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 / Cercano Management LLC

Cercano Management LLC

Private equity with venture activity · probableBellevue, WAcercanolp.comSEC registered investment adviser

registered adviser; venture funds are 42% of 29 private funds

Importance
42
elevated
Active deployment
29
moderate
Emerging
0
low
Completeness
63
high
Freshness
100
high
Research priority
15
moderate
Identity and regulatory footprint
Headquarters
Bellevue, WAadviserinfo.sec.gov
Office address
1110 112TH AVENUE NE, SUITE 202, Bellevue, WA, 98004adviserinfo.sec.gov
Business phone
425-371-7500adviserinfo.sec.gov
Website
https://www.cercanolp.com
SEC adviser type
registered investment adviseradviserinfo.sec.gov
SEC exemption claimed
unknown
Latest Form ADV
Jul 1, 2026
Private funds reported
29 (13 venture capital funds)adviserinfo.sec.gov
Private fund gross assets
$6.8Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Regulatory AUM
$7.3Bthe adviser's RAUM, a regulatory measure, never a fund size
Employees
62
Owners on Schedule A
Cercano Management GP LLC (General Partner), F; The Estate of Paul G. Allen (Limited Partner), C; Cercano Management Holdings LP (Member), E
business phone
425-371-7500adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
3 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
Other 33%unknown 33%Other Technology 33%
lead rate n/afollow-on rate n/anew logos, 12 months 1
Funds and vehicles
13 reported, 2 no longer reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Vulcan Capital Singapore Greenhouse Pte. Ltd.Fund2023 adv first reportedActive deployment$118M
Nov 15, 2024
1unknownunknown
Cercano Zambezi Asia L.P.Fund2023 adv first reportedActive deployment$35.6M
Nov 15, 2024
2unknownunknown
Pacf Venture Capital LPFund2023 form d first saleActive deployment$3.3M
Nov 15, 2024
2$0Jun 20, 2023
Cercano Big Hat Venture Capital LPFund2023 form d first saleActive deployment$3.0M
Nov 15, 2024
2$0Jul 26, 2023
Cercano Integrity Venture Capital LPFund2023 form d first saleActive deployment$2.4M
Nov 15, 2024
2$0Sep 19, 2023
Pacf Asia Venture Capital LPFund2023 form d first saleActive deployment$9,792
Nov 15, 2024
2$0Sep 29, 2023
Cercano Zambezi Venture Capital L.P.Fund2022 form d first saleActive deployment$46.4M
Nov 15, 2024
2$0Jun 21, 2022
Cercano Zambezi Opportunities L.P.Opportunity fund2022 form d first saleActive deployment$20.2M
Nov 15, 2024
2$0Jun 17, 2022
Vcvc V LLCFundunknownUnknown$325M
Nov 15, 2024
2unknownunknown
Vulcan Capital Altair Equity LLCFundunknownUnknown$204M
Nov 15, 2024
2unknownunknown
Vcvc IV LLCFundunknownUnknown$158M
Nov 15, 2024
2unknownunknown
Vulcan Capital Growth Equity II LLCGrowth fundunknownUnknown$101M
Nov 15, 2024
2unknownunknown
Vcvc III LLCFundunknownUnknown$80.5M
Nov 15, 2024
2unknownunknown
VC Ventures Inc.Fund2022 adv first reportedWound down$60.9M
Feb 7, 2022
1unknownunknown
Vulcan Capital Growth Equity LLCGrowth fundunknownWound down$960,851
Feb 24, 2023
2unknownunknown
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
6 current, 3 departed
Christopher Neil Orndorff
Limited Partner · since Jan 1, 2022
Partner
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Gabrielle Glemann
General Counsel · since Jun 1, 2023
Platform and operations
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Joel Shoop
Chief Financial Officer · since Jan 1, 2022
Platform and operations
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Malinda Mei-Yin Khauv
Chief Compliance Officer · since Aug 1, 2023
Platform and operations
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Albert Firman Hwang
Exec Vp And Management Committee Member · since Jan 1, 2022
Vice president
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Yongbai Choi
Exec Vp And Management Committee Member · since Jan 1, 2022
Vice president
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
3 departed (kept with end dates)
  • Kevin James Hiniker · Chief Compliance Officer · Mar 1, 2023 to Aug 1, 2023 Inference
  • Omar Emmanuel Vasquez · Chief Compliance Officer, Associate General Counsel · Nov 1, 2021 to Mar 31, 2022 Inference
  • Sandy Suh Moon Choi · General Counsel, Chief Compliance Officer · Mar 1, 2022 to Mar 31, 2023 Inference
Investments on record
3 edges, 3 companies, 2 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
Wavemaker Partnersportfolio listingunknownunknownunknownunknownSep 15, 2026Fact Portfolio company websites (about, investors, press pages)
Seattle Food Tech, Inc.board seatunknown · boardYongbai Choi (strongly supported)unknownunknownJan 8, 2025Inference SEC EDGAR Form D data sets (quarterly)
Painted Cave, Inc.board seatunknown · boardYongbai Choi (strongly supported)unknownunknownDec 12, 2024Inference SEC EDGAR Form D data sets (quarterly)
“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
3 relationships from shared deals, counted for the whole firm
Wavemaker Ventures 1 shared · one timeKorea Investment Partners 1 shared · one time · they led 1Temasek 1 shared · one time
