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 / Initialized Capital Management, LLC

Initialized Capital Management, LLC

Multi-stage venture firmSan Francisco, CAinitialized.comSEC venture capital fund adviserfundraising evidence

both early and growth/opportunity families, reported GAV $2,863M

Importance
45
elevated
Active deployment
39
elevated
Emerging
0
low
Completeness
69
high
Freshness
100
high
Research priority
17
moderate
Identity and regulatory footprint
Headquarters
San Francisco, CAadviserinfo.sec.gov
Office address
464 TEHAMA STREET, San Francisco, CA, 94103adviserinfo.sec.gov
Business phone
415-523-0988adviserinfo.sec.gov
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 27, 2026
Private funds reported
23 (23 venture capital funds)adviserinfo.sec.gov
Private fund gross assets
$3.1Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
business phone
415-523-0988adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
1 observed deals
Stated (the firm’s website)
Sectors
ai, enterprise software, biotech, consumer, climate, deep tech, crypto
Stages
seed
Geography
new york
Check size
not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation
series a 100%
Stage at first entry
series a 100%
Sectors
unknown 100%
lead rate 100%follow-on rate 0%new logos, 12 months 1
Funds and vehicles
24 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Initialized V L.P.Fund2021 adv first reportedMature$212M
Oct 30, 2024
39$0
of $232M
Aug 14, 2020
Initialized VI L.P.Fund2021 form d first saleMature$188M
Oct 30, 2024
74$520M
of $520M
Dec 16, 2021
Initialized Superclass II L.P.Fund2021 form d first saleMature$51.3M
Oct 30, 2024
24$170M
of $170M
Dec 16, 2021
Initialized Fg Spv LLCSPV or co-invest vehicle2021 form d first saleMature$22.7M
Oct 30, 2024
1$9.6M
of $9.6M
Jun 30, 2021
Initialized Robin Hbf LLCFund2021 form d first saleMature$22.4M
Oct 30, 2024
1$13.6M
of $13.6M
Oct 28, 2021
Initialized PA Spv LLCSPV or co-invest vehicle2021 form d first saleMature$15.4M
Oct 30, 2024
2$20.6M
of $20.6M
Oct 18, 2021
Initialized Cbh Spv LLCSPV or co-invest vehicle2021 form d first saleMature$13.1M
Oct 30, 2024
5$5.8M
of $5.8M
Jun 28, 2021
Initialized V Associates L.P.Fund2021 adv first reportedMature$9.1M
Oct 30, 2024
49$0
of $10.0M
Aug 14, 2020
Initialized VI Associates L.P.Fund2021 form d first saleMature$3.5M
Oct 30, 2024
2$10.0M
of $10.0M
Dec 16, 2021
Initialized Tp Spv LLCSPV or co-invest vehicle2021 form d first saleMature$2.5M
Oct 30, 2024
8$19.6M
of $19.6M
Sep 9, 2021
Initialized Superclass Iss L.P.Fund2019 form d first saleMature$224M
Oct 30, 2024
24$50.0M
of $50.0M
Jun 24, 2019
Initialized Robin Fund, LPFund2019 form d first saleMature$11.1M
Oct 30, 2024
1$11.1M
of $11.1M
Jul 30, 2020
Initialized Pat Spv LLCSPV or co-invest vehicle2019 form d first saleMature$3.4M
Oct 30, 2024
8$1.0M
of $1.0M
Jul 11, 2019
Initialized IV L.P.Fund2018 form d first saleHarvest$632M
Oct 30, 2024
40$225M
of $225M
Oct 2, 2018
Initialized IV Associates L.P.Fund2018 form d first saleHarvest$20.9M
Oct 30, 2024
55$7.3M
of $7.5M
Oct 2, 2018
Initialized Annex Associates L.P.Continuation vehicle2018 adv first reportedHarvest$6.4M
Oct 30, 2024
23$0
of $5.0M
Sep 13, 2017
Initialized Annex L.P.Continuation vehicle2017 form d first saleHarvest$146M
Oct 30, 2024
35$107M
of $107M
Oct 2, 2018
Initialized Ep Spv, LLCSPV or co-invest vehicle2017 form d first saleHarvest$5.4M
Oct 30, 2024
18$2.9M
of $2.9M
Jun 9, 2017
Initialized Ic Spv, LLCSPV or co-invest vehicle2017 form d first saleHarvest$2.6M
Oct 30, 2024
10$2.0MMar 9, 2017
Initialized III L.P.Fund2016 form d first saleHarvest$1.1B
Oct 30, 2024
68$125M
of $125M
Jul 10, 2017
Initialized II, L.P.Fund2013 form d first saleHarvest$135M
Oct 30, 2024
41$39.1M
of $39.1M
Aug 1, 2013
Initialized Capital Special Opportunities Fund I, L. P.Opportunity fundunknownUnknown$15.0M
Oct 30, 2024
36$0
of $10.0M
Feb 17, 2012
Initialized VII Associates L.P.FundunknownFundraisingunknownunknown$0
of $10.0M
Sep 29, 2025
Initialized VII L.P.FundunknownFundraisingunknownunknown$0
of $150M
Sep 29, 2025
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
16 current, 6 departed
Marinda Luk
Chief Financial Officer · since Oct 1, 2018
Platform and operations
6 departed (kept with end dates)
  • Aaron Harris · Managing Member · Apr 1, 2014 to Mar 30, 2017 Inference
  • Alexis Ohanian · Managing Member · Sep 1, 2011 to Jul 28, 2020 Inference
  • Garry Tan · Managing Member · Sep 1, 2011 to Feb 8, 2023 Inference
