since Aug 1, 2011
George Harrington Bischof
PrincipalCo-President, Director And Shareholder · since Aug 1, 2011
Maxwell Motschwiller
PrincipalCo-President, Director And Shareholder · since Feb 1, 2021
Maxwell Motschwiller
PrincipalCo-President, Director And Shareholder · since Feb 1, 2021
Paul Scott Madera
PrincipalCo-President, Director And Shareholder · since Jun 1, 1999
Paul Scott Madera
PrincipalCo-President, Director And Shareholder · since Jun 1, 1999
Robert Danforth Ward
PrincipalCo-President, Director And Shareholder · since Aug 1, 2011
Robert Danforth Ward
PrincipalCo-President, Director And Shareholder · since Aug 1, 2011
4 departed (kept with end dates)
- Joel Major Backman · Chief Operating Officer And Chief Financial Officer · Aug 1, 2011 to Mar 28, 2024 Inference
- Alexander Kurland · Co-President, Director And Shareholder · Feb 1, 2021 to Sep 1, 2026 Fact
- Craig Douglas Sherman · Co-President, Director And Shareholder · Aug 1, 2011 to Mar 28, 2024 Inference
- Michael Brent Gordon · Co-President, Director And Shareholder · Jun 1, 1999 to Mar 28, 2019 Inference
Investments on record
2 edges, 2 companies, 0 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Owner | Funding round | participant | unknown | $240M | unknown | Aug 28, 2026 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
| Avoca | Funding round | lead | unknown | $125M | unknown | Apr 27, 2026 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
“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
5 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
42 dated events
- Sep 1, 2026Alexander Kurland (Co-President, Director And Shareholder) no longer on Schedule A of Meritech CapitalPerson leftPeopleInferenceAlexander KurlandIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
- Jan 1, 2026Arsham Memarzadeh joined Schedule A of Meritech Capital as Co-President, Director And Shareholder
- Mar 28, 2024Craig Douglas Sherman (Co-President, Director And Shareholder) no longer on Schedule A of Meritech Capital
- Mar 28, 2024Joel Major Backman (Chief Operating Officer And Chief Financial Officer) no longer on Schedule A of Meritech Capital
- Dec 1, 2023Andrew William Heck joined Schedule A of Meritech Capital as Chief Operating Officer And Chief Financial Officer
- Mar 29, 2023Lytton Partners 125.4 Sidecar first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $250,050,000Fund first reported on Form ADVFundsFactLytton Partners 125.4 SidecarSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2023Lytton Affiliates 125.4 first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $35,798,780Fund first reported on Form ADVFundsFactLytton Affiliates 125.4SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2023Lytton Friends 125.4 first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $16,430,000Fund first reported on Form ADVFundsFactLytton Friends 125.4SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2023Lytton Partners 125.4 first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $1,100,050,000Fund first reported on Form ADVFundsFactLytton Partners 125.4SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2022Lytton Partners Special 1.0 first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $44,274,158Fund first reported on Form ADVFundsFactLytton Partners Special 1.0SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2022Lytton Partners 125.fa first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $9,763,277Fund first reported on Form ADVFundsFactLytton Partners 125.faSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2022Lytton Partners 125.ff first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $253,761,216Fund first reported on Form ADVFundsFactLytton Partners 125.ffSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2021Lytton Partners 125.3 first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $795,565,234Fund first reported on Form ADVFundsFactLytton Partners 125.3SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2021Hamilton Affiliates no longer reported on Form ADV by Meritech CapitalFund no longer reportedFundsInferenceHamilton AffiliatesSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2021Hamilton Partners no longer reported on Form ADV by Meritech CapitalFund no longer reportedFundsInferenceHamilton PartnersSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2021Lytton Friends 125.3 first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $18,314,050Fund first reported on Form ADVFundsFactLytton Friends 125.3SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2021Lytton Affiliates 125.3 first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $20,868,808Fund first reported on Form ADVFundsFactLytton Affiliates 125.3SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2020Middlefield Affiliates no longer reported on Form ADV by Meritech CapitalFund no longer reportedFundsInferenceMiddlefield AffiliatesSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2020Willow Partners no longer reported on Form ADV by Meritech CapitalFund no longer reportedFundsInferenceWillow PartnersSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2020Middlefield Partners no longer reported on Form ADV by Meritech CapitalFund no longer reportedFundsInferenceMiddlefield PartnersSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 1, 2020Alexander Kurland joined Schedule A of Meritech Capital as Co-President And Director
- Jan 1, 2020Maxwell Motschwiller joined Schedule A of Meritech Capital as Co-President And Director
- Jan 1, 2020Alexander Francis Clayton joined Schedule A of Meritech Capital as Co-President And Director
- Mar 28, 2019Lytton Partners 125.2 first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $621,539,997Fund first reported on Form ADVFundsFactLytton Partners 125.2SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2019Lytton Friends 125.2 first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $8,488,262Fund first reported on Form ADVFundsFactLytton Friends 125.2SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2019Michael Brent Gordon (Co-President, Director And Shareholder) no longer on Schedule A of Meritech Capital
- Mar 28, 2019Lytton Affiliates 125.2 first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $16,876,958Fund first reported on Form ADVFundsFactLytton Affiliates 125.2SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2015Lytton Partners 125 Sidecar first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $65,050,000Fund first reported on Form ADVFundsFactLytton Partners 125 SidecarSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2015Lytton Affiliates 125 first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $16,280,020Fund first reported on Form ADVFundsFactLytton Affiliates 125SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2015Lytton Partners 125 first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $496,060,129Fund first reported on Form ADVFundsFactLytton Partners 125SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2014University Affiliates no longer reported on Form ADV by Meritech CapitalFund no longer reportedFundsInferenceUniversity AffiliatesSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2014University Partners no longer reported on Form ADV by Meritech CapitalFund no longer reportedFundsInferenceUniversity PartnersSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2012University Affiliates first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $584,597Fund first reported on Form ADVFundsFactUniversity AffiliatesSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2012Lytton Partners first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $419,874,657Fund first reported on Form ADVFundsFactLytton PartnersSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2012Hamilton Partners first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $1,615,513,430Fund first reported on Form ADVFundsFactHamilton PartnersSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2012University Partners first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $118,667,555Fund first reported on Form ADVFundsFactUniversity PartnersSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2012Lytton Affiliates first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $10,583,605Fund first reported on Form ADVFundsFactLytton AffiliatesSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2012Middlefield Affiliates first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $13,198,525Fund first reported on Form ADVFundsFactMiddlefield AffiliatesSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2012Middlefield Partners first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $218,612,178Fund first reported on Form ADVFundsFactMiddlefield PartnersSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2012Willow Partners first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $3,392,880Fund first reported on Form ADVFundsFactWillow PartnersSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2012Meritech Capital 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)
- Mar 30, 2012Hamilton Affiliates first reported on Form ADV by Meritech Capital (Venture Capital Fund), GAV $33,898,045Fund first reported on Form ADVFundsFactHamilton AffiliatesSEC 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 $4,115M across 18 vehicles
Evidence
51 observations from 4 sources