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
28 dated events
  1. Feb 12, 2024
    Pacf Venture Capital LP first reported on Form ADV by Cercano Management LLC (Venture Capital Fund), GAV $3,309,206
    Fund first reported on Form ADVFundsFactPacf Venture Capital LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  2. Feb 12, 2024
    Cercano Big Hat Venture Capital LP first reported on Form ADV by Cercano Management LLC (Venture Capital Fund), GAV $3,035,478
    Fund first reported on Form ADVFundsFactCercano Big Hat Venture Capital LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  3. Feb 12, 2024
    Pacf Asia Venture Capital LP first reported on Form ADV by Cercano Management LLC (Venture Capital Fund), GAV $9,792
    Fund first reported on Form ADVFundsFactPacf Asia Venture Capital LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  4. Feb 12, 2024
    Cercano Integrity Venture Capital LP first reported on Form ADV by Cercano Management LLC (Venture Capital Fund), GAV $2,356,920
    Fund first reported on Form ADVFundsFactCercano Integrity Venture Capital LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  5. Aug 1, 2023
    Kevin James Hiniker (Chief Compliance Officer) no longer on Schedule A of Cercano Management LLC
    Person leftPeopleInferenceKevin James HinikerSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  6. Aug 1, 2023
    Malinda Mei-Yin Khauv joined Schedule A of Cercano Management LLC as Chief Compliance Officer
    Person joinedPeopleFactMalinda Mei-Yin KhauvSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  7. Jun 1, 2023
    Gabrielle Glemann joined Schedule A of Cercano Management LLC as General Counsel
    Person joinedPeopleFactGabrielle GlemannSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  8. Mar 31, 2023
    Vulcan Capital Growth Equity LLC no longer reported on Form ADV by Cercano Management LLC
    Fund no longer reportedFundsInferenceVulcan Capital Growth Equity LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  9. Mar 31, 2023
    Sandy Suh Moon Choi (General Counsel, Chief Compliance Officer) no longer on Schedule A of Cercano Management LLC
    Person leftPeopleInferenceSandy Suh Moon ChoiSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  10. Mar 31, 2023
    Vulcan Capital Singapore Greenhouse Pte. Ltd. first reported on Form ADV by Cercano Management LLC (Venture Capital Fund), GAV $123,221,856
    Fund first reported on Form ADVFundsFactVulcan Capital Singapore Greenhouse Pte. Ltd.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  11. Mar 31, 2023
    Cercano Zambezi Asia L.P. first reported on Form ADV by Cercano Management LLC (Venture Capital Fund), GAV $50,000,000
    Fund first reported on Form ADVFundsFactCercano Zambezi Asia L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  12. Mar 31, 2023
    Cercano Zambezi Opportunities L.P. first reported on Form ADV by Cercano Management LLC (Venture Capital Fund), GAV $79,980,173
    Fund first reported on Form ADVFundsFactCercano Zambezi Opportunities L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  13. Mar 31, 2023
    Cercano Zambezi Venture Capital L.P. first reported on Form ADV by Cercano Management LLC (Venture Capital Fund), GAV $101,529,554
    Fund first reported on Form ADVFundsFactCercano Zambezi Venture Capital L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  14. Mar 1, 2023
    Kevin James Hiniker joined Schedule A of Cercano Management LLC as Chief Compliance Officer
    Person joinedPeopleFactKevin James HinikerSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  15. Mar 31, 2022
    VC Ventures Inc. no longer reported on Form ADV by Cercano Management LLC
    Fund no longer reportedFundsInferenceVC Ventures Inc.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  16. Mar 31, 2022
    Omar Emmanuel Vasquez (Chief Compliance Officer, Associate General Counsel) no longer on Schedule A of Cercano Management LLC
    Person leftPeopleInferenceOmar Emmanuel VasquezSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  17. Mar 1, 2022
    Sandy Suh Moon Choi joined Schedule A of Cercano Management LLC as General Counsel, Chief Compliance Officer
    Person joinedPeopleFactSandy Suh Moon ChoiSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  18. Feb 7, 2022
    VC Ventures Inc. first reported on Form ADV by Cercano Management LLC (Venture Capital Fund), GAV $60,930,680
    Fund first reported on Form ADVFundsFactVC Ventures Inc.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  19. Jan 1, 2022
    Yongbai Choi joined Schedule A of Cercano Management LLC as Exec Vp And Management Committee Member
    Person joinedPeopleFactYongbai ChoiSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  20. Jan 1, 2022
    Joel Shoop joined Schedule A of Cercano Management LLC as Chief Financial Officer
    Person joinedPeopleFactJoel ShoopSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  21. Jan 1, 2022
    Albert Firman Hwang joined Schedule A of Cercano Management LLC as Exec Vp And Management Committee Member
