Cercano Management LLC

Private equity with venture activitySEC-registered adviserClassification probable· Bellevue, Washingtoncercanolp.com

Private equity with venture activity, based in Bellevue, Washington, reporting $1.0B of fund assets on its funds' Form ADV filings.

Composed from this organization's classification, location and filed figures.

Reported fund assets
$1.0B
sum of its funds' Form ADV filings, last 30 months
New companies, 12 mo
None
Investment team
4
Latest vintage
2023
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsInvestments (3)Team (7)Funds
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

4 additional team members, 12 additional investments, funds and LPs, 24 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. 1 departure
    people, 12 months

    A team member departed 23 days ago.

    A partner leaving or arriving changes who decides, and who a founder or LP should call.

    InferenceIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)For Founders, LPs, recruitersTeam →

People to know

View all people
  • Patricia Ann Halper
    Co-Chief Investment Officer
    Why: Chief investment officer: owns the allocation decision
    No route on file yet
  • Christopher Neil Orndorff
    Limited Partner
    Why: Partner: part of the investment decision
    No route on file yet
  • Yongbai Choi
    Exec Vp And Management Committee Member
    Why: Named with investment responsibility
    No route on file yet

Relationship network

27 connected entities

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 Cercano Management 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 Cercano Management LLC

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Investing

3 companies on record, 0 new in 12 months
Investments on record
3 companies, 2 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
Wavemaker Partnersportfolio listingunknownunknownunknownunknownSep 15, 2026Fact Company website
Seattle Food Tech, Inc.board seatunknown · boardYongbai Choi (strongly supported)unknownunknownJan 8, 2025Inference Form D
Painted Cave, Inc.board seatunknown · boardYongbai Choi (strongly supported)unknownunknownDec 12, 2024Inference Form D
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 no observed dealsfollow-on rate no observed dealsnew companies, 12 months 0

Team

7 current, 4 departed
Decision makers
who to call first, and why; then everyone else by function
  • Patricia Ann Halper · Co-Chief Investment Officer
    Why this person: Chief investment officer: owns the allocation decision; Named with investment responsibility; Joined in Aug 2025
  • Christopher Neil Orndorff · Limited Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility
  • Yongbai Choi · Exec Vp And Management Committee 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
7 current, 4 departed
4 departed (kept with end dates)
Contacts
1 firm phone

1 firm phone on record, each with its source. Values open with the complete profile.

Funds and LPs

13 vehicles, 0 LPs disclosed
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$114M
Sep 8, 2026
1unknownunknown
Cercano Zambezi Asia L.P.Fund2023 adv first reportedActive deployment$46.7M
Sep 8, 2026
2unknownunknown
Pacf Asia Venture Capital LPFund2023 form d first saleActive deployment$39.7M
Sep 8, 2026
2$0Sep 29, 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
0 relationships across the firm's funds, from public pensions and the allocator graph
No allocator names this firm or its funds in a public disclosure DFX holds.

Relationships across DFX

3 co-investors · on 5 other DFX graphs
Co-investors
3 counted from shared deals, for the whole firm
Across DFX and the capital chainon 5 other DFX graphs · 1 capital path Show
Across DFX
  • Sponsor-market profile (matched by same CRD)
  • The same institution is held on Allocators, Independent Sponsors, Private Equity, RIA and Wealth, Private Credit, matched by identifier. See which records
Across the graphs

Cercano Management LLC is the same institution as 5 records in Allocators, Independent Sponsors, Private Equity, RIA and Wealth and Private Credit.

Allocators1Independent Sponsors1Private Equity1RIA and Wealth1Private Credit1

DFX found 5 relationships across 5 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

Cercano Management LLC sits on 1 traced path of capital across the graphs.

