Section 32, LLC

Institutional venture firmSEC venture capital fund adviserRaising· Palo Alto, CaliforniaSECTION32.COM

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.

Reported fund assets
$2.5B
sum of its funds' Form ADV filings, last 30 months
New companies, 12 mo
3
Investment team
11
Latest vintage
2025
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsInvestments (6)Team (22)Funds
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

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

  1. 3 companies
    new 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.

    Factfunding announcements, Form D, the firm's portfolio pageFor Founders, co-investorsInvestments →

People to know

View all people
  • Bayan Alizadeh
    Partner
    Why: Partner: part of the investment decision
    No route on file yet
  • Derrick Chow
    Partner
    Why: Partner: part of the investment decision
    No route on file yet
  • William Maris
    Member
    Why: Named with investment responsibility
    No 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.

Reading the network
  • Sponsor
  • Company
  • 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 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
6 companies, 3 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
Formationportfolio listingunknownunknownunknownunknownSep 28, 2026Fact Company website
Basecamp ResearchFunding roundleadunknown$140MunknownSep 23, 2026Fact Press release
Snorkel AIFunding roundleadAndy Harrison (confirmed)$350MunknownSep 22, 2026Fact Press release
Stated thesis versus observed behaviour
6 observed deals
Stated (the firm’s website)
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
Observed (from deals on record)
Stage at participation
series c 100%
Stage at first entry
series c 100%
Sectors
unknown 100%
lead rate 67%follow-on rate 0%new companies, 12 months 3

Team

22 current, 7 departed
Decision makers
who to call first, and why; then everyone else by function
  • Bayan Alizadeh · Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility
  • Derrick Chow · Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility
  • William Maris · Member
    Why this person: 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
22 current, 7 departed
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

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
S32 Fund 6, LPFund2025 form d first saleFundraising$442M
Mar 31, 2026
104$414M
of $600M
Sep 2, 2025
Section 32 Fund 4, LPFund2022 adv first reportedActive deployment$893M
Mar 31, 2026
151$0
of $700M
Jul 29, 2021
Section 32 Fund 5, LPFund2022 form d first saleActive deployment$627M
Mar 31, 2026
140$481M
of $500M
Jul 13, 2023
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
11 relationships across the firm's funds, from public pensions and the allocator graph
AllocatorTypeFundAmountDateSource
Richard and Susan Smith Family FoundationFOUNDATIONSection 32 Fund 4, LP$1.9M
fair value on the foundation's return
reported as of Apr 30, 2025Fact IRS Form 990 / 990-PF e-file returns
Richard and Susan Smith Family FoundationFOUNDATIONSection 32 Fund 5, LP$687,907
fair value on the foundation's return
reported as of Apr 30, 2025Fact IRS Form 990 / 990-PF e-file returns
Hillman Family FoundationsFOUNDATIONSection 32 Fund 4, LP$2.6M
fair value on the foundation's return
reported as of Dec 31, 2024Fact IRS Form 990 / 990-PF e-file returns

Relationships across DFX

33 co-investors · on 2 other DFX graphs
Co-investors
33 counted from shared deals, for the whole firm
Across DFX and the capital chainon 2 other DFX graphs · 6 capital paths Show
Across DFX
  • The same institution is held on Allocators, RIA and Wealth, matched by identifier. See which records
Across the graphs

Section 32, LLC is the same institution as 2 records in Allocators and RIA and Wealth.

Allocators1RIA 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…

Capital chain

Section 32, LLC sits on 6 traced paths of capital across the graphs.

Allocator commitments to a manager

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
14 dated events
  1. Mar 31, 2026
    S32 Fund 6, LP first reported on Form ADV by Section 32, LLC (Venture Capital Fund), GAV $442,132,788
    Fund first reported on Form ADVFundsInferenceS32 Fund 6, LPForm ADV
  2. Sep 1, 2023
    Robert Andrew Harrison joined Schedule A of Section 32, LLC as Ceo
    Person joinedPeopleFactRobert Andrew HarrisonForm ADV
  3. Mar 29, 2023
    Section 32 Fund 5, LP first reported on Form ADV by Section 32, LLC (Venture Capital Fund), GAV $441,047,921
    Fund first reported on Form ADVFundsFactSection 32 Fund 5, LPForm ADV
  4. Jan 5, 2022
    Section 32 Fund 4, LP first reported on Form ADV by Section 32, LLC (Venture Capital Fund), GAV $633,186,178
    Fund first reported on Form ADVFundsFactSection 32 Fund 4, LPForm ADV
  5. Jan 5, 2022
    Jennifer Kercher (Chief Operating Officer) no longer on Schedule A of Section 32, LLC
    Person leftPeopleInferenceJennifer KercherForm ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 31, 2026 · 6 private fundsShow