  • Harjeet Taggar · Managing Member · Sep 1, 2011 to Mar 30, 2017 Inference
  • Jennifer Wolf · Managing Member · Jan 1, 2023 to Oct 30, 2024 Inference
  • Livingston Miller · General Counsel And Chief Operating Officer · May 1, 2021 to Mar 27, 2026 Fact
Investments on record
1 edges, 1 companies, 0 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
SygaldrySeries A · Series Aleadunknown$139MunknownApr 14, 2026Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS)
“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
10 relationships from shared deals, counted for the whole firm
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
34 dated events
  1. Mar 27, 2026
    Livingston Miller (General Counsel And Chief Operating Officer) no longer on Schedule A of Initialized Capital Management, LLC
  2. Oct 30, 2024
    Jennifer Wolf (Managing Member) no longer on Schedule A of Initialized Capital Management, LLC
  3. Mar 27, 2023
    Initialized VI L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $119,197,879
  4. Mar 27, 2023
    Initialized VI Associates L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $2,483,787
  5. Feb 8, 2023
    Garry Tan (Managing Member) no longer on Schedule A of Initialized Capital Management, LLC
  6. Jan 1, 2023
    Brett Gibson joined Schedule A of Initialized Capital Management, LLC as Managing Member
  7. Mar 31, 2022
    Initialized Superclass II L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $13,596,323
  8. Mar 31, 2022
    Initialized Fg Spv LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $9,504,931
  9. Mar 31, 2022
    Initialized PA Spv LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $20,499,998
  10. Mar 31, 2022
    Initialized Tp Spv LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $19,499,723
  11. Mar 31, 2022
    Initialized Cbh Spv LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $5,719,730
  12. Mar 31, 2022
    Initialized Robin Hbf LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $13,499,986
  13. May 1, 2021
    Livingston Miller joined Schedule A of Initialized Capital Management, LLC as General Counsel
  14. Mar 25, 2021
    Initialized V Associates L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $1,922,147
  15. Mar 25, 2021
    Initialized V L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $44,464,519
  16. Jul 28, 2020
    Alexis Ohanian (Managing Member) no longer on Schedule A of Initialized Capital Management, LLC
  17. Mar 31, 2020
    Initialized Robin Fund, LP first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $5,075,000
  18. Mar 31, 2020
    Initialized Superclass Iss L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $32,403,312
  19. Mar 31, 2020
    Initialized Pat Spv LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $992,550
  20. Mar 30, 2019
    Initialized IV Associates L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $963,950
  21. Mar 30, 2019
    Initialized IV L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $27,983,488
  22. Oct 1, 2018
    Marinda Luk joined Schedule A of Initialized Capital Management, LLC as Chief Financial Officer
  23. Mar 1, 2018
    Initialized Ep Spv, LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $3,000,000
  24. Mar 1, 2018
    Initialized Annex Associates L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $1,131,680
  25. Mar 1, 2018
    Initialized Annex L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $22,055,025
  26. Jan 1, 2018
    Jennifer Wolf joined Schedule A of Initialized Capital Management, LLC as President & Partner
  27. Mar 30, 2017
    Aaron Harris (Managing Member) no longer on Schedule A of Initialized Capital Management, LLC
  28. Mar 30, 2017
    Harjeet Taggar (Managing Member) no longer on Schedule A of Initialized Capital Management, LLC
  29. Mar 30, 2017
    Initialized Ic Spv, LLC first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $2,000,000
  30. Mar 30, 2017
    Initialized III L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $97,124,000
  31. May 6, 2014
    Initialized II, L.P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $7,380,000
  32. May 6, 2014
    Initialized Capital Special Opportunities Fund I, L. P. first reported on Form ADV by Initialized Capital Management, LLC (Venture Capital Fund), GAV $6,970,000
  33. May 6, 2014
    Initialized Capital Management, LLC first filed Form ADV (ERA, venture capital fund adviser exemption)
  34. Apr 1, 2014