    Person joinedPeopleFactAlbert Firman HwangSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  22. Nov 17, 2021
    Cercano Management L.P. first filed Form ADV (IA)
    First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  23. Nov 17, 2021
    Vcvc V LLC first reported on Form ADV by Cercano Management L.P. (Venture Capital Fund), GAV $305,549,357
    Fund first reported on Form ADVFundsFactVcvc V LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  24. Nov 17, 2021
    Vcvc III LLC first reported on Form ADV by Cercano Management L.P. (Venture Capital Fund), GAV $139,343,675
    Fund first reported on Form ADVFundsFactVcvc III LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  25. Nov 17, 2021
    Vulcan Capital Altair Equity LLC first reported on Form ADV by Cercano Management L.P. (Venture Capital Fund), GAV $251,743,423
    Fund first reported on Form ADVFundsFactVulcan Capital Altair Equity LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  26. Nov 17, 2021
    Vulcan Capital Growth Equity LLC first reported on Form ADV by Cercano Management L.P. (Venture Capital Fund), GAV $1,305,880
    Fund first reported on Form ADVFundsFactVulcan Capital Growth Equity LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  27. Nov 17, 2021
    Vulcan Capital Growth Equity II LLC first reported on Form ADV by Cercano Management L.P. (Venture Capital Fund), GAV $124,014,009
    Fund first reported on Form ADVFundsFactVulcan Capital Growth Equity II LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  28. Nov 17, 2021
    Vcvc IV LLC first reported on Form ADV by Cercano Management L.P. (Venture Capital Fund), GAV $206,617,528
    Fund first reported on Form ADVFundsFactVcvc IV LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
  1. Sep 12, 2026
    Private equity with venture activity (probable, 75%, cls-1)
    registered adviser; venture funds are 42% of 29 private funds
Evidence
56 observations from 3 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedvc_funds_reportedJul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC adviser typeregistered_investment_adviserJul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC adviser typeregistered_investment_adviserNov 15, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
First Form ADV filing2021-11-17Nov 15, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Adv history loadedadv-hist-1Sep 12, 2026FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Latest Form ADV filing2026-07-01Jul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Latest Form ADV filing2024-11-15Nov 15, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
SEC statusApprovedJul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC status effective2021-12-30Jul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Venture share of reported funds0Nov 15, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Business phone425-371-7500Jul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Business phone425-371-7500Nov 15, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Employees62Jul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Employees70Nov 15, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
HeadquartersBellevue, WAJul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
HeadquartersBellevue, WANov 15, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Office address1110 112TH AVENUE NE, SUITE 202, Bellevue, WA, 98004Jul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Office address1110 112TH AVENUE NE, SUITE 202, Bellevue, WA, 98004Nov 15, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Legal formLimited Liability CompanyJul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Other funds reported5Jul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
PE funds reported5Jul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private funds reported29Jul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private funds reported29Nov 15, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Private fund gross assets (reported)$6.8BJul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private fund gross assets (reported)$10BNov 15, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Regulatory AUM (adviser, not fund size)$7.3BJul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Regulatory AUM (adviser, not fund size)$10BNov 15, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Venture funds reported13Jul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Venture funds reported13Nov 15, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Websitehttps://www.cercanolp.comJul 1, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Websitehttps://www.cercanolp.comNov 15, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Robotsdisallowed
“robots.txt disallows our user agent”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Robotsdisallowed
“robots.txt disallows our user agent”
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)