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
Every classification this record has carried3 on recordShow
  1. Sep 23, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $2.5B across 6 vehicles
  2. Sep 12, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $1.9B across 6 vehicles
  3. Sep 12, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $1.9B across 5 vehicles
Evidence
73 observations from 4 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC exemption, VC funds reportedMar 31, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserMar 31, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserMar 21, 2024FactForm ADV
SEC adviser typeExempt reporting adviserMar 31, 2026FactForm ADV
SEC adviser typeExempt reporting adviserMar 31, 2026FactForm ADV
SEC adviser typeExempt reporting adviserMar 21, 2024FactForm ADV
First Form ADV filing2017-06-29Mar 31, 2026FactForm ADV
First Form ADV filing2017-06-29Mar 21, 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 filing2026-03-31Mar 31, 2026FactForm ADV
Latest Form ADV filing2026-03-31Mar 31, 2026FactForm ADV
Latest Form ADV filing2024-03-21Mar 21, 2024FactForm ADV
SEC statusERA - ActiveMar 31, 2026FactForm ADV
SEC status effective2017-06-29Mar 31, 2026FactForm ADV
Venture share of reported funds1Mar 31, 2026FactForm ADV
Venture share of reported funds1Mar 21, 2024FactForm ADV
Business phoneMar 31, 2026FactForm ADV
Business phoneMar 21, 2024FactForm ADV
DescriptionSep 30, 2026Factno URL
DescriptionSep 16, 2026Factno URL
DescriptionSep 15, 2026Factno URL
HeadquartersPalo Alto, CAMar 31, 2026FactForm ADV
HeadquartersPalo Alto, CAMar 21, 2024FactForm ADV
Office addressMar 31, 2026FactForm ADV
Office addressMar 21, 2024FactForm ADV
Self-described typeVenture capital
“S32 is a high-conviction venture firm.”
Sep 30, 2026Factno URL
Self-described typeVenture capital
“S32 is a high-conviction venture firm.”
Sep 16, 2026Factno URL
Self-described typeVenture capital
“S32 is a high-conviction venture firm.”
Sep 15, 2026Factno URL
Legal formLimited Liability CompanyMar 31, 2026FactForm ADV
Legal formLimited Liability CompanyMar 21, 2024FactForm ADV
Private funds reported6Mar 31, 2026FactForm ADV
Private funds reported6Mar 31, 2026FactForm ADV
Private funds reported5Mar 21, 2024FactForm ADV
Private fund gross assets (reported)$2.5BMar 31, 2026FactForm ADV
Private fund gross assets (reported)$2.5BMar 31, 2026FactForm ADV
Private fund gross assets (reported)$1.9BMar 21, 2024FactForm ADV
Schedule a diffsadiff-1Mar 31, 2026FactForm ADV
Stated sectorsAI, enterprise software, cybersecurity
“sector words on the home page”
Sep 30, 2026Factno URL
Stated sectorsAI, enterprise software, cybersecurity
“sector words on the home page”
Sep 16, 2026Factno URL
Stated sectorsAI, enterprise software, cybersecurity
“sector words on the home page”
Sep 15, 2026Factno URL
Team pageSep 30, 2026Factno URL
Team pageSep 16, 2026Factno URL
Team pageSep 15, 2026Factno URL
Venture funds reported6Mar 31, 2026FactForm ADV
Venture funds reported6Mar 31, 2026FactForm ADV
Venture funds reported5Mar 21, 2024FactForm ADV
WebsiteSep 12, 2026FactForm ADV
WebsiteMar 31, 2026FactForm ADV
WebsiteMar 21, 2024FactForm ADV
Website resolved domainSep 30, 2026Factno URL
Website resolved domainSep 16, 2026Factno URL
Website resolved domainSep 15, 2026Factno URL
Website resolved domainSep 14, 2026Factno URL
Site titleSep 30, 2026Factno URL
Site titleSep 16, 2026Factno URL
Site titleSep 15, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShow
Importance
55
elevated
Active deployment
71
high
Emerging
0
low
Freshness
100
high
Institutional venture firmSEC exempt reporting adviser

Venture manager, reported GAV $2.5B across 6 vehicles

The inputs behind each score
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

4 scored matches, best firstas of
  • 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

1 dated event on the change ledger, latest event first
  • Adviser's first ADV filing
    2017-06-29source 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.