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 / Discerning Capital LLC

Discerning Capital LLC

Seed fund manager · probableUSSEC exempt reporting adviser

seed vehicles only

Importance
17
moderate
Active deployment
25
moderate
Emerging
0
low
Completeness
38
elevated
Freshness
98
high
Research priority
12
low
Identity and regulatory footprint
Headquarters
unknown
Office address
unknown
Business phone
904-424-2690adviserinfo.sec.gov
Website
unknown
SEC adviser type
exempt reporting adviseradviserinfo.sec.gov
SEC exemption claimed
private fund adviseradviserinfo.sec.gov
Latest Form ADV
Mar 27, 2026
Private funds reported
6 (5 venture capital funds)adviserinfo.sec.gov
Private fund gross assets
$67.3Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
business phone
904-424-2690adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
no observed deals yet
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: no observed deals yet
lead rate n/afollow-on rate n/anew logos, 12 months 0
Funds and vehicles
6 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Discerning Capital Yaspa SPV, LLCSPV or co-invest vehicle2025 form d first saleNewly closed$10.1M
Sep 12, 2026
56$10.3M
of $10.3M
Jul 14, 2025
Discerning Capital Outlier SPV, LLCSPV or co-invest vehicle2025 form d first saleNewly closed$7.9M
Sep 12, 2026
39$7.9M
of $7.9M
Nov 26, 2025
Discerning Capital MN SPV, LLCSPV or co-invest vehicle2024 form d first saleNewly closed$14.0M
Sep 12, 2026
47$4.0M
of $4.0M
Dec 26, 2024
Discerning Capital SC SPV, LLCSPV or co-invest vehicle2024 form d first saleNewly closed$4.3M
Sep 12, 2026
44$4.3M
of $4.3M
Nov 22, 2024
Discerning Capital Haf I Spv LPSPV or co-invest vehicleunknownUnknown$20.3M
Sep 12, 2026
3unknownunknown
Discerning Capital PB SPV, LLCSPV or co-invest vehicleunknownUnknown$10.8M
Sep 12, 2026
35$0
of $5.5M
Oct 18, 2024
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
1 current, 0 departed
David Weston Williams
Partner Partner · since Sep 1, 2025
Partner
FactIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
Investments on record
0 edges, 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.
Co-investors
0 relationships from shared deals, counted 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.
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
3 dated events
  1. Sep 12, 2026
    Discerning Capital LLC: INSTITUTIONAL_VC -> SEED_FUND_MANAGER (seed vehicles only)
    Classification changedClassificationInferenceno URL
  2. Sep 12, 2026
    Discerning Capital Haf I Spv LP first reported on Form ADV by Discerning Capital LLC, GAV $20,290,803
    Fund first reported on Form ADVFundsFactDiscerning Capital Haf I Spv LPIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
  3. Nov 21, 2025
    Discerning Capital LLC appears on the SEC adviser roster (ERA)
    First SEC adviser filingOrganizationFactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Classification history
  1. Sep 13, 2026
    Seed fund manager (probable, 80%, cls-1)
    seed vehicles only
  2. Sep 12, 2026
    Institutional venture firm (probable, 70%, cls-1)
    venture manager with no reported fund assets yet (scale unknown)
Evidence
13 observations from 2 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedvc_funds_reportedMar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC exemption claimedprivate_fund_adviserMar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC adviser typeexempt_reporting_adviserMar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Latest Form ADV filing2026-03-27Mar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Adv pdf loadedadv-pdf-1Sep 12, 2026FactIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
SEC statusERA - ActiveMar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC status effective2025-11-21Mar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Business phone904-424-2690Mar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Legal formLimited Liability CompanyMar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Other funds reported1Mar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private funds reported6Mar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private fund gross assets (reported)$67.3MMar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Venture funds reported5Mar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)