Section 32, LLC
Institutional venture firm, based in Palo Alto, California, reporting $2.5B of fund assets on its funds' Form ADV filings.
Composed from this organization's classification, location and filed figures.
22 additional team members, 30 additional co-investors and affiliates, 14 additional investments, funds and LPs, 9 events, 1 verified contact (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.
What matters now
- 3 companiesnew in 12 months
3 new companies in the last 12 months. Latest round Basecamp Research round ($140M round, led) on 23 Sep 2026.
A firm writing cheques this quarter is one a founder can pitch now.
People to know
View all people- PartnerWhy: Partner: part of the investment decisionNo route on file yet
- PartnerWhy: Partner: part of the investment decisionNo route on file yet
- MemberWhy: Named with investment responsibilityNo route on file yet
Relationship network
70 connected entities5 observed rounds2 dated rounds shown here, 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.
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
- 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?
Name your firm, a company or a person, and DFX finds the published routes to Section 32, LLC: 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 Section 32, LLC
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
6 companies on record, 3 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 |
|---|---|---|---|---|---|---|---|
| Formation | portfolio listing | unknown | unknown | unknown | unknown | Sep 28, 2026 | Fact Company website |
| Basecamp Research | Funding round | lead | unknown | $140M | unknown | Sep 23, 2026 | Fact Press release |
| Snorkel AI | Funding round | lead | Andy Harrison (confirmed) | $350M | unknown | Sep 22, 2026 | Fact Press release |
Stated thesis versus observed behaviour
- Sectors
- ai, enterprise software, cybersecurity
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Team
22 current, 7 departed
Decision makers
- Bayan Alizadeh · PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility
- Derrick Chow · PartnerWhy this person: Partner: part of the investment decision; Named with investment responsibility
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
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.- Member · 1 deal attributed
- Partner
- Partner
3 departed (kept with end dates)
- Tristan Prettyman Maris · Trustee Of William J. Maris And Tristan Prettyman Maris, Co-Trustees Of The Little Door Trust, Dated July 16, 2014 · Jul 1, 2014 to Mar 29, 2019 Inference
- Jennifer Kercher · Chief Operating Officer · Aug 1, 2017 to Jan 5, 2022 Inference
- Jonathan Faerber · Chief Financial Officer · Apr 1, 2018 to Jan 5, 2022 Inference
Contacts
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
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 |
|---|---|---|---|---|---|---|---|
| S32 Fund 6, LP | Fund | 2025 form d first sale | Fundraising | $442M Mar 31, 2026 | 104 | $414M of $600M | Sep 2, 2025 |
| Section 32 Fund 4, LP | Fund | 2022 adv first reported | Active deployment | $893M Mar 31, 2026 | 151 | $0 of $700M | Jul 29, 2021 |
| Section 32 Fund 5, LP | Fund | 2022 form d first sale | Active deployment | $627M Mar 31, 2026 | 140 | $481M of $500M | Jul 13, 2023 |
Limited partners
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 |
|---|---|---|---|---|---|
| Richard and Susan Smith Family Foundation | FOUNDATION | Section 32 Fund 4, LP | $1.9M fair value on the foundation's return | reported as of Apr 30, 2025 | Fact IRS Form 990 / 990-PF e-file returns |
| Richard and Susan Smith Family Foundation | FOUNDATION | Section 32 Fund 5, LP | $687,907 fair value on the foundation's return | reported as of Apr 30, 2025 | Fact IRS Form 990 / 990-PF e-file returns |
| Hillman Family Foundations | FOUNDATION | Section 32 Fund 4, LP | $2.6M fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
Relationships across DFX
33 co-investors · on 2 other DFX graphs
Co-investors
- 2026-09-281 shared deal · one time
- 2026-09-281 shared deal · one time
- 2026-09-281 shared deal · one time
Compare portfolios with Thrive Capital, TQ Ventures LLC, Sanofi or any firm. Co-investors across the market
Across DFX and the capital chainon 2 other DFX graphs · 6 capital paths ShowHide
- The same institution is held on Allocators, RIA and Wealth, matched by identifier. See which records
Section 32, LLC is the same institution as 2 records in Allocators and RIA and Wealth.
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…
Section 32, LLC sits on 6 traced paths of capital across the graphs.
DFX traced 6 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Evidence and history
14 dated events, 67 observations from 4 sources
Timeline
- Mar 31, 2026S32 Fund 6, LP first reported on Form ADV by Section 32, LLC (Venture Capital Fund), GAV $442,132,788
- Sep 1, 2023Robert Andrew Harrison joined Schedule A of Section 32, LLC as Ceo
- Mar 29, 2023Section 32 Fund 5, LP first reported on Form ADV by Section 32, LLC (Venture Capital Fund), GAV $441,047,921
- Jan 5, 2022Section 32 Fund 4, LP first reported on Form ADV by Section 32, LLC (Venture Capital Fund), GAV $633,186,178
- Jan 5, 2022Jennifer Kercher (Chief Operating Officer) no longer on Schedule A of Section 32, LLC
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 31, 2026 · 6 private fundsShowHide
Website description: For obsessive founders building iconic companies.