Allocator commitments to a manager

DFX traced 1 path 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

29 dated events, 70 observations from 3 sources
Timeline
29 dated events
  1. Sep 8, 2026
    Gabrielle Glemann (General Counsel) no longer on Schedule A of Cercano Management LLC
    Person leftPeopleInferenceGabrielle GlemannForm ADV
  2. 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 LPForm ADV
  3. 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 LPForm ADV
  4. 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 LPForm ADV
  5. 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 LPForm ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Sep 8, 2026 · 29 private fundsShow
Headquarters
Bellevue, WAadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
cercanolp.com
SEC adviser type
Registered investment adviseradviserinfo.sec.gov
SEC exemption claimed
unknown
Latest Form ADV
Sep 8, 2026
Private funds reported
29 (13 venture capital funds)adviserinfo.sec.gov
Private fund gross assets, adviser total
$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); The Estate of Paul G. Allen (Limited Partner), owns 25% to 50%; Cercano Management Holdings LP (Member), owns 75% or more
Classification history
Every classification this record has carried2 on recordShow
  1. Sep 23, 2026
    Private equity with venture activity (probable, 75%)
    Registered adviser; venture funds are 38% of 29 private funds
  2. Sep 12, 2026
    Private equity with venture activity (probable, 75%)
    Registered adviser; venture funds are 42% of 29 private funds
Evidence
70 observations from 3 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC funds reportedJul 1, 2026FactForm ADV
SEC adviser typeRegistered investment adviserSep 8, 2026FactForm ADV
SEC adviser typeRegistered investment adviserJul 1, 2026FactForm ADV
SEC adviser typeRegistered investment adviserNov 15, 2024FactForm ADV
First Form ADV filing2021-11-17Sep 8, 2026FactForm ADV
First Form ADV filing2021-11-17Nov 15, 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 filing2026-09-08Sep 8, 2026FactForm ADV
Latest Form ADV filing2026-07-01Jul 1, 2026FactForm ADV
Latest Form ADV filing2024-11-15Nov 15, 2024FactForm ADV
SEC statusApprovedJul 1, 2026FactForm ADV
SEC status effective2021-12-30Jul 1, 2026FactForm ADV
Venture share of reported funds0Sep 8, 2026FactForm ADV
Venture share of reported funds0Nov 15, 2024FactForm ADV
Business phoneJul 1, 2026FactForm ADV
Business phoneNov 15, 2024FactForm ADV
Employees62Jul 1, 2026FactForm ADV
Employees70Nov 15, 2024FactForm ADV
HeadquartersBellevue, WAJul 1, 2026FactForm ADV
HeadquartersBellevue, WANov 15, 2024FactForm ADV
Office addressJul 1, 2026FactForm ADV
Office addressNov 15, 2024FactForm ADV
Legal formLimited Liability CompanyJul 1, 2026FactForm ADV
Other funds reported5Jul 1, 2026FactForm ADV
PE funds reported5Jul 1, 2026FactForm ADV
Private funds reported29Sep 8, 2026FactForm ADV
Private funds reported29Jul 1, 2026FactForm ADV
Private funds reported29Nov 15, 2024FactForm ADV
Private fund gross assets (reported)$6.8BSep 8, 2026FactForm ADV
Private fund gross assets (reported)$6.8BJul 1, 2026FactForm ADV
Private fund gross assets (reported)$10BNov 15, 2024FactForm ADV
Regulatory AUM (adviser, not fund size)$7.3BJul 1, 2026FactForm ADV
Regulatory AUM (adviser, not fund size)$10BNov 15, 2024FactForm ADV
Schedule a diffsadiff-1Sep 8, 2026FactForm ADV
Venture funds reported13Sep 8, 2026FactForm ADV
Venture funds reported13Jul 1, 2026FactForm ADV
Venture funds reported13Nov 15, 2024FactForm ADV
WebsiteJul 1, 2026FactForm ADV
WebsiteNov 15, 2024FactForm ADV
Robotsdisallowed
“robots.txt disallows our user agent”
Sep 16, 2026Factno URL
Robotsdisallowed
“robots.txt disallows our user agent”
Sep 15, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersPrivate equity with venture activity, probableShow
Importance
46
elevated
Active deployment
25
moderate
Emerging
0
low
Freshness
100
high
Private equity with venture activity · probableSEC registered investment adviser

Registered adviser; venture funds are 38% of 29 private funds

The inputs behind each score
importance
gav: 0.61 · funds: 1 · people: 0.24 · investments: 0.18 · scale basis: Venture-typed funds only (Private equity with venture activity): 13 funds, $1.0B of $1.0B reported · co investors: 0.19
active deployment
investments 12m: 0 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2025-01-08
emerging manager
fund count: 15 · reported gav: $1.0B · first adv filing: 2021-11-17 · years since first filing: 4.9

Fits, record history and connections

scored matches for this investor, every identity change, every edge

Fits

1 scored match, best firstas of
  • score 37.7confidence 100%
    Why: sector fit; geography fit; activity; analogous
    Watch: adjacent portfolio

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
    2021-11-17source 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.