    Aaron Harris joined Schedule A of Initialized Capital Management, LLC as Managing Member
Classification history
  1. Sep 15, 2026
    Multi-stage venture firm (confirmed, 95%, cls-1)
    both early and growth/opportunity families, reported GAV $2,863M
  2. Sep 12, 2026
    Multi-stage venture firm (confirmed, 95%, cls-1)
    both early and growth/opportunity families, reported GAV $2,860M
Evidence
57 observations from 4 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedvc_exemption,vc_funds_reportedMar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC exemption claimedventure_capital_fund_adviserMar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC exemption claimedventure_capital_fund_adviserOct 30, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
SEC adviser typeexempt_reporting_adviserMar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC adviser typeexempt_reporting_adviserOct 30, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
First Form ADV filing2014-05-06Oct 30, 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 filing2026-03-27Mar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Latest Form ADV filing2024-10-30Oct 30, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
SEC statusERA - ActiveMar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC status effective2014-05-06Mar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Venture share of reported funds1Oct 30, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Business phone415-523-0988Mar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Business phone415-523-0988Oct 30, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
HeadquartersSan Francisco, CAMar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
HeadquartersSan Francisco, CAOct 30, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Office address464 TEHAMA STREET, San Francisco, CA, 94103Mar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Office address464 TEHAMA STREET, San Francisco, CA, 94103Oct 30, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Legal formLimited Liability CompanyMar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Legal formLimited Liability CompanyOct 30, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Portfolio pagehttps://initialized.com/companies
0 entries read
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Portfolio pagehttps://initialized.com/companies
0 entries read
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Private funds reported23Mar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private funds reported22Oct 30, 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)$3.1BMar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private fund gross assets (reported)$2.9BOct 30, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Schedule a diffsadiff-1Mar 27, 2026FactIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
Stated geographynew york
geography words on the home page
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Stated geographynew york
geography words on the home page
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Stated sectorsai,enterprise_software,biotech,consumer,climate,deep_tech,crypto
sector words on the home page
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Stated sectorsai,enterprise_software,biotech,consumer,climate,deep_tech,crypto
sector words on the home page
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Stated stagesseed
stage words on the home page
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Stated stagesseed
stage words on the home page
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Team pagehttps://initialized.com/team
12 name/title pairs read
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Team pagehttps://initialized.com/team
12 name/title pairs read
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Venture funds reported23Mar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Venture funds reported22Oct 30, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
WebsiteHTTP://INITIALIZED.COM
re-picked from Schedule D 1.I by name
Sep 12, 2026FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
WebsiteHTTP://INITIALIZED.COMMar 27, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
WebsiteHTTP://WWW.INITIALIZED.COOct 30, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Site titleHome - Initialized
title tag
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Site titleHome - Initialized
title tag
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)