DFX Intelligence
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Firms / N•••• S•• C••••••• L••
N•••• S•• C••••••• L••
Private equity with venture activity · probableWayzata, MNn•••••••••.comSEC registered investment adviser
••• Locked
registered adviser; venture funds are 48% of 15 private funds
Importance
38
elevated
Active deployment
0
low
Emerging
0
low
Completeness
63
high
Freshness
97
high
Research priority
8
low
Identity and regulatory footprint
- Headquarters
- Wayzata, MNa•••••••••.s••.gov
- Office address
- ••• Lockeda•••••••••.s••.gov
- Business phone
- ••• Lockeda•••••••••.s••.gov
- Website
- n•••••••••.com
- SEC adviser type
- registered investment advisera•••••••••.s••.gov
- SEC exemption claimed
- unknown
- Latest Form ADV
- Mar 25, 2026
- Private funds reported
- 15 (7 venture capital funds)a•••••••••.s••.gov
- Private fund gross assets
- $1.1Ba•••••••••.s••.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Regulatory AUM
- $986Mthe adviser's RAUM, a regulatory measure, never a fund size
- Employees
- 17
- business phone
- 612-435-7150adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
no observed deals yet
Stated (the firm’s website)
- Sectors
- marketplaces, climate, agtech
- 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
7 reported, 5 no longer reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| C•••• G••••• F••• V•• L• | Growth fund | 2022 form d first sale | Active deployment | $99.2M Apr 1, 2024 | 116 | $252M | Jul 11, 2024 |
| C•••• G••••• F••••• F••• V•• L• | Growth fund | 2022 form d first sale | Active deployment | $6.7M Apr 1, 2024 | 17 | $39.7M | Jul 11, 2024 |
| C•••• G••••• F••••• F••• V• L• | Growth fund | 2019 form d first sale | Mature | $36.2M Apr 1, 2024 | 5 | $35.7M of $35.7M | Sep 19, 2019 |
| C•••• G••••• F••• V• L• | Growth fund | 2018 form d first sale | Harvest | $221M Apr 1, 2024 | 166 | $184M of $184M | Sep 18, 2019 |
| C•••• G••••• F••• I•• L• | Growth fund | 2018 adv first reported | Harvest | $34.5M Apr 1, 2024 | 56 | unknown | unknown |
| C•••• G••••• F••• I••• L• | Growth fund | 2014 adv first reported | Harvest | $8.5M Apr 1, 2024 | 44 | $0 of $25.0M | Jun 27, 2013 |
| N•••• S•• C•••••••• F••• I•• L••• | Fund | unknown | Unknown | $23.0M Apr 1, 2024 | 81 | unknown | unknown |
| N•••• S•• V•••••• F••• I••• L••• | Fund | unknown | Wound down | $25.0M Mar 30, 2022 | 43 | unknown | unknown |
| N•••• S•• V•••••• F••• I•• L••• | Fund | unknown | Wound down | $6.7M Mar 24, 2020 | 58 | unknown | unknown |
| N•••• S•• C•••••••• V•••••••• L••• | Fund | unknown | Wound down | $3.3M Mar 19, 2021 | 93 | unknown | unknown |
| N•••• S•• V•••••• F••• I•• L• | Fund | unknown | Wound down | $657,434 Mar 19, 2021 | 18 | unknown | unknown |
| N•••• S•• P•••••• E••••• P••••••• I• L••• | Fund | unknown | Wound down | $0 Mar 2, 2017 | 75 | unknown | unknown |
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
22 current, 0 departed
A•••••• D•••
AnalystAnalyst
S••••• W••••••••
AnalystAnalyst
J•••••• I•••••
Board or advisorySenior Advisor
D•••• Z•••••
Founder or executiveCo-CEO
S•••• B•••••••••
Founder or executiveCo-CEO
G••••••• P••••••
Investor relationsManaging Director and Head of Investor Relations
S•••• L•••••• B•••••••••
Managing partnerManaging Member · since Nov 1, 2007
D••• F•••••••••
Operating partnerOperating Partner
I••••• R••••••
OtherResearch
A••• B••••••••
PartnerManaging Director
D••••• A••• Z•••••
PartnerManaging Director · since Sep 1, 2023
T•• J••••••••
PartnerManaging Director
A••••• C•••••••• W•••
Platform and operationsCfo · since Mar 1, 2021
A••••• W•••
Platform and operationsChief Financial Officer
G••••••• S• P••••••
Platform and operationsChief Compliance Officer · since Dec 1, 2010
J•• C•••
Platform and operationsController
J•••• L••••
Platform and operationsOperations Coordinator
R•••••• P•••••
Platform and operationsDirector – I••••• Reporting & Communications
P•••••• K••
PrincipalPrincipal
Y••• L••• F••
PrincipalPrincipal
B••• F••
Vice presidentVice President
N••• C•••••
Vice presidentVice President
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
20 dated events
- Sep 1, 2023••• Locked
- Mar 30, 2023••• LockedFund no longer reportedFundsInferenceN•••• S•• V•••••• F••• I••• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2023••• LockedFund first reported on Form ADVFundsFactC•••• G••••• F••••• F••• V•• L•SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2023••• LockedFund first reported on Form ADVFundsFactC•••• G••••• F••• V•• L•SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2022••• LockedFund no longer reportedFundsInferenceN•••• S•• V•••••• F••• I•• L•SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2022••• LockedFund no longer reportedFundsInferenceN•••• S•• C•••••••• V•••••••• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 19, 2021••• LockedFund no longer reportedFundsInferenceN•••• S•• V•••••• F••• I•• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 1, 2021••• Locked
- Mar 24, 2020••• LockedFund first reported on Form ADVFundsFactC•••• G••••• F••••• F••• V• L•SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2019••• LockedFund first reported on Form ADVFundsFactC•••• G••••• F••• V• L•SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 27, 2018••• LockedFund first reported on Form ADVFundsFactC•••• G••••• F••• I•• L•SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2018••• LockedFund no longer reportedFundsInferenceN•••• S•• P•••••• E••••• P••••••• I• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 24, 2014••• LockedFund first reported on Form ADVFundsFactC•••• G••••• F••• I••• L•SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2012••• LockedFund first reported on Form ADVFundsFactN•••• S•• V•••••• F••• I••• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2012••• LockedFund first reported on Form ADVFundsFactN•••• S•• C•••••••• V•••••••• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2012••• LockedFund first reported on Form ADVFundsFactN•••• S•• V•••••• F••• I•• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2012••• LockedFund first reported on Form ADVFundsFactN•••• S•• P•••••• E••••• P••••••• I• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2012••• LockedFund first reported on Form ADVFundsFactN•••• S•• V•••••• F••• I•• L•SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2012••• LockedFund first reported on Form ADVFundsFactN•••• S•• C•••••••• F••• I•• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Dec 21, 2011••• LockedFirst SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Private equity with venture activity (probable, 75%, cls-1)registered adviser; venture funds are 48% of 15 private funds
Evidence
56 observations from 3 sources