- Headquarters
- Palo Alto, CAadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- SECTION32.COM
- 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
- 6 (6 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets, adviser total
- $2.5Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- William J. Maris, Trustee of the Little Door Trust, Dated December 15, 2021 (Assignee), owns 75% or more
Classification history
Classification history
Every classification this record has carried3 on recordShowHide
- Sep 23, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $2.5B across 6 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $1.9B across 6 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $1.9B across 5 vehicles
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC exemption, VC funds reported | Mar 31, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 21, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 21, 2024 | Fact | Form ADV |
| First Form ADV filing | 2017-06-29 | Mar 31, 2026 | Fact | Form ADV |
| First Form ADV filing | 2017-06-29 | Mar 21, 2024 | 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 | 2026-03-31 | Mar 31, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-31 | Mar 31, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-03-21 | Mar 21, 2024 | Fact | Form ADV |
| SEC status | ERA - Active | Mar 31, 2026 | Fact | Form ADV |
| SEC status effective | 2017-06-29 | Mar 31, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 31, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 21, 2024 | Fact | Form ADV |
| Business phone | Mar 31, 2026 | Fact | Form ADV | |
| Business phone | Mar 21, 2024 | Fact | Form ADV | |
| Description | Sep 30, 2026 | Fact | ||
| Description | Sep 16, 2026 | Fact | ||
| Description | Sep 15, 2026 | Fact | ||
| Headquarters | Palo Alto, CA | Mar 31, 2026 | Fact | Form ADV |
| Headquarters | Palo Alto, CA | Mar 21, 2024 | Fact | Form ADV |
| Office address | Mar 31, 2026 | Fact | Form ADV | |
| Office address | Mar 21, 2024 | Fact | Form ADV | |
| Self-described type | Venture capital “S32 is a high-conviction venture firm.” | Sep 30, 2026 | Fact | |
| Self-described type | Venture capital “S32 is a high-conviction venture firm.” | Sep 16, 2026 | Fact | |
| Self-described type | Venture capital “S32 is a high-conviction venture firm.” | Sep 15, 2026 | Fact | |
| Legal form | Limited Liability Company | Mar 31, 2026 | Fact | Form ADV |
| Legal form | Limited Liability Company | Mar 21, 2024 | Fact | Form ADV |
| Private funds reported | 6 | Mar 31, 2026 | Fact | Form ADV |
| Private funds reported | 6 | Mar 31, 2026 | Fact | Form ADV |
| Private funds reported | 5 | Mar 21, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $2.5B | Mar 31, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $2.5B | Mar 31, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $1.9B | Mar 21, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Mar 31, 2026 | Fact | Form ADV |
| Stated sectors | AI, enterprise software, cybersecurity “sector words on the home page” | Sep 30, 2026 | Fact | |
| Stated sectors | AI, enterprise software, cybersecurity “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | AI, enterprise software, cybersecurity “sector words on the home page” | Sep 15, 2026 | Fact | |
| Team page | Sep 30, 2026 | Fact | ||
| Team page | Sep 16, 2026 | Fact | ||
| Team page | Sep 15, 2026 | Fact | ||
| Venture funds reported | 6 | Mar 31, 2026 | Fact | Form ADV |
| Venture funds reported | 6 | Mar 31, 2026 | Fact | Form ADV |
| Venture funds reported | 5 | Mar 21, 2024 | Fact | Form ADV |
| Website | Sep 12, 2026 | Fact | Form ADV | |
| Website | Mar 31, 2026 | Fact | Form ADV | |
| Website | Mar 21, 2024 | Fact | Form ADV | |
| Website resolved domain | Sep 30, 2026 | Fact | ||
| Website resolved domain | Sep 16, 2026 | Fact | ||
| Website resolved domain | Sep 15, 2026 | Fact | ||
| Website resolved domain | Sep 14, 2026 | Fact | ||
| Site title | Sep 30, 2026 | Fact | ||
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 15, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShowHide
Venture manager, reported GAV $2.5B across 6 vehicles
- importance
- gav: 0.73 · funds: 0.5 · people: 0.48 · investments: 0.29 · co investors: 0.61
- active deployment
- investments 12m: 0.38 · fund raising 18m: 1 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-09-23
- emerging manager
- fund count: 6 · reported gav: $2.5B · first adv filing: 2017-06-29 · years since first filing: 9.3
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Fits
- score 40.7confidence 90%Why: stage fit; activity; cap table
- score 35.7confidence 80%Why: stage fit; activity
- score 35.7confidence 80%Why: stage fit; activity
+1 more scored match
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
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 filing2017-06-29